Does E*TRADE work internationally? Alternatives for 2024

We can say that E*TRADE is available almost worldwide, but its main focus is on the United States market. The online broker is primarily open to US residents. Investors from other countries can still access their services upon request, but their access is restricted. 

If you live outside the United States and want to open an account, you must submit a paper version of the application form and send a copy of your passport via fax or regular mail. Opening an investment account from outside the United States may be burdensome to the investor, considering the costs and time that need to be spent.

E*TRADE was established within the European Union in 2013, where they provided services through their subsidiary E*TRADE Securities Ltd. After the financial crisis, due to reduced trading activity from European investors and concerns about the euro zone’s sovereign debt crisis, the company decided to end its operations in the continent.

Despite the lack of establishment on the Continent, it is still possible to open an account in most countries (France, Germany, and Portugal). The institution’s website does not explicitly mention this possibility. But upon request, they provide the information that there are very few locations where the use of the service is entirely restricted.

E*TRADE operated in Canada until 2008 when Scotiabank (formerly Bank of Nova Scotia) acquired E*TRADE Canada and rebranded the subsidiary as Scotia itrade. Since then, E*TRADE no longer provides services in Canada.

The company was established in Australia in 1998. In 2007, E*TRADE Australia was acquired by ANZ. Its online trading platform was fully available there until 2016, when AZN decided to rebrand the service to ANZ Share Investing. According to one of the Directors of the company, customers still have access to the same trading tools, investment options, and services, but under a different name.

As we can see in these two investors’ presentations released after Morgan Stanley’s acquisition, there seems to be no expansion plan into other markets. The company used to operate in many different regions of the world. Still, after the 2008 financial crisis, the company ran into financial trouble and decided to focus on the United States market.

If you are not from the United States, plenty of other options can be more suitable for you, and we can help you choose the right one.

Now, the question is, “Will I find an E*TRADE equivalent in my country?”. The short answer is yes! Below, you’ll find a breakdown of E*TRADE alternatives available internationally.

There are many factors you can consider when choosing your online broker, and we can list a few to help you make the decision:

• Low commissions and fees: some investors look for platforms with little to no fees for investing.  
• The minimum amount for investing: if you want to invest a low amount of money, you should consider using services with low thresholds for investments. Similarly, you should also consider investing in platforms that allow you to buy fractional shares, as buying whole shares can become expensive, depending on the company.
• Products and markets offered by the broker: there are different financial products for different investors. Naturally, it is vital to consider using the broker that offers the products you want to invest in. Similarly, if you are looking for an investment in a specific market or geographic region, it is crucial to assess the coverage of the brokers.
• Regulation: certain brokers are regulated in a way that makes your investments protected by Investor Protection Schemes. This means that if the investment firm goes out of business, you may be compensated for the investment.

There are still other aspects that you could consider, and it would be impossible to list all of them. Note that this article does not constitute financial advice and was written for informational purposes only. You need to define your risk appetite, your investment goals and perform your own research to assess which online broker will be the best one for you, according to your preferences. 

Although E*TRADE can be used outside of the United States, it is not their target market, and opening an account can be costly and time-consuming. But there is no reason to worry, there are many other options that can be used, and you should pick the best one for you according to your needs and goals. If you want to know more options than those provided in this article, you can check our list of online brokers to look for other options available in your country.

We hope that you found this article helpful and were able to reach a decision. We wish you good luck with your investments, and if you have any questions, please leave a comment below!