eToro is available for traders who are residents of the United States but the service that they provide is different from the one that they offer to non-US clients.
The phase 1 for their services in the US started in July 2018 by offering their online platforms for trading cryptocurrencies. Now, traders can also invest in other asset classes.
If you are from the USA and would like to know more information about trading with eToro and other related matters then continue reading this page so you will be more informed.
If you're from the USA, you can sign-up by clicking this button.
License in the USA
Is eToro legal in the USA?
Yes, eToro legally operates in the US and its platform is provided by eToro USA LLC, which is registered with the Financial Crimes Enforcement Network (“FinCEN”) as a Money Services Business (“MSB”).
They also have a license with regulators from several states.
Ready to open an eToro USA account?
If you're from the USA and are already interested to sign-up for account with eToro, then click the button below. This will take you directly to the their quick sign-up page. Keep in mind that this registration is for US residents only.
OPEN AN ACCOUNT!
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk.
Listed below are the states where eToro has a license:
|State||Granted License||Financial Authority|
|Alabama||Money Transmission License (754)||Alabama Securities Commission|
|Alaska||Money Transmitter License (AK-MT-011361)||State of Alaska, Division of Banking & Securities|
|Arkansas||Money Transmitter License (116264)||Arkansas Securities Department|
|Connecticut||Money Transmission License (MT-1769299)||Connecticut Department of Banking, Consumer Credit Division|
|Florida||Money Transmitter License (FT230000255)||Florida Office of Financial Regulation|
|Georgia||Seller of Payment Instruments License (64040)||Georgia Department of Banking and Finance|
|Idaho||Money Transmitters License (MTL-237)||Idaho Department of Finance|
|Illinois||Money Transmitter License (MT.0000380)||Illinois Department of Financial and Professional Regulation|
|Iowa||Money Services License (2018-0141)||Iowa Division of Banking|
|Louisiana||Money Transmission License||Louisiana Office of Financial Institutions|
|Mississippi||Money Transmitter License||Mississippi Department of Banking and Consumer Finance|
|Nebraska||Money Transmitter License||Nebraska Department of Banking & Finance|
|New Mexico||Money Transmitter License||New Mexico Regulation & Licensing Department, Financial Institutions Division|
|North Carolina||Money Transmitter License (182621)||North Carolina Commissioner of Banks|
|North Dakota||Money Transmitter License (MT103394)||North Dakota Department of Financial Institutions|
|Ohio||Money Transmitter License (OHMT153)||Ohio Department of Commerce Division of Financial Institutions|
|Oregon||Money Transmitter License (30223)||Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities|
|South Dakota||Money Transmitter License (MT.2159)||South Dakota Department of Labor Regulation, Division of Banking|
|Texas||Money Transmitter License (3181)||Texas Department of Banking|
|Vermont||Money Transmitter License (100-126)||Vermont Department of Financial Regulation, Banking Division|
|Washington||Money Transmitter License (550-MT-115893)||Washington Department of Financial Institutions, Division of Consumer Services|
Look: During the registration process, you will be required to read the Terms and Conditions, which you need to be in agreement with in order to open an account. Via this specific Terms and Conditions, you will be able to see the operating company and the regulation that applies to you and as a US resident, it should be "eToro USA LLC".
You can also find this information by accessing your profile settings on the platform.
eToro USA LLC has a physical office in the country. The complete address of their US headquarters is 221 River St., 9th Floor, Hoboken New Jersey 07030.
Can I Use eToro in the US?
Yes, as of this writing, eToro allows its US clients to trade cryptocurrencies and participate in social trading. Currently, they are on phase 1 and real trading is allowed in a number of states while some states can open an account but only access the virtual portfolio (demo account) for the meantime. If you want to know more about the platform's features, here's a detailed review for your reference.
Based on their availability map, real trading is available for residents of the following states:
|Connecticut||Illinois||Alabama||Alaska||Northern Mariana Islands|
|Maine||Indiana||Arkansas||Arizona||United States Minor Outlying Islands|
There are some features that are not accessible or disabled on the platform:
- Some markets are not available for trading
- Deactivated buttons like opening sell trades
- Comments on the News Feed are disabled
Residents of the listed states and territories below can sign-up for an account but won’t be able to trade (for now):
- New Hampshire
- New York
- Puerto Rico
eToro is not available for residents of the following states and territories:
- American Samoa
- US Virgin Islands
Take note: Traders who are residing outside of the USA but are citizens of the US are not allowed to access their service and this is due to regulatory requirements.
Minimum Deposit: $10
The minimum initial deposit requirement for US residents is $10.
Did you know?
This is much lower as compared to the requirement for non-US clients such as Israel where the lowest accepted first deposit is $10,000. Residents of other supported countries must make an initial funding of the standard $200 (some countries require an initial first deposit raging from $50 to $1,000).
Tradable Cryptocurrencies for US Clients
Currently, there are over 50 tradable crypto assets available on the online platform and most of these are the most popular ones or those that have the largest market capitalizations (or market cap).
|Basic Attention Token||BAT|
|Shiba Inu (in millions)||SHIBxM|
Note: Due to regulatory constraints, some cryptoassets are restricted to view-only mode so their corresponding "Buy" buttons are disabled. You may still track the restricted cryptocurrency's performance by adding it to your watchlist or participate in user discussions. For example, due to regulatory compliance, US traders cannot open new positions in Cardano and Tron since December 26, 2021. Receiving staking rewards for these 2 cryptoassets are also no longer supported.
Phone support is not available for eToro's clients in the US so the next options available for traders with an equity lower than $5000 are email, opening a ticket, or using the live chat feature from the Customer Service page.
A dedicated account manager is assigned for clients who have a minimum equity of $5000 or already members the eToro's Club.
Priority customer support is provided for Platinum Club members or accounts that have an equity size of $25000 or higher.
Fees for US Clients in Detail
Spread: A Quick 101
The spread is small fee that is added to the transaction based on the bid and the ask price difference. This fee may change depending on market conditions. While most brokers impose a spread for buying and selling, eToro only applies it when the asset has been placed with a Buy order and then it automatically adjusts for a Sell order.
In addition, there are also no fees for withdrawals. This only applies for clients under eToro USA LLC. Keep in mind that depending on your bank, they may charge you with a fee for receiving transfers so be sure to verify this with them.
There are no fees to pay when you are sending or receiving transactions with eToro.
eToro USA Stats
eToro's user growth has been noticeable particularly in the US with a significant increase in funded accounts at the end of 2021 as per their Q4 2021 Investor Update (March 2022).
|Europe & UK||69%||69%|
|Middle East & Africa||5%||4%|
Compared to the end of 2020 figures wherein 9% of eToro's funded accounts are from the Americas, the end of 2021 report revealed that it has improved to 13%. That's equivalent to a 44.44% increase.
How to Sign-up for an Account If I Am from USA?
If you’re from the USA, below are the basic steps to follow if you want to open an account with eToro:
- Open your web browser and go to their official website: www.etoro.com. You will see a welcome page. Click on the “Continue” button.
- This will open the eToro homepage. Click on the “Get Started&rdquo or “Join Now” button.
- You will then be asked to check your inbox and click on the link that they sent to you to verify your registration.
Note: If you haven’t received the email, you might want to check your spam/junk folder or simply resend the email.
- After clicking on the verification link, it will take you to the eToro platform with a welcome message prompting you to complete your profile. Click on the “Continue” button to proceed or you may do it later if you simply want to explore the platform.
No eToro USA account yet? You can sign-up here.
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro