eToro is not available in Canada.
eToro is a multi-asset investment platform based on a social network of investors.
Its aim is to create a community of investors that can connect, share ideas, and learn from each other.
Even though eToro isn’t available in Canada, there are other options that can fulfill any investor needs.
Alternative trading platforms that are comparable to eToro are listed below.
Alternatives to eToro for Canadians
Interactive Brokers is a trading platform for investors who want access to powerful tools to conduct trading. The platform is catered towards professional traders who use investment tools heavily and want access to global assets.
- Low commissions, particularly for high-frequency traders
- Access to securities from global markets
- Many options and tools that can become overwhelming for investors unfamiliar with the platform
Wealthsimple Trade is a platform that looks to educate retail investors through their simple and intuitive platform. Wealthsimple is looking to simplify investing for the everyday trader and make the industry more accessible.
- Ability to trade thousands of stocks and ETFs commission free
- Simple and easy to use mobile and web applications
- Exchange fee of 1.5% charged when converting between CAD and USD
Questrade is a great option for investors who are looking to cut costs with lower fees. They offer competitive fees compared to most other banks and brokers.
- Great research tools
- Ability to hold both CAD and USD
- Minimum account balance of $1,000 required to begin trading.
With a variety of products for both beginner and professional traders alike, Interactive Brokers is a great substitute to eToro in Canada.
They have expanded their offerings and services to meet the needs of both long-term investors in addition to active day traders.
Interactive Brokers offers several different investment options including options, forex, funds, futures, bonds, and more.
They also offer their clients the option to open multiple types of accounts including RRSP and TFSAs.
Members have access to a multitude of global assets ranging from stocks to precious metals.
Clients from over 220 countries are able to trade on the platform.
Wealthsimple Trade offers a simple and intuitive platform for retail investors.
Since debuting with their Invest offering in 2014, the company has strived to provide educational content such as guides and articles on trading, investing, and saving for retirement to help their users make smart decisions with their money.
The user interface for their mobile and browser-based platforms is simple, but also could use additional features to compete with other platforms.
Advanced traders may be interested in other options that offer more robust trading tools.
Questrade is a great alternative for those looking to get away from the high fees charged by traditional banks.
Questrade offers investment options such as mutual funds, forex, precious metals, stocks, CFDs and more.
Both the browser and mobile based applications are sleek and easy to use.
Trading fees are also some of the lowest in the industry ranging between $4.95 to $9.95 for stock trades.
In addition, the platform offers a good variety of tools that can be used to conduct technical and fundamental analysis.
Will eToro be coming to Canada?
eToro previously operated in Canada but exited the market due to regulatory issues.
Unfortunately, there is no plan for eToro to re-enter the Canadian market at this time.
What is eToro?
eToro is a social network-based investment platform.
Founded in Israel, eToro’s mission is to build “the world’s largest social trading network to empower people to trade and invest in stocks, crypto, and global markets, copy top traders and get copied.”
On the theme of transparency, eToro encourages its users to learn from each other to make smarter investment choices.
Starting in 2008, eToro has grown its user base to over 25 million clients as per their website.
Some of this can be attributed to their trader-centric approach to investments, as can be seen through the offering of virtual demo accounts to practice trading.
This allows a user to simulate investing virtual capital and practice their investing skills until they are confident enough to use real money.
With a rapidly growing user base and expanding catalogue of online resources, eToro is a platform that has attracted both new and experienced investors alike.
eToro’s platform allows users to set up automatic copying of trades of successful investors, making it the world’s leading network for social trading.
Frequently Asked Questions
- Why is eToro not allowed in Canada?
When eToro initially launched in Canada, they did not have the correct registrations for brokerage services in place. After several meetings with the Ontario Securities Commission, they reached a settlement and closed up shop, withdrawing service to Canadians.
- Is eToro legal?
eToro is legal and regulated in certain countries however it is not allowed to offer it’s services to Canadians at this time.