“Robo-advisors” are becoming an increasingly popular way for investors to trade their capital, whether they’re new to the game or have plenty of experience under their belts. Stash is one such online investment brokerage that offers investors a convenient and affordable way to trade and invest.
But Canadian investors will want to know: is Stash available in Canada?
What Is Stash?
Stash is an online investment platform that allows investors to earn short-term profits and build long-term wealth without a large capital requirement. The financial technology firm was established in 2015 and currently has over 5 million users who use the platform on a variety of devices to invest.
Check out our beginner’s guide to investing.
Is Stash Available In Canada?
Unfortunately, Stash is currently not available in Canada and is only available in the US. To use Stash, you’ll need the following:
- Social Security number
- US citizenship, Green Card, or visa
- US bank account
- Be 18 years or older
Did you recently move to Canada from the US? Find out if you can transfer your American credit history.
What Makes Stash Great?
There are several perks that make Stash a useful tool for investors, both newbie and experienced:
- Invest automatically. Funds can be automatically added to your Stash account. There are also automatic budgeting and saving tools available to help you organize your money into different areas, set goals, and keep tabs on your spending. You can also set up a direct deposit to send a specific dollar amount or percentage from your pay cheque to be sent straight to Stash.
- Price transparency. There are no hidden banking fees to worry about. Everything is upfront so there are no unpleasant surprises.
- Fractional shares. To avoid dumping a large sum of money into one investment, you can choose to invest in fractional shares of a myriad of stocks and ETFs with as little as $5 or less.
- Choose the composition of your portfolio. Choose from retirement options, children’s investment accounts, and everything in between to suit your investment needs.
- Stock-Back Card. Stash’s Stock-Back Card is a debit card that rewards you with matching stocks on your purchases. It offers another simple and automated way to build and diversify your investment portfolio.
What Are The Limitations Of Stash?
Stash is a bit pricier compared to other robo-advisors out there. Depending on the plan you’re with, you’ll be paying anywhere from $1 to $9 per month.
If you’re only investing a small amount of money every month, these fees can result in an expensive management expense ratio (MER). That said, if you plan to invest hundreds or thousands of dollars, a few dollars a month might not make much of a difference. The expense factor becomes more of an issue with smaller investments.
Canadian Alternatives To Stash
Since Stash is not available in Canada, Canadian investors will need to look into alternatives, such as the following:
Wealthsimple Trade
Wealthsimple Trade is a self-directed online brokerage that allows investors to buy and sell stocks and ETFs without paying trading commissions. It’s a great platform for those who are looking for a simple and affordable way to start investing with no account minimum required. Investors can trade on a laptop, desktop, or mobile device.
Accounts available include TFSAs, RRSPs, and personal taxable accounts. Up to $1 million in your trade account is protected against insolvency by the Canadian Investor Protection Fund (CIPF).
Questrade
Questrade is one of the more popular self-directed online trading platforms in Canada and has over 2 decades operating within the Canadian investment market. To date, Questrade has about $25 billion in assets under management.
This robo-advisor offers very low fees and a user-friendly trading platform, making it ideal for novice investors who are looking for a simple and affordable way to invest and trade. Fees range from $4.95 to $9.95 per trade, and investors have access to stocks, bonds, ETFs, options, GICs, and foreign exchange.
Like Wealthsimple Trade, Questrade’s investment accounts are insured by the CIPF.
Stash FAQs
Is Stash safe to use?
How much does it cost to use Stash?
- Stash Beginner: $1/month
- Stash Growth: $3/month
- Stash+: $9/month
What should you look for when choosing an investment platform?
- Fees
- Minimum investment amount,
- How portfolios are managed
Final Thoughts
If you live in the US and are looking for a convenient online trade brokerage that allows you to take the wheel with your investments, you may want to consider Stash. If you’re located in Canada, there are other viable alternatives to Stash, including Wealthsimple Trade and Questrade.
