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Is E*TRADE available in Colombia? Alternatives in 2024!

Minho Investment Association| Updated January 23rd, 2024

You might already be acquainted with E*TRADE, a reputable American discount broker known for its wide range of financial services.

E*TRADE offers an online platform for independent investors and traders, enabling them to trade stocks, options, bonds, mutual funds, ETFs, and more. Furthermore, E*TRADE provides automated investment portfolios and retirement accounts, catering to a diverse spectrum of financial requirements and offering a highly acclaimed mobile trading app.

Are you curious whether E*TRADE is accessible in Colombia and what alternatives are available? We have the answers for you!

Is E*TRADE available in Colombia?

No, E*TRADE is not available in Colombia. E*TRADE is a noticeable online brokerage primarily oriented towards serving the U.S. market, providing a wide array of investment services to U.S. residents and citizens. After reaching out to their customer support, we received a clear indication that opening an account with E*TRADE in Colombia is not feasible.

Is E*TRADE coming to Colombia?

As our team has confirmed, there are no expansion plans into other markets following Morgan Stanley’s acquisition at the end of 2020.

E*TRADE Alternatives in Colombia

The good news is, in Colombia, many other options like E*TRADE  give you similar or maybe even better stuff for investing, and they won’t cost you much or anything. Given that, here are our suggestions:

eToro

Founded in 2007, eToro is a fintech firm that provides an investment platform for over 30 million investors. It enables users to invest in various assets, including stocks, ETFs, commodities, CFDs, forex, and cryptocurrencies. It also offers a social trading feature where you can interact with other investors and traders.
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Interactive Brokers

A US-based company established in the online brokerage field presents a highly advanced trading platform offering an extensive selection of financial products. They also offer a user-friendly app called IBKR GlobalTrader, tailored for beginners.

XTB

XTB, a company headquartered in Poland and publicly listed on the Warsaw Stock Exchange, provides trading platforms (xStation 5 and xStation Mobile) that grant access to a diverse array of CFDs on stocks, Forex, indices, commodities, and cryptocurrencies.

Saxo Bank

A Saxo Bank is a well-established full-service brokerage firm that can serve as a viable alternative to E*TRADE in Colombia. It offers a wide range of financial products and services.

Broker Minimum Deposit Products US Stock Fees Regulators
eToro $50 Stocks, ETFs, Cryptos and CFDs $0 for buying and selling stocks (spread and conversion fees may apply) FCA, CySEC, ASIC
Interactive Brokers $0 Stocks, futures, options, Forex, commodities, bonds, mutual funds, hedge funds, ETFs, CFDs Between $0.0005 and $0.0035 per US share (maximum 1% of the trade) FINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB
XTB $0 CFDs on commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex and Indices Commission-free trading for CFD on stocks using the Standard Account (markup of 0,30% included in the spread) FCA, KNF, CySEC and FSC
Saxo Bank $2,000 Stocks, Forex, ETFs, commodities, indices, options, bonds, and futures Classic Acc: 0.08% (min. $1); Platinum Acc: 0.05% (min. $1); VIP Acc: 0.03% (min. $1) FCA, FSA, MAS, FINMA, AMF, ASIC, SFC, FSMA, DNB

#1 eToro

Is E*TRADE available in Colombia? Alternatives in 2024! 1
Visit eToroIs E*TRADE available in Colombia? Alternatives in 2024! 2

51% of retail CFD accounts lose money.

eToro at a glance

Products availableStocks, ETFs, Cryptos and CFDs
Minimum Deposit$50
Deposit MethodsCredit/Debit card, Skrill, Rapid Transfer, Neteller and Bank Transfer
Fees and Commissions$0 for buying and selling stocks (spread and conversion fees may apply)
RegulatorsFCA, CySEC, ASIC

eToro, established in 2007, is a renowned brokerage firm celebrated for its innovative social trading features. Today, it stands as one of the most prominent fintech companies globally, boasting a user base exceeding 30 million individuals. With access to over 3,000 diverse assets and stocks from 17 different stock exchanges.

eToro’s investment platform, accessible through both web and mobile platforms, is a social trading hub. Here, investors can engage in discussions about investments, speculations, and market news with fellow traders. eToro also allows users to replicate trading strategies and experiment with a demo account. 

Both platforms boast comprehensive and user-friendly interfaces, enabling intuitive, commission-free trading of stocks from various countries, including the US and the UK. Furthermore, the app supports stocks, ETFs, cryptocurrencies, and CFDs. 

The broker places a strong emphasis on reliability and safety, backed by regulation from top-tier authorities like the FCA and ASIC. Investor funds are securely segregated and insured for up to 1 million Euros, providing an additional layer of protection.

Considering these compelling attributes, eToro emerges as a robust choice suitable for beginners, intermediate investors, and seasoned professionals in Colombia. If you seek more detailed insights into eToro’s services, we recommend perusing our comprehensive eToro review.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

#2 Interactive Brokers

Is E*TRADE available in Colombia? Alternatives in 2024! 3
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Interactive Brokers at a glance

Products availableStocks, futures, options, Forex, commodities, bonds, mutual funds, hedge funds, ETFs, CFDs
Minimum Deposit$0
Deposit MethodsWire bank transfer
Fees and CommissionsBetween $0.0005 and $0.0035 per US share (maximum 1% of the trade)
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB

Interactive Brokers has firmly established itself as one of the most reliable brokers in the financial market. With a history spanning over four decades, the company has weathered numerous financial crises, cementing its reputation as a trustworthy and resilient broker. It operates under the supervision of multiple top-tier regulatory authorities, adding an extra layer of credibility.

For investors in Colombia, Interactive Brokers extends its services, enabling you to access both international and domestic markets. Their suite of trading apps empowers users with sophisticated and powerful tools, facilitating a broad spectrum of trading options. Importantly, they offer competitive pricing across various mobile apps and web-based platforms, catering to your expertise level.

Among their mobile apps, the IBKR GlobalTrader stands out as a user-friendly choice, especially well-suited for beginners. It streamlines the investment process without compromising on the robust tools for which Interactive Brokers is renowned.

If you aspire to harness the full potential of the broker’s advanced tools, the IBKR Mobile app provides a comprehensive and sophisticated trading experience, encompassing stocks, ETFs, and options. However, due to its feature-rich nature, it might be somewhat overwhelming for newcomers. In such cases, we recommend opting for the more user-friendly IBKR GlobalTrader.

Interactive Brokers doesn’t stop at mobile apps; they also offer desktop (Trader Workstation (TWS)) and web-based  (Web Portal) platforms equipped with advanced trading tools, ensuring access to both Colombian and global financial markets. All in all, Interactive Brokers ranks among the top choices for those seeking to invest in Colombia, providing versatile solutions to match your unique requirements.

For those eager to delve deeper into Interactive Brokers’ offerings, we encourage you to explore our comprehensive Interactive Brokers review for a more detailed understanding.

#3 XTB

Is E*TRADE available in Colombia? Alternatives in 2024! 5
Visit XTBIs E*TRADE available in Colombia? Alternatives in 2024! 2

76-85% of retail CFD accounts lose money.

XTB at a glance

Products availableStock, ETFs and CFDs on commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex and Indices
Minimum Deposit$0
Deposit methodsCredit/Debit card, Wire transfer, Skrill, Neteller
Fees and Commissionscommission-free trading for CFD on stocks using the Standard Account (markup of 0,30% included in the spread)
RegulatorsFCA, KNF, CySEC, DFSA and FSC

Founded in 2002 in Poland, XTB operates in Colombia through its subsidiary, XTB International Limited, which is duly authorised and regulated by the Financial Services Commission of Belize (FSC) under license number 000302/316. Safety is a paramount consideration when selecting an investment platform in Colombia; XTB holds licences in multiple jurisdictions and is subject to stringent oversight by top-tier regulatory bodies, including the FCA.

At the heart of XTB’s offerings is the award-winning XStation trading app, available for both mobile and desktop platforms. This robust application facilitates trading across a diverse spectrum of financial instruments, equipping users with an array of technical analysis tools. Furthermore, it offers an extensive repository of educational resources.

It’s important to highlight that, in Colombia, XTB exclusively offers CFDs, which means you won’t have direct ownership of stocks but instead have exposure through derivatives. It’s essential to recognise that trading CFDs is complex and carries substantial risks, and most investors experience losses when engaging in this form of trading.

However, XTB does present some compelling advantages. There are no commissions associated with CFDs on stocks, no minimum deposit requirements, and they provide robust educational materials. Additionally, users can access a free demo account for up to a month. These features collectively make XTB an attractive and reliable option suitable for both beginners and advanced investors if you have a solid understanding of the inherent risks associated with CFD trading. In our assessment, this positions XTB as a great alternative to E*TRADE in Colombia.

If you still have lingering questions or uncertainties regarding this broker, we encourage you to explore our detailed XTB review for further insights.

#4 Saxo Bank

Saxo-logo
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62% of retail CFD accounts lose money.

Saxo Bank at a glance

Products availableStocks, Forex, ETFs, commodities, indices, options, bonds, and futures
Minimum Deposit$2,000
Deposit MethodsBank Transfer and Credit/Debit Card
Fees and Commissions on StocksClassic Acc: 0.08% (min. $1); Platinum Acc: 0.05% (min. $1); VIP Acc: 0.03% (min. $1)
RegulatorsFCA, FSA, MAS, FINMA, AMF, ASIC, SFC, FSMA, DNB

Saxo Bank was founded in 1992 and has its headquarters in Copenhagen. Still, it is a large conglomerate with offices and regulatory licenses in financial hubs across the globe.

Saxo Bank stands out as a reliable choice for both beginners and advanced traders in Colombia. It’s known for offering safety, competitive spreads, fair pricing, and an array of valuable tools through its PC-based platform, SaxoBankPRO. Additionally, for traders on the go, Saxo Bank offers a trading platform: SaxoTraderGO. These platforms are not only comprehensive but also highly customisable, catering to the diverse needs of investors.

Saxo Bank provides these two trading platforms designed to meet the unique requirements of Colombian investors:

  • SaxoTraderGO: For more experienced traders in Colombia, SaxoTraderGO is the go-to choice. It has won awards for its advanced features, including enhanced trade tickets, comprehensive charting tools, options chains, performance analysis, and both fundamental and technical analysis tools. Whether you prefer mobile or desktop access, this platform allows traders to set up a one-screen layout or use a second screen for in-depth charting.
  • SaxoTraderPRO: Tailored for professional traders in Colombia, SaxoTraderPRO is a fully customisable, professional-grade platform. It boasts advanced features like algorithmic orders, one-click trading, options chains, and advanced charting packages. Traders can create a customised workspace across multiple screens, benefiting from advanced workspace management and multi-channel linking between modules.

In Colombia, SaxoTraderGO is well-suited for most traders, offering a winning combination of desktop sophistication and a powerful mobile app for 24/7 coverage. However, professional or daily traders may find SaxoTraderPRO even more tailored to their needs.

If you’re eager to delve deeper into the services and features offered by Saxo Bank, you can explore our comprehensive Saxo Bank review.

Which platform should you choose?

When choosing an online broker in Colombia, there are several factors to consider, including the fees they charge, whether they are regulated by top-tier institutions, and the range of products they allow you to trade, among others.

The best online broker for your specific situation will depend on your individual profile, preferences, and objectives. Explore the available platforms and make your decision accordingly.

Please note that the information provided should not be taken as investment advice and should be regarded as informational only. Investors should conduct their own research and due diligence regarding the most suitable services and opportunities based on their risk profile, return expectations, and impact strategy.

Minho Investment Association
Contributor

The Minho Investment Association (MIA) is a junior initiative from the University of Minho (Portugal), which aims to promote financial literacy among young people.

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