If you've made it this far, you're likely looking to open an account with eToro. But here's an important detail: this broker **does not accept registrations from your current residence**. Fortunately, there are solid alternatives. In this review, we explain why you won't be able to use eToro and which other platforms with similar features are available to you. We'll explore three recommended options —Exness, AvaTrade, and XM— and provide tips for choosing the broker that best suits your financial goals.
Why You Can't Access eToro’s Services
The main reason why eToro does not accept new users from certain countries is regulatory. Depending on the jurisdiction, eToro might not have a local license, or the authorities of the country in question may have restrictions on international trading platforms.
For example, countries like the United States, Canada, India, China, and much of Latin America, Africa, and Asia appear on eToro’s list of restricted territories. This list is a response to an internal analysis of legal compliance, tax requirements, consumer protection, and operational risks.
Why eToro Restricts Some Countries
Lack of local license: In many countries, it is illegal to offer financial services without specific authorization from local authorities.
Regulatory risk: Some markets have changing policies or regulatory uncertainty, which pose a risk to stable operations.
Tax compliance issues: eToro, as a regulated broker, needs to comply with strict tax reporting standards (FATCA, CRS, etc.).
Legal and reputational risks: Offering services in sanctioned or non-transparent jurisdictions can negatively affect the brand's reputation.
Strategic decisions: In some cases, exclusion is due to internal business decisions to focus efforts on more profitable or safer markets.
While this may be frustrating, the important thing is that there are still serious brokers available in your region of residence. You just need to know how to identify them.
Tips for Choosing an Alternative
Choosing a broker can seem overwhelming at first, but with the right criteria, you can make an informed and secure decision. Here’s a practical guide with the key factors to consider.
Criteria for Selecting a Good Broker
Regulation: Ensure the broker is licensed by reputable organizations like FCA (UK), ASIC (Australia), CySEC (Cyprus), or FSCA (South Africa).
Deposits and Withdrawals: Check if they offer accessible methods in your country and do not have excessive withdrawal fees.
Platform and Usability: Opt for brokers with intuitive interfaces, mobile apps, and analytical tools.
Available Instruments: If you want to diversify, choose brokers with multiple assets: stocks, cryptos, forex, ETFs, etc.
Support and Education: Support in your language and educational resources make a big difference, especially if you're starting out.
Additionally, if you're interested in social trading like on eToro, ensure the broker has copy trading features or active communities.
Taking the time to evaluate these variables will make your investment experience safer, more profitable, and tailored to your needs.