When is the Robinhood app coming to Canada?

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 and exchange-traded funds (ETFs). 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.

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.

How does Robinhood make money?

Robinhood makes money from the following sources:

• Robinhood Gold subscriptions
• Interest on margin trading accounts
• Lending securities to counterparties
• Depositing uninvested brokerage in interest-bearing accounts
• Getting rebates from platforms and exchanges that execute trades for Robinhood clients
• Miscellaneous fees for certain services like instant withdrawals to bank accounts and withdrawals to non-Robinhood debit cards

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.

Finder Rating: ★★★★★ 3.7 / 5 Go to site Read review

Wealthsimple

$0
Stock Trading Fee

$0
Account Fee

$0
Minimum Deposit

• Pros and Cons
• More Info
• Details

• $0 trades and no account fees
• Mobile app is highly rated and super easy to use
• Wealthsimple Plus ($10/month): Get a USD account with zero foreign exchange fees and instant deposits up to $5,000.

• Only trade stocks, ETFs and crypto
• Limited research tools
• 1.50% conversion fee every time you buy/sell US securities (waived with Wealthsimple Plus)

Wealthsimple is the winner for Best for Beginners and Best for Canadian Stocks in the 2022 Finder Stock Trading Platform Awards. Consider this platform if you want a simple, user-friendly platform and zero-fee stock and ETF trades. Look elsewhere if you want to trade other securities or use more complex investment research tools.

Asset Types	Stocks ETFs
Minimum Age	18
Stock Trading Fee	$0
Option Trading Fee	N/A
Account Fee	$0
Inactivity Fee	$0
ETF Transaction Cost	Free

Finder Rating: ★★★★★ 4.3 / 5 Go to site Read review

Questrade

$4.95-$9.95
Stock Trading Fee

$0
Account Fee

$1,000
Minimum Deposit

• Pros and Cons
• More Info
• Details

• Lower trading fees than many Big Banks and private brokers
• Trade stocks, IPOs, bonds, ETFs, mutual funds, GICs, options, CFDs, forex and precious metals
• Deposit up to $3,500/day with your Canadian Visa or Interac Debit card

• $1,000 minimum deposit
• $5,000 minimum investment for bonds and GICs
• No fractional share trading

Consider Questrade if you want to cut down on fees and take the lead on managing your investments. Look elsewhere if you don't have $1,000 upfront to open an account.

Asset Types	Stocks Bonds Options Mutual Funds ETFs GICs International Equities Precious Metals
Minimum Age	18
Stock Trading Fee	$4.95 - $9.95
Option Trading Fee	$9.95 + $1 per contract
Account Fee	$0
Inactivity Fee	$0
ETF Transaction Cost	Free

Finder Rating: ★★★★★ 3.7 / 5 Go to site Read review

Qtrade Direct Investing

$6.95 - $8.75
Stock Trading Fee

$0 - $25
Account Fee

$0
Minimum Deposit

• Pros and Cons
• More Info
• Details

• Trade 100+ Canadian and US ETFs with no trading fees
• $0 minimum deposit
• If you're 18-30 years old and set up recurring deposits of $50+ per month, pay just $7.75 per trade and enjoy no quarterly account fee

• Pay $15/quarter per registered USD account
• Pay $25/quarter unless your balance is below $25,000 or you make 2+ trades quarterly (doesn't apply to new or young investors)
• Many reports of performance issues with the mobile app

Consider Qtrade Direct Investing^TM if you want to trade a variety of securities on a user-friendly platform. Look elsewhere if you want fee-free stock trades or access to a wide range of advanced research tools.

Asset Types	Stocks Bonds Options Mutual Funds ETFs GICs
Minimum Age	18
Stock Trading Fee	$6.95 - $8.75
Option Trading Fee	$6.95 - $8.75 + $1.25 per contract
Account Fee	$0 if conditions met, otherwise $25/quarter
Inactivity Fee	$0 if conditions met, otherwise $25/quarter
ETF Transaction Cost	$0 - $8.75

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 investment platforms in Canada

• Stock trading platforms
• Robo-advisors

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Name	Product	Finder Rating	Available Asset Types	Stock Trading Fee	Account Fee	Signup Offer	Table description
CIBC Investor's Edge CIBC Investor's Edge		Finder Rating: ★★★★★ 3.8 / 5	Stocks, Bonds, Options, Mutual Funds, ETFs	$4.95–$6.95	$0 if conditions met, or $100	N/A	An easy-to-use platform with access to a variety of tools to help you trade with confidence.	Go to site View details	Compare	loading Fetching your data...
Interactive Brokers Interactive Brokers Finder Award		Finder Rating: ★★★★★ 4.3 / 5	Stocks, Bonds, Options, ETFs, Currencies, Futures	min $1.00, max 0.5%	$0	N/A	Winner for Best Overall Broker in the Finder Stock Trading Platform Awards.	Go to site View details	Compare	loading Fetching your data...
National Bank Direct Brokerage National Bank Direct Brokerage		Finder Rating: ★★★★★ 4.2 / 5	Stocks, Bonds, Options, Mutual Funds, GICs	$0	$0 if conditions met, or $100	Get $0 commission on all transactions with promo code: finder		Go to site View details	Compare	loading Fetching your data...
Questrade Questrade		Finder Rating: ★★★★★ 4.3 / 5	Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals	$4.95 - $9.95	$0	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 to take out some of the guesswork.	Go to site View details	Compare	loading Fetching your data...
Qtrade Direct Investing Qtrade Direct Investing		Finder Rating: ★★★★★ 3.7 / 5	Stocks, Bonds, Options, Mutual Funds, ETFs, GICs	$6.95 - $8.75	$0 if conditions met, otherwise $25/quarter	Get up to $150 sign-up bonus. Use promo code BONUS150. Conditions apply. Ends June 30, 2023.	Low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options.	Go to site View details	Compare	loading Fetching your data...

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1 - 3 of 3

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Name	Product	Min. Deposit	Funding methods	Management fee	Available Asset Types
Wealthsimple Invest Wealthsimple Invest		$1	Direct deposit, Bank transfer	0.40%–0.50%	Stocks	Get a $25 bonus when you open and deposit $500 in your account – Trade and Cash accounts are not eligible.	Go to site More Info	Compare	loading Fetching your data...
Questwealth Portfolios Questwealth Portfolios		$1	Direct deposit, Bank transfer	0.20% - 0.25%	Stocks, Bonds, ETFs, Commodities	A robo-advisor offering low fee portfolios that are actively managed and dynamically rebalanced when market conditions change.	Go to site More Info	Compare	loading Fetching your data...
Moka Moka		$0	Automatic bank withdrawals	$3.99/month	ETFs	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).	Go to site More Info	Compare	loading Fetching your data...

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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

• When will Robinhood come to Canada?

  It's not clear when Robinhood will move to Canada since it's currently only licensed to sell securities in the US. That said, there are several suitable alternatives to this trading platform that are currently available for you to take advantage of in Canada. These include Wealthsimple, Questrade and Virtual Brokers.

• Which trading platform is most similar to Robinhood?

  The trading platform that's most similar to Robinhood is Wealthsimple. This is because it offers free trades for stocks and ETFs. You also won't need a minimum balance to get started.

• How can I get the Robinhood app in Canada?

  You may be able to download the app if you have your Google Play or App Store settings set to the US. That said, you won't be able to create an account unless you're a US resident.

• How does Robinhood make money?

  Robinhood makes money from its premium subscription service, which gives users additional features. Robinhood also gets revenue by charging fees for miscellaneous services, earning interest on margin accounts, lending securities and depositing uninvested broker cash into interest-bearing accounts.