You might already be familiar with E*TRADE, a well-established American discount broker known for its diverse financial offerings.
E*TRADE provides an online platform for self-directed investors and traders, allowing them to trade stocks, options, bonds, mutual funds, ETFs, and more. Additionally, E*TRADE offers automated investment portfolios and retirement accounts to cater to a wide range of financial needs, all while delivering a highly regarded mobile trading app for on-the-go investors.
Want to know if E*TRADE is available in Canada and the alternatives available? We’ve got you covered!
Is E*TRADE available in Canada?
Unfortunately, E*TRADE is no longer available in Canada. We contacted customer support to confirm it, and the response regarding possibly opening an account in Canada was negative.
E*TRADE used to be in Canada but had to stop after the 2008 financial crisis when Scotia Bank bought it for $442 million. After that, Scotia Bank changed it to Scotia iTrade and eventually stopped offering it in Canada. Now, only people in the US can use E*TRADE.
Is E*TRADE coming to Canada?
As our team has confirmed, there don’t appear to be any expansion plans into other markets following Morgan Stanley’s acquisition at the end of 2020.
E*TRADE Alternatives in Canada
The good news is, in Canada, there are lots of other options like E*TRADE that give you similar or maybe even better stuff for investing, and they won’t cost you much or anything at all. Given that, here are our suggestions:
Interactive Brokers
Online broker with a sophisticated trading platform that offers a wide range of products. The company, founded in the US and active in Canada for decades, also lets you access the useful IBKR GlobalTrader app.
Qtrade
Based in Canada, Qtrade has been around for over 20 years and offers Canadian investors the ability to trade stocks, ETFs, mutual funds, and options. It offers a few different price plans and also commission-free trading on some ETFs.
Saxo Bank
Full-service brokerage offering stocks, ETFs, bonds, derivatives, crypto, and other products. In Canada, you can access 36 different overseas markets.
Questrade
The Canadian brokerage offers both DIY investing services and pre-built portfolios. It’s a great low-cost option allowing you to invest in stocks, ETFs, options, mutual funds, etc.
XTB
Headquartered in Poland and listed on the Warsaw Stock Exchange, XTB FR offers Canadian investors over 5,000 instruments to trade. Including stocks, ETFs, CFDs, indices and Forex at a competitive price.
| Broker | Minimum Deposit | Products | US Stock Fees | CA Stock Fees | Regulators |
| Interactive Brokers | CAD $0 | Stocks, futures, options, Forex, commodities, bonds, mutual funds, hedge funds, ETFs, CFDs | Tiered pricing: Fom $0.0005 per share, min. $0.35, max. 1% of trade value | Tiered pricing: Fom CAD$ 0.003 per share, min.CAD $1, max. 0.50% of trade value | IIROC, FINRA, SIPC, SEC, CFTC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB |
| Qtrade | CAD $0 | Stocks, ETFs, options, mutual funds, fixed income and exchange-traded debentures | CAD 8.75 per trade (CAD 6.95 if you make 150+ trades per quarter or have a CAD 500k+ account balance) | CAD 8.75 per trade (CAD 6.95 if you make 150+ trades per quarter or have a CAD 500k+ account balance) | IIROC |
| Saxo Bank | USD $2000 | Stocks, Forex, ETFs, commodities, indices, options, bonds, and futures | $0.02/share (min. $10) | CAD 0.03/share (min. CAD 20) | FCA, FSA, MAS, FINMA, AMF, ASIC, SFC, FSMA, DNB |
| Questrade | CAD $1000 | Stocks, ETFs, options, forex, bonds, CFDs | $0.01/share (min. $9.95) | CAD 0.01/share (min. CAD 9.95) | IIROC |
| XTB Fr | $0 | Stocks, ETFs, CFDs on indices, commodities, forex, cryptocurrency | 0.08% volume based (min. $8) | 0.08% volume based (min. $8) | FCA, KNF, CySEC and FSC |
#1 Interactive Brokers
Interactive Brokers at a glance
Interactive Brokers is an exceptional broker available to Canadian traders and investors. The company was founded in 1978 and landed in Canada in 2000 through the legal entity Interactive Brokers Canada Inc. (IB Canada). Since its arrival, the company has become one of the most reliable brokers in the world.
Due to its sophisticated and powerful tools, the wide range of products available for trading, and its low prices, Interactive Brokers normally attracts advanced traders. However, the mobile app IBKR GlobalTrader is user-friendly and more suitable for beginners, simplifying investments without losing the powerful tools for which the broker is famous.
Interactive Brokers offers attractive features such as low commissions on US stocks, a demo account for practising investments, a wide range of tradable assets, and trading in CAD$.
Interactive Brokers is under the watchful eye of Canadian financial authorities, namely IIROC and CIPF. These regulatory bodies ensure that Interactive Brokers follows strict rules and safeguards your investments, adding an extra layer of security for your money.
Source: Interactive Brokers
Just like E*TRADE, Interactive Brokers offers small business accounts. If you want to learn more about the broker, check our Interactive Brokers review!
#2 Qtrade
Qtrade at a glance
Qtrade is a Canadian brokerage that started back in 2000. You can sign up for a 30-day trial account and select between two plans, but the ‘Investor’ plan is the most accessible to retail investors (unless you make lots of trades/have a large portfolio).
Canadian investors have the ability to trade stocks, ETFs, options, mutual funds, and debentures (a type of bond). It’s a flat commission for most trades, apart from some free ETFs.
Qtrade is under the watchful eye of Canadian financial authorities, namely IIROC and CIPF. These regulatory bodies make sure that Qtrade follows strict rules and safeguards your investments, adding an extra layer of security for your money.
Source: Qtrade
Qtrade is an excellent alternative to E*TRADE for Canadian investors because there’s no minimum deposit, a free trial account, and a solid brokerage with a simple fee structure.
#3 Saxo Bank
Saxo Bank at a glance
Saxo Bank is a subsidiary of the Danish bank with the same name founded in 1992. It operates in more than 170 countries, including Canada. The broker is a reliable option for advanced traders and beginners, providing safety, fair prices, and useful tools.
This brokerage offers a wide range of investment products from more than 50 different exchanges, high-quality educational resources, and well-designed and comprehensive trading platforms. In particular, the mobile app SaxoInvestor and the web-based SaxoTraderGO are user-friendly and functional applications, ideal for beginners. In the applications, it is possible to practice investments in demo accounts.
Saxo Bank is subject to regulatory oversight by IIROC, the Investment Industry Regulatory Organization of Canada.
If you want to learn more about the broker, check out our Saxo Bank review!
#4 Questrade
Questrade at a glance
Questrade is a Canadian broker that’s been helping investors since 1999 as an alternative to the big banks. Only Canadian residents can open an account with Questrade.
You can invest using the app or web desktop and choose from a few different plans, including the competitively priced ‘Questwealth Portfolios’ for pre-built ETF portfolios. You’re only able to hold cash in USD or CAD, but this brokerage is a solid option for beginners and more advanced investors with plenty of resources like up-to-date research, stock data, and charting tools.
Questrade is under the watchful eye of Canadian financial authorities, namely IIROC and CIPF. These regulatory bodies make sure that Questrade follows strict rules and safeguards your investments, adding an extra layer of security for your money.
Source: Questrade
#5 XTB FR
XTB FR at a glance
XTB is a Polish company founded in 2002 that offers Canadian investors the ability to trade through its French branch of the XTB Group, XTB FR.
Along with real stocks and ETFs, you can trade various CFDs (forex, equity, indices, crypto commodity) with XTB. However, these are riskier and more complex trading instruments that should only be used by experienced traders.
With lots of investment options and a well-built interface, XTB is a reliable alternative to E*TRADE for beginners and advanced traders in Canada. It’s a very cheap platform with low fees and no minimum deposit. If you want to learn more about the broker, check our XTB review!
Which platform should you choose?
Some factors you should know when choosing an online broker are the fees charged if it is regulated by top-tier institutions such as the IIROC in Canada, the range of products it allows you to trade (not all platforms allow you to trade Canadian stocks), among others.
The best online broker in your specific case will depend on your profile, preference, and objectives. Explore the websites above and decide for yourself!
A reminder that the above should not be seen as investment advice and should be considered information only. Investors should do their own research and diligence about the best-suited services and opportunities for their risk, returns, and impact strategy.
Hope we helped, and leave your comments below.
The Minho Investment Association (MIA) is a junior initiative from the University of Minho (Portugal), which aims to promote financial literacy among young people.
