Acorns Canada alternatives

Acorns is a popular micro-investing app that allows users to invest the change from their everyday purchases into portfolios of ETFs and stocks. The app is highly rated across the App Store and Google Play, and it’s designed to make it easy for anyone to start investing. So you might be wondering: can I use Acorns in Canada?

Is the Acorns trading app available in Canada?

No. Unfortunately, Canadians can’t use the Acorns app. You’ll need to be a United States citizen or resident and have either a valid Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) to create an Acorns account.

Acorns app alternatives in Canada

Acorns isn’t available in Canada, but there are plenty of great alternatives that are worth checking out. Compare these six Acorns Canada alternatives to help you find the best investing platform for your needs.

Qtrade Direct Investing

9.1 Excellent Qtrade Direct Investing

9.1 Excellent

$0

$0

varies based on volume converted

$0

Earn up to $5,000 in cashback (+$100 quick-pay bonus) when you open and fund a new Qtrade account. Valid until January 5, 2027. T&Cs apply.

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Why we like it Qtrade offers a user-friendly online and mobile trading platform where you can invest in stocks, ETFs, bonds, options, mutual funds and more. It offers features like TipRanks analyst consensus ratings, analysis from Morningstar, screening tools and technical research resources. And with a range of handy portfolio analytics tools on offer to help you assess the performance and diversity of your investments, there's a lot to like about what Qtrade offers Canadian investors. Pros & cons Pros $0 commissions on equities, mutual funds, ETFs and options Good selection of research and analysis tools Wide range of accounts and investment types Cons $100 fee if you close your account in the first year

CIBC Investor's Edge

7.9 Great CIBC Investor's Edge

7.9 Great

$6.95

$0 if conditions are met, or $100

0.2%–1.6%

$0

Young investors 18 to 24 get free online Canadian and US stock and ETF trades and a $0 annual fee using CIBC Investor’s Edge and a chequing account with CIBC Smart Start. T&Cs apply.

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Why we like it CIBC Investor's Edge offers a user-friendly online and mobile trading platform for Canadian investors. You can trade everything from stocks and ETFs to options and precious metals, while access to research reports from CIBC Capital Markets as well as market analysis is a big plus. And with stock screeners, charting tools, watchlists and alerts, you've got plenty of resources at your fingertips to help you find new investment opportunities. Pros & cons Pros Lots of handy research tools Fee discounts for active traders and young investors Wide range of account types available Cash and margin trading available Cons Higher fees than discount brokers Some mixed reviews for the mobile app $100 annual fee if the balance of your accounts is $10,000 or under

Questrade

9.6 Excellent Questrade

9.6 Excellent

$0

$0

1.5%

$0

Get $50 cash back when you open a Questrade self-directed investing account through Finder. T&Cs apply.

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Why we like it If you like the sound of the ETF portfolios available through Acorns, you might want to check out the range of Questwealth portfolios designed to suit a variety of investment goals. If you'd rather take a DIY approach, Questrade also offers commission-free stock and ETF trading. You can also trade using a wide range of accounts, from TFSAs to cash and margin accounts, and there are trading platforms to suit beginners as well as more experienced traders. And that's why Questrade is a great alternative to Acorns in Canada. Pros & cons Pros Commission-free stock trading Supports fractional share trading Access to plenty of research tools and analysis Highly rated app Cons High minimum investment for bonds, GICs and IPOs No futures trading

Moomoo

8.6 Great Moomoo

8.6 Great

$1.49/stock

$0

0%

$0

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Why we like it If you want to trade US and Canadian stocks and ETFs as well as US options, there's plenty to like about Moomoo. While it doesn't invest your spare change, it does offer low trading commissions and user-friendly online and mobile platforms. Handy stock screeners, a paper trading account and a variety of educational resources are offered too in order to make it easier for beginners to get started. And if you ever need help with your account, 24/7 customer support is available. Pros & cons Pros Free US Level 2 market data Fast online signup Access a wide range of research tools Rebates from the uninvested cash in your Moomoo account Cons High fees for large trades Other platforms provide access to a wider range of global markets

Interactive Brokers

9.4 Excellent Interactive Brokers

9.4 Excellent

Min $1.00, Max 0.5%

$0

0.08–0.2 bps trade value, min $1.00–$2.00 USD

$0

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Why we like it Interactive Brokers is a feature-packed trading platform with plenty to offer to Canadian investors. While it doesn't offer a RoundUps-like feature to invest your spare change, it does offer the option to set up recurring investments in US, Canadian and European stocks. It offers separate desktop and mobile platforms for beginners and more advanced traders too, and Interactive Brokers' impressive access to global markets and range of research tools help make it a top option for a wide variety of Canadian investors. Pros & cons Pros Trade on a huge range of global markets Platforms for beginners as well as experienced traders Competitive fees Supports over 100 order types Supports fractional share trading Cons Some features are too complicated for new investors Subscription fee for real-time data $2–$12 per withdrawal (1 free/month)

RBC Direct Investing

8.2 Great RBC Direct Investing

8.2 Great

$6.95 - $9.95

$0

0.10% - 1.60%

$0

Get up to 3% cash back on deposits over $2,500 for up to $15,000 cash back when you open and use a RBC Direct Investing account. Valid until November 2, 2026. T&Cs apply.

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Why we like it If you're looking for an easy-to-use investing platform run by a Big Five Canadian bank, look no further. RBC Direct Investing lets you trade a much wider range of assets than Acorns, providing access to stocks, ETFs, bonds, options, GICs and more. It doesn't offer a feature similar to RoundUps, but it does make it easy to set up recurring contributions to your account. You also get handy features like portfolio insights, analyst-built investment lists and advanced charting tools. And with a Practice Account that you can use to test out trading strategies, RBC Direct Investing is well suited to beginners as well as more advanced traders. Pros & cons Pros Real-time streaming quotes Trade over 50 commission-free ETFs Access a wide range of investment and account types Good selection of research and analysis tools Cons More expensive than a discount broker $45 fee for wire transfer withdrawals to non-RBC accounts

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How does the Acorns trading platform work?

Acorns offers the following features to investors in the US.

Automated investing with RoundUps

When a user connects a bank account, debit card or credit card to the Acorns app, any purchases they make are rounded up to the nearest dollar. Once you reach at least $5 in RoundUps, these funds are then invested in a portfolio of ETFs designed for long-term investment, while you can also set up recurring investments.

In Canada, Questrade doesn’t offer round-up investing, but it does provide easy access to its pre-built Questwealth portfolios.

Subscription plans

Users can choose from three subscription plans:

• Acorns Bronze. This plan offers a diversified portfolio and the ability to invest spare change with the RoundUps feature. You also get an Acorns Later retirement account.
• Acorns Silver. This plan offers all the features of Bronze and adds a 1% IRA match on new contributions to your Acorns Later retirement account during your first year.
• Acorns Gold. The Gold plan also includes a 3% IRA match on new contributions to your Acorns Later retirement account during your first year, an investment account for kids with a 1% match, and the freedom to customize your portfolio by investing in individual stocks and ETFs.

Acorns Later retirement accounts

When a user provides some information about their financial situation and long-term goals, Acorns will match them with an IRA plan to suit their needs. The investor can then set up a daily, weekly or monthly recurring contribution to their Acorns Later account, while they also get the security of SIPC protection.

Many Canadian brokers allow you to invest through an RRSP, including Moomoo, CIBC Investor’s Edge and Interactive Brokers.

Acorns Early Invest accounts

Acorns users can create Early Invest accounts for their children with just $5. This Uniform Transfer/Gift to Minors account (UTMA/UGMA) offers potential tax benefits and SIPC protection, while it’s also easy to set up recurring contributions in the app.

And for parents that want to teach their kids about the ins and outs of managing their money, there’s also the Acorns Early money app and debit card.

Debit card

The Mighty Oak debit card, issued by nbkc bank, is designed to help customers save as well as invest their money. It provides savings interest rates on an Emergency Savings account as well as a Chequing account, while it has no hidden fees or early balance requirements. It also lets cardholders invest their spare change with RoundUps and automatically invest a portion of their paycheque.

Acorns Earn

The Acorns Earn feature offers Acorns users rewards when they shop special offers from partner retailers. When a user shops through the Acorns Earn section of the app or using a browser extension, they receive cashback-like rewards that are then automatically invested on their behalf.

Can you open an Acorns trading account in another country?

No. You will need to be a US citizen or a legal resident who resides in the United States in order to open an Acorns account.

However, in its online help centre, Acorns does mention that if you’re in the Armed Services and are temporarily overseas, you can create an Acorns account provided that you have a US address.

Can you use Acorns in Canada?

If you’re a Canadian citizen or permanent resident, you can’t use Acorns. You’ll instead need to consider other investing apps and online trading platforms that operate in Canada.

However, if you’re a US resident who is travelling in Canada for a temporary period of time, you should still be able to log in to your Acorns account.

Which countries does the Acorns trading app operate in?

The Acorns app is only available in the United States. So if you’re from Canada or anywhere else around the world other than the US, you’ll need to consider other trading platforms.

What is the best Acorns app alternative in Canada?

Some of the best alternatives to Acorns in Canada include Interactive Brokers and Moomoo. Interactive Brokers excels with its choice of trading platforms, advanced tools and access to a huge range of global assets and markets.

Moomoo, meanwhile, is worth a look if you want competitive fees, a user-friendly trading platform and free access to Level 2 market data for free.

The best Acorns alternative for you really depends on what you’re looking for in a trading platform.

You’ll need to consider your level of investing experience, what you want to trade and how often you want to trade to get a better idea of the key features you need. You can then compare a range of investing apps to find the best platform for you.

Can you download the Acorns app in Canada?

No, the Acorns app is not available to download in Canada. This is due to the fact that you’ll need to be a United States citizen or resident to open an Acorns account.

The good news is that all the Acorns Canada alternatives featured in this article offer free mobile apps. Find the app for the broker of your choice on Google Play or in the iOS App Store.

Bottom line

Acorns isn’t available in Canada, but there are plenty of great investing apps that are. Compare a range of trading platforms to find a user-friendly broker that offers low fees and access to the markets you want to trade. Then you can open an account, deposit funds and start investing.

Frequently asked questions about the Acorns trading app

• What is the best online trading platform or investing app?

  The best trading platform or app for you depends on a wide range of factors. Are you a beginner or an advanced trader? Do you just want to invest in stocks and ETFs, or do you want to trade options, futures and other assets too? How often will you trade? Compare a range of brokers to find the right app for your needs, and check out the best brokerage signup bonuses before deciding where to create an account.

• How does Acorns work?

  Acorns is a savings and investing app that uses a feature called RoundUps to round up any purchase you make to the next dollar. These funds are then automatically invested into a portfolio of ETFs designed to suit your investing goals.

• How much money do I need to start investing in stocks?

  The minimum investment amount varies depending on the trading platform you choose. Many brokers now support fractional shares, which means it's possible to get started with as little as $1.

Written by

Tim Falk

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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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