Why does broker availability vary so much by country? You have probably noticed one platform operating in dozens of markets while a close competitor serves only a handful.
The reasons are usually a mix of regulation and commercial judgement: licensing in each jurisdiction carries real cost, and brokers weigh that against expected demand. Canada is a particularly demanding case, since securities regulation operates at provincial level, so a broker needs registration across multiple provincial regulators rather than a single national one.
eToro is unavailable in a number of countries, including Canada. Below we cover the restriction and the alternatives accessible to Canadian investors.
Why is eToro unavailable in Canada?
eToro publishes a list of unsupported countries, citing regulatory requirements and business decisions. Canada is on that list.
eToro has not explained the Canadian position specifically, though the regulatory structure offers a plausible reason. Canada requires registration with CIRO (the Canadian Investment Regulatory Organization, formed in 2023 from the merger of IIROC and the MFDA) alongside provincial securities commissions, and CIRO imposes strict rules on leverage and CFD-style products that would substantially constrain eToro’s core offering.
Contracts for difference (CFDs) in particular face tighter restrictions in Canada than in most of eToro’s existing markets, which would require reshaping a significant part of the product for a single jurisdiction.
eToro has announced no plans to enter Canada, so alternatives are the practical route.
Best eToro alternatives in Canada
Since you cannot open an account with eToro, we found three solid alternatives available in Canada. Our selection criteria involved having similar features to eToro, a low fee structure, a hassle-free trading platform, good customer support, and top-tier regulators overseeing those companies. One note: eToro’s social-trading model has no true equivalent in Canada, so the alternatives below match it on product range and usability rather than copy-trading.
Interactive Brokers
Founded in 1978, IBKR is one of the world’s best-known brokers. It offers access to 170 markets in 40 countries, registered accounts such as the TFSA and RRSP, and low currency conversion (FX) fees.
Its simpler IBKR GlobalTrader app is designed for newer investors.
Plus500
A CFD trading platform regulated in Canada by CIRO. Like eToro, Plus500 lets you take positions on stocks and other assets from a simple web and mobile platform, but it does so through CFDs, meaning you don’t own the underlying asset. It suits active traders rather than long-term investors.
Wealthsimple
A Canadian investing app trusted by more than 4 million Canadians, with commission-free stocks and ETFs, options, crypto, registered accounts, managed portfolios, chequing and tax filing.
1# Interactive Brokers
Founded in 1978, listed on NASDAQ (ticker: IBKR) and part of the S&P 500 index since August 2025, Interactive Brokers is a global online broker with more than 5.5 million client accounts that has come through major financial crises.
Interactive Brokers offers an advanced investment platform that includes a wide range of products (stocks, options, mutual funds, ETFs, futures, bonds, and currencies) from 170 markets in 40 countries, solid trade execution (IB SmartRouting), and a set of technical and fundamental tools to help you in your investment decisions.
It offers the main account types that Canadians use, including individual, joint, RRIF and FHSA accounts. The three most common are:
- Personal: a regular taxable account.
- Registered Retirement Savings Plan (RRSP): a retirement account where contributions are tax-deductible and tax is deferred until you withdraw, so more of your money can stay invested.
- Tax-Free Savings Account (TFSA): you invest money you have already paid tax on, and the growth and withdrawals are tax-free.
Interactive Brokers Canada Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF).
On the downside, Interactive Brokers’ fee structure is quite complex, the registration process is lengthy but fully online, and the broker doesn’t offer commission-free trading. However, when considering FX fees, narrower spreads, and the stock loan program, Interactive Brokers’ clients still get significant savings compared to most brokers.
Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade Stocks, Options, and ETFs, ideal for beginner investors. Its features include automatic currency conversion and fractional shares.
Want to know more about Interactive Brokers? Check our Interactive Brokers review.
2# Plus500
82% of retail CFD accounts lose money.
Founded in 2008 and listed on the London Stock Exchange (LSE:PLUS), Plus500 is a FTSE 250 multi-asset fintech group. It obtained a Canadian Investment Regulatory Organization (CIRO) licence in June 2025, and Canadian clients are onboarded through Plus500CA Ltd.
Plus500 is the closest thing on this list to eToro’s “trade anything from one easy-to-use app” experience. Its proprietary WebTrader platform is clean, quick and available on web and mobile, covering CFDs on shares, ETFs, forex, indices, commodities and crypto.
The important distinction is that Plus500 is CFD-only: you speculate on price movements rather than owning shares, and there are no registered accounts (RRSP/TFSA). It also has no social or copy-trading feature, which is eToro’s signature.
Costs are built into the spread rather than charged as commission. A 0.70% currency conversion fee applies to trades in a non-base currency, and a $10 monthly inactivity fee kicks in after three months. New Canadian clients may be eligible for a welcome bonus*, and terms and conditions apply.
Want to know more about Plus500? Check our Plus500 review.
*This information is NOT relevant to EU residents who are to be serviced by EU subsidiaries of the Plus500 Group, such as Plus500CY Ltd, authorised by CySEC (Reg. 250/14). Different regulatory requirements apply in Europe such as leverage limitations and bonus restrictions.
3# Wealthsimple
Wealthsimple at a glance
Trusted by more than 4 million Canadians, Wealthsimple is a Canadian fintech offering stocks, ETFs, options, futures and crypto, along with managed portfolios, chequing, savings and tax filing.
The trading platform focuses on stocks and ETFs listed on Canadian and US exchanges, with commission-free stock and ETF trades, $0 equity options contracts (other fees apply) and futures at $1 USD per contract. Crypto costs 0.5% plus the spread. Compared with Interactive Brokers, the range of markets and products such as bonds is much narrower.
Like Interactive Brokers, it offers the main Canadian account types: non-registered, TFSA, RRSP, FHSA, RESP, RRIF and LIRA.
The main fee is the currency conversion (FX) fee. In a CAD account, you pay 1.5% every time you trade a USD-denominated stock or ETF. A USD account avoids converting on every trade: it costs C$10 a month on the Core tier and is included on Premium (from C$100,000 in assets) and Generation (from C$500,000). Converting money into the USD account costs 1.5% below C$10,000, falling to 1% up to C$25,000, 0.5% up to C$100,000 and 0% above that.
Wealthsimple’s investment dealer is a member of CIRO, and client securities and cash in its brokerage accounts are protected by the Canadian Investor Protection Fund (CIPF) if the dealer becomes insolvent.
However, crypto assets are not protected by the CIPF, the Canadian Deposit Insurance Corporation, or any other investor protection insurance scheme.
Which is the best alternative?
As you may imagine, there is no single answer. Each platform sets itself apart from its competitors in certain features. For instance, we believe Interactive Brokers is the best broker overall. Still, if you are exclusively looking for social trading, you will quickly realise that there is no real alternative in Canada.
Pick the one that fits your goals. Are you looking for day trading or a long-term, buy-and-hold approach? For long-term investing in a TFSA or RRSP, Interactive Brokers and Wealthsimple are the relevant options, while Plus500 is only for short-term trading with CFDs.
FAQs
Does eToro operate in Canada?
No, eToro is not available in Canada. Alternatives available to Canadians include Interactive Brokers, Wealthsimple and Plus500.
Can you use a VPN to open an eToro account from Canada?
No, a VPN can only offer access to eToro’s platform and not in any way facilitate an account opening since the broker requests a valid ID. Proving an eligible residency remains an essential requirement. A VPN only changes your IP address and cannot get around this requirement.
What is eToro?
eToro is a multi-asset investment platform with more than 4 million funded accounts. It lets you buy stocks, ETFs and crypto, trade CFDs and copy other investors’ portfolios.
It is supervised by regulators including the FCA in the UK, CySEC in Cyprus, ASIC in Australia and the FSRA in Abu Dhabi. Withdrawals from a USD account cost $5, while withdrawals from local currency accounts (EUR, GBP or DKK, depending on your country) are free.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
