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Is eToro restricted in India? Alternatives for 2024

Franklin Silva| Updated January 16th, 2024

Why is the brokerage industry so dispersed regarding its offering to specific countries? You have probably noticed one platform available in dozens of countries and a close competitor only available in a handful of regions (only in Asia, for instance).

Some attribute it to regulation, others to corporate choices, but at the end of the day, no one seems to know the exact reason why X platform is available in Y country, and others are not.

The same applies to eToro, which is unavailable in many countries, including India. In this article, we will briefly talk about eToro’s restrictions and present you with solid alternatives accessible in India.

Why is eToro unavailable in India?

eToro presents a detailed list of countries not supported by them due to regulatory requirements and business decisions. It includes more than 150 countries globally, with some notorious names such as Canada, India, New Zealand, Russia, South Africa, and Turkey.

Regarding India, there is no clear explanation of whether it was purely related to regulatory rules, business decisions, or a combination of both. Moreover, eToro has no plans to enter the Indian market soon, so other options must be considered.

Best eToro alternatives in India

Since you cannot open an account in eToro, we found three excellent alternatives! Our selection criteria involved having similar features as eToro, like the ability to invest in stocks and cryptocurrencies, a low fee structure, a hassle-free trading platform, good customer support, and top-tier regulator bodies overseeing those companies.

Saxo Bank

Founded in 1992, Saxo Bank is a danish online broker with a high reputation among its peers.


Founded in 2015, NAGA is a German fintech adopted by 1M+ investors and allows you to trade 1,000+ financial instruments worldwide, including real stocks, ETFs, Cryptocurrencies, Futures, Forex, and CFDs of Indices and stocks. It also offers social trading, a multi-currency account and a demo account.

1# Saxo Bank

Visit Saxo BankIs eToro restricted in India? Alternatives for 2024 1

62% of retail CFD accounts lose money.

Saxo Bank at a glance

0% Commissions
Mobile App
ProductsStocks, ETFs, Options, Futures, Forex, Commodities, Bonds and Funds
Minimum Deposit$10,000
RegulatorsFSA, FCA and other local regulators

Launched in 1992, Saxo Bank is one of the most solid financial entities in the brokerage industry, with a proven track record of success. It lets you trade over 60,000 financial instruments through their trading platforms: SaxoTraderPRO (for PC) and SaxoTraderGO (on mobile).

The wide range of cash and margin trading products across global markets includes stocks, ETFs, bonds, mutual funds, cryptos, options, futures, CFDs, forex, and more! Saxo Bank presents its advanced research tools for “Buy and hold or trade on leverage”.

The Saxo Bank corporate account tiers are the following:

  • Classic: A minimum $10,000 deposit is required, giving you access to tight spreads and customer and technical support 24/5.
  • Platinum: A minimum $200,000 deposit is required. In addition to Classic features, it also lowers trading prices by up to 30% and prioritizes local-language customer support.
  • VIP: A minimum $1,000,000 deposit is required. Here you will find the best prices, access to trading experts, and exclusive event invitations.

The pricing structure will vary according to your account tier. For instance, a US stock order will be 0.08% of the trade value, with a minimum of $1 in Classic. However, within the VIP tier, the same trade would be 0.03% of the trade value with the same minimum of $1. Plus, for accounts with stocks, ETFs/ETCs, or bond positions, a custody fee of up to 0.15% p.a. will apply.

Saxo Bank A/S is a fully licensed European bank under the supervision of the Danish Financial Supervisory Authority (FSA). Saxo Bank is a member of the Danish Guarantee Fund, which protects client cash deposits up to €100,000 and financial securities (stocks, ETFs,…) up to €20,000 per client.


Is eToro restricted in India? Alternatives for 2024 2
Visit NAGAIs eToro restricted in India? Alternatives for 2024 1

NAGA at a glance

0% Commissions
Mobile App
ProductsStocks, ETFs, Options and CFDs on Indices, Futures, Forex, Commodities, Bonds
Minimum Deposit$250

NAGA is a German fintech company, a subsidiary of NAGA Group AG (listed on the Frankfurt Stock Exchange). It gives you investment access through two subsidiaries: “NAGA Markets Europe Ltd” and “NAGA Global Ltd”.

Besides, the typical do-it-yourself brokerage services, NAGA presents the “Autocopy”, which enables you to follow other people’s trades automatically, and even earn up to 0.30$ by having other people follow your trades!

Through their various platforms (MT4, MT5, web version, and mobile apps), you have access to stocks, ETFs, indices, Forex, CFDs on stocks, cryptocurrencies, commodities, and futures. Besides, its academy produces valuable insights on the NAGA platform and trading in general. From time to time, you may also watch webinars mainly on technical analysis.

NAGA Global is registered in St. Vincent and the Grenadines, which still gives you negative investment protection and segregated client funds but no investor compensation fund.

Want to know more about NAGA? Check our NAGA Review.

Which is the best alternative?

As you may imagine, there is no single answer. Each platform sets itself apart from its competitors in certain features. If you are exclusively looking for social trading, you will quickly realize that the closest alternative you can get is NAGA.

Additionally, you should pick the best one for you according to your needs and goals. Are you looking for day trading or a more long-term approach (“buy and hold”)?

All in all, you should always do your research to assess which online broker will be better for you. We hope this article helped save you some research time and ultimately leads you to choose the most suitable platform for you!

Other FAQs

Does eToro operate in India?

No, eToro is not available in India. Still, you can find equivalent alternatives like NAGA or Saxo Bank.

Can You Use a VPN to open an eToro account from India?

No, a VPN can only offer access to eToro’s platform, and not in any way facilitate an account opening since the broker requests a valid ID. Proving an eligible residency remains an essential requirement. No VPN is able to sidestep this requirement–only shift your IP address.

What is eToro?

By now, you should have an idea about eToro but let’s give a recap of what you can find there. With over 30 million users, eToro is a multi-asset trading platform that enables investors to invest in the assets they want, from stocks and commodities to crypto assets. The platform makes it easy to buy, hold and sell assets, monitor their portfolio in real-time, or even copy other people’s portfolios.

Besides, eToro is an established and reliable company. It is highly supervised by top-tier regulators, including FCA, ASIC, and CySEC and authorised by each country’s local financial regulators where it operates (e.g. CNMV in Spain).

But not everything is a bed of roses. Did you know eToro charges $5 per minimum withdrawal of $30? Or that only the US dollar is accepted as a base currency?

Franklin Silva
Co-Founder & Fintech Analyst

Franklin is a CFA Level III Candidate with 3 years of experience in Wealth Management as a Fund Research Analyst and the Host of the "Edge Over Hedge" YouTube Channel.