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Is E*TRADE available in India? Alternatives in 2024!

Minho Investment Association| Updated January 23rd, 2024

You might already be familiar with E*TRADE, a well-established American discount broker known for its diverse financial offerings. 

E*TRADE provides an online platform for self-directed investors and traders, allowing them to trade stocks, options, bonds, mutual funds, ETFs, and more. Additionally, E*TRADE offers automated investment portfolios and retirement accounts to cater to a wide range of financial needs, all while delivering a highly regarded mobile trading app for on-the-go investors.

Want to know if E*TRADE is available in India and the alternatives available? We’ve got you covered!

Is E*TRADE available in India?

No, E*TRADE is not available in India. E*TRADE is a noticeable online brokerage primarily oriented towards serving the U.S. market, providing a wide array of investment services to U.S. residents and citizens. After reaching out to their customer support, we received a clear indication that opening an account with E*TRADE in India is not feasible.

Is E*TRADE coming to India?

As our team has confirmed, there are no expansion plans into other markets following Morgan Stanley’s acquisition at the end of 2020.

E*TRADE Alternatives in India

The good news is, in India, there are lots of other options like E*TRADE that give you similar or maybe even better stuff for investing, and they won’t cost you much or anything at all. Given that, here are our suggestions:

Interactive Brokers

Online broker with a sophisticated trading platform that offers a wide range of products. The company, founded in the US and active in India for decades, also lets you access the useful IBKR GlobalTrader app.

Zerodha

Zerodha is a prominent Indian discount brokerage firm known for its low-cost and online trading services. It became popular for its user-friendly platform and transparent fee structure, making it a preferred choice for many retail investors in India. Zerodha also offers a range of financial products to cater to the diverse needs of investors.

Vested

Vested is a global investment platform that provides access to the U.S. stock market for investors outside the United States, including India. It allows users to invest in U.S. stocks, exchange-traded funds (ETFs), and other assets easily and affordably. Vested offers fractional shares, making it accessible to investors with varying budget sizes.

INDmoney

INDmoney is a comprehensive personal finance platform that offers a wide range of financial services. It gives users insights into their financial health and offers personalised investment recommendations. INDmoney aims to simplify and optimise personal finance management for its users through a single integrated platform.

Groww

Groww is an investment platform that enables users to easily invest in mutual funds, stocks, and other financial instruments. It offers a user-friendly mobile app, making it accessible for retail investors, and provides educational content to help users make informed investment decisions.

#1 Interactive Brokers

Is E*TRADE available in India? Alternatives in 2024! 1
Visit Interactive BrokersIs E*TRADE available in India? Alternatives in 2024! 2

Interactive Brokers at a glance

Products availableStocks, futures, options, Forex, commodities, bonds, mutual funds, hedge funds, ETFs, CFDs
Minimum DepositINR 200
Deposit MethodsBank transfer, wire transfer, cheque, electronic funds transfer (EFT), online bill pay
Fees and CommissionsINR 6 - INR 20 to NSE Stocks, Futures and Options and USD 0.0035 - USD 0.0005 to US Stocks
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB

Founded in 1978 and publicly listed in NASDAQ (ticker: IBKR), Interactive Brokers is a global online broker that surpassed major financial crises, showing resilience and a rigorous risk management process.

Interactive Brokers offers an advanced investment platform that includes a wide range of products (stocks, options, mutual funds, ETFs, futures, bonds, and currencies) from +90 markets1, solid trade execution (IB SmartRouting), and a set of technical and fundamental tools to help you in your investment decisions.

Beginners and intermediate investors have educational tools to explore, but the learning curve will be steep. Besides, customer service gives crystal clear answers to your doubts, so there is no need to go back and forth.

On the downside, Interactive Brokers’ fee structure is quite complex, the registration process is lengthy (but fully online), and the broker doesn’t offer commission-free trading. 

Want to know more about Interactive Brokers? Check our Interactive Brokers Review.

#2 Zerodha

Zerodha
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Zerodha at a glance

Products availableStocks, futures, options, Forex, commodities, bonds, mutual funds, ETFs, CFDs
Minimum DepositNone
Deposit MethodsBank transfer, wire transfer, cheque, electronic funds transfer (EFT), online bill pay
Fees and CommissionsINR 20 or 0.03% (whichever is lower) for stocks
RegulatorsSEBI

Zerodha allows Indian citizens to trade in a wide range of financial instruments, including stocks listed on Indian stock exchanges (NSE and BSE) and commodities like gold, silver, and agricultural products on commodity exchanges (MCX and NCDEX).

Indian investors can trade in the currency markets through Zerodha, participating in the trading of major currency pairs like USD/INR. Zerodha’s platform, Coin, enables users to invest in mutual funds directly. It provides a convenient way for them to build a diversified portfolio of mutual funds with no commission fees.

It also provides access to government and corporate bonds, as well as fixed deposits, allowing investors to explore fixed-income investment options, and allowing users to apply for IPOs online, making it easier for them to participate in the primary market.

Zerodha offers a wealth of educational resources, including webinars, online courses, and market analysis reports, which helps users to learn about investing and trading in financial markets. It facilitates the opening of Demat and Trading accounts, which are essential for buying and holding securities in electronic form.

Zerodha’s trading platform, Kite, is user-friendly and provides real-time market data, advanced charting tools, and order placement capabilities. Besides, it offers a mobile app that allows users to trade and monitor their portfolios on the go, making it convenient to stay connected to the markets.

It is known for its transparent and cost-effective brokerage structure, which benefits users by reducing the overall cost of trading and investing.

#3 Vested

Is E*TRADE available in India? Alternatives in 2024! 4
Visit VestedIs E*TRADE available in India? Alternatives in 2024! 2

Vested at a glance

Products availableStocks, ETFs, Trends, Vests, OTC securities
Minimum Deposit$0
Deposit methodsWire transfer
Fees and Commissions$0, but account fees apply based on plan
RegulatorsSEC

Vested Finance is an online investment platform offering an app designed for Indian investors seeking to invest in US stocks and ETFs. Vested lets you trade over 5,000 US stocks and ETFs. Moreover, you can buy fractional shares; for example, you can buy a portion of Amazon or Google for as little as $1.

The app’s intuitive design ensures that beginners and experienced investors can navigate the platform easily. Real-time price feeds, news updates, interactive charts, and fundamental data are readily available on the app, empowering investors with up-to-date information for making informed decisions. Additionally, Vested provides research content and exclusive insights into the US markets, allowing investors to stay informed about market trends and identify investment opportunities.

Vested offers a range of investment options to cater to different investor preferences. Investors can choose from ready portfolios called “Vests,” curated portfolios comprising stocks and ETFs. These Vests are designed with various themes and goals, providing you with pre-selected diversified investment opportunities. Getting started with Vested is quick and convenient. The platform offers a fully digital onboarding process, allowing you to open an account within minutes. They partnered with a US-regulated broker, VF Securities, Inc., to provide Indian investors access to the US stock market.

Vested offers two subscription plans, Basic and Premium, each designed to cater to different investor needs. The Basic plan, available at a one-time fee of ₹250, provides essential features such as zero brokerage charges, easy money transfers, access to curated Vests, and basic research tools like AlphaScreener Basic. On the other hand, the Premium plan, priced at a monthly fee of ₹375.00, offers additional benefits, including unlimited free withdrawals with Vested Direct, advanced research tools like AlphaScreener Plus, priority support, and access to exclusive Vests and premium content.

#4 INDmoney

indmoney logo
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INDmoney at a glance

Products availableINDstocks, mutual funds, US stocks, Fixed deposits
Minimum Deposit$0
Deposit MethodsWire transfer
Fees and Commissions on StocksFor stocks: 0.05% of order value or Rs. 20, whichever is lower
RegulatorsSEBI

INDmoney is a leading Indian investment platform that simplifies investing in US stocks listed on exchanges like NASDAQ and NYSE from India. It was founded in 2019 and is known for offering a zero-commission on US stocks. Opening an account with INDmoney is a fast and straightforward process, requiring just a few minutes to complete. Moreover, INDmoney has partnered with reputable US brokers, including Drivewealth, LLC and Alpaca Securities LLC, to ensure a secure and compliant trading environment for Indian investors.

INDmoney’s Super Money App offers a wide range of features to empower users to manage their finances effectively. From Demat & Trading accounts to automatic money tracking, mutual fund investments, investment calculators, insurance services, IPO centre, advanced reports, INsta Cash, and credit score monitoring, the app provides a comprehensive suite of tools to help users achieve their financial goals and make informed financial decisions.

Regarding the minimum investment amount, INDmoney’s US Stocks account enables trading in fractional shares, allowing investors to invest as little as $1 in stocks like Apple, Netflix, Tesla, and more. The trading process is straightforward and can be done directly on the INDmoney platform. Investors can browse through the catalogue of US stocks and ETFs or consult their wealth manager to receive a customised investment proposal.

INDmoney provides a transparent fee structure, with no account opening fees or brokerage charges on US stock trading. However, the platform has a nominal INDmoney platform fee of 0.75% of the deposit amount, capped at ₹1000. Moreover, the cost of withdrawing funds from the US stock account back to an Indian bank account is $5 per request.

#5 Groww

groww-logo
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Groww at a glance

Products availableStocks, ETFs, mutual funds, SIPs, futures, options
Minimum Deposit$0
Deposit MethodsWire transfer
Fees and Commissions on StocksFor US stocks: 0%
RegulatorsSEBI

Groww is a comprehensive investment app that enables users to invest in a wide range of financial products, including US stocks and US ETFs. Founded in 2017, the app offers other investment options, such as mutual funds, SIPs, futures, and options. 

Groww’s app has features that aim to improve the investing process. It offers fractional shares, enabling users to invest in smaller portions of a share, accommodating smaller investment amounts. Additionally, the app provides comprehensive charts and analysis tools, empowering users to conduct thorough research on companies and make well-informed investment choices.

Groww provides customers with the convenience of opening an account online. The process is quick, easy, and completely paperless. There are no charges for opening an account, and there are no maintenance fees. To get started, download the Groww mobile app or visit their website to register and complete the setup process. Your brokerage account is managed by Viewtrade Securities (VTS), which works with Apex Clearing Corporation for trade clearing and custodian aspects of user accounts.

When it comes to pricing, Groww maintains transparency with $0 brokerage fees for US stocks. However, they state that the exchange imposes a $0.02 fee on each sell transaction. And for withdrawals, Groww charges $9 per transaction to cover the fees levied by their US counterpart bank.

Which platform should you choose?

When choosing an online broker in India, there are several factors to consider, including the fees they charge, whether they are registered in top-tier regulatory institutions, and the range of products they allow you to trade, among others.

The best online broker for your specific situation will depend on your profile, preferences, and objectives. Explore the available platforms and make your decision accordingly.

Please note that the information provided should not be taken as investment advice and should be regarded as informational only. Investors should conduct their own research and due diligence regarding the most suitable services and opportunities based on their risk profile, return expectations, and impact strategy.


1A minimum of USD 500 (or its equivalent in non-USD currency) is necessary to subscribe to and sustain market data and research subscriptions. Additionally, a minimum of USD 500 (or its equivalent in non-USD currency) is required to maintain market data and research access for overseas products.

Minho Investment Association
Contributor

The Minho Investment Association (MIA) is a junior initiative from the University of Minho (Portugal), which aims to promote financial literacy among young people.

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