NordFX: An alternative to eToro in India
First, many locals ask about the availability of eToro, and the answer is no; eToro doesn't open trading accounts for clients in India. Although they did open accounts, they stopped in May 2021. Very likely, your next question will be: Is FX Trading legal? Well, it is not.
SEBI (Securities and Exchange Board of India) forbids Indian citizens to conduct Forex transactions in Indian territory through international Forex trading platforms (According to a notice issued by the Reserve Bank of India in 2013) to minimise the risk Forex Trading bears.
However, if Forex transactions are carried out through a designated Forex trading platform and the base currency is INR (Indian Rupee), the transaction is legal. In short, the Indian government restricts the transactions of Indian residents and can only trade currency pairs based on Rupee.
Although you may open an account from India with a foreign-based broker like eToro, it would be illegal. However, you are good to go if you find an FX Broker regulated in India. For that matter, NordFX holds a 'Registered Stock Broker in Currency Derivative Segment' license issued by SEBI. So, by opening an account with NordFX, you may trade the FX markets while living in India.
In summary, NordFX is an excellent alternative to eToro for traders in India.
AvaTrade provides a comprehensive trading platform that is better equipped for experienced traders, as it offers a range of trading tools and features. This includes multiple order types, advanced charting capabilities, and risk management tools that enable traders to conduct precise analysis and make informed decisions.
Other alternatives - Our Top Broker list
If, after considering the benefits of AvaTrade, it is not suitable for your trading needs, several other trading platforms are available.
To help you navigate this landscape and find the best option, we have compiled a list of the top trading platforms in India.
This article covers a range of providers and asset classes and provides insights into each platform's unique features and benefits. By exploring this article, you may understand the available trading platforms and decide on the provider best suited to your specific trading requirements.
Unfortunately, eToro may not be available to some traders interested in online trading. However, remember that several other trading platforms are available, each with unique features and benefits. As we have discussed, NordFX is a great alternative that offers a comprehensive trading platform and a wide range of tradable assets.
Additionally, our ranking of top brokers available to local investors provides a list of the best trading platforms, allowing traders to explore alternatives and find the one that best suits their specific trading needs. By evaluating these alternatives, traders can still take advantage of the benefits of online trading and make informed decisions about their investments.
eToro is a leading online trading platform offering various investment opportunities for traders and investors. With nearly 25 million registered users worldwide, eToro has become a popular choice for those looking to trade financial assets, including stocks, commodities, currencies, indices, and cryptocurrencies. eToro is well-known for being the top CopyTrading platform, allowing users to copy other users' trading activity.
You've probably searched 'etoro india' on Google, looking for a response to the question: 'Does eToro work in India?'. Unfortunately, eToro does not open Trading Accounts to residents.
If you still wish to explore the potential of financial markets, Forex, Indices, CFDs, and Cryptos, you must find a trading platform available to clients in India. We have done the work for you and compiled a few alternatives next.
DOES ETORO WORK IN INDIA?