eToro for UAE Residents

Introduction

eToro's expansive network spans across numerous countries, incorporating the United Arab Emirates within its service range. For potential investors residing in the UAE who are exploring opportunities with this broker, it's crucial to understand some key information before initiating the registration and trading process.

This guide offers a holistic array of knowledge meticulously crafted to assist UAE-based traders contemplating their investment journey with eToro.

Is eToro Regulated in UAE?

eToro has secured an In-Principle Approval from the Abu Dhabi Global Market (ADGM), paving the way for its operations as a broker in securities, derivatives, and cryptocurrencies in Abu Dhabi. This preliminary approval sets the stage for acquiring the requisite Financial Services Permission from the Financial Services Regulatory Authority of ADGM, the international financial hub located in UAE's capital. With this authorization, eToro is well-positioned to establish a strategic foothold, serving customers throughout the region with its wide array of services.

Does eToro Have an Office in UAE?

Although eToro currently doesn't have a physical presence in the UAE, its global operational model ensures seamless service provision to its UAE-based clients. The company which handles accounts for UAE clients is eToro AUS Capital Limited and it maintains its brick-and-mortar office in Australia:

eToro AUS Capital Limited
Level 3/60 Castlereagh Street
Sydney NSW 2000, Australia

eToro UAE Phone Number

eToro doesn't offer a dedicated local phone service for its clientele based in the UAE. Despite this, their customer support team can be accessed through various channels:

• Support ticket: Upon logging into your account, a support ticket can be initiated using your registered email address.

  

• Live chat: The live chat feature offers real-time interaction, operating on a 24/5 schedule. Do take note that this is only available on weekdays.

  

• Email: Direct communication can be established via email without the need for accessing a contact form. Queries can be sent directly to [email protected].

Both the support ticket and live chat can be accessed via the Customer Service Center page or by navigating directly to the following link: etoro.com/customer-service.

Deposit Options for Traders in UAE

For UAE-based investors, eToro provides the convenience of multiple deposit methods to fund their accounts, as follows:

• Credit/debit cards
• Neteller
• Skrill
• Bank transfer
• PayPal (this is only available after the 1st deposit)

It's important to note that eToro conducts all transactions exclusively in USD. Consequently, should you deposit funds in Dirhams, the amount will automatically be converted to USD. This process involves a nominal conversion fee.

Minimum Deposit for UAE Residents

To initiate trading on eToro, an initial deposit is mandatory, which currently stands at $50 (approximately 196 dirhams). This requirement remains the same for subsequent deposits. However, for those opting for bank transfers as their preferred method, a higher minimum deposit of $500 is necessitated.

Fees for UAE Clients

eToro enforces a standard fee policy that equally applies to traders from UAE as well as other nationalities. For instance, maintaining a CFD position open over the weekend incurs an overnight fee at a rate that is consistently applied to all traders, irrespective of their country of residence.

Trading Emirati Stocks on eToro

At present, eToro doesn't offer trading options for stocks listed on the Abu Dhabi Securities Exchange (ADX). However, they do facilitate trading for shares of Saudi Aramco, a company listed on the Tadawul stock exchange.

Moreover, eToro provides a diverse range of stocks from various international exchanges, which you can delve into, including but not limited to the following:

• NYSE
• NASDAQ
• London
• Hong Kong
• Frankfurt
• Paris
• Zurich
• Madrid
• Milan
• Stockholm
• Amsterdam
• Oslo
• Copenhagen
• Helsinki
• Brussels
• Lisbon
• OTC Markets
• Saudi Arabia
• Chicago

Bear in mind, transactions involving actual stocks are available exclusively without leverage. Any stock positions utilizing leverage fall under the category of Contract for Difference, or CFD.

Top eToro UAE Traders

Currently, several renowned UAE-based traders are actively participating in the eToro Popular Investor program. These traders uphold a risk score that oscillates between 4 and 5, with the most experienced participant having commenced their trading journey in 2013.

Below, you will find a performance comparison graph encompassing the years 2019 through 2022 for these traders. However, it's important to bear in mind that some of these traders only launched their trading ventures a year or two prior, hence their performance graphs for 2019 and 2020 might be unpopulated.

eToro UAE Stats

Based on the latest data released in eToro's Q4 2022 Investor Update (March 2023), the platform boasts 2.8 million funded accounts. Remarkably, as of December 31, 2022, 4% of these accounts were established by users from the Middle East and Africa, a geographic region inclusive of the UAE.

Frequently Asked Questions (FAQ)

Can UAE residents trade with eToro?
Yes, individuals residing in the UAE, both citizens and expatriates, can engage in trading through eToro. As a globally recognized online trading platform, eToro extends its services to a multitude of countries, including the UAE. Traders from this region can establish an eToro account, deposit funds, and commence trading in a diverse array of assets such as stocks, cryptocurrencies, commodities, forex, among others.

What are the fees for using eToro in the UAE?
Just like with its operations in other countries, eToro maintains a uniform fee structure for its services across all regions, inclusive of trading fees, withdrawal fees, conversion fees, and inactivity fees. For example, a fixed $5 flat fee is applied to every withdrawal, irrespective of the user's country of residence.

How do I open an eToro account if I am from the UAE?
To open an account, simply follow these steps:

1. Navigate to eToro's official website at www.etoro.com and select the "Join Now" option. Establish a unique username and password for your eToro account, and input your email address.
2. Confirm your email address by following the verification link dispatched to your registered email by eToro.
3. Proceed to fill out the eToro application form, supplying additional personal details such as your residential address and birth date.
4. Submit a scanned copy of a government-authorized ID to authenticate your account.

Please be aware that eToro may request supplementary documents or information to validate your identity or adhere to regulatory norms. Furthermore, ensure you thoroughly read and comprehend eToro's terms and conditions prior to account creation.

What documents do I need to verify my eToro account if I am from the UAE?
For UAE residents, eToro account verification necessitates the provision of specific documents:

1. A valid government-issued ID: e.g., driver's license, national ID, or passport.
2. Proof of address: A document displaying your name and address such as a utility bill, bank statement, or tax document.
3. Payment method proof: If funds are deposited via a credit/debit card or e-wallet, a copy of the card or an e-wallet screenshot may be required.
4. Selfie: eToro might ask for a selfie of you holding your ID or a piece of paper with a specific code.

The verification process can span several days, and eToro might request further documentation or information if needed. Ensure the submitted documents are clear, legible, and align with your eToro account information.

What can I trade on eToro if I am from UAE?
As a UAE-based participant on eToro, you'll be able to access over 3000 diverse assets. This includes forex, commodities, stocks, market indices, crypto, and exchange-traded funds (ETFs).

Does eToro offer demo accounts in the UAE?
Yes, after successfully establishing a live account, traders based in the UAE are also granted access to a complimentary demo account for practice purposes.

How can I find successful Emirati traders to copy on eToro?
If you're keen on copying successful UAE-based eToro traders, the platform's CopyTrader function will be of significant use. By adjusting the search filter to display only UAE participants, and further defining parameters such as trading style, performance, risk score, among others, you can effectively pinpoint traders that align with your investment approach.

What trading platforms do UAE-based clients can access?
Every eToro trading interface is readily available to UAE traders. This encompasses the browser-accessible web platform as well as the mobile application, which is compatible with both Android and iOS-powered mobile devices.