Is E*Trade available in Canada?

Last Updated: 02-Dec-2022

Short Answer

Currently, Etrade is not available in Canada as the broker operates solely in the U.S. Therefore Canadian citizens cannot open an account with ETrade. The broker used to operate in Canada but stopped its operations after 2008. There are many other low-cost brokers available in Canada such as Questrade that you can consider while opening an account.

Detailed Answer

What is E*Trade?

E*Trade is a U.S based discount broker that provides online trading and brokerage accounts for customers. E*Trade was formed in 1982 and has more than 5.2 million customers and 30 physical branches in the U.S.

E*Trade offers brokerage accounts and a bunch of other accounts for all its customers like Roth IRA, Rollover IRA, Premium Savings Account which is insured by the FDIC up to $1,250.000, and many more. You can open a Retirement Individual Account completely free, where you can invest for your retirement. Let’s look at some of the key features of the broker.

  • Zero Commissions on stocks
  • No minimum balance requirements
  • Zero commissions on options contracts
  • No annual maintenance charges

Using E*Trade you can invest in Stocks, Exchange Traded Funds (ETFs), Mutual Funds, and Fixed Income instruments (bonds). The broker is a member of SIPC due to which your account is protected for up to $500,000 including $250,000 in cash. This ensures adequate quality and security to customers.

Is E*Trade available in Canada?

No, currently E-Trade is not available in Canada as it does not operate anymore in Canada. The broker used to offer its services in Canada but after 2008, it shut shop after Scotia Bank account ETrade and rebranded it into Scotia iTrade. Later it was acquired by Morgan Stanley. Hence, Canadian users would not be able to open an account with ETrade anymore.

Conclusion

To sum it up, Canadian users cannot open an account in E*Trade but there are many good, Low-cost brokers available in Canada such as Questrade where you can open an account for free and start your trading and investing journey.

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Categories: Investment
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