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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 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.

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.


  • Asset types: Stocks and ETFs
  • Account types: RRSP, TFSA and personal
  • Trading fee: $0
  • Access: Mobile and desktop
Wealthsimple has a highly rated, user-friendly trading app. Wealthsimple 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 is one of the most affordable options for Canadian investors.

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.

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%, 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.


      • 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 Direct Investing

        • 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 Direct Investing 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 Direct Investing 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 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.

        Compare all Canadian trading platforms

        1 - 4 of 4
        Name Product Finder Rating Available Asset Types Stock Trading Fee Account Fee Signup Offer Table description
        Interactive Brokers
        Finder Score:
        4.3 / 5
        Stocks, Bonds, Options, ETFs, Currencies, Futures
        min $1.00, max 0.5%
        Winner for Best Overall Broker in the Finder Stock Trading Platform Awards.
        CIBC Investor's Edge
        Finder Score:
        3.8 / 5
        Stocks, Bonds, Options, Mutual Funds, ETFs
        $0 if conditions met, or $100
        100 free trades + up to $4,500 cash back
        An easy-to-use platform with access to a variety of tools to help you trade with confidence.
        Finder Score:
        4.3 / 5
        Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
        $4.95 - $9.95
        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.
        Qtrade Direct Investing
        Finder Score:
        3.7 / 5
        Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
        $6.95 - $8.75
        $0 if conditions met, otherwise $25/quarter
        Get up to a $150 sign-up bonus. Use code OFFER2024. Ends October 31, 2024.
        Low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options.

        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, 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 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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