Is E*Trade available in Canada?

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 ETrade 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.

Tagged With: us stockbrokercanadian stockbrokerinternational brokerstock tradingoptions tradingstock investing
Categories: Stock Trading
Ask your query and our expert community would be happy to help
Discussion (0)
Related FAQs

How can I buy a stock without a broker in Canada?

Canadian citizens above the age of 18 can open a TFSA (Tax-Free Savings Account) in which you can contribute up to $6000 annually. This can be in the form of stocks or other securities. You can also use an RRSP (Registered Retirement Savings Plan) where you can contribute a higher sum which will be taxable, unlike the TFSA which is completely exempt from taxes.

How can I buy U.S stocks in Canada?

Canadian citizens can easily purchase U.S stocks. Many online stock brokers provide the facility to invest in US stocks. Questrade and Interactive brokers are some of the brokers who allow foreign investing. Apart from this, there are some other ways to directly as well as indirectly invest in US stocks. One of the non-traditional methods includes the TFSA (Tax-Free Savings Account) with which you can buy up to $6,000 worth of stocks per year.

Is Webull available in Canada?

Webull is a U.S based stockbroker which is not available for Canadian users. Canadian citizens cannot open an account with Webull. You have to either be a citizen of the U.S or have a valid U.S Passport in order to open an account with Webull.

Is ThinkorSwim available in Canada?

ThinkorSwim is not available to Canadian users. TD-Direct Investing, which was providing the platform to its users replaced it with another trading platform known as Advanced Dashboard. Hence Canadian citizens who have a TD account can no longer access ThinkorSwim as earlier. In order to get ThinkorSwim, you need to have a TD Ameritrade account which is a U.S based broker.

Is day trading legal in Canada?

Day trading is completely legal in Canada. Although Canadian brokers don’t require any minimum capital to start trading, unlike the U.S where brokers demand a minimum Capital of $25,000. The tax implications of day-trading are different from buying and selling regular shares.

Is Robinhood available in Canada?

Robinhood is a U.S based online stock broker which is currently not available in Canada. Canadian citizens cannot open an account with Robinhood, instead, investors can consider other online low-cost brokers that are available in Canada such as Questrade.

Is Paytm Money Safe and reliable Broker for Stock Trading & Investing?

Yes, it is completely safe to invest your money in the stock market using Paytm money App. In fact, PayTm has come up with stock broking services recently and trying to establish itself in the said field. And, to give tough fight to top existing players it has to keep its services up to the mark. Paytm Money made a big name in mutual fund investment industry and now it's time to see its performance in the stock brokers' world.

Is Wisdom Capital Good, Safe & Reliable Broker for Stock Trading and Investing?

Yes, Wisdom Capital is good, safe, and reliable for all stock trading and investing options. However, weighing in on the lack of trading options and the unjustified charges imposed, it is a cause of worry. But other than this, the broker is reliable enough to execute a trade from the platform.

Is Upstox safe, good & reliable broker for stock trading & investment?

Yes, Upstox is safe, good and a very reliable stock broker for trading and long term investing. Being registered with SEBI, NSE, BSE, MCX and CDSL the stock broker has built a good reputation and a decent customer base over the years.

Can non-US citizens open a brokerage account with a US broker?

Non-U.S citizens cannot directly open an account with a U.S based broker as they would not possess the necessary documents, required to open an account with a U.S broker. But there are many U.S based international brokers like 'Interactive Brokers', etc, who allow users from multiple countries to open an account with them. Using that account you can easily gain access to the U.S markets.