Robinhood Canada Is Not Available: Use These 9 Apps Instead

Robinhood, the wildly popular mobile trading app, is the first to launch ETF commission-free trading and democratize the US finance sector by making trading affordable and accessible to all. 

With no commission fees, plus a user-friendly interface and real-time updates, Robinhood was very successful in the US, and Canadians hoped to have their own Robinhood Canada.

However, Robinhood is not available in Canada, and Canadian residents are not eligible to use Robinhood. So, if you want to know if there are any Robinhood-like Apps in Canada or the best Canadian equivalent of Robinhood, then stay with me.

I will discuss 9 powerful trading tools that can go head-to-head with Robinhood in Canada.

Is Robinhood Available in Canada?

No. Robinhood is not available in Canada. Canadian residents cannot use Robinhood, and only US citizens, resident aliens (i.e permanent residents), or anyone with legal status can signup to use the App.

9 Top Robinhood Canada Alternatives

Several platforms allow users to invest in the stock market and make money on the proceeds from investing.

Robinhood is one of the most popular apps among investors because of its ease of use and because it takes no commissions from ETFs and Stock trading.

While Robinhood is unavailable in Canada, we will look at some ‌of the top alternatives to Robinhood in Canada.

1. Questrade

Questrade discount brokerage is a top choice for Canadians to invest in the stock market. Questrade has low commission and trading fees, making it a better choice for DIY investors looking for a low-cost way to invest in the stock market.

The trading interface is intuitive and free of clutter, making it easy to navigate between different features. It also has a great mobile app that lets you access your account on the go

Key Features:

1. You can trade stocks, options, bonds, FX, CFDs, precious metals, and various other financial instruments.
2. Questrade offers a wide range of account types, including RRSPs, RESPs, TFSAs, RDSPs, LIRAs, etc.
3. There are thousands of free ETFs available on US and Canadian stock exchanges.
4. Questrade allows you to trade in US dollars, so there are no currency conversion fees to deal with
5. Purchasing stocks costs as little as one penny, but fees range from $4.95 to $9.95.

2. Wealthsimple Trade

The best alternative to Robinhood is Wealthsimple Trade. This app lets you buy and sell thousands of stocks commission-free. It has an easily navigable interface and a mobile-friendly investing dashboard.

Also, it accepts several payment options, including bank transfers and debit cards.

Wealthsimple Trade is extremely easy to use, it allows you to make traditional online stock trades like buying, selling, shorting, longing, and hedging.

Key Features:

1. You can trade with both taxable and registered (non-taxable) accounts like RRSP and TFSA
2. There is no minimum balance requirement when opening an account, so you can invest with little money.
3. Through Wealthsimple Crypto, you’ll be able to trade cryptocurrencies.
4. Investing app is both sleek and easy and undoubtedly the best App that can go head to head with Robinhood in Canada.

3. Qtrade Direct Investing™

Qtrade is also a top alternative to Robinhood in Canada.

Besides low trading fees, Qtrade is also known for its simplified trading solutions.

Unlike other investment platforms, Qtrade allows you to invest in the US and Canadian markets without commission on a select group of ETFs.

Even as a beginner, you can get started on Qtrade by using its trial account to build your trading skills.

Pros:

1. Commission-free ETF trading (buy and sell)
2. Intuitive interface
3. Access to mutual funds,
4. Access to a trial account and research tools

Cons:

1. It doesn’t support credit cards and e-wallets funding
2. $25 quarterly account maintenance fee (waived if some conditions are met)

4. Newton

Newton could be your best alternative to Robinhood Canada if you’re only looking to trade cryptocurrency.

With over 25 cryptocurrencies, Newton charges no fees on deposits, trading, and crypto withdrawals.

However, Newton focuses on cryptocurrency, so you can’t trade other securities on it.

Pros:

1. Free deposits and crypto withdrawals
2. Zero trading fees
3. Fast deposits through Interac e-Transfer
4. 25+ cryptocurrencies available
5. Low speeds
6. Beginner-friendly

Cons:

1. Only cryptocurrencies are available (you can’t trade stocks and ETFs)
2. It may be slow when the crypto market surges.

5. BMO Investorline

BMO InvestorLine, the discount brokerage arm of Bank of Montreal (BMO) Financial Group is also one of the top alternatives of Robinhood Canada.

Besides offering access to other BMO online services, BMO InvestorLine also allows you to access representatives in-branch.

BMO InvestorLine recently eliminated commissions from their over 80 ETFs trading, making it a cost-effective trading option for investors. BMO InvestorLine typically offers more promotions than any other bank-owned brokerage in Canada.

Pros:

1. Commission-free trading on 80+ ETFs
2. Comprehensive investing platform
3. Top-notch research tools
4. No minimum account balance requirement

Cons:

1. Higher fees compared to Robo advisors
2. $9.95 per EFT and stock transaction
3. $9.95 per EFT and stock transaction
4. Have fees for registered and non-registered accounts fallen below $25,000 and $15,000

6. TD GoalAssist

TD GoalAssist App owned by TD Direct Investing is a beginner-friendly trading app with an intuitive interface available to Canadians. 

TD GoalAssist charges zero commission on trading TD ETFs, and with this app, you can set your investing goals and monitor your progress while training to succeed.

Pros:

1. No commission on trading TD ETFs
2. Beginner-friendly
3. Learning materials

Cons:

1. $9.99 flat fee for stocks trading
2. Only TD ETFs are available
3. Limited accounts
4. Limited products
5. Currency conversion fees

7. Interactive Brokers

Interactive Brokers (IB) could be your ideal alternative to Robinhood Canada if you’re an intermediate or seasoned investor.

Different organizations have rated IB as the world’s best online brokerage for years, and this is because of its low trading fees, high liquidity research tools, and broad coverage spanning 135 markets.

From registered to non-registered accounts, IB got you covered on any accounts you need to invest in.

Pros:

1. Access to international markets (135)
2. Low exchange rates for CAD deposits.
3. Multiple account types and securities
4. Low trading fees
5. High liquidity

Cons:

1. High monthly fees
2. Poor customer service for Canadian investors
3. Tax implications for Canadian investors

8. CIBC Investor’s Edge

CIBC Investor’s Edge- the discount brokerage arm of CIBC Investor Securities, offers Canadians low-cost investment solutions.

I included this app on my list of top Robinhood Canada alternatives because of its competitive commissions and trading fees as compared to other banks in Canada.

CIBC Investor’s Edge serves investors of all classes, from beginner to seasoned investors.

Pros:

1. Competitive commissions and trading fees compared to other banks in Canada
2. Multiple investment accounts and securities
3. Discounts for students and active traders
4. Free educational resources, analyst reports, and research tools

Cons:

1. Charges annual account maintenance fee for registered and unregistered accounts
2. High trading fees compared to Robo advisors such as Wealthsimple and Queswealth.

9. Scotia iTRADE

Scotia iTRADE is the brokerage arm of Scotiabank- one of Canada’s “Big 5” banks.

If you’re an intermediate or seasoned investor, Scotia iTRADE could be your advanced version of Robinhood Canada. 

In addition to discount commissions for day trading, you also have access to a demo account and market research for improving your trading strategy through Scotia iTRADE.

Beginner and intermediate investors will also find Scotia iTRADE cost-effective trading.

Pros:

1. Discount commission for day trading
2. Access to research reports
3. Access to demo accounts

Cons:

1. Annual fees for registered and unregistered accounts.
2. High trading fees than Robo-advisors such

What is Robinhood and How Does It Work?

Robinhood is an online broker that provides options trading, stocks trading, ETFs, and cryptocurrency trading in select states of the US.

Robinhood is a relatively simple platform, and it stands out for its easy-to-understand interface.

Here are the top features of this excellent trading platform:

No-Minimum Balance: You can start trading with as low as $1 on the Robinhood platform because there’s no minimum balance. With this option, you can trade at your own pace and build a portfolio that suits your financial goals and budget.

Commission-Free Trading: You will save more fees by trading any security without a commission on the Robinhood platform. This feature is the leading reason investors are attracted to the platform since you can trade ETFs, stocks, options, and cryptocurrencies without commission charges.

User-Friendly Interface: Robinhood has a user-friendly and beginner-friendly interface on both the web platform and the mobile app.

Fractional Shares: You can gradually buy fractional shares if you don’t have enough cash to invest in costly securities. This way, you can steadily build your portfolio while receiving returns.

High-Yield Savings: With a Robinhood savings account, you can enjoy a 0.30% Annual Percentage Yield (APY) on your uninvested cash. This account has a debit card and is insured by the Federal Deposit Insurance Corporation (FDIC).

Research Reports and Analysis: Get real-time reports and data on performing securities with the Robinhood Gold product. With a $5 initial monthly fee, this product also allows you to trade margins, make large deposits and access your funds fast.

Product Offerings: Robinhood offers several products, including:

1. Options: Option purchases, sales, and exercises are commission-free.
2. Stocks and Funds: Beginning at $1, you can buy tens of thousands of shares.
3. Robinhood Crypto: 24/7 commission-free trading of cryptocurrencies such as Bitcoin and Ethereum.
4. Robinhood Gold: The app’s premium edition costs $5 per month and includes access to faster funds and a 2.5 percent annual return on margins above $1,000.
5. Cash Management: Earn interest on uninvested cash in your brokerage account. It comes with a debit card and access to over 75,000 ATMs.

What Is Lacking With Robinhood

1. No Non-Taxable Accounts: As of writing this review, Robinhood has only taxable accounts. So if you’re looking for non-taxable accounts such as 401K, or IRA, you have to look elsewhere.
2. No Mutual Funds and Bonds: If you want to trade mutual funds and bonds, ‌look for other means. Robinhood only supports stocks, ETFs, options, and cryptocurrency trading.
3. Limited Availability: Robinhood is only available to US investors. Canadian investors have to look for alternatives.
4. Poor Customer Support: There are many reports from users about poor customer support from Robinhood.

Robinhood vs. Questrade

Robinhood vs. Wealthsimple

From the above comparison, you can see the similarities and differences between Robinhood and Wealthsimple.

Like Robinhood, Wealthsimple charges no commission on trading any security. Also, both Wealthsimple and Robinhood do not have a minimum account balance, so you can start trading on both platforms for as low as $1.

Conclusion

There’s no Robinhood Canada. However, you have several alternatives, like Wealthsimple Trade and Questrade.

But the overall best trading platform similar to Robinhood Canada is Wealthsimple Trade. However, if you need help to decide on the perfect trading platform for you, ‌contact a financial advisor.

Overall, my Robinhood Canada review is positive!