Is E*TRADE Available in Canada?
If you want to open an E*TRADE account in Canada, you are out of luck.
E*TRADE does not accept
applications from the residents of Canada.
Alternative to E*TRADE in Canada
As an alternative, we suggest a broker called
WealthSimple,
which is ranked #1 in Canada for online investing.
It offers hands-free investing, no commissions, and crypto trading.
Visit WealthSimple Website
Open WealthSimple Account
Does E*Trade Offer Trading in Canadian Stocks?
Investing in the Canadian stock market can have many advantages. Exchanges like TSX and NEO list many high-value companies, but only a few U.S.-based brokers offer direct access to the Canadian marketplace.
E*TRADE does not allow trading on international exchanges, but that doesn’t mean you can’t access Canadian securities. Keep reading to learn how to invest in Canadian companies at E*TRADE.
You’ll also learn about an excellent alternative for direct Canadian stock exchange access.
International Companies
Although there is no direct trading on Canadian exchanges, there are several ways to invest in Canadian securities at E*TRADE. You can find ADRs, OTC securities, and ETFs.
Depending on the ticker you want to trade, you might able to find the company you are looking for listed on a U.S. exchange. Many multinational companies look to increase exposure and liquidity by getting listed on multiple exchanges. Big corporations like Google (GOOG/GOOGL), Amazon (AMZN), PayPal (PYPL), and Pfizer (PFE) are listed in Canada and the U.S.
ADRs and OTC
You’ll find a long list of Canadian companies that trade on the U.S. OTC market (over-the-counter securities). It is also common for Canadian companies to trade on U.S. exchanges as ADRs (American Depositary Receipts). And often, it is a combination of the two (i.e., ADRs trading on the OTC market).
Some notable Canadian companies available to E*TRADE customers are:
- Royal Bank of Canada (RY)
- The Toronto Dominion Bank (TD)
- Canadian National Railway (CNI)
- Enbridge (ENB)
- Telus (TU)
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No commissions on stocks and ETFs.
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ETFs
ETFs are yet another way to access the Canadian marketplace. ETFs allow you to diversify your portfolio in several ways. You can concentrate on specific sectors (financials, mining, energy production, cannabis, etc.) or get shares in ETFs built to track the valuation of the Canadian stock market as a whole.
Using E*TRADE’s website-based ETF Screener, three such ETFs resulted from entering ‘Canada’ in the name search field.
- Franklin Templeton ETF (FLCA)
- iShares MSCI Canada ETF (EWC)
- iShares Trust Currency Hedged MSCI Canada ETF (HEWC)
Going through and modifying the other screener options will net you more results. However, the easiest way to find a comprehensive list of viable investment ideas is to search for the ETF you are interested in on a third-party website and enter its ticker into the trade ticket.
Interactive Brokers: An Alternative for Canadian Securities
If you are looking for more Canadian stock exposure than E*TRADE can provide, one of the best alternatives is Interactive Brokers.
Interactive Brokers has a global presence in the investing industry, leveraging its reach to provide its customers with direct access to international markets. Among the many available international exchanges are those in Canada.
Access to Canadian markets opens up many unique opportunities. Traders can invest in stocks, ETFs, options, and more.
Read
Interactive Brokers Review.
IB Promotion
Open IB Account
Buying Canadian Stocks - Summary
To summarize, you can gain exposure to the Canadian markets from E*TRADE. While it is somewhat limited, some of Canada’s most prominent companies trade on U.S. exchanges in one form or another. However, Interactive Brokers is a better option when you want to get a bit more granular, as it allows you to trade on the Canadian exchanges themselves.
Updated on 6/24/2024.
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