Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
When is the Robinhood app coming to Canada?
Find out when the online trading app Robinhood will come to Canada and learn about some alternatives you can use while you wait.
Robinhood is a popular US-based trading app that doesn’t charge any commissions on its trades. Unfortunately, this app isn’t currently available in Canada – which has left many Canadians wondering when it will make its way across the border.
Unfortunately, there’s no definitive answer for when Robinhood will arrive in the Great White North. That said, there are some substitutes that you can use to save money on commissions while you wait for this coveted app to enter Canada’s financial landscape.
What is Robinhood?
Robinhood is a US-based trading app that lets US residents make commission-free trades for a number of financial products. These include stocks, options, exchange-traded funds (ETFs) and several types of cryptocurrencies. However, it doesn’t allow its investors to trade mutual funds, bonds or precious metals. It also doesn’t let its users make trades on registered accounts like retirement savings accounts.
Is Robinhood available in Canada?
Robinhood Canada doesn’t currently exist, despite a high demand for the service. This is unfortunate given that there aren’t that many trading platforms offering free commissions in Canada. That said, there are some suitable alternatives that you can consider depending on what types of trades you want to make.
When will Robinhood come to Canada?
Robinhood doesn’t have any publicly-announced plans to come to Canada, though there has been speculation that it will expand its services across the border at some point. The reason Robinhood has not made the move to Canada is that it’s only licensed to sell securities in the US. That said, it does have plans to set up shop in the UK in 2020, which means it’s beginning to shift its focus towards more global markets.
Why is Robinhood so popular?
Robinhood is tremendously popular in the US because it offers commission-free trades. This means you don’t pay any extra money on top of the spread to execute your trades. It also charges a low margin fee for its services, which means you’ll end up with more money in your pocket at the end of the day.
The mobile app that Robinhood offers is also very user-friendly, which makes it perfect for both beginner and seasoned investors. An added benefit is that it allows investors to start trading with no minimum balance requirements, which is ideal for users who don’t have a large amount of cash to invest right off the bat.
What are some alternatives to Robinhood Canada?
There are a number of alternatives to Robinhood Canada, depending on what type of trades you want to make.
Wealthsimple Trade lets you buy and sell thousands of stocks and exchange-traded funds (ETFs) on major Canadian and US exchanges. You won’t have to pay commissions on any of the trades you make and there are no account minimums. This means you can get started with as little as $1.
Any accounts you open will be protected by the Canadian Investor Protection Fund (CIPF) and all of your data is encrypted from the moment you get started. You can invest in registered and non-registered accounts (which exceeds Robinhood’s offerings). It’s also possible to make quick and easy trades on Wealthsimple’s seamless mobile trading app.
Questrade offers free trades when you purchase exchange-traded funds (ETFs), but you’ll have to pay commissions for most other types of trades. That said, it’s a good fit for investors who want to buy ETFs and hold onto them for a long time. It’s also well-suited for those who plan to reinvest any money they make from trading into purchasing more ETFs.
This trading platform is regulated in Canada and offers deposit insurance through the Canadian Investors Protection Fund. It also offers some of the lowest account management fees in Canada, so you won’t have to worry about paying large sums of cash out-of-pocket on monthly or annual fees.
Virtual Brokers gives you free trades when you purchase exchange-traded funds (ETFs) or mutual funds. Much like Questrade, it’s a good fit if you want to purchase ETFs and use them to build up equity in your investments. It may not be a suitable choice if you intend to sell ETFs since you’ll have to pay a commission to carry out any sales.
This platform is regulated in Canada and offers deposit insurance through the Canadian Investors Protection Fund. You’ll have to pay a quarterly fee to maintain your account, which is something to consider before you sign up. You may also need to pay a platform fee starting at $75 per year, depending on which trading platform you decide to use.
How do I sign up with one of these services?
If you want to sign up for an account with any of the services listed above, you’ll just need to follow the steps below:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and load funds into your account to start trading.
Compare online trading platforms
Robinhood is a popular US-based app that will hopefully make its way to Canada soon. That said, there are several alternative trading apps that you can consider while you wait for that time to arrive. These apps come with low fees and zero commissions for certain trades. Find out more about Canadian alternatives to Robinhood, and sign up today to start investing.
Frequently asked questions about Robinhood Canada
More guides on Finder
How to buy Payoneer stock in Canada when it goes public
Here’s everything we know so far about the Payoneer IPO.
How to buy Joann Inc (JOAN) stock in Canada when it goes public
Here’s everything we know so far about the Joann Inc IPO.
How to buy Instacart stock in Canada when it goes public
Here’s everything we know so far about the Instacart IPO.
How to buy Oatly stock in Canada when it goes public
Here’s everything we know so far about the Oatly IPO.
How to invest in the BTCC Bitcoin ETF
The world’s first physical Bitcoin ETF has launched onto the stock market. Here’s how to invest if you’re in Canada.
How to buy Graphcore stock in Canada when it goes public
Here’s everything we know so far about the Graphcore IPO.
How to buy View Inc stock in Canada when it goes public
Here’s everything we know so far about the View Inc IPO.
How to buy Cano Health (CANO) stock in Canada when it goes public
Here’s everything we know so far about the Cano Health IPO.
How to buy Douyin stock in Canada when it goes public
Here’s everything we know so far about the Douyin IPO.
How to buy Marqeta stock in Canada when it goes public
Here’s everything we know so far about the Marqeta IPO.