Is Robinhood Available in Canada? | Finder Canada

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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

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.

  • Zero commissions
  • No minimum account balance
  • User-friendly mobile app
  • No ability to trade options or cryptocurrency
  • Only available as mobile app
  • Limited research options


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.

  • Free ETF purchases
  • Low account management fees
  • Registered and non-registered accounts
  • No free trades for stocks, bonds or other types of investments.
  • Minimum $1,000 account balance
  • Poorly-reviewed mobile app

Virtual Brokers

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.

  • Free ETF purchases and mutual fund trades
  • Several trading platforms to choose from
  • Wealth of research tools
  • No free trades for stocks, bonds or other types of investments.
  • Administration, account and platform fees

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:

  1. Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
  2. Review and submit your application.
  3. Get verified and load funds into your account to start trading.

Compare online trading platforms

Name Product Available asset types Stock Fee Option Fee Account Fee ETF Transaction Cost Feature Table description
Wealthsimple Trade
Stocks, ETFs
Zero commissions on Canadian stocks.
Get a $25 bonus when you open a Wealthsimple Trade account and deposit and trade at least $100.
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.
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, else $25/quarter
$0 - $8.75
Trade 100 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.
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
$9.95 + $1 per contract
$0 account fee and free ETF transactions.
Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
Scotia iTRADE
Options, Mutual Funds, ETFs, GICs, International Equities
$9.99 + $1.25 contract ($4.99 + $1.25 contract if completed 150 trades or more a quarter)
$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.

Compare up to 4 providers

Name Product Minimum deposit to invest Funding methods Management fee Available asset types
Wealthsimple Invest
Direct deposit, Bank transfer
0.40% - 0.50%
Stocks, Bonds, ETFs, Commodities
Get a $50 bonus when you open and fund your first Wealthsimple Invest account with a minimum initial deposit of at least $500. Trade and Cash accounts are not eligible.
CI Direct Investing (formerly WealthBar)
Direct deposit, Bank transfer
0.35% - 0.60%
Mutual Funds, ETFs
CI Direct Investing offers access to an exclusive and personalized investment portfolio. Get up to $10,000 managed free for a year when you sign up for your first CI Direct Investing account and fund your account.
Direct deposit, Bank transfer, Automatic bank withdrawals
Receive a cash bonus of $50.00-$225.00 when you open a new Justwealth account. RESP accounts require no minimum deposit to begin investing.
Automatic bank withdrawals
The Moka app rounds up every purchase you make to the nearest dollar and invests the spare change into low-cost exchange-traded funds (ETFs).

Compare up to 4 providers

Name Product Minimum Opening Deposit Commission Available Markets Platforms
Minimum US$25
Shares Desktop, Web Trading, Mobile Trading, MetaTrader 4
CFDs are leveraged products which involves greater risk than using cash resources only. You could lose all or more of your initial investment. Trade 80+ currency pairs and 220+ CFDs in equities, commodities and indices on

Compare up to 4 providers

Bottom line

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

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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