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.
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Is Betterment available in Canada?
Betterment won't let you open an account if you live in Canada - but there are other investment services that will.
Choosing a way to invest your money can be tough, and the growing popularity of robo-advisors gives you even more choices. US-based investment company, Betterment, 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 Betterment’s great features if you live in Canada? Are there any competitive alternatives for Canadian investors?
Is Betterment available in Canada?
Unfortunately, no. Betterment does not accept customers outside the United States for regulatory reasons – this includes US citizens who are residing or working abroad, although US military personnel living overseas may be able to open an account.
To open a Betterment account, you must currently reside in the US and need a permanent US address, a US checking account and a Social Security number or Individual Taxpayer Identification Number (ITIN). Foreigners living in the States can possibly fulfill these requirements. But if you live in Canada, you’re out of luck.
As of the time of writing, Betterment has not announced any plans to begin offering services to customers based in Canada.
Are there alternatives to Betterment 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
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
More on investing
Invest in companies that work to address environmental and social issues, and adhere to sustainable corporate governance requirements.Read more…
Put your money where your mouth is by rethinking how you invest to support BIPOC, LGBTQ+ and other marginalized communities.Read more…
How to invest for retirement: 8 ways to safeguard your portfolio.Read more…
Here are the top 5 ways you should invest $1 million.Read more…
Tips for beginning investors and high net-worth individuals alike.Read more…
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.
The best stock trading platforms in Canada
We’ve taken a look at some of the best trading platforms in Canada and explained who they’re best suited to.
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.
E-transfer payday loans
Find out which licensed lenders can e-transfer payday loans.
National Bank Direct Brokerage Review
Trade commission-free with this large Canadian bank. Plus, it’s good for beginners and pros alike.
Best cheap stocks to buy now
Stock trading doesn’t have to be expensive. Using Finder’s proprietary algorithm, we’ve identified the best cheap Canadian and US stocks to buy now.
Easy payday loans
Payday loans are considered easy to get, but they’re also expensive. Before you apply, here’s what you need to know.
Ask an Expert
You must be logged in to post a comment.