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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 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.

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.

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.

Wealthsimple
Finder Rating: ★★★★★ 3.8 / 5 Read review

Wealthsimple

$0
Stock Trading Fee
$0
Account Fee
$0
Minimum Deposit
  • $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
  • 0% - 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 $0.75 - $2 USD/contract
Account Fee $0
Inactivity Fee $0
ETF Transaction Cost Free
Questrade
Finder Rating: ★★★★★ 3.9 / 5 Go to site Read review

Questrade

$4.95-$9.95
Stock Trading Fee
$0
Account Fee
$1,000
Minimum Deposit
  • 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
Qtrade Direct Investing
Finder Rating: ★★★★★ 3.6 / 5 Go to site Read review

Qtrade Direct Investing

$6.95 - $8.75
Stock Trading Fee
$0 - $25
Account Fee
$0
Minimum Deposit
  • 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 InvestingTM 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

1 - 6 of 6
Name Product Finder Rating Available Asset Types Stock Trading Fee Account Fee Signup Offer Table description
Interactive Brokers
Finder Score:
★★★★★
4.2 / 5
Stocks, Bonds, Options, Index Funds, ETFs, Currencies, Futures
min $1.00, max 0.5%
$0
N/A
Winner for Best Overall Broker in the Finder Stock Trading Platform Awards.
Moomoo Financial Canada
Finder Score:
★★★★★
3.9 / 5
Stocks, Options, ETFs
$0.014/stock
$0
Get up to $1,200 or a $1,200 Apple gift card
Trade US stocks for up to 90% less and access free real time stock quotes and level 2 market data. T&C's Apply.
CIBC Investor's Edge
Finder Score:
★★★★★
3.7 / 5
Stocks, Bonds, Options, Mutual Funds, ETFs
$6.95
$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.
RBC Direct Investing
Finder Score:
★★★★★
3.8 / 5
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$6.95 - $9.95
$0 if conditions met, otherwise $25/quarter
N/A
Enjoy no minimum trading activity requirements and pay just $9.95 per trade or $6.95 if making 150 trades per quarter.
Questrade
Finder Score:
★★★★★
3.9 / 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.
Qtrade Direct Investing
Finder Score:
★★★★★
3.6 / 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.
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1 - 3 of 3
Name Product Min. Deposit Funding methods Management fee Available Asset Types
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.
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.
Moka
$0
Automatic bank withdrawals
$15.00/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).
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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

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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