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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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
@Bharat Jain : Stop Loss should be kept on EOD basis. moreover Candles used in NMA charts are completely diffrent from the usual one….
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.
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 .
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?
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,
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
etoro is bucketshop
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.
Forex trading is illegal I suppose..!!
Do you think Etoro is legal..??
Please reply…
Prachi, Yes Forex Trading in international pairs is illegal in india whomever the broker be.
If it is illegal than we can not even use Etoro ? right ?
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.
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…
shajahan sirajudeen,
Many Indian Traders are doing trades with Etore. However it is not a legal solution. For more information visit
http://www.marketcalls.in/forex/forex-trading-in-india-legal-or-illegal-a-critical-analysis.html
I am intrested for etoro trading any representative in madurai ,India.
Hi Murali, Did you opened Acc, I have some doubt in deposit.
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.
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????
Yes most of the Bank had imposed a restriction on transferring money to Forex Brokers account due to RBI regulations and restrictions.
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.
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.
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)
Nope i dont trade with etoro.
Dear Mr. Rajendran,
Shall I Start Trading In Etoro? It seem Etoro doesnot trading in INR. What to do?
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?
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.
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
How to deposit or withdraw Indian rupee from. E toro a/c reply us tell us which bank deal in foreign trade