eToro is currently one of the biggest multi-asset brokers in the world today. This broker currently has over 30 million registered users from all over the world on its platform. It offers many attractive features to attract such a high number of clients. Sadly, these features are not available to all people in the world. There are countries from which eToro does not accept clients. In this article, we look at the eToro list of supported and banned countries. We will also mention a few alternatives for people who cannot access eToro in their countries. But first, let’s see what eToro has to offer.
77% of retail CFD accounts lose money
What eToro Has to Offer
With eToro, clients can trade over 5,000 instruments from 6 main asset classes. These include CFDs on forex, cryptocurrencies, ETFs, and Indices. Clients can also purchase real stocks and cryptocurrencies on the eToro broker site. In total, this broker features 49 different currency pairs, with some of the best pairs to trade including GBPUSD, EURUSD, USDCAD, USDJPY, and EURAUD. Additionally, eToro features 119 different crypto pairs, 19 different indices, 27 commodities, and tons of stocks to invest in. Evidently, it is effortless to diversify one’s portfolio with this broker site. Better yet, investing in these assets does not come with hefty fees. The spreads are fairly low, with major currency pairs having spreads that start from 1.0 pips.
On top of that, this broker offers one of the best trading platforms in the world. The eToro trading platform is intuitive and comes with tools to support traders. For example, the CopyTrader tool on eToro allows clients to copy the moves of more successful traders on the platform. Clients lacking the time and knowledge to trade markets can use this technology to easily place their own trades. On the other hand, the Smart Portfolio tool helps clients keep track of different assets and different trading strategies. Finally, eToro is a regulated investment platform. The company is regulated by the FCA, the CySEC, the ASIC, FINRA, and the SEC. This is one of the most impressive regulatory license collections by a broker. Having regulations from several top-tier organizations helps improve the trust level of a company.
eToro Prohibited Countries
Unfortunately, the great services offered by eToro are not available to clients from all over the world. Most Asian and African countries are blocked from accessing eToro services. Some of the most active countries in the forex market blocked by eToro include:
- New Zealand.
Some examples of countries blocked by eToro in Africa include:
- South Africa.
Some of the notable blocked countries in Asia include:
Further, while eToro is available for US clients, it does not provide services in the following states:
- American Samoa.
- New York.
- Puerto Rico.
- US Virgin Islands.
eToro claims that they block these countries and regions due to regulatory requirements and business decisions. However, the full list of eToro-blocked countries is regularly updated whenever they start supporting a new country.
Some Great Alternatives to eToro
Exness is regulated in South Africa by the FSCA under license number 51024. This makes Exness a great option for clients based in South Africa and Africa in general. The FSCA is one of the top financial regulators in Africa. Moreover, the broker is regulated by a plethora of other top-tier regulators including the FCA and the CySEC. Additionally, Exness offers a wide variety of trading instruments, with over 160 different tradable assets. With this broker, clients can trade CFDs in forex, metals, cryptocurrencies, energies, indices, and stocks. In total, there are 107 currency pairs, 30 different stocks, 10 indices, 12 commodities, and 6 popular cryptocurrencies for trading.
The average spreads for trading major currency pairs on this broker site range from 1.0 pips to 2.0 pips. These are fairly low prices to pay while trading. On top of that, Exness provides a good lineup of trading platforms which include MetaTrader 4 and MT 5. These assure traders of ultra-fast execution of orders ensuring they do not miss out on entry and exit points.
Remember that forex and CFDs available at Exness are leveraged products and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
FP Markets is also a great option for clients based in Africa as it is regulated by the FSCA under license number 50926. On top of this, FP Markets is regulated by CySEC and the ASIC, two of the top regulators in the world. While regulations alone are not enough, it is still a good sign when a company is regulated by multiple reputable organizations.
With regards to trading instruments, FP Markets offers its clients over 10,000 trading instruments in 8 different asset classes. These include forex pairs and CFDs on shares, metals, commodities, indices, cryptocurrencies, bonds and ETFs. With this broker, clients can invest in multiple markets at the same time.
The fees for trading these instruments on FP Markets are low with spreads starting from 1.0 pips on the standard account. However, FP Markets users can also enjoy spreads as low as 0.0 pips on the Raw account while paying a commission of $3 per side per lot. These trading instruments are available on industry-standard platforms including MT4, MT5, Iress, and FP Markets Trader.
79.39% of retail CFD accounts lose money
Forex.com (Alternative for Canadian and US Traders)
Forex.com has over 5,500 different assets to trade on its platform. These include CFDs in over 80 currency pairs, over 5,500 global stocks, over 15 indices, commodities, precious metals, and cryptocurrencies. Traders on this broker site are spoilt for choice on what assets to invest in. The platforms available for trading these assets include MT4, MT5, WebTrader, and Forex.com Trader.
Forex.com is an excellent choice for Canadian traders as it is under the regulation of the IIROC. This is the main financial regulator in Canada. On top of that, the broker is regulated by the NFA in the US, the ASIC in Australia, and the FCA in the UK. This shows the commitment of Forex.com to following the most stringent of financial rules and laws. Further, the fees on Forex.com are manageable and relatively low. The spreads for trading major currency pairs on the standard account can go as low as 0.5 pips. Additionally, they can go as low as 0.2 pips on the commission account, with a low commission of $5 per 100k traded.
Online trading involves significant risk of loss and is not suitable for all investors.
Regulatory restrictions and business decisions can lead to a company blocking its services in certain countries. These are the exact reasons why eToro is not available in some countries across the world. While the broker offers excellent services to its multitude of clients, it sadly cannot provide services to everyone.
Fortunately, there are great alternatives with good trading conditions to offer to investors. In this review, we listed some countries not supported by eToro and named a few alternatives that investors can use. Make sure the broker you choose best suits your trading and safety needs.
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