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Is eToro Available To Canadians?
No, eToro is not available to Canadians.
Is eToro coming to Canada?
This one is a little different.
eToro was open to Canadian residents after their launch in 2006, however they did not have the right registrations in place to be offering brokerage services in Canada.
In 2018, after a number of interactions with the OSC, they were fined and reached a settlement with the OSC.
eToro discontinued the ability for Canadians to use their service.
In fact, you can’t even access their website from a Canadian IP!
At this time, I highly doubt they will be re-entering the Canadian market.
What’s so good about eToro?
eToro allows it’s clients to trade crytocurrencies and CFDs in addition to regular stocks, ETFs etc.
They coin themselves as a social trading platform, with a social network built in, where traders can follow each other, see each other’s trades and more.
eToro is available in over 140 countries, including the US, Australia, much of Europe and more.
Alternatives to eToro for Canadians
Two good alternatives for Canadians are Wealthsimple Trade and Questrade, with each being on different ends of the spectrum.
|Commissions: Stocks||$0||1 cent per share
Min $4.95 to Max $9.95
|Commissions: Options||N/A||$9.95 per trade + $1 per contract|
|Commissions: ETFs||$0||Buying is free
Selling is the same price as stocks
|USD & CAD Accounts||No||Yes|
|Advanced Data Streams Available||No||Yes|
|Promotion||None||$50 in free trades|
|Learn More at Wealthsimple.com||Learn More at Questrade.com|
Also, a mention for Interactive Brokers, which is closer to Questrade than Wealthsimple Trade, however deserves recognition as it is also becoming popular with Canadians.
(For US residents, Interactive Brokers offers a commission free platform, IBKR Lite, however this is NOT available to Canadians. IBKR Lite would be similar to Wealthsimple Trade.)
By now the majority of us have heard of Wealthsimple. Their new offering, Wealthsimple Trade, is a no fee brokerage app that’s the most similar thing to Robinhood that’s available to Canadians, which allows you to buy and sell thousands of stocks and ETFs on major Canadian and US exchanges. Wealthsimple has been around since 2014 and boasts 175,000 customers who’ve invested $5 billion.
- Stocks: $0
- ETFs: $0
- Zero commissions, zero nonsense approach
- No minimum is required, open an account with as little as you want and get started
- Intuitive app, very easy to get started online
- Only Canadian dollar accounts are available so if you are looking to trade stocks or ETFs in USD you will be charged 1.5% on the conversion each time you buy and sell – while other brokerages charge a conversion fee as well, the difference is that Wealthsimple does not allow you to hold, deposit or withdraw funds in USD, so you’ll be paying that conversion fee on every USD denominated trade – again, this isn’t a deal breaker, it just depends on how you will be using the platform
- Only available through the mobile app at the moment, no desktop application
- No ability to trade Options
- No advanced features or data streams, however this aligns with their target market for this product
Questrade has become a strong player in the Canadian brokerage space over the last decade. Offering both self-directed investing and their Questwealth Portfolios, Questrade strives to offer lower fees than its competitors. Boasting 50,000 accounts opened every year and 21 years in the Canadian market, Questrade has $9 billion in assets under administration. (Stats as per the Questrade website)
- Stocks: 1 cent per share with a minimum of $4.95 and maximum of $9.95 (+ exchange and ECN fees if applicable)
- Options: $9.95 per trade + $1 per contract (+ exchange and ECN fees if applicable)
- ETFs: Buying is free, selling is the same price as stocks but can be lower if you have an advanced market data package
- Low fees vs the bank brokerages
- Desktop app, mobile app and advanced trading app
- Availability of advanced data streams
- Inactivity fee of $24.95 quarterly if you did not have any trades in the previous quarter and have an investment/cash balance less than $1,000 CAD