Home » Fintech » Unfortunately You CAN’T Use Tastyworks Canada … Yet (2021)

Unfortunately You CAN’T Use Tastyworks Canada … Yet (2021)

 

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In 2017, the founders of thinkorswim came together to create an easy to use platform that empowered retail investors with the educational resources and software needed to get involved in stocks, ETFs, options, and futures.

Similarly, Canadians are looking to take advantage of easy to use, low fee trading alternatives and have been using platforms such as Interactive Brokers and Questrade.

Their searches for platforms such as Tastyworks and Robinhood Canada turn up empty.

 

 

Is Tastyworks available in Canada?

Unfortunately, Tastyworks is not available in Canada yet, but there are plans to expand their offerings to Canada soon.

 

Is Tastyworks coming to Canada?

While there has been a lot of discussion on the topic over the past year, we reached out to Tastyworks in early 2021 and they did confirm that they they are in final stages of the regulatory approval process and they are expecting to launch Tastyworks Canada sometime in 2021!

 

Alternatives for Canadians

People love Tastyworks for two main reasons:

For one, they do not charge trading fees on stocks or ETFs
Secondly, they charge very low fees on options and futures trades

Unfortunately in Canada we don’t have a platform that offers both of those features yet, but we have some very comparable platforms.
 
 

1. Interactive Brokers

IB is a global brokerage that’s been around for over 40 years.

Continuously topping the Barron’s Best Online Brokers List, 2021 saw the firm rank in the coveted number 1 spot.

While they do have a $0 commission platform in the US, IBKR Lite, that platform is unfortunately not available north of the border.

Where IB really shines is in the depth of securities you can trade including your typical stocks and ETFs along with options, futures, and much more.

Interactive Brokers Canada offers very competitive fixed and tiered price structures.

Those who trade high volumes every month will especially benefit from the tiered structure.

Add to that the robust set of trading tools and advanced data streams offered, Interactive Brokers has become a preferred choice for advanced traders looking to trade options while keeping their commission fees minimal.

 
 
Learn more at InteractiveBrokers.ca

 


 

2. Wealthsimple Trade

If you love the idea of paying zero fees on any stocks or ETFs that you purchase then Wealthsimple Trade may be a good option for you.

They are the only Canadian company to offer zero-commission trades, and they also have a very easy to use mobile app and desktop platform.

Wealthsimple has also recently introduced the ability to purchase fractional shares in a certain list of Canadian and US companies.

The main downside with Wealthsimple is that you can’t trade options, so if that’s something that is important to you, discount brokerages such as Interactive Brokers may be a better option for you.

 

 

Wealthsimple Trade

Commissions: Stocks$0
Commissions: OptionsN/A
Commissions: ETFs$0
Account Minimum$0
USD & CAD AccountsNo
Mobile AppYes
Desktop AppYes
Advanced Data Streams AvailableNo
(Premium Subscription now offers real-time snap quotes)
Promotion$30 cash bonus

 

 
 
Learn more at Wealthsimple.com

 


 

For those looking to trade options, a few more options:

 

Brokerage Firms

Questrade is a well-known option that’s Canada’s largest discount broker. They’ve been around for over 20 years and are used by many Canadians.

To learn more about Interactive Brokers vs Questrade check out our comparison article.

Qtrade and Virtual Brokers also fall in this category, check them out if you’re looking for additional options.

 

Big Banks

If you prefer to keep your trading account where you bank to benefit from the ease of transferring funds, all 5 of the big banks have their own brokerages.

A few of the popular options include Scotia iTrade, TD Direct Investing and while not a big 5 bank, National Bank Direct Brokerage.

Commission fees are pretty much standard across the big 5, National Bank has a different commission structure so it may be a good choice for those looking for a bank brokerage as well as low fees.

 

Tastyworks Canada Expansion Plans

While we had hoped the platform would be available to Canadians by the end of 2020 that unfortunately did not happen.

Stricter Canadian banking laws, combined with the pandemic, likely created more obstacles for Tastyworks’ launch into the Canadian market.

However, it’s worth noting that Tastyworks is available in over 55 countries outside of the USA including: Germany, India, Singapore, and many more.

They also have a statement on their website which says to email them if you are from Canada and want to be added to their waiting list, which signals to us that they are still interested in expanding to Canada!

Nonetheless, it seems like this expansion has been up in the air for months so we have reached out to our contact at Tastyworks as of January 2021 and will provide an update to our readers as soon as we hear back, so stay tuned!

 

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Mia Nancy

An avid writer for over 15 years, Mia loves digging into the evolution of technology and how it can better the lives of Canadians. When she's not writing, catch her biking around Vancouver keeping tabs on the latest and greatest restaurants.