M1 Finance is a financial technology company that provides a full-featured personal finance platform with an emphasis on automated investment and money management. Founded in 2015 in the US, the company offers both online brokerage and robo-advisory services.
M1 Finance is mostly known for its user-friendly interface, customizable investment options, and its focus on providing a combination of automated investing and financial management tools. It offers many other key aspects and features such as fractional shares, dynamic rebalancing, automated deposits, and cash management.
In this article, we will uncover M1 Finance’s availability and expansion plans in Canada, as well as provide alternative solutions.
Is M1 Finance Available in Canada?
To answer the question shortly, no. M1 Finance operates exclusively in the US and it is not currently available in Canada. In order to open an account you must be a US citizen or a permanent resident (green card holder), above 18 years old, and provide a current US residential address and a US phone number.
Concerning their expansion plan, M1 Finance has expressed no intentions to enter the Canadian market at this time. According to their website, the company states: “We don’t have immediate plans to expand outside the US, but we are excited to continue growing and will announce if anything changes”.
This article attempts to shed light on some of the top M1 Finance alternatives accessible for Canadian investors wishing to take advantage of the benefits offered by robo-advisors.
M1 Finance Alternatives in Canada
If you are a Canadian investor wishing to take advantage of the benefits offered by robo-advisors similar to M1 Finance, here are the top M1 Finance alternatives accessible in the Canadian market.
Here’s a comparison table of top financial platforms in Canada that share comparable features with M1 Finance and can be the best alternative you’re searching for:
Comparison of M1 Finance alternatives in Canada
Final thoughts
When you’re searching for the best M1 Finance alternative in Canada, you must investigate the distinct features and benefits of these platforms in order to help you make informed decisions and select the one that best suits your needs.
Some of the best alternatives for M1 Finance in Canada include Wealthsimple, Questwealth, and Justwealth, which offer comparable features and benefits.
We hope this article has assisted you in locating Canadian alternatives to M1 Finance that provide similar portfolio management capabilities and can assist you in improving your investment approach.
Other FAQs about M1 Finance in Canada
Can I use M1 Finance from Canada with a VPN?
No, you cannot use a VPN to open an M1 Finance account from Canada since you must provide specific documentation that proves that you are residing in the US upon account opening.
Can I use my M1 Finance Card outside the US?
Yes, you can use your M1 visa card while traveling. You must, however, pay an international transaction fee for every purchase outside the US.
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