Robinhood Canada Is Not Available: Use These 9 Apps Instead

I am sure you have heard of Robinhood, the first financial institution to launch commission-free trading of ETFs.

Robinhood was founded in 2013 by Vladimir Tenev and Baiju Bhatt with the goal of offering a product that will democratize the US finance sector by making trading affordable and accessible to all.

Robinhood was very successful in the US, and Canadians hoped to have their own Robinhood Canada.

However, it would seem Canadians are not eligible to use Robinhood, and so it begs the question- Are there any Robinhood-like App in Canada? What is the Canadian equivalent of Robinhood?

Is Robinhood Available in Canada?

No. You cannot use Robinhood in Canada. Robinhood is not available to Canadian Residents, 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 Stocks trading.

While Robinhood is not available in Canada, we will look at some ‌of the top Robinhood Canada Alternatives.

1. 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.

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.

2. Questrade

Questrade discount brokerage is another 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.

Robinhood vs. Questrade

3. Qtrade Investor

Qtrade Investor 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 markets and the Canadian market without commission on ETFs trading.

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

Pros:

1. Zero commission on ETFs trading
2. Intuitive interface
3. Access to mutual funds, commission-free ETFs
4. Access to a demo account and research tools

Cons:

1. It doesn’t support credit cards and e-wallets funding
2. $25 quarterly account maintenance fee
3. Minimum trading of $1,000 for commission-free ETFs trading

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

How the Top 3 Robinhood Canada Substitutes Stack Up

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.

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!

FAQs on Robinhood Canada

Can You Open a Robinhood Account in Canada?

No. You can’t open a Robinhood account in Canada.

However, you can only access the Robinhood website or download the Robinhood app on Android or iOS for research and learning purposes.

How Can I Get the Robinhood App in Canada?

To get the Robinhood app in Canada, all you need is to download it from Google Play Store or Apple Store.

But remember, you can’t use it to trade in Canada.

Is Robinhood Safe?

Yes. Robinhood is safe. This broker is a member of the Securities Investor Protection Corporation (SIPC) and will protect your deposit of up to $250,000 in cash and $500,000 in securities.

Furthermore, Robinhood is regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC).

Overall, the Robinhood app is safe for trading stocks, ETFs, options, and cryptocurrencies.

Is Robinhood Moving to Canada?

Not yet! There’s no official information on when Robinhood will be available in Canada.

However, in an official tweet some years ago, they hinted they might come to Canada in the future.

When Will Robinhood Come To Canada?

No one except Robinhood knows! The management of Robinhood is yet to speak on if Robinhood will ever be available to Canadian residents or when that will happen.

Who Can Use Robinhood in Canada?

Only US citizens or permanent residents can use the Robinhood in Canada.

However, Robinhood has the following requirements and eligibility:

1. A legal US residential address.
2. A valid US Social Security Number

Which is Better, Webull or Robinhood?

They are both leading trading platforms in the US with similarities and differences.

But Webull is not suitable for beginner investors. It is ideal for intermediate and experienced investors.

On the other hand, Robinhood is perfect for novice investors because of its intuitive interface and features.

However, to make the best decision, click here to learn more about Webull.

If you have more questions about their Robinhood Canada review, let me know in the comment section.