Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Is Ally Invest available in Canada?

Ally won't let you open an account if you live in Canada - but there are other investment services that will.

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Choosing a way to invest your money can be tough, and the growing popularity of robo-advisors gives you even more choices. US-based Ally Bank provides an array of online banking and investment services that provide low-cost ways to invest in stocks, options, ETFs, mutual funds, forex currency pairs and futures contracts.

But can you take advantage these opportunities if you live in Canada? Does Canada have any similar financial companies?

Is Ally Invest available in Canada?

Ally Invest logoUnfortunately, no. To open an Ally Invest or Ally Bank account, you need to be a full-time resident of the United States and have a valid Social Security number (active US military personnel living abroad may be allowed to open an account). Foreigners who reside in the US can possibly fulfill these requirements. But if you live in Canada, you’re out of luck.

As of the time of writing, Ally Financial has not announced any plans to begin offering services to customers based in Canada.

Are there alternatives to Ally Invest 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.

How to compare robo-advisors

Compare robo-advisors in Canada

Name Product Min. Deposit Funding methods Management fee Available Asset Types
OFFER
Wealthsimple Invest
$1
Direct deposit, Bank transfer
0.40% - 0.50%
Stocks
Get a $50 bonus when you open and deposit $500 in your account. Trade and Cash accounts are not eligible.
Questwealth Portfolios
$1
Direct deposit, Bank transfer
0.20% - 0.25%
Stocks, Bonds, ETFs, Commodities
A robo-advisor offering low fee portfolios that are actively managed and dynamically rebalanced when market conditions change.
Moka
$0
Automatic bank withdrawals
$3.99/month
ETFs
The Moka app rounds up every purchase you make to the nearest dollar and invests the spare change into low-cost exchange-traded funds (ETFs).
OFFER
Justwealth
$5,000
Direct deposit, Bank transfer, Automatic bank withdrawals
0.50%
ETFs
Receive a cash bonus of $50.00-$500.00 when you open a new Justwealth account. RESP accounts require no minimum deposit to begin investing.
loading

Compare up to 4 providers

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.

Online stock trading

Compare online trading platforms

Name Product Finder Rating Stock Trading Fee Account Fee Available Asset Types Feature Table description
FREE TRADES
Wealthsimple Trade
Finder Rating:
★★★★★
3.9 / 5
$0
$0
Stocks, ETFs
Get 2 free stocks (total value up to $9,000) when you deposit and trade $150.
Pay no commissions when you trade Canadian stocks and ETFs with Wealthsimple Trade.
Interactive Brokers
Finder Rating:
★★★★★
4.1 / 5
Min. $1.00, Max. 0.5%
$0
Stocks, Bonds, Options, ETFs, Currencies, Futures
Extensive trading capabilities and global investment tracking.
Access market data 24 hours a day, six days a week and invest in global stocks, options, futures, currencies, bonds and funds from one single account.
OFFER
CIBC Investor's Edge
Finder Rating:
★★★★★
4 / 5
$4.95 - $6.95
$0 if conditions met, otherwise $100/year
Stocks, Bonds, Options, Mutual Funds, ETFs
Get up to $2,000 cash back. Conditions apply. Offer ends March 1, 2022.
An intuitive and easy-to-use platform with access to a variety of tools that help you make smart decisions and trade with confidence.
OFFER
Questrade
Finder Rating:
★★★★★
4.2 / 5
$4.95 - $9.95
$0
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
Get $50 in free trades when you fund your account with a minimum of $1,000.
Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
OFFER
Qtrade Direct Investing
Finder Rating:
★★★★★
4.1 / 5
$6.95 - $8.75
$0 if conditions met, otherwise $25/quarter
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
Get a $50 bonus when you open a new RRSP, TFSA or RESP and start pre-authorized contributions of at least $200/month. Valid until March 1, 2022.
Qtrade Direct Investing offers low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options. Trade 100 ETFs free of charge and thousands more for $8.75 or lower.
loading

Compare up to 4 providers

Name Product Min. Deposit Funding methods Management fee Available Asset Types
OFFER
Wealthsimple Invest
$1
Direct deposit, Bank transfer
0.40% - 0.50%
Stocks
Get a $50 bonus when you open and deposit $500 in your account. Trade and Cash accounts are not eligible.
Questwealth Portfolios
$1
Direct deposit, Bank transfer
0.20% - 0.25%
Stocks, Bonds, ETFs, Commodities
A robo-advisor offering low fee portfolios that are actively managed and dynamically rebalanced when market conditions change.
Moka
$0
Automatic bank withdrawals
$3.99/month
ETFs
The Moka app rounds up every purchase you make to the nearest dollar and invests the spare change into low-cost exchange-traded funds (ETFs).
OFFER
Justwealth
$5,000
Direct deposit, Bank transfer, Automatic bank withdrawals
0.50%
ETFs
Receive a cash bonus of $50.00-$500.00 when you open a new Justwealth account. RESP accounts require no minimum deposit to begin investing.
loading

Compare up to 4 providers

Name Product Minimum Opening Deposit Commission Available Markets Platforms
Forex.com
US$100
Minimum US$25
Forex
Metals
Commodities
Indices
Shares
Forex.com Desktop, Forex.com Web Trading, Forex.com Mobile Trading, MetaTrader 4
CFDs are leveraged products which involves greater risk than using cash resources only. You could lose all or more of your initial investment. Trade 80+ currency pairs and 220+ CFDs in equities, commodities and indices on Forex.com.
loading

Compare up to 4 providers

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, 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 CFDs and 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

ESG investing

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

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

Investing in your 40s: 8 ways to prepare for retirement

How to invest for retirement: 8 ways to safeguard your portfolio.

Read more…
How to invest $1 million

How to invest $1 million

Here are the top 5 ways you should invest $1 million.

Read more…
6 places to find investment advice

6 places to find investment advice

Tips for beginning investors and high net-worth individuals alike.

Read more…
Retirement planning

Retirement planning

Get actionable tips on how to prepare for your ideal retirement.

Read more…

More guides on Finder

  • Stock trading tax guide in Canada

    We break down how the CRA treats stock gains and losses, how foreign stocks are taxed, which trading expenses are tax-deductible and more.

  • What is an in-trust account?

    What does “in trust” mean and how do informal trusts work? Find out in our guide to in-trust accounts.

  • What is NFT Gaming?

    Non-fungible tokens are allowing players to own a part of the gaming ecosystem. Find out what NFT gaming is, how players are earning money and how you can get started.

  • How do we rate stock trading platforms?

    Here’s our methodology for scoring the features that matter, and picking the top stock trading platforms in Canada.

  • How to buy goeasy stock in Canada

    Find out how to buy GSY stock in Canada and compare Canadian stock trading platforms.

  • National Bank Direct Brokerage Review

    Trade commission-free with this large Canadian bank. Plus, it’s good for beginners and pros alike.

  • Revolut alternatives in Canada

    Looking for alternatives to Revolut? These challenger banks and financial apps may be just what you need.

  • Best dividend stocks in Canada

    We’ve rounded up the top dividend stocks in Canada. Check out current stock prices, historical stock performance, company info and more.

  • ESG investing

    Invest in companies that work to address environmental and social issues, and adhere to sustainable corporate governance requirements.

  • How to short the Nasdaq

    Find out how to short the NASDAQ, the world’s second largest stock exchange, with inverse exchange-traded funds (ETFs) or derivatives.

Ask an Expert

You must be logged in to post a comment.

Go to site