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Webull Canada is NOT Available, Here Are 3 Alternatives

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The longest bull market in history continues it’s upward trend and Canadian investors, new and experienced, are looking for no fee platforms such as Webull Canada to trade with.

 

Quick Links

 

Is Webull Available in Canada

No, Webull is not available for Canadians to use.

The closest equivalent is Wealthsimple Trade.

 

When Is Webull Coming to Canada?

There has been no official announcement that Webull will be available in Canada any time soon.

While it may seem simple to extend capabilities to another country, one of the largest hurdles for any brokerage to enter the Canadian market is getting IIROC approval.

 

Alternatives To Webull In Canada

There are a few good alternatives to Webull for Canadians, which we’ll outline below.

 

1. Wealthsimple Trade

Best For: Those looking to pay $0 in commissions and are not trading options.
Current Offer: $25 cash bonus on sign up

Wealthsimple has become a household name since launching their robo advisor platform in Canada over 7 years ago.

Since then, they’ve built a number of other great products/services for the Canadian market, one of the main ones being Wealthsimple Trade.

Here’s what you need to know about Wealthsimple Trade:

  • $0 commission fees when buying or selling stocks and ETFs
  • Mobile and desktop platform
  • Intuitive and easy to use
  • No ability to trade options
  • Largely owned and backed by Power Corporation, a very large North American financial services firm that’s publicly traded.

 
Learn more at Wealthsimple.com
 


 

2. Questrade

Best For: Those who are trading options and want a low fee brokerage.

Questrade is one of the original Canadian discount brokerages that’s now been around for over 20 years (1999 launch!).

Over the years, they’ve amassed a huge Canadian client base and these days are opening over 200,000 accounts each year as per their website.

Here’s what you need to know about Questrade:

  • Commission fees of 1 cent per share, with a minimum of $4.95 and a maximum of $9.95
  • Trade stocks, options and ETFs
  • Self-Directed accounts available include Margin, TFSA, RSP and Forex & CFDs
  • Advanced real time data streams and trading tools

 
Learn more at Questrade.com
 


 

3. Interactive Brokers

Strong option for advanced features paired with low fees

Interactive Brokers is another excellent low fee discount brokerage available to Canadians who want the ability to trade options as well as stocks.

While they are an American company, they are IIROC approved and have a Canadian office.

Fixed commission fees start at 1 cent per share, with a minimum of $1 and a maximum of 0.5% of trade value.

They also offer tiered pricing for higher volume traders.

 
Learn more at InteractiveBrokers.ca
 


 

The Increasing Popularity of the Webull App

Webull is a Chinese owned trading platform started by Wang Anquan in 2017 and headquartered in New York.

Anquan, a former Alibaba employee saw an opportunity to build a competitive offering to Robinhood in the market and set out with full force to do so.

Webull initially raised seed funding from the founder of Xiaomi and has a founding team comprised of executives and talent from Alibaba, Xiaomi and Huawei.

While generally maintaining a low profile, Webull has recently come to the limelight as they’ve seen a surge in their client base to north of 2 million members.[1]

With CEO Anthony Denier at the helm since 2017, Webull has continued to iterate on it’s offering, adding new trading tools and more accessible market data and recently introducing the ability to trade multi-leg options.

Coming from humble beginnings and facing the uphill battle of carving out a piece of the competitive brokerage market, Webull has become the preferred choice for many of the new, digitally savvy traders.

In the US, Europe and India, Webull has agreed to and follows data protection laws which require all data of the respective country to stay in that country.

So while Webull has infrastructure all over the world, customer data from US customers stays in the US and the same goes for Europe and India.

In the United States, Webull has the appropriate approvals in place and is regulated by the SEC and FINRA.

 
 
[1] https://www.bloomberg.com/news/articles/2020-12-08/robinhood-is-losing-thousands-of-day-traders-to-china-owned-webull

 

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Shawn Gant

My 2 passions in life: snowboarding and all things digital! Always interested in exploring new tech developments.