You might already be familiar with SoFi, a personal finance company and online bank headquartered in San Francisco.
More than just a typical online broker, it provides a comprehensive range of financial services including banking, investing, lending (student loan refinancing, personal loans, mortgages, home equity loans), insurance, credit cards, and most recently its own stablecoin (SoFiUSD), launched in December 2025.
Want to know if SoFi is available in Canada, what its international expansion plans look like in 2026, and what alternatives Canadian users can turn to? We’ve got you covered!
Is SoFi available in Canada?
No, SoFi is not available in Canada. If you are a Canadian resident, you can’t open a SoFi account.
SoFi went international in April 2020, when it acquired the Hong Kong investing app 8 Securities and rebranded it as SoFi Hong Kong. As of September 2026, its reach is still limited to the United States and Hong Kong, where it remains active.
SoFi keeps adding products at home, such as its SoFiUSD stablecoin in December 2025, but it hasn’t announced any plans to enter Canada.
Is SoFi coming to Canada?
SoFi planned to enter Canada in 2017, but dropped the plan. Since then, it has made no public announcement about launching in Canada.
Its only international business is still SoFi Hong Kong. In June 2026, SoFi Hong Kong published a statement denying online rumours that it was closing, so that operation continues as normal.
For now, SoFi is not available in Canada, and there is no sign that this will change soon.
SoFi alternatives in Canada
No single Canadian platform copies SoFi’s mix of banking, investing and lending. These are the closest options, depending on what matters most to you:
Interactive Brokers | Best all-round broker
Online broker with advanced platforms and one of the widest product ranges available, active in Canada since 2000. Its IBKR GlobalTrader app is designed for beginners.
Wealthsimple | Closest to SoFi’s all-in-one model
Canadian platform that combines commission-free stock and ETF trading, managed portfolios, crypto, a spending account with a card and tax filing.
Questrade | Best for DIY investors
Canadian broker offering self-directed accounts and pre-built Questwealth portfolios, with access to stocks, ETFs, options, mutual funds and more.
Qtrade | Best for younger investors
Canadian brokerage with a simple flat commission, over 100 commission-free ETFs and a Young Investor offer for clients aged 18 to 30.
Plus500 | Active CFD trading
CFD platform regulated in Canada by CIRO through Plus500CA Ltd. Unlike the others, it offers no banking, no card and no registered accounts, and you trade CFDs rather than owning the assets.
| Broker | CA stock fees | US stock fees | Minimum deposit | Products | Regulator |
| Interactive Brokers | Tiered: from CAD $0.003 per share (min. CAD $1, max. 0.50% of trade value) | Tiered: from $0.0005 per share (min. $0.35, max. 1% of trade value) | CAD $0 | Stocks, ETFs, options, futures, forex, bonds, mutual funds, CFDs | CIRO (plus SEC, FINRA, FCA and others abroad) |
| Wealthsimple | CAD $0 | CAD $0 (currency conversion fee applies) | CAD $1 | Stocks, ETFs, options, crypto, managed portfolios | CIRO |
| Questrade | CAD $0.01 per share (min. CAD $4.95, max. CAD $9.95). ETF purchases are free | $0.01 per share (min. $4.95, max. $9.95) | CAD $250 (CAD $1,000 for Questwealth portfolios) | Stocks, ETFs, options, forex, bonds, CFDs | CIRO |
| Qtrade | CAD $8.75 per trade (CAD $7.75 on the Young Investor offer, CAD $6.95 for active investors). 100+ free ETFs | CAD $8.75 per trade (same discounts apply) | CAD $0 | Stocks, ETFs, options, mutual funds, fixed income | CIRO |
| Plus500 | No commission, costs built into the spread (CFDs only) | No commission, costs built into the spread (CFDs only) | CAD $100 | CFDs on shares, ETFs, forex, indices and commodities | CIRO (plus FCA, CySEC, ASIC and others abroad) |
Fees checked in September 2026. Account and administration fees may apply on some platforms.
Interactive Brokers at a glance
Interactive Brokers is one of the most established brokers available to Canadian investors. Founded in 1978, it entered Canada in 2000 through Interactive Brokers Canada Inc. It is listed on the NASDAQ and is part of the S&P 500 index.
Its advanced platforms and low commissions attract experienced traders, while the IBKR GlobalTrader app offers a simpler experience for beginners. Canadian clients can hold and trade in CAD and USD, open registered accounts such as RRSPs and TFSAs, and access markets around the world.
Unlike SoFi, Interactive Brokers is not a bank, so there is no chequing account or lending product. It does offer a debit card in some countries, but availability depends on the entity that holds your account, so check whether it is offered to clients of Interactive Brokers Canada.
Interactive Brokers Canada is regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF), which covers eligible accounts up to CAD $1 million if the firm becomes insolvent.
Wealthsimple at a glance
Wealthsimple is the closest thing Canada has to SoFi’s all-in-one model. It combines several services in one app:
- Self-directed investing: commission-free trading of Canadian and US stocks and ETFs, plus options and crypto.
- Managed investing: automated portfolios, including socially responsible and halal options.
- Cash account: a spending account with a card, interest on your balance and direct deposit.
- Tax filing: its own tax software for Canadian returns.
Trading Canadian and US stocks is commission-free, although a currency conversion fee applies on US trades unless you pay for a plan that waives it.
Wealthsimple’s brokerage arm is regulated by CIRO and is a CIPF member, so eligible accounts are covered up to CAD $1 million in case of insolvency. That protection covers missing assets if the firm fails, not investment losses.
Questrade at a glance
Questrade has been a low-cost alternative to the big Canadian banks since 1999.
You can invest through its app or web platform and choose between self-directed accounts and Questwealth, its pre-built ETF portfolios. Questrade recently lowered its minimum to CAD $250 for most accounts, down from CAD $1,000, which still applies to Questwealth portfolios.
Stock trades cost 1 cent per share, with a minimum of CAD $4.95 and a maximum of CAD $9.95. ETF purchases are commission-free, although you pay the usual commission when you sell. There are no account maintenance fees.
Like SoFi, Questrade offers accounts for specific goals, including RRSPs for retirement and RESPs for education, which makes it a practical alternative for Canadians who were drawn to SoFi for those products. It is regulated by CIRO and is a CIPF member.
Qtrade at a glance
Qtrade is a Canadian brokerage owned by Aviso Wealth, known for its customer service and research tools. You can trade stocks, ETFs, options, mutual funds and fixed income, and over 100 ETFs are commission-free to buy and sell.
Stock trades cost CAD $8.75, or CAD $6.95 if you make 150 or more trades per quarter or hold CAD $500,000 or more with Qtrade.
Many people who look at SoFi are younger investors, since SoFi started with student loan refinancing. If you are between 18 and 30, Qtrade’s Young Investor offer lowers commissions to CAD $7.75 and waives the quarterly administration fee, as long as you set up a recurring deposit of CAD $50 or more per month.
Watch out for the CAD $25 quarterly administration fee on smaller accounts, which is waived if you hold CAD $25,000 or more, trade often enough or set up a recurring deposit. Qtrade is regulated by CIRO and is a CIPF member.
Plus500 at a glance
81% of retail CFD accounts lose money.
Plus500 is the most specialised option on this list. Where SoFi, Interactive Brokers and Wealthsimple aim to be broad financial homes, Plus500 does one thing: CFD trading. There is no banking, no card and no registered accounts (RRSP or TFSA), and you speculate on price movements rather than owning shares or ETFs.
Founded in 2008 and listed on the London Stock Exchange (LSE:PLUS), Plus500 is a FTSE 250 company. It obtained a CIRO licence in June 2025, and Canadian clients trade through Plus500CA Ltd.
Its strength is the trading experience: a clean proprietary WebTrader platform on web and mobile, with guaranteed stop-loss orders, price alerts and an economic calendar. Costs are built into the spread rather than charged as commission. New Canadian clients may be eligible for a welcome bonus* (terms and conditions apply).
You can read our full Plus500 review for more detail.
*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. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Bottom line
SoFi is not available in Canada, and nothing suggests that will change soon. Its plans for the country were dropped back in 2017, and its only international business is still SoFi Hong Kong.
The good news is that Canadians have strong alternatives. Wealthsimple is the closest match to SoFi’s all-in-one approach, combining commission-free investing, managed portfolios, a spending account with a card and tax filing. Interactive Brokers is the best choice if you want the widest range of markets and low commissions. Questrade suits DIY investors who want registered accounts and cheap trades, and Qtrade works well for younger investors thanks to its Young Investor offer. Plus500 is only for experienced traders who understand CFDs.
Keep in mind that all the Canadian brokers above are regulated by CIRO and are CIPF members, which covers eligible accounts up to CAD $1 million if the firm fails. That protection does not cover investment losses.
This article is for information only and is not investment advice. Do your own research to find the platform that fits your goals and risk tolerance.
