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.
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 assetsX. 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.
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.
Like Robinhhood (which is limited to taxable accounts), Wealthsimple 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 does not allow users to hold USD.
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.
Unlike Robinhood, Questrade has a minimum required deposit of $1,000 and some investments also require a minimum trading amount.
Unlike Robinhood, Qtrade Direct Investing charges a quarterly fee for accounts under $25,000, but this can be waived if you are trading and contributing to your account regularly.
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.
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