eToro is a top trading platform boasting over 25 million users from over 100 countries. The online brokerage offers commission-free trading for stocks and ETFs and puts itself forward as the leading social trading platform.
Specifically, eToro is reputed for its copy trading features. The platform allows you to find and follow investors you trust and believe in and automatically replicate or copy their trading moves.
Users can access and trade cryptocurrencies, stocks, ETFs, commodities, and spot currencies.
Unfortunately, the eToro app is not available in Canada.
The trading platform ceased its operations in the Canadian market following the 2018 eToro ban in Canada by the Ontario Securities Commission (OSC), which slapped it with a hefty fine for illegal trading activities.
That left many Canadian investors scrambling to find other trading apps like eToro.
Best eToro Alternatives in Canada
Below, we cover the best eToro alternatives in Canada where you can start or continue your investing journey.
Questrade
Questrade is a Toronto-based self-directed brokerage platform boasting over $30 billion in assets under management, with over 250,000 accounts opened annually.
The platform offers basic and advanced trading web-based platforms and mobile apps to accommodate beginners and experienced traders.
Users can choose from investment account types, including TFSA, RRSP, margin cash accounts, and more, to invest and save for their long-term or short-term goals.
It is also one of the best Canadian trading platforms offering a wide selection of investment products, including stocks, ETFs, CFDs, precious metals, bonds, mutual funds, IPOs, International Equities, and foreign exchange.
Stock trading fees stand at 1 cent per share, with a minimum fee of $4.95 and a maximum fee of $9.95 per trade. ETFs are free to buy, but you’ll pay the standard fees when you sell.
There’s also QuestWealth, which allows conservative investors to invest with pre-build, expertly managed portfolios at a fee of 0.20%-0.25%.
Pros & Cons of Questrade
Pros
- Offers basic and advanced trading interfaces
- Many investment account options
- A wide selection of investment products
- Commission-free ETF purchases
- It doesn’t charge account maintenance fees
Cons
- High minimum investment of $1000
- It doesn’t offer social trading or copy trading
- It doesn’t offer cryptocurrencies
Promotion: If you sign up for Questrade and fund with at least $1000, you get $50 in free trades.
Questrade
Trade stocks, ETFs, options, FX, bonds, CFDs, mutual funds, etc.
Get a $50 bonus with $250 funding (use referral code: SAVVY50)
Commission-free trading for stocks/ETFs
No quarterly inactivity fees
Access to advanced tools and trading data
Top platform for advanced traders
Transfer fees waived
Wealthsimple Trade
Launched in 2019, Wealthsimple Trade is one of the best eToro alternatives that offers commission-free trading.
Wealthsimple Trade’s top features include fee-free trading, a simple web-based platform/mobile app, unlimited price alerts, Snap quotes, and instant deposits to allow users to start investing in minutes.
The platform offers registered and taxable accounts, including TFSA, RRSP, and taxable personal accounts to allow users to invest in stocks, ETFs, and cryptocurrencies starting with as little as $1.
Stock and ETF trading is free, but you’ll incur an in-built spread of up to 2% on crypto trades and a $10 monthly fee if you sign up for Wealthsimple Trade Plus.
Hands-off investors can also invest via Wealthsimple Invest, a Robo advisor that offers managed investing services at a fee of 0.4%-0.5%.
Wealthsimple Trade employs several measures to keep your account secure, including 2FA, data encryption, and CIPF membership, which protects your account up to 1M against insolvency.
Pros & Cons of Wealthsimple Trade
Pros
- An intuitive, beginner-friendly web interface/mobile app
- Commission-free trading of stocks & ETFs
- Trade stocks, ETFs, and crypto in one place
- No minimum investment. Start with as little as $1
- Offers fractional shares
- Instant deposits
- CIPF protection
Cons
- Limited account types
- Offers only three investing products
- FX fees apply when trading US markets
- It doesn’t offer real-time price quotes for free
- It doesn’t offer advanced trading features/charting tools
Promotion: Fund your account with $150 or more for a $25 cash bonus.
Wealthsimple Trade
Trade stocks and ETFs commission-free
Get a $25 cash bonus with $150+ deposit
Excellent trading platform for beginners
Access to various products and accounts, incl. HISA, private equity, bond funds, options
No inactivity fees
Transfer fees waived up to $150
Qtrade
Qtrade is one of the best Canadian trading platforms. It offers a powerful web-based interface with advanced trading features and charting tools to help self-directed investors invest and manage their portfolios.
There’s also the Qtrade stock trading app for iOS/Android that allows users to stay connected to the market and trade on the go.
The online brokerage platform offers registered and non-registered accounts to meet investing and saving needs of different users, including TFSA, RRSP, LIRA/LRSP, RESP, RRIF, LIF, margin, and cash accounts.
Top investing products on the platform include stocks, ETFs, mutual funds, options, bonds, GIGs, and IPOs. The platform also offers a select group of 100+ ETFs you can buy/sell commission-free, but the standard fees apply to all other ETFs.
Qtrade’s standard trading fees stand at $8.75, and a discounted fee of $6.95 for active traders. You’ll also incur several account maintenance and administration fees, including $25/quarter for accounts with less than $25,000, and $15/quarter for dollar-denominated accounts, among others.
If you are a conservative or new investor, you can use VirtualWealth to get investment advice from Qtrade experts and make wise investment choices.
Pros & Cons of Qtrade
Pros
- Demo account for paper trading
- Various investment accounts & products
- Offers a selection of 100+ commission-free ETFs
- Fee discounts for active traders
- Advanced trading features, charting tool, and quality research
Cons
- Doesn’t support social trading or copy trading
- Levies a myriad of admin and account maintenance fees
- Does not offer crypto assets
Promotion: Get a $50 bonus for a limited time when you deposit at least $1,000.
Qtrade
Get a bonus cashback
Trade stocks, ETFs, options, bonds, etc.
Excellent platform for newbies and seasoned investors
Competitive trading fees
Excellent customer service
CIBC Investor’s Edge
CIBC Investor’s Edge is an online brokerage platform owned by the Canadian Imperial Bank of Commerce (CIBC).
The trading platform offers advanced trading features and charting tools to enable self-directed investors to analyze the market and automate their trading activities, and the CIBIC Wealth Mobile app to trade on the go.
The broker offers different account types, including TFSA, RRSP, RESP, RRIF, LRSP, LRIF, margin, and cash accounts to meet the investment needs of different investors.
It is also one of the brokerage platforms with a wide selection of investment products, including ETFs, options, mutual funds, precious metals, structured notes, GIGs, IPOs, and Fixed Income Investments.
CIBC Investor’s Edge fees fall under the “average” category. The standard fee is $6.95 per trade, with a discounted active trader fee of $4.95 and $5.95 for students.
There is also an account maintenance fee of $100 for registered accounts with $25,000 or less and non-registered accounts with $10,000 or less.
Learn more about how the platform works in this review.
Pros & Cons of CIBC Investor’s Edge
Pros
- A wide selection of investment accounts and products
- Average trading fees
- Fee discounts for active traders and students
- Advanced trading features and tools
- Access to analysts’ reports and free market research tools
- Lots of learning resources
Cons
- Account maintenance and admin fees can quickly add up
- It doesn’t offer social/copy trading
- It doesn’t offer cryptocurrencies
Interactive Brokers
Founded in 1978, Interactive Brokers is a low-cost online trading platform that operates in 150 markets in 33 countries, supports 25 currencies, and allows users to trade assets denominated in multiple currencies.
The online brokerage offers advanced trading features and charting tools and is great for active, seasoned traders.
Its advanced trading platform is accessible via the web-based Client Portal, the desktop Trader Workstation, and IBKR Mobile stock trading apps for iOS and Android.
Investment accounts available on the platform include Individual, Joint, Trust, IRA, and UGMA/UTMA accounts. Others include Hedge & Mutual Fund accounts, family office accounts, small business accounts, Broker & FCM accounts, and more.
The platform allows users to invest in a wide selection of market securities, including stocks, ETFs, options, futures/FOPs, cryptocurrencies, spot currencies, bonds, mutual funds, and hedge funds.
Fees and pricing structure vary based on the market/security you are trading and your monthly trading volume.
For instance, CAD stocks and ETFs incur a fee of $0.01 CAD per share, while US-denominated stocks attract a fee of $0.005% per share.
Pros & Cons of Interactive Brokers
Pros
- Multiple trading platforms (web, desktop, and mobile)
- Advanced trading features, charting tools, and order types
- A competitive, tiered pricing model
- Wide range of investment products and accounts
- Offers crypto and other products in one platform
Cons
- Its commission-free trading feature is not available in Canada
- Difficult to navigate website, which can be overwhelming for beginners
- Doesn’t offer social/copy trading capabilities.
TD Direct Investing
Ranked #1 broker for market data, TD Direct Investing is among the best Canadian trading platforms owned by a big bank. It was founded in 1984 and is owned and operated by the Toronto-Dominion Bank (TD).
The broker offers a powerful trading platform accessible via multiple web interfaces, including the Web Broker Interface, Advanced Dashboard, ThinkorSwim platform, and the TD mobile app to trade on the go.
Users can choose between multiple account types, including TFSA, LIRA, RRSP, RRIF, LIF, RESP, RDSP, and margin cash accounts.
Top investment products on the platform include stocks, ETFs, options, mutual funds, fixed-income assets, precious metals, and term deposits.
Its trading fees are among the highest in Canada. Standard trading fees stand at $9.99 per trade, with a discounted fee of $7 per trade for active traders.
There’s also a $25 account maintenance fee per quarter for accounts with a balance of $15,000 or less.
Unlike most other online brokerages in Canada, TD Direct Investing doesn’t offer commission-free ETFs.
Pros & Cons of TD Direct Investing
Pros
- Multiple account types and investing products
- Multiple trading interfaces and advanced features/charting tools
- Owned by a big bank
- Free investment educational resources
Cons
- Trading fees are among the highest in Canada
- Quarterly account maintenance fees and other admin fees increase your costs
- It doesn’t offer commission-free ETFs
- It doesn’t offer cryptocurrencies
Binance
Binance is the best eToro alternative for cryptocurrency trading (no longer available in Canada – check CoinSmart instead).
Being the largest crypto exchange in the world, Binance works well for crypto enthusiasts looking for a one-stop crypto hub to trade cryptocurrencies and access all manner of crypto services.
The platform supports over 300+ crypto coins and tokens and offers many crypto trading options, including spot trading, margin, P2P trading, leveraged tokens, an NFT marketplace, and crypto derivatives/futures.
Other top services include crypto loans, crypto staking, Binance Visa Card, Biance Pay, crypto gift cards, and many ways to monetize and grow your crypto assets via Binance Earn.
Binance fees are among the lowest in the industry, starting at 0.1% and below, so you can keep most of your gains.
Pros & Cons of Binance
Pros
- A wide selection of crypto assets
- Multiple trading options
- Low trading fees
- Many ways to grow your crypto
- Basic and advanced trading interfaces and features to cater to all traders.
Cons
- Not available to residents of Ontario
- Past regulatory issues in some jurisdictions
What To Look For in an Online Broker
- Investment products offered
- Trading fees/admin fees charged
- Trading features/charting tools offered
- Availability of mobile apps
- Demo account for paper trading
- Availability in your country or region
Pros of eToro
- Offers social/copy trading features
- Offers a wide selection of market securities on one platform
- Fee-free trading for stock/ETFs
- Has a large user base in 100+ countries
- Access and trade 65+ cryptocurrencies
Cons of eToro
- Not available in Canada and some US states
- It doesn’t offer margin accounts
- Crypto trading fees are high at 1%
Trading Platforms Like eToro: Conclusion
While the eToro app offers one of the best trading platforms, it’s unavailable in Canada.
Luckily, other trading apps like eToro offer similar market securities at reasonable fees, including Wealthsimple Trade, Interactive Brokers, Questrade, CIBC Investor’s Edge, and Binance for crypto trading.
FAQs
No eToro is not available in Canada. The social trading platform withdrew its service in 2018 following an OSC fine of $500,000 for illegal trading activities.
No, you can’t buy Canadian stocks on eToro because it doesn’t offer its trading services in the Canadian market.
Yes, eToro is illegal in Canada, and its trading services and investment products are not accessible to Canadian residents.
Yes, eToro is available in the US, but not in all the states. For instance, the eToro app is not available to residents of New York, Tennessee, US Virgin Islands, Hawaii, Nevada, Puerto Rico, Minnesota, and others.
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