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Is eToro available in Canada?

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

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Choosing a way to invest your money can be tough, and the growing popularity of online investment platforms gives you even more choices.

eToro logoUS-based cryptocurrency and CFD trading platform, eToro, uses social networking to make investing easier by allowing clients to “follow” each other, view each other’s trading stats and copy investment strategies. The platform supports trades in currencies, cryptocurrencies, indices, stocks and commodities. To make things easier, new users get access to $100,000 of virtual money to practice their skills before putting real money on the line.

But can you take advantage of eToro’s great features if you live in Canada? Are there any competitive alternatives for Canadian investors?

Is eToro available in Canada?

Unfortunately, no. Regulatory changes have prohibited eToro from offering services in Canada.

To open an eToro account, you must reside in the US – even US citizens living outside the country do not qualify. Clients must go through an identity-verification process by providing government-issued ID, such as a passport or driver’s license, and proof of residency. Foreigners living in the United States might fulfill these requirements, but if you live in Canada, you’re out of luck.

Wasn’t eToro previously available in Canada?

Yes, but the company withdrew in 2018 after it was fined $500,000 by the Ontario Securities Commission (OSC) for illegal trading activities, which included trading without being registered and distributing securities without a prospectus or exemptions. The OSC claimed it had warned eToro about these problems multiple times between 2010 and 2015. However, eToro reportedly made no efforts to block Canadians from trading on its platform.

A settlement was reached in which the company agreed to close all its accounts with Ontario investors, block Canadian IP addresses, revise its online application process and create a written policy against accepting investors from Canada. As of the time of writing, eToro has not announced any plans to resume offering services in Canada.

Are there alternatives to eToro in Canada?

Yes. There are a number of investment companies in Canada that offer low fees, valuable market research tools and access to a wide variety of financial instruments including forex, commodities, stocks, bonds, indices, ETFs, futures, cryptocurrency and more.

Check out our reviews on these IIROC-regulated alternative investment companies in Canada:

Robo-advisors

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. Many robo-advisors also come with the option of connecting with real, human professional advisors for additional advice and guidance.

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

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.
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Cryptocurrency exchanges

There are a ton of exchanges that let you buy and sell crypto in Canada. Popular Canadian-based companies include Coinberry, Bitbuy and NDAX, but you can also trade on well-known international platforms like Kraken, Coinbase and Binance. Use the table below to compare platforms, so you can find the right one for you.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

16
cryptocurrencies

Get a $20 bonus when you open an account and deposit at least CAD$250. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.
Wealthsimple Crypto
Bank transfer (EFT)
CAD

34
cryptocurrencies

Get a $50 cash bonus and commission-free trades when you open a Wealthsimple Trade or Crypto account and deposit and trade at least $150. Sign-up today to take advantage of this offer!
Buy and sell a range of cryptocurrencies instantly with no deposit or withdrawal fees.
NDAX Cryptocurrency Exchange
Bank transfer (ACH)
CAD

24
cryptocurrencies

Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.
Netcoins Exchange
Netcoins Exchange
Cryptocurrency, Interac e-Transfer, Bank Wire, Online Bill Payments
CAD

7
cryptocurrencies

Buy Bitcoin and 5 other cryptocurrencies instantly using this straightforward broker.
CoinSmart Cryptocurrency Exchange
Credit card, Debit card, Interac e-Transfer, Bank Wire, Bank Draft
CAD

10
cryptocurrencies

Get a $20 bonus in BTC when you open an account and deposit at least CAD$100. T&Cs apply.
Buy and sell cryptocurrency quickly and easily, with instant verification and 24/7 customer support, on this Canadian exchange.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

214
cryptocurrencies

Buy 200+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Coinberry Cryptocurrency Exchange
Credit card, Debit card, Interac e-Transfer, Wire transfer
CAD

6
cryptocurrencies

Get a $20 bonus when you buy or sell at least CAD$50 in digital currency. T&Cs apply.
Buy and sell cryptocurrency with Canadian dollars on this beginner-friendly Canadian exchange.
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Compare cryptocurrency exchanges

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 Offer
FREE TRADES
Wealthsimple Trade
Finder Rating:
★★★★★
3.9 / 5
$0
$0
Stocks, ETFs
Get 2 free stocks when you deposit and trade $150.
Scotia iTRADE
Finder Rating:
★★★★★
3.8 / 5
$4.99 - $9.99
$0
Bonds, Options, Mutual Funds, ETFs, GICs, International Equities
Interactive Brokers
Finder Rating:
★★★★★
4.1 / 5
Min. $1.00, Max. 0.5%
$0
Stocks, Bonds, Options, ETFs, Currencies, Futures
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.
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.
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 up to $5,000 cash back. Conditions apply. Offer ends March 1, 2022.
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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.
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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.
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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.

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