E-Trade Canada alternatives

E-Trade is a popular brokerage firm known for its commission-free stock trading and providing access to an extensive range of investment products. It offers user-friendly desktop, web and mobile trading platforms too, so you might be wondering, can I use E-Trade in Canada?

Is E-Trade available in Canada?

No, E-Trade is not available in Canada. While the broker previously offered investing services in Canada, it was acquired by Scotiabank in 2008 and became Scotia iTrade.

So if you’re searching for an online trading platform in Canada, check out the six E-Trade alternatives below.

E-Trade alternatives in Canada

Although you cannot sign up for an E-Trade account in Canada, you can sign up for the these alternative trading platforms below:

How does the E-Trade trading platform work?

E-Trade offers the following features to investors in the USA.

Tradeable assets

E-Trade users can use the platform to invest in stocks, ETFs, mutual funds, options, futures, bonds, CDs, IPOs and cryptocurrency. They can also access prebuilt portfolios of ETFs or mutual funds designed for conservative, moderate, aggressive, and income-generating strategies.

In Canada, Interactive Brokers offers access to a huge range of asset types as well as markets all around the world. And if you’re after prebuilt portfolios, Questrade’s range of Questwealth portfolios are well worth a look.

$0 commission trades

E-Trade is a discount brokerage that offers $0 commission trading. Users can take advantage of commission-free trading of stocks, options, mutual funds and ETFs.

In Canada, Questrade and Qtrade both provide $0 commission trading. Both platforms are worth checking out if you don’t want to worry about trading fees eating away at your profits.

Account types

E-Trade users in the USA can choose from cash or margin trading. The platform provides access to a variety of specialist accounts too, including IRA retirement accounts and small business retirement accounts. And because E-Trade is a subsidiary of Morgan Stanley, it also offers 3 bank accounts—the Checking Account, Max-Rate Checking Account and Premium Savings Account.

Most Canadian brokers also offer a choice of accounts. For example, both CIBC Investor’s Edge and Interactive Brokers offer cash and margin trading, plus they also offer registered accounts like RRSPs, TFSAs and FHSAs.

Choice of trading platforms

If you’re looking for a simple and streamlined trading platform, E-Trade offers web and mobile options. It also offers Power E-Trade Pro, a suite of desktop, web-based and mobile trading apps with a host of advanced trading tools.

Most Canadian brokers offer a choice of online, mobile and desktop trading platforms. Some, like Interactive Brokers and Questrade, also offer separate platforms to suit beginners and more experienced traders.

Related: Best Canadian stocks to buy right now

Can you open an E-Trade trading account in another country?

No, you will need to be a US resident to open an account with E-Trade. You will need to provide a US residential address and a valid Social Security Number or Individual Taxpayer Identification Number when opening an account.

Can you use E-Trade in Canada?

If you’re a Canadian resident wondering whether you can use E-Trade, the answer is unfortunately no. If you want to invest online, you’ll need to compare brokers that accept Canadian users.

However, if you’re a US resident with an E-Trade account and you’re travelling to Canada, you should be able to access your account while away from home.

Which countries does E-Trade operate in?

E-Trade only operates in the United States. The broker previously operated in other markets, including Canada and Australia, but no longer operates in those countries.

What is the best E-Trade alternative in Canada?

We think Interactive Brokers and Moomoo are some of the best E-Trade alternatives in Canada.

With access to 160 global markets, Interactive Brokers is a great option if you want to invest in markets all around the world with competitive fees. We also like the fact that it offers a platform to suit newer investors, and a separate platform with advanced tools galore for more experienced traders.

Moomoo earns praise for its user-friendly trading platform, highly rated mobile app and low fees. We also appreciate its paper trading account, which gives you a chance to try out your trading strategies before putting any real money at risk.

That said, the best trading platform for you really depends on what you need in a broker. Your investing experience, how often you trade and what you want to trade will all impact your decision on which platform is right for you.

Dive deeper: Best stock trading apps in Canada

Can you download the E-Trade app in Canada?

No. The E-Trade app is not available in Canada and E-Trade does not accept Canadian customers.

If you want to start investing from your mobile, you’ll need to compare Canadian stock trading apps. Happily, all of the brokers featured in this guide offer Android and iOS trading apps.

Bottom line

You can’t use E-Trade in Canada. But if you want to invest in stocks and other securities, there are plenty of reputable platforms you can use to get started. Once you know exactly what you need in a trading platform, you can start comparing E-Trade Canada alternatives to find the best brokerage for you.

Frequently asked questions about E-Trade

• What is the best stock trading platform in Canada?

  You'll need to consider your trading needs and prior investing experience to work out which stock trading platform is the best choice for you. Look for a broker with low or no commissions, a user-friendly trading platform, and access to the markets and assets you want to trade. You can also check out the best brokerage signup bonuses to help you choose between competing brokers.

• Who bought E-Trade Canada?

  E-Trade Canada was acquired by Scotiabank in 2008. The platform was relaunched in 2009 as Scotia iTrade.

• Where can I get the E-Trade app?

  The E-Trade mobile app is free to download from the App Store for iOS devices and Google Play for Android devices.

• Who owns E-Trade?

  E-Trade is a subsidiary of Morgan Stanley, which completed its acquisition of the brokerage firm in 2020. Morgan Stanley is a global financial services firm headquartered in New York.

• Is E-Trade good for beginners?

  Yes. With $0 commission trading and a user-friendly platform, E-Trade is generally considered to be a good platform for new investors. Unfortunately, it's not available in Canada, so Canadian investors will need to consider the E-Trade alternatives featured in this guide.