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Alternatives to Robinhood in Canada

The US-based trading app isn't available in Canada, but here are some Canadian alternatives.

Is Robinhood available in Canada?

You’ve probably heard of Robinhood, a popular and affordable US-based trading platform. But does Robinhood work in Canada? Unfortunately, no – you must be a US resident to use Robinhood. However, there are plenty of comparable trading platforms available to Canadian investors.

What is Robinhood?

Robinhood is a US trading platform founded in 2013 that offers zero commissions on stocks, options and ETFs. Its low fees and range of trading options have made the platform popular among traders.

The app allows users to also trade stock options and other assets such as cryptocurrencies using leverage. This is a higher-risk form of trading because both your profits and losses are amplified.

Robinhood faced heat from its users when it halted trading on trading stocks like GME and AMC, when their prices surged due to an ongoing battle between hedge funds and the retail investors using trading apps like Robinhood.

Robinhood’s main features:

  • Commission-free trading
  • User-friendly app and web platform
  • No minimum balance
  • Supports fractional share trading
  • Offers margin accounts

Alternatives to Robinhood in Canada

The good news is that Canada has a number of popular discount brokers that operate completely digitally through user-friendly apps and websites. We break down the Canadian alternatives to Robinhood below.

Wealthsimple Trade

  • Asset types: Stocks and ETFs
  • Account types: RRSP, TFSA and personal
  • Trading fee: $0
  • Access: Mobile and desktop
Wealthsimple Trade has a highly rated, user-friendly trading app. Like Robinhood, you can also use the Wealthsimple Crypto platform to trade cryptocurrency. Wealthsimple Trade is a great alternative because, like Robinhood, it offers $0 commissions on trades. There is no limit on the number of trades you can make and no annual fees or minimum balances. Wealthsimple Trade is one of the most affordable options for Canadian investors.

Like Robinhhood (which is limited to taxable accounts), Wealthsimple Trade does not support all account types. Additionally, not all asset types are available to trade – only stocks and ETFs – and there is no ability to trade on a margin. There is also a fee for currency conversion, as Wealthsimple Trade does not allow users to hold USD.

Interactive Brokers

    • Asset types: Stocks, bonds, options, ETFs, currencies and futures
    • Account types: Cash and margin, TFSA, RRSP, personal, corporate, joint, trust and more
    • Trading fee: Min. $1.00, Max. 0.5% of trade value, free for many ETFs
    • Access: Mobile and desktop

    Like Robinhood, Interactive Brokers offers leverage for trading through margin accounts. It also supports options trading and has access to global exchanges. Depending on the tier of the platform you use and the assets you are investing in, Interactive Brokers has many commission-free investment options, though it is not entirely commission-free.

    Similar to Robinhood, Interactive Brokers offers a range of research tools. However, it is geared more towards experienced traders, so its app and website are less beginner-friendly. If you are looking to open a margin account, you will need a minimum deposit.

    Questrade

      • Asset types: Stocks, bonds, options, mutual funds, ETFs, GICs, international equities and precious metals
      • Account types: Cash and margin, TFSA, RRSP, RESP, RIF, LIF, corporate, sole proprietorship, partnership, trusts, personal and more
      • Trading fee: $4.95 to $9.95, free for buying ETFs
      • Access: Mobile and desktop
      Questrade is another popular option for Canadian investors looking for a digital discount broker. Even though there are trading fees, ETFs are free to buy. Questrade offers a ton of asset types and research tools, and supports margin accounts. Plus, there are no annual fees and the platform is suitable for beginners and experts alike.

      Unlike Robinhood, Questrade has a minimum required deposit of $1,000 and some investments also require a minimum trading amount.

      Qtrade Investor

        • Asset types: Stocks, bonds, options, mutual funds, ETFs, GICs
        • Account types: Cash and margin, TFSA, RRSP, personal, joint
        • Trading fee: Between $6.95 and $8.75 (+$1.25 per contract), free for 100 different ETFs
        • Access: Mobile and desktop
        Qtrade Investor is another affordable alternative to Robinhood with very low trading fees (free if you are trading mutual funds). It offers lots of different accounts and asset types, and has no minimum balance requirements. Like Robinhood, Qtrade Investor allows for margin accounts, so you can short sell and trade options. The platform is user-friendly and suitable for beginners or experienced investors.

        Unlike Robinhood, Qtrade Investor charges a quarterly fee for accounts under $25,000, but this can be waived if you are trading and contributing to your account regularly.

        Compare all Canadian trading platforms

        Name Product Available asset types Stock Fee Option Fee Account Fee ETF Transaction Cost Feature Table description
        Wealthsimple Trade
        Stocks, ETFs
        $0
        N/A
        $0
        Free
        Deposit and trade $100 and get a $50 bonus.
        Pay no commissions when you trade Canadian stocks and ETFs with Wealthsimple Trade.
        CIBC Investor's Edge
        Stocks, Options, Mutual Funds, ETFs
        $4.95 - $6.95
        $4.95 - $6.95 (+$1.25 per contract)
        $0 if conditions met, otherwise $100/year
        $6.95
        $4.95 - $6.95 is applicable for online stock, ETF and option trades only. Pay $4.95 when you qualify as an Active Trader (trade 150+ times per quarter).
        An intuitive and easy-to-use platform with access to a variety of tools that help you make smart decisions and trade with confidence.
        Interactive Brokers
        Stocks, Bonds, Options, ETFs, Currencies, Futures
        Min. $1.00, Max. 0.5% of trade value
        $1.50 min. per order
        $0 (if monthly commissions are greater than or equal to US$10.00)
        Min. $1.00, Max. 0.5% of trade value
        Extensive trading capabilities and global investment tracking.
        Access market data 24 hours a day, six days a week and invest in global stocks, options, futures, currencies, bonds and funds from one single account.
        Questrade
        Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
        $4.95-$9.95
        $9.95 + $1 per contract
        $0
        Free
        Get $50 in free trades when you fund your account with a minimum of $1,000.
        Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
        Qtrade Investor
        Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
        $6.95 - $8.75
        $6.95 - $8.75 + $1.25 per contract
        $0 if conditions met, otherwise $25/quarter
        $0 - $8.75
        Trade 100 select ETFs free of charge.
        Qtrade Investor offers low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options. Trade 100 ETFs free of charge and thousands more for $8.75 or lower.
        Scotia iTRADE
        Options, Mutual Funds, ETFs, GICs, International Equities
        $4.99-$9.99
        $9.99 + $1.25 contract ($4.99 + $1.25 contract if completed 150 trades or more a quarter)
        $0
        $9.99 ($4.99 if completed 150 trades or more a quarter)
        Pay no annual account fees.
        Buy, sell and trade ETFs, Equities, Options and more with competitive commissions.
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        Bottom line

        While Robinhood is not available in Canada, there are many equivalent platforms for Canadian investors who are looking for a digital discount brokerage. You may want to compare the Canadian platforms to Robinhood before you sign up, including commissions, fees, minimum deposits, account types and assets available. Before proceeding with a trading platform, you’ll also want to consider your financial needs, goals and personal trading experience.

        Ready to start trading online? Check out Finder’s Online Stock Trading guide.

        Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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