Are you a Canadian investor in search of an online trading platform that provides multiple investment options? If so, chances are you have heard about eToro Canada — the well-known social trading and multi-asset brokerage corporation. But wait, is it accessible in Canada? Before you get too enthusiastic, let’s analyze its availability in our country and several other alternatives to consider for this year. Get ready to discover the finest investment platforms available for Canadians such as yourself!

What is eToro?

eToro is a social trading and investment platform that allows a variety of assets, including cryptocurrencies.

The platform offers various features, including the ability to copy other traders, create a watchlist of assets, and receive real-time market updates. Residents of Ontario, Quebec, and Alberta can use eToro Canada.

Is available in eToro Canada?

In spite of offering one of the best trading platforms, the eToro app isn’t available in Canada. Other trading apps offer comparable market securities with reasonable fees, such as Wealthsimple Trade, Interactive Brokers, Questrade, CIBC Investor’s Edge, and Finance.

Why is eToro Restricted in Canada?

Canadians are not permitted to use eToro’s services as the company is not registered with any Canadian securities regulatory authority.

Canadians who wish to trade on eToro can use a VPN service to connect to the company’s servers. Another option is to use an offshore broker that offers eToro’s trading platform. The Best alternatives eToro Canada.

There are a number of alternatives to eToro Canada, depending on your needs. Some popular options include:

  • Interactive Brokers
  • Wealthsimple Trade

Interactive Brokers

As an alternative to eToro Canada, Interactive Brokers is a great choice. Interactive Brokers is a top-tier broker that offers trading in stocks, options, futures, currencies, and more.

Resilient and rigorous risk management have ensured that Interactive Brokers survived major financial crises on NASDAQ (it is NASDAQ: IBKR).

In addition to offering access to global markets, Interactive Brokers is a great choice for Canadian investors. Investing with Interactive Brokers allows you to participate in over 100 international markets, including the Toronto Stock Exchange (TSX). This allows you to profit from a variety of market conditions and diversify your investment portfolio.

It offers the three types of investment accounts that Canadians can benefit from:

Personal: A regular taxable account;

Registered Retirement Savings Plan (RRSP): The Registered Retirement Savings Plan (RRSP) allows you to defer your taxes until later in life. This allows you to keep more of your money (pre-tax) invested.

Tax-Free Savings Account (TSFA): The Tax-Free Savings Account (TSFA) allows you to grow your investment tax-free (post-tax money) so your future earnings will be tax-free. The currency conversion fee is limited to USD/CAD.

Interactive Brokers also offers competitive commissions and fees. For example, stock commissions start at just $0.005 per share with a minimum commission of $1 CAD. For Canadian investors looking to trade for a low cost, Interactive Brokers is an affordable option.

Lastly, Interactive Brokers is known for its excellent customer service. If you have any questions or concerns about your account, the customer service team is always available to help. 24 hours a day, 7 days a week, you can reach customer service via phone, email, or live chat.

Wealthsimple Trade

Wealthsimple is a Canadian fintech company offering stocks, ETFs, and crypto trading, as well as managed investing, savings, and tax services.

FXTrading has thousands of stocks listed only on Canadian and US exchanges, and fractional shares are offered in both markets. However, the platform lacks financial instruments like bonds.

You can buy and sell stocks and ETFs commission-free with Wealthsimple Trade. You can set up automatic investing and access real-time quotes.

Its stock and exchange-traded funds are offered by Wealthsimple Investments Inc, which is a member of the Investment Industry Regulatory Organization of Canada (IIROC). In the event Wealthsimple becomes insolvent, client assets (securities and cash) are protected by the Canadian Investor Protection Fund (CIPF).

Lastly, crypto assets are not protected by the CIPF, the CDIC, or any other investor protection scheme.

Which is the best alternative?

When looking for an online broker, Canadian investors have several options. Each has its own pros and cons, so it’s important to compare them before making a decision.

Commission fees: Some brokers charge commission on each trade, while others charge a flat fee or no commission at all.

Account minimums: Some brokers require a minimum account balance in order to trade, while others have no minimum.

Platform fees: Some brokers charge monthly or annual fees for use of their platforms, while others do not.

Availability of research: Some brokers provide extensive research tools and resources, while others offer only basic information.

After taking all of these factors into consideration, the best alternative for Canadian investors is likely Interactive Brokers. This broker offers low commissions, no account minimums, and access to extensive research resources.

Alternatives to eToro for Canadians in 2023

Canadian investors may no longer be able to use eToro in 2023, but there are plenty of alternatives. Here are some of the best alternatives to eToro in 2023:

1. Wealthsimple Trade: Wealthsimple Trade is a commission-free stock trading platform that offers access to US and Canadian markets. It’s available on the web and mobile, and trading doesn’t require a minimum balance.

2. Questrade: Questrade is another popular online broker offering commission-free stock trading in the US and Canada. They also offer a lot of resources to help you learn about investing.

3. TD Direct Investing: If you’re looking for full-service brokerage, with human advisors available to assist, this is a great option. However, it charges commissions on trades, so it’s not ideal for frequent traders.

4. Virtual Brokers: Virtual Brokers is an online discount broker that offers commission-free stock trading in both the US and Canada.

5. Interactive Brokers: Interactive Brokers is another online discount broker that offers commission-free stock trading in both the US and Canada. However, it’s aimed at more experienced investors, so it

Pros and Cons of each Alternative

This question can be answered in a few different ways, so we will discuss the pros and cons of each.

A social trading and investment platform, eToro Canada offers users the option to trade stocks, cryptocurrencies, currency pairs, and more. Although eToro Canada, some restrictions apply to Canadian users. The platform is available in over 140 countries and offers a variety of features, such as copy trading, social trading, and more.

A first restriction is that Canadian users cannot trade on margin. Consequently, they can only trade with the money they have and cannot use leverage to trade with more money than they have. By limiting profits potential, users are also protected from losing more than they have.

A second restriction is that Canadian users can’t access the eToro Canada WebTrader platform. This platform is only available to residents of Europe and the UK. Canadian users are still able to access the eToro platform through the mobile app or through the web-based platform.

In addition, Canadian users are not eligible to take advantage of certain promotions or bonuses offered by eToro Canada. It’s common for new users to sign up for an account with promotions and bonuses. For existing users, it is often encouraged to deposit more money. However, Canadian residents are not eligible for these promotions.

How to Choose the Right Alternative for You

In choosing the right alternative for you, you should consider the following factors:

-The fees: Make sure to compare the fees of each platform before making your decision. You don’t want to be paying more than you have to.

-The features: Each platform offers different features. Some may be more important to you than others. Make sure the platform you choose has everything you need.

-The ease of use: You want a platform that is easy to use and understand. The last thing you want is to be frustrated with your investment experience.

-Your goals: What are you looking to achieve with your investments? Make sure the platform you choose aligns with your goals.

Now that you know what to look for, let’s take a look at some of the best alternatives to eToro in Canada.


Even though eToro is currently restricted in Canada, Canadian traders have access to many other great trading platforms. We hope this article has given you some insight into the alternatives that are available in 2023. The platforms listed below have something to offer everyone, regardless of whether you are a beginner or a seasoned trader. With the right research and due diligence, you can find the perfect platform with all the features you need.


1. What was the reason behind eToro’s decision to stop serving Canadian investors?

There hasn’t been an official statement from eToro regarding their decision to stop serving Canadian investors. However, it’s likely to be due to regulatory reasons. In response to CSA crackdown on overseas investment platforms not licensed in Canada, eToro is discontinuing operations in Canada.

2. Are there any good alternatives to eToro for Canadians?

There are still plenty of great options for Canadians looking to invest online. Some popular options include Wealthsimple Trade, Questrade, and TD Ameritrade. These platforms are licensed in Canada and offer the same value as eToro, including commission-free trading of stocks, ETFs, and other assets.

3. Are there any specific tax considerations I should take into account when transferring my assets?

Yes, you should be aware of any potential tax implications when transferring your assets from one platform to another. You should consult a qualified tax advisor prior to making any decisions.

4. What are some of the best features of eToro alternatives for Canadians?

Your investment is protected since most eToro alternatives are licensed and regulated here, so you can trust them. Some platforms offer commission-free trading, low or no account minimums, easy-to-use interfaces, and a wide range of assets.

5. Can You Use a VPN to open an eToro account from Canada?

A VPN cannot be used to open an eToro account from Canada. This means even if you were able to disguise your location with a VPN, you would still not be eligible.

6. What is eToro minimum deposit?

In many countries, you can start investing with a minimum deposit of US $50.