Choosing a way to invest your money can be tough, and the growing popularity of online investment companies gives you even more options to choose from. World-leading, UK-based investment services provider, IG Markets, provides access to a wide range of trades in more than 17,000 markets around the world.
IG specializes in derivatives and spread betting but also provides access to forex, stock trading, indices, commodities and more. Investors have access to IG’s in-house, award-winning trading platform as well as third-party platforms like MetaTrader 4 and ProRealTime charting software. Users can also use APIs to customize their own market research tools and trading solutions.
Can investors living in Canada open an IG Markets account? Are there any competitive alternative options for Canadian investors?
Is IG Markets available in Canada?
Unfortunately, no. As of the time of writing, IG Markets is not available in Canada. In fact, Canada appears alongside nearly 40 other countries on a list of countries in which IG has prohibited its services from being advertised.
So, if you live in Canada, you’re out of luck. As of the time of writing, IG has not announced any plans to begin offering services to Canadian clients.
Are there alternatives to IG Markets in Canada?
Yes. There are a number of investment companies in Canada that offer low fees, valuable market research tools and access to a wide variety of financial instruments including forex, commodities, stocks, bonds, indices, ETFs, futures and more.
Check out our reviews on these IIROC-regulated alternatives investment providers in Canada:
Forex (foreign exchange) trading is suitable for investors with some level of experience given the complexity of monitoring currency values. But, because the global forex market is open round-the-clock (unlike the stock market), there is plenty of opportunity to buy and sell, making this financial instrument particularly alluring to all different kinds of investors.
Robo-advisors
Robo-advisors are a popular alternative to brokerage firms and self-directed investing platforms because of super low costs and the ability to “set and forget” your investments.
Robo-advisors use advanced algorithms to create and automatically rebalance portfolios customized to suit your individual financial preferences, risk tolerance and investment goals. Many robo-advisors also come with the option of connecting with real, human professional advisors for additional advice and guidance.
Check out the table below to compare some of Canada’s most popular robo-advisors and read our reviews of each to decide which one is right for you.
What features should I look for in an investment company?
There’s no investment platform that’s right for everyone, and each comes with its own features, fees, pros and cons. Consider the following points when shopping around to find the right investment service for your needs:
Is there a minimum upfront investment?
If you’re just starting out, chances are you don’t have much to invest upfront. Or perhaps you have accumulated savings and are ready to make it grow faster. Newbies may find themselves drawn to investment companies with low barriers to entry including low (or even $0) upfront investments. Companies that require higher minimum investment amounts are often for investors with some level of experience or who have sizeable portfolios to manage.
Will your investments be managed for you, or do you have to monitor your own portfolio?
If you have some investing experience and enjoy getting your hands dirty tracking stock prices and following the latest business news, you might prefer a little more autonomy in managing your investments. However, if you’re still getting your feet wet and don’t understand all of your options, having securities selected for you based on your own risk-tolerance, financial goals and personality can be enormously helpful. That’s where robo-advisors shine.
What are the trading fees? For managed funds, what is the MER?
Most platforms charge a fee every time you buy and sell stocks. Over time and after many trades, this can add up. If you’re investing in mutual funds or other professionally-managed investment pools, you’ll be charged a fee that encompasses both trading costs and management expenses. This fee is known as a management expense ratio, or MER. The lower the MER, the faster your money will grow.
Are there any monthly or yearly account maintenance fees?
Some investment companies charge no account maintenance fees, drawing profits instead from trading fees, commissions and other forms of revenue. Other companies waive monthly fees if you keep up a certain level of trading activity or earn a certain amount on your investments within a given time period. Some companies prefer to keep things simple with a predictable monthly fee. Check out online reviews and read the fine print of your investment agreement to make sure you know what costs to expect.
What kind of professional help or customer support is available if you need it?
Customer service might sound like a less-interesting facet of an investment company. But don’t underrate its importance. When you want to take advantage of market trends and every passing second affects the value of an investment, having round-the-clock, on-demand service from company representatives can be crucial. Even if you aren’t independently managing your investments, it can be frustrating to be limited by short customer service hours or under-trained representatives when you need to ask a question or make a request.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
Ryan Brinks is a former editor and publisher at Finder, specializing in investments. He holds a journalism degree from University of Wisconsin–River Falls. See full bio
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