Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Is the Acorns investing app available in Canada?
You can't use Acorns (or its Australian counterpart, Raiz) if you live in Canada - but you have other options.
Choosing a way to invest your money can be tough, and the growing popularity of robo-advisors gives you even more choices. Popular US-based investment app, Acorns, provides online financial services that make investing easy by creating a portfolio based on your unique preferences and financial goals.
But can you take advantage of this handy tool if you live in Canada? Are there any competitive alternatives for Canadian investors?
Is Acorns available in Canada?
Unfortunately, no. To open an Acorns account, you must be at least 18 years old, living in the US and have a valid social security number (SSN). You may be able to open an account if you’re actively serving in the US Armed Services and have a US address but are temporarily stationed overseas.
Acorns is also available in Australia under the name Raiz. To open a Raiz account, you need an Australian bank account and a Tax File Number (TFN). While it’s possible to open an Australian bank account without actually living in Australia, you can’t get a TFN unless you or your spouse are currently living there or you’re receiving income from an Australian source.
So, if you live in Canada and don’t have any substantial financial ties to Australia, you’re out of luck. As of the time of writing, Acorns has not announced any plans to begin offering services to clients living in Canada.
Are there alternatives to Acorns in Canada?
Yes. There are a number of robo-advisors in Canada that offer low fees, diverse investment options, professional investment guidance and more. Many of these services also come with the option of connecting with real, human professional advisors for additional advice and guidance.
Robo-advisors are a popular alternative to brokerage firms and self-directed investing platforms because of super low costs and the ability to “set and forget” your investments.
Robo-advisors use advanced algorithms to create and automatically rebalance portfolios customized to suit your individual financial preferences, risk tolerance and investment goals. Check out the table below to compare some of Canada’s most popular robo-advisors and read our reviews of each to decide which one is right for you.
Compare robo-advisors in Canada
1 - 3 of 3
What features should I look for in an investment company?
There’s no investment platform that’s right for everyone, and each comes with its own features, fees, pros and cons. Consider the following points when shopping around to find the right investment service for your needs:
Is there a minimum upfront investment?
If you’re just starting out, chances are you don’t have much to invest upfront. Or perhaps you have accumulated savings and are ready to make it grow faster. Newbies may find themselves drawn to investment companies with low barriers to entry including low (or even $0) upfront investments. Companies that require higher minimum investment amounts are often for investors with some level of experience or who have sizeable portfolios to manage.
Will your investments be managed for you, or do you have to monitor your own portfolio?
If you have some investing experience and enjoy getting your hands dirty tracking stock prices and following the latest business news, you might prefer a little more autonomy in managing your investments. However, if you’re still getting your feet wet and don’t understand all of your options, having securities selected for you based on your own risk-tolerance, financial goals and personality can be enormously helpful. That’s where robo-advisors shine.
What are the trading fees? For managed funds, what is the MER?
Most platforms charge a fee every time you buy and sell stocks. Over time and after many trades, this can add up. If you’re investing in mutual funds or other professionally-managed investment pools, you’ll be charged a fee that encompasses both trading costs and management expenses. This fee is known as a management expense ratio, or MER. The lower the MER, the faster your money will grow.
Are there any monthly or yearly account maintenance fees?
Some investment companies charge no account maintenance fees, drawing profits instead from trading fees, commissions and other forms of revenue. Other companies waive monthly fees if you keep up a certain level of trading activity or earn a certain amount on your investments within a given time period. Some companies prefer to keep things simple with a predictable monthly fee. Check out online reviews and read the fine print of your investment agreement to make sure you know what costs to expect.
What kind of professional help or customer support is available if you need it?
Customer service might sound like a less-interesting facet of an investment company. But don’t underrate its importance. When you want to take advantage of market trends and every passing second affects the value of an investment, having round-the-clock, on-demand service from company representatives can be crucial. Even if you aren’t independently managing your investments, it can be frustrating to be limited by short customer service hours or under-trained representatives when you need to ask a question or make a request.
Compare online trading platforms
1 - 5 of 5
1 - 3 of 3
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
More on investing
Long term investments
Find out how long term investments work and how to use long term investments to build your wealth.
Read more…
Robo-advisor statistics 2022
Robo-advisor assets under management in Canada are expected to increase 107% in the next five years.
Read more…
Masterworks review
An investment platform that enables users to buy and sell stocks in fine art securities.
Read more…
ESG investing
Invest in companies that work to address environmental and social issues, and adhere to sustainable corporate governance requirements.
Read more…
10 ways to invest for social justice
Put your money where your mouth is by rethinking how you invest to support BIPOC, LGBTQ+ and other marginalized communities.
Read more…
Investing in your 40s: 8 ways to prepare for retirement
How to invest for retirement: 8 ways to safeguard your portfolio.
Read more…More guides on Finder
-
Best bad credit loans in Prince Edward Island
Compare some of the best bad credit loans in PEI.
-
Credito review
Your guide to the features, interest rates and fees to expect when you apply for a short-term loan with Credito.
-
5 apps like Bree in Canada
Pay for unexpected bills and avoid overdrafts when you sign up for apps like Bree.
-
Debt Relief Canada (reliefcanada.ca) review
Take a closer look at the debt relief solutions, features and fees of Debt Relief Canada.
-
Desjardins Online Brokerage (Disnat) review 2023
Learn more about Desjardins Online Brokerage (Disnat) to see if it’s the right broker for you.
-
Guide to finding the best prepaid card in Canada in June 2023
We show you the best prepaid credit cards in Canada, whether you’re looking for a prepaid card with no fees, cash back rewards, or travel perks, or more.
-
How to buy Sui (SUI) in Canada
This guide provides step-by-step instructions on how to buy Sui, lists some exchanges where you can get it and provides daily price data on (SUI).
-
5 apps like Nyble in Canada
Compare apps like Nyble in Canada to access emergency funding.
-
RightRide review
Your guide to buying and financing a car in Canada with RightRide.
-
Compare bad credit car loans in BC
Your guide to bad credit car loans in BC and how to find the right financing for your needs.