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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 the new era of mobile, low fee trading apps.

However their searches for platforms like Tastyworks, Webull Canada and Robinhood Canada are turning up empty.

 
Popular with our readers

 

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 in Q2 of 2021!

 

Zero-Commission Alternatives

People love Tastyworks for two main reasons:

1. They do not charge trading fees on stocks or ETFs
2. 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. 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 Trade

Commissions: Stocks$0
Commissions: OptionsN/A
Commissions: ETFs$0
Account Minimum$0
USD & CAD AccountsNo
Mobile AppYes
Desktop AppYes
Advanced Data Streams AvailableNo
Promotion$30 cash bonus

 

The main downside with Wealthsimple is that you can’t trade options, so if that’s something that is important to you, feel free to continue reading to learn more about discount brokerages such as Questrade and Interactive Brokers, which have very competitive platforms for those who are interested in buying more than just stocks and ETFs.

 
 
Learn more at Wealthsimple.com

 


 

Alternatives For Options Traders

For those looking to have the ability to trade options, there are 2 different categories of brokerages you can choose from.

 

1. Brokerage Firms

Canadians have a number of specific online brokerage firms they can also choose from.

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.

Interactive Brokers is a global brokerage that’s been around since 1978. They offer Canadians a robust platform paired with a competitive commission structure.

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

 

2. 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

Techie by heart, journalist by trade.