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Is Webull available in Canada?
Get details on when Webull intends to cross over to Canada, and learn what other trading apps you can use while you wait.
Webull is a popular US-based trading app that offers commission-free trades for stocks and other investment products. Unfortunately, you need to be a US resident to use the app, which means it’s currently not available to Canadians.
To add salt to the wound, there’s also no definitive answer for when Webull Canada will exist here. This means that many Canadians will be stuck looking for suitable alternatives to this coveted mobile app in Canada for the foreseeable future.
Check out some of the best options below and learn how you can sign up for an account to start trading.
What is Webull?
Webull is a US-based trading app that lets US residents make commission-free trades for a comprehensive suite of investment products. These include stocks, options, exchange-traded funds (ETFs) and American depositary receipts (ADRs). That said, Webull doesn’t let you trade investments like mutual funds, bonds or precious metals through its platform.
Is Webull available in Canada?
Webull is not currently available in Canada and there doesn’t seem to be any plans in the near future to move the service across the border. This is unfortunate given that there aren’t that many trading platforms offering free commissions across a wide variety of trades in Canada. That said, you might be interested in a handful of suitable alternatives that you can consider depending on what types of trades you’re interested in making.
When will Webull come to Canada?
Webull hasn’t made any public announcements about when it plans to come to Canada. However, there is some speculation that it will expand its services across North America at some point down the road. Webull’s official account also replied to a Reddit thread around a year ago indicating that it has plans to expand its business to Canada “very soon”.
Why is the Webull app so popular?
Webull has gained popularity in the US because it offers commission-free trades. This means that you won’t have to pay any fees on top of the mark-up that Webull charges as part of the spread. You also won’t be required to pay fees to maintain your account and there are very few hidden charges that you’ll be saddled with unexpectedly.
Another positive feature that Webull offers is that it provides a plethora of free research tools on its platform. This includes breaking news, real-time market data and analysis tools at no extra cost for standard accounts. There’s also no minimum deposit requirements to trade most types of stocks and ETFs, which makes this platform accessible for both beginner and seasoned traders.
What are some alternatives to Webull in Canada?
There are a number of suitable alternatives to Webull in Canada, depending on what type of investments you want to make.
Wealthsimple Trade is an innovative mobile platform that lets you buy and sell thousands of stocks and exchange-traded funds (ETFs). It’s very similar to Webull in that you won’t have to pay any commissions for trades and there are no account minimums. This platform also operates a seamless mobile app so that you can execute transactions quickly and easily.
An added benefit of Wealthsimple Trade is that it’s regulated in Canada and protected by the Canadian Investor Protection Fund (CIPF). The major downside of this app is that it doesn’t offer very many research options and it doesn’t have a desktop interface. This means all of your trades have to be managed from your mobile phone.
Questrade is a reputable web-based trading platform that lets you purchase exchange-traded funds (ETFs) for free. This makes it a good fit for investors who are interested in buying ETFs, with no intention of selling them in the short-term. However, this isn’t the best option for you if you’d like to save money on commissions across a number of different investment types.
Unlike Webull, Questrade has managed to jump through the necessary regulatory hoops to operate in Canada. It also offers deposit insurance through the Canadian Investors Protection Fund, so you know your money will remain safe. The downside of this platform is that you’ll have to keep a minimum balance of $1,000, though you’ll pay some of the lowest account management fees in Canada to make up for the hassle.
Virtual Brokers is a one-stop shop when it comes to purchasing commission-free exchange-traded funds (ETFs) and mutual funds. Much like Questrade, you’ll still have to pay a commission to purchase stocks, bonds and other types of investments. You’ll also have to pay to sell your ETFs if the market shifts or you want to liquidate your holdings.
Similar to its competitors, Virtual Brokers is regulated in Canada and offers deposit insurance through the Canadian Investors Protection Fund. It charges a number of fees for its services, which make it a less appealing option for some investors. That said, it offers multiple platforms to choose from so that you can find the best fit for you no matter what level of experience you have.
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
Webull is a popular US-based app that offers commission-free trading to US residents. While Webull Canada doesn’t currently exist, there are high hopes that it will make its way across the border soon. Until that time, there are a handful of suitable and affordable trading apps you might like to consider in Canada. Find out more about viable alternatives to Webull, and sign up today to start investing.
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