US-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.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.
