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 – 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. Alongside Canada, the list includes markets such as India, New Zealand, and Turkey.
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.
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 most trustworthy brokers. It offers an enormous range of financial products (stocks, ETFs, Options,…), and low currency conversion fees (FX fees).
Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade Stocks, Options and ETFs, ideal for novice investors.
Plus500
A CFD trading platform regulated in Canada by CIRO. Like eToro, Plus500 lets you take positions on stocks, and other assets without installing third-party software — but it does so via CFDs, meaning you don’t own the underlying asset. It suits active traders rather than long-term investors.
WealthSimple
This digital bank combines cash-back debit cards, stocks, ETFs, cryptos, commission-free trades, managed to invest accounts, and tax filing services.
1# Interactive Brokers
Founded in 1978 and publicly listed in NASDAQ (ticker: IBKR), Interactive Brokers is a global online broker which surpassed major financial crises, showing resilience and a rigorous risk management process.
Interactive Brokers offers an advanced investment platform that includes a wide range of products (stocks, options, mutual funds, ETFs, futures, bonds, and currencies) from 150 markets, solid trade execution (IB SmartRouting), and a set of technical and fundamental tools to help you in your investment decisions.
It offers the three types of investment accounts that Canadians can benefit from:
- Personal: A regular taxable account;
- Registered Retirement Savings Plan (RRSP): A retirement account that allows you to save in taxes by deferring its payment to a later stage. This means more of your money (pre-tax) can stay invested and grow faster.
- Tax-Free Savings Account (TSFA): A savings account that allows you to grow your investment tax-free (post-tax money) so your future earnings will be completely tax-free. The currency conversion fee is limited to USD/CAD.
Interactive Brokers Canada Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) 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. Some of the features of IBKR GlobalTrader include automatic currency conversions, fractional shares, demo account, and more.
Want to know more about Interactive Brokers? Check our Interactive Brokers Review.
2# Plus500
81% 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* – 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
With over 3 million clients, Wealthsimple is a Canadian fintech offering stocks, ETFs, and crypto trading along with other additional services such as managed investing, saving, and tax services.
The trading platform supports thousands of stocks and ETFs listed only in major Canadian and US exchanges and provides fractional shares both in the Canadian and US markets. Still, it lacks a lot of financial instruments like bonds and options.
Like Interactive Brokers, it also offers types of investment accounts dedicated to Canadians: Personal, Registered Retirement Savings Plan (RRSP), and Tax-Free Savings Account (TSFA).
The main fee charged is the currency conversion fee (or FX fee). If you open a “Basic” account, it will only be in CAD, and you will be charged a 1.50% fee every time you trade a USD-denominated stock or ETF. If you opt for a “Plus” subscription account, you will pay C$10/month, but no FX fee is charged on stocks and ETFs in USD. However, Plus subscribers still pay a 1.5% conversion fee to convert currency between CAD and USD (during depositing, withdrawal or within the account).
Wealthsimple Investments Inc, the entity that offers stocks and ETFs, is a member of the Investment Industry Regulatory Organization of Canada (IIROC). As a result, client assets (Securities and cash) are protected by the Canadian Investor Protection Fund (CIPF). This would only apply if Wealthsimple became insolvent.
At last, 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.
Additionally, you should pick the best one for you according to your needs and goals. Are you looking for day trading or a more long-term approach (“buy and hold”)?
All in all, you should always do your own research to assess which online broker will be better for you. We hope this article helped save you some research time and ultimately leads you to choose the most suitable platform for you!
FAQs
Does eToro operate in Canada?
No, eToro is not available in Canada. Still, you can find equivalent alternatives like Interactive Brokers and Weathsimple.
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. No VPN is able to sidestep this requirement–only shift your IP address.
What is eToro?
By now, you should have an idea about eToro but let’s give a recap of what you can find there. With over 30 million users, eToro is a multi-asset trading platform that enables investors to invest in the assets they want, from stocks and commodities to crypto assets. The platform makes it easy to buy, hold and sell assets, monitor their portfolio in real-time, or even copy other people’s portfolios.
Besides, eToro is an established and reliable company. It is highly supervised by top-tier regulators, including FCA, ASIC, and CySEC and authorised by each country’s local financial regulators where it operates (e.g. CNMV in Spain).
But not everything is a bed of roses. Did you know eToro charges $5 per minimum withdrawal of $30? Or that only the US dollar is accepted as a base currency? Our alternatives charge no withdrawal fee and one displays multiple base currencies.
