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You are here: Home / Forex / E-Toro – Online Forex trading Possible in India?

E-Toro – Online Forex trading Possible in India?

September 3, 2010 by Rajandran 29 Comments


 
Last Night iam searching for the possibility of opening a Online Forex account. I enquired with E-Toro on their 24×7 online chatting platform about opening online trading in Forex, Commodities and World Indices.It seems that forex,commodities and World Indices Trading are possible in realtime. But the problem is they are not getting any Valid Identification proof to trade in their platform.

Below is the chat history with E-Toro online Support

Eugene: Welcome to eToro support ! How can I help you today?

Rajandran: Hi Eugene! Iam from India and I would like to know the process of opening the Fx account

Eugene: The link below will help you open a Real account, please follow the steps described:

Eugene: http://www.etoro.com/retailfx/real-account.aspx

Rajandran: So i can trade in Forex after Installing the Software?

Eugene: yes

Rajandran: What is the minimum fund requirement to trade?

Eugene: The minimum deposit amount is $50. eToro offers the following methods for funding the real accounts: Credit Card (Visa, Master Card and Diners Club, AMEX*), PayPal, Neteller, MoneyBookers, WebMoney.

Eugene: *AMEX can be used either directly via MoneyBookers (no MB account necessary. ), or by opening a PayPal account (subjected to their own terms) Please note – via MB there is no support for AUD deposits.

Eugene: We also offer you to fund your account via Western Union, MoneyGram and Wire Transfer with a minimum deposit of $500. You can find all necessary information about funding your account on the following link:

Eugene: http://www.etoro.com/retailfx/funding-account.aspx

Rajandran: Does Opening an account requires any Identification Proof or any other supporting documents?

Eugene: No

Rajandran: So If Iam a paypal account holder and if iam trying to withdraw my money from etoro account…. How long it takes?

Eugene: 5 business days

Rajandran: What does the software contains? Does it supports technical realtime Charts?

Eugene: it does have charts

Eugene: The link below will allow you to download the platform and to start with the eToro trading.

Eugene: http://www.etoro.com/download.aspx

Rajandran: Where to find out the brokerage details?

Eugene: www.retailfx.com

Rajandran: Is there anyAccount Suspension Policy?

Eugene: it’s a very general question

Eugene: can you be a bit more specific>

Eugene: ?

Rajandran: I mean is there any minimum margin need to be maintained in the account….? And what happens to my account if iam not trading for months?

Rajandran: will my account got banned?

Eugene: no

Eugene: and no

Rajandran: Oh Thanks! Is the software Highly Secure while transaction?

Rajandran: And where to find the list of financial Instruments that i can trade and the margin requirement details?

Rajandran: Will i get my transaction details via postal?

Eugene: You can address our website for information regarding how to start with eToro’s trading platform

Eugene: http://www.etoro.com/getting-started/your-first-trade.aspx

Eugene: If you have any further questions – please do not hesitate to contact us again and we will be happy to asisst you.

Will there be any legal issues? Kindly present your views if you have any trading  experience with E-Toro.

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Filed Under: Forex Tagged With: Etoro, Forex Account, FX Account, India

About Rajandran

Rajandran is a Full time trader and founder of Marketcalls & Co-Founder of Traderscafe, trades mostly using discretionary Trading Concepts like Market Profile, Trading sentimental analysis, building timing models, algorithmic trading models. Instructs professional traders, full time traders & aspiring full time traders. Rajandran attended college in the Chennai where he earned a BE in Electronics and Communications. Rajandran has a broad understanding of trading softwares like Amibroker, Ninjatrader, Esignal, Metastock, Motivewave, Market Analyst(Optuma),Metatrader,Tradingivew,Python and understands individual needs of traders and investors utilizing a wide range of methodologies.

Comments

  1. bharat jain says

    September 3, 2010 at 8:29 am

    Hi Raj,
    According to ur NMA indicator the stoploss for nifty spot was 5512.23 and yesterday i did breaced by 2 points and high was 5513.95, but the history of ur chart says that it didnt even touch this indicator before,and gave some fantastic returns. so please tell us weather its ok to overlook say 5-10 points or even 2 points holds significance.
    Pls do reply me Sir since i stuck in shorts at lower levels.
    Thanks a lot in advance
    Bhrat Jain

    Reply
    • Rajandran R says

      September 3, 2010 at 10:48 am

      @Bharat Jain : Stop Loss should be kept on EOD basis. moreover Candles used in NMA charts are completely diffrent from the usual one….

      Reply
  2. ajay says

    September 3, 2010 at 11:37 am

    it is possible with anand rathi also, i am doing it personally from 2 years.. if want more detail contact their customer care or contact me at ajay8000@gmail.com.

    Reply
  3. jitin says

    September 3, 2010 at 4:07 pm

    sir ,
    moreover Candles used in NMA charts are completely diffrent from the usual one…. >>> this the chart posted by you of nma on daily basis is not posing the true picture .

    Reply
  4. Ramesh says

    December 14, 2010 at 1:13 pm

    Quite Impressive..!

    I trade with forex4you even they have fantastic support. I like their services and trading terminal. If i am not wrong then they are the first forex broker in India with office in Mumbai.

    I don’t know whether etoro has their office in India?

    Reply
  5. chartuser says

    September 29, 2011 at 9:16 am

    Hi Raj,

    I just found your website and a lot of thanks to you for what your doing here in the web site. It’s really a great effort put by you. Best of luck for your success.

    I just went through the column of forex trading in INDIA. Can you please just tell me whether FORX TRADING IN INDIA is legal or not? If legal, is there any good broker?

    Regards,

    Reply
  6. manoj says

    March 3, 2012 at 5:59 pm

    3 questions
    1. Is this legal ?
    2. Is tax deducted at source for every transaction
    3. What is the process of declaring income during IT filing

    Reply
  7. Sani says

    March 15, 2012 at 2:19 pm

    etoro is bucketshop

    Reply
    • kadi says

      January 8, 2013 at 3:42 pm

      Hi sani. “etroro is a bucketshop”. What do u mean by this and why. Please say in detail as am about to invest in forex through this company. Thank you.

      Reply
  8. Prachi says

    February 4, 2013 at 1:32 pm

    Forex trading is illegal I suppose..!!
    Do you think Etoro is legal..??

    Please reply…

    Reply
    • Rajandran R says

      February 4, 2013 at 2:09 pm

      Prachi, Yes Forex Trading in international pairs is illegal in india whomever the broker be.

      Reply
      • Amit Gupta says

        April 23, 2013 at 10:01 pm

        If it is illegal than we can not even use Etoro ? right ?

        Reply
  9. frank says

    February 6, 2013 at 6:47 pm

    Hi RR ,which bank i can use to open account in etoro with my debit card. i am having account in state bank of india and hdfc bank.

    Reply
  10. shajahan sirajudeen says

    April 2, 2013 at 4:55 pm

    hi rajandran,my name is shajahan and i have an account in etoro. but i didn’t invest anything yet..i would like to know is it legal in our country?and if i invest some amount can i withdraw it later?is there any problem with that?if there is a problem how can i trade in etoro??pleases help me with this..i am so desperate for a reply…

    Reply
    • Rajandran R says

      April 2, 2013 at 5:12 pm

      shajahan sirajudeen,
      Many Indian Traders are doing trades with Etore. However it is not a legal solution. For more information visit
      https://www.marketcalls.in/forex/forex-trading-in-india-legal-or-illegal-a-critical-analysis.html

      Reply
  11. muralidaran says

    May 30, 2013 at 1:24 pm

    I am intrested for etoro trading any representative in madurai ,India.

    Reply
    • Anishkumar says

      April 13, 2018 at 12:51 pm

      Hi Murali, Did you opened Acc, I have some doubt in deposit.

      Reply
  12. Shaan says

    November 4, 2013 at 4:49 pm

    Hi Mr. Rajendra ,which bank i can use to open account in etoro with my debit card. i am having hdfc bank.
    i have account in skrill (money booker) but its not verifying my debit card so many times i tried.
    how i can deposit and widraw funds from etoro.

    Reply
  13. Lanthish says

    April 11, 2014 at 11:53 am

    Hi,I used this site and deposited some amount a year before via my credit card but now i cant deposit a single penny via the same card, it showing that my bank (AXIS) does not allow to did it, and my credit card statement also shown that as per the RBI rules we should not use our credit card for Forex trading. but i dont know why it happens a year before and not now, the sad thing is, I even could not fund my account using my debit card as well. even pay pal also showing error.. i tried this almost 50 times but cant succeed, does any one had same problem????

    Reply
    • Rajandran R says

      April 11, 2014 at 12:51 pm

      Yes most of the Bank had imposed a restriction on transferring money to Forex Brokers account due to RBI regulations and restrictions.

      Reply
  14. mohamed mohideen says

    October 21, 2014 at 10:18 am

    Hi rajendran,
    Nice to read your posts.
    Is it possible to open an bank account outside India say like Hongkong, and transfer fund to etoro? I see lots of Indians still trade and earn in that site. Please give a suggession.

    Reply
    • Rajandran R says

      October 21, 2014 at 11:58 am

      Yes thats possible as most of the hedgefunds either choose mauritius, cyprus, hong kong to route their money. But still its advisable to check with your financial advisor/auditor to understand the currency risk and taxation.

      Reply
  15. Zubair Alam says

    November 23, 2014 at 4:48 pm

    Hello sir..Good day..!!
    First of all I highly appreciate your effort done by you to make people’s life easier.
    Just wanted to know that if you are doing trade on etoro..? If yes, I would like to come with you on etoro. Please reply me as soon as possible..

    Thanks,
    Zubair Alam, Saudi Arabia (NRI)

    Reply
    • Rajandran R says

      November 23, 2014 at 6:07 pm

      Nope i dont trade with etoro.

      Reply
  16. Prabhaharanv says

    October 11, 2015 at 3:43 pm

    Dear Mr. Rajendran,
    Shall I Start Trading In Etoro? It seem Etoro doesnot trading in INR. What to do?

    Reply
  17. Love P. Torrado says

    November 17, 2015 at 4:07 pm

    Sir, I have invested in forex with a person in Pune, Rajesh Kamble of Evolve Consultancy. Good returns for over one year, but from January nothing, no payment and no return of capital also. He trades through etoro, has visited Cyprus, and also opened an office in Dubai lately. All agreements are in Indian rupee. What are the chances I will get my money back, which he now claims he will pay in February ? Will a promisery note with a post dated cheque help me?

    Reply
  18. Thangaraj says

    November 24, 2015 at 7:50 pm

    If the Etoro trading is illegal in India then Why should we select e -- toro broker to trade. Any one can reply me , Which broker or which trade is legitimate and legal.

    Reply
  19. UDAY INDIAN says

    November 3, 2017 at 6:04 pm

    how can start the forex treding in india i am expert in demo treding in eurusd but how can start the live account in forex this is out of mind because RBI are not verify to tred on eurusd only tred inr related currency .many peopul of indian want to tred in eurusd but not any proper website who is accept the money through RBI this is the major problem for withdrawal and deposite please advise me how can start live account in forex deposite and withdrawl proseeser no any problem for treding

    Reply
  20. Saurabh kothari says

    July 3, 2018 at 9:11 am

    How to deposit or withdraw Indian rupee from. E toro a/c reply us tell us which bank deal in foreign trade

    Reply

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