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Can I Trade With Webull In Canada?
No, Webull is not available to trade with in Canada.
Is Webull coming to Canada?
There has been no official announcement from Webull that they will be entering the Canadian market.
While it may seem simple to extend capabilities to another country, Webull needs to get IIROC approval as a broker before they’re allowed to offer services to Canadians.
What’s so good about Webull?
Webull is a US based commission free trading platform similar to Robinhood that has no minimum deposits.
They offer both a iOS and Android app to trade on in addition to having a desktop platform you can also use.
They offer cash and margin accounts.
Alternatives to Webull for Canadians
Two good alternatives for Canadians are Wealthsimple Trade and Questrade, with each being on different ends of the spectrum.
|Commissions: Stocks||$0||1 cent per share
Min $4.95 to Max $9.95
|Commissions: Options||N/A||$9.95 per trade + $1 per contract|
|Commissions: ETFs||$0||Buying is free
Selling is the same price as stocks
|USD & CAD Accounts||No||Yes|
|Advanced Data Streams Available||No||Yes|
|Promotion||None||$50 in free trades|
|Learn More at Wealthsimple.com||Learn More at Questrade.com|
Also, a mention for Interactive Brokers, which is closer to Questrade than Wealthsimple Trade, however deserves recognition as it is also becoming popular with Canadians.
(For US residents, Interactive Brokers offers a commission free platform, IBKR Lite, however this is NOT available to Canadians. IBKR Lite would be similar to Wealthsimple Trade.)
By now the majority of us have heard of Wealthsimple. Their new offering, Wealthsimple Trade, is a no fee brokerage app that’s the most similar thing to Robinhood that’s available to Canadians, which allows you to buy and sell thousands of stocks and ETFs on major Canadian and US exchanges. Wealthsimple has been around since 2014 and boasts 175,000 customers who’ve invested $5 billion.
- Stocks: $0
- ETFs: $0
- Zero commissions, zero nonsense approach
- No minimum is required, open an account with as little as you want and get started
- Intuitive app, very easy to get started online
- Only Canadian dollar accounts are available so if you are looking to trade stocks or ETFs in USD you will be charged 1.5% on the conversion each time you buy and sell – while other brokerages charge a conversion fee as well, the difference is that Wealthsimple does not allow you to hold, deposit or withdraw funds in USD, so you’ll be paying that conversion fee on every USD denominated trade – again, this isn’t a deal breaker, it just depends on how you will be using the platform
- Only available through the mobile app at the moment, no desktop application
- No ability to trade Options
- No advanced features or data streams, however this aligns with their target market for this product
Questrade has become a strong player in the Canadian brokerage space over the last decade. Offering both self-directed investing and their Questwealth Portfolios, Questrade strives to offer lower fees than its competitors. Boasting 50,000 accounts opened every year and 21 years in the Canadian market, Questrade has $9 billion in assets under administration. (Stats as per the Questrade website)
- Stocks: 1 cent per share with a minimum of $4.95 and maximum of $9.95 (+ exchange and ECN fees if applicable)
- Options: $9.95 per trade + $1 per contract (+ exchange and ECN fees if applicable)
- ETFs: Buying is free, selling is the same price as stocks but can be lower if you have an advanced market data package
- Low fees vs the bank brokerages
- Desktop app, mobile app and advanced trading app
- Availability of advanced data streams
- October 1, 2020: There is no longer an inactivity fee on any accounts
Inactivity fee of $24.95 quarterly if you did not have any trades in the previous quarter and have an investment/cash balance less than $1,000 CAD