Is SoFi Canada Available Yet?

| March 25, 2022
✓ Verified by Vishesh Raisinghani

SoFi is not available in Canada.

SoFi is a personal finance company based in the United States.

They provide a wide range of financial services including personal loans, student loans, auto loans, mortgage and refinance loans, investing, banking, and credit cards.

Even though SoFi isn’t available in Canada, there are many other options that can work for the needs of Canadian investors.

Alternatives to SoFi for Canadians

Interactive Brokers


Interactive Brokers is a great platform for high-frequency investors and those who need access to more tools as well as access to global assets.


  • Low commissions, particularly for high frequency traders.
  • Extensive collection of trading tools for the seasoned investor.


  • Large number of options and tools can make the user experience overwhelming for investors unfamiliar with the platform.
Wealthsimple Trade


Wealthsimple is a no-frills platform that aims to simplify investing for the everyday trader and make the industry more accessible.


  • Unlimited, zero-commission trades on Canadian stocks and ETFs
  • Intuitive interface on both the app and desktop platforms.


  • Lack of more advanced features like options trading makes the platform more catered towards beginner investors


Questrade offers low-fee trading as well as other other services to Canadians to meet a wide range of financial needs.


  • Mobile app and browser-based platform are user friendly.
  • No fees for accounts such as TFSA or RRSP and low trading commissions vs competitors.


  • Research options are limited and a subscription is required to stream real-time quotes.

Interactive Brokers

Exclusively a trading platform, Interactive Brokers offers a variety of products for both beginner and professional traders.

When it comes to a trading platform alternative, Interactive Brokers is a great substitute for SoFi in Canada.

They have expanded their offerings and services to long-term traders in addition to more active day traders.

With over 220 countries able to trade over the platform, Interactive Brokers users have access to a multitude of global assets ranging from stock market trading to precious metals.

Providing more options for trading than SoFi, Interactive Brokers offers several different investment options including options, forex, funds, futures, bonds, and more.

Users are also able to hold multiple types of accounts such as RRSP and TFSA.

Wealthsimple Trade

Wealthsimple Trade offers a simple and intuitive platform for retail investors.

Aside from being user-friendly, Wealthsimple Trade also offers extensive educational content on trading to help their users make smarter investment decisions. 

The low cost to start investing makes it an appealing platform for retail trading.

Wealthsimple also offers a tax preparation service called Wealthsimple Tax in addition to trading.

By linking your trading account to their tax platform, all trades can easily be tracked and reported, making reporting capital gains and losses an easy process 


Questrade has recently expanded its product line to include online mortgage services to attempt to break into the mortgage lending market as they look to become an alternative to big banks in Canada in the real estate sector as well.

For trading, Questrade is mainly used to avoid the high commissions charged by said banks, but still offers classic investment options such as mutual funds, forex, CFDs, stocks, precious metals, and more.

The browser-based platform and the app user interface are intuitive and easy to use.

Trading fees of $4.95 to $9.95 for stock trades are some of the lowest in the industry.

Questrade has eliminated trading commissions on the purchase of a number of stocks and ETFs listed on Canadian markets.

Questrade also offers quite a few useful tools for investors for technical and other analyses. 

SoFi mobile app open on desk

Will SoFi be coming to Canada?

SoFi planned to expand into Canada in 2017 but abandoned the initiative shortly after.

There has been no further indication that SoFi will launch their services in the Canadian market.

What is SoFi?

SoFi was originally launched as a solution to the student loan issue.

It used an alumni-funded model where university alumni and investors would lend money to current students or recently graduated students through student loan funds that were school-specific.

Lenders would reap the financial benefit of interest on the loans and students would benefit from rates that were lower than the government-backed student loans.

Since its initial model, SoFi has expanded its product line to include personal loans, banking services, credit cards, investments, insurance, business loans, mortgage loans, refinancing, and more.

With this expansion, SoFi has moved away from the alumni-funded model into an underwriting approach that is still considered by modern financial standards as non-traditional, while still focusing on low-risk individuals.

Did You Know?

SoFi signed a 30-year, $625 million deal in 2019 to obtain the naming rights for, SoFi Stadium, the new home of the Los Angeles Chargers and the Los Angeles Rams in California.

Frequently Asked Questions

  • Is SoFi available in Canada?
  • Who owns SoFi?
  • Who can use SoFi?

I have been investing for half a decade, using the perspectives gained from my work experience in the private, public, and non-profit sectors to shape my investment outlook. I have a specific interest in the potential of emerging disruptive technologies and their impact on the future.