Once a breakout star of the online discount brokerage scene, Robinhood attracted millions of millennials and even Gen Zers to hop on the investment bandwagon for the first time.
Robinhood’s commission free trades, as well as sleek and easy to use interface appealed to first-time investors. It currently has more than 18 million users trading everything from fractional shares to cryptocurrency, and is working on expanding its services, such as the recently added cash management tools.
Since its launch in 2015, Robinhood has frequently made headlines for things like disrupting the trading industry, or being accused of not-so-Robinhoodly practices such as intentional trade restrictions, leading to a $70 million settlement earlier this year.
If that doesn’t scare you and you still want to know if there is a Robinhood Canada, the answer is no, and that likely won’t change for some time.
Can I Use Robinhood in Canada?
Robinhood is not available for Canada in 2022 and there is no clear answer as to if it ever will be. Currently, it is only licensed to sell within the United States, so you are unable to download the Robinhood app in Canada. If you are a US resident, you can still access it from almost anywhere in the world, but if you are a resident of Canada, it’s a no-go.
At one point Robinhood tweeted about coming to Canada, and thereafter announced plans for expanding to the UK and Australia. Alas, those plans never materialized, and presently it doesn’t seem like Robinhood will be expanding outside of the USA anytime soon.
Never fear, excellent Robinhood alternatives in Canada are here!
Now, we’ll share our best picks for low-cost online brokerages that will give you the same benefits as Robinhood (or even more), that are right here in your own backyard.
Best Robinhood Alternatives For Canadians
Below are Canadian brokers that, similarly to Robinhood, offer free ETF and stock trades, while maintaining an exemplary level of service and reputation.
FREE buying and selling of 100+ ETFs
Up to $2,000 Cash Back
Best Investment App in Canada
Free BUY of ETFs (full trading prices apply to ETF sales)
$50 in Free Trades
Lowest Overall Fees
Free to Buy And Sell
$50 Signup Bonus
Best Robo Advisor in Canada
Free buying and selling of 80+ ETFs
$100 - $2000 Cashback based on 1st deposit
Best of The Big Banks
Alternatives to the Robinhood App in Canada
As we’ve highlighted above, while Canadians don’t have access to Robinhood, there are still a variety of great choices when it comes to commission-free brokers in Canada. The best choice for you will depend on your investment strategy, what level of service you expect from your online brokerage, and how much importance you place on free trading options.
Keep in mind, you have the choice between robo advisors and discount brokerages here. Both Wealthsimple and Questrade offer options for each; however, since Robinhood is a discount brokerage we are going to be focusing on comparing the brokerage aspects of each company to help you find the best Robinhood-like app in Canada.
Robinhood vs. Wealthsimple
When it comes to Robinhood equivalents in Canada, Wealthsimple Trade is a top contender, especially for those looking for free trades.
Now, before we dive in too far when it comes to this one-on-one comparison I should point out that the idea of a “free discount broker” is a bit of a misnomer. The brokerages still make money on currency conversion, cash accounts, selling your order information to other banks (one thing regulators are considering putting a stop to) and so on. This is one reason why despite the slightly more expensive fee structure, we recommend other, much-better resourced Canadian discount brokerages.
|Free ETFs Purchases and Stock Trades||Yes, but there is a 1.50% base conversion fee on US trades.||Yes|
|RRSP, TFSA, non-Registered accounts||Yes||No|
|Fractional Shares Offered||Yes||Yes|
|Monthly Fees||None||None, unless you sign up for Robinhood gold, then it’s $5 per month.|
|User Experience||The mobile app has greatly improved in the last couple of years, and their web app was recently launched.||Excellent, clean interface is easy to navigate on both the mobile and desktop versions|
|Safety and Security||Implements top notch safety and security to keep user information safe, and customer accounts are protected by the Canadian Investor Protection Fund.||Questionable practices, such as sharing your trading information with other banks as well as concerning hacks into the platform.|
Wealthsimple Trade is a $0-per-trade brokerage in Canada. That means for any share or ETF, you don’t have to pay anything to either buy or sell. There is a 1.50% base conversion fee when you make US trades.
Another big perk to using Wealthsimple Trade is that there is no account minimum, making it an ideal choice for young investors or those just starting out.
While Wealthsimple Trade shares a no-trading-fees structure with Robinhood, its platform leaves much to be desired, and its drastic deficit in user experience, as well as investor education tools should be noted by Canadian investors
Top Wealthsimple Trade Features
- $0 trades- no restrictions/exemptions
- RRSP, TFSA, non-Registered accounts
- No inactivity fees
- No monthly fees
- No minimum required to open an account
Plus, when you sign up for Wealthsimple Trade with us, you are entitled to our MDJ exclusive promo which means when you deposit a minimum of $150 and make $100 worth of trades you will receive a $50 cash bonus. You can learn more about Wealthsimple Trade in our Wealthsimple Trade review.
Robinhood vs Qtrade vs Questrade
The top alternatives for people searching for Robinhood in Canada are our top 2 preferred online brokerages for Canadians: Qtrade and Questrade. Unlike Wealthsimple, these are not free trading platforms. However, the added features and benefits blow Wealthsimple Trade out of the water and make it worth the slightly increased cost.
While Questrade and Qtrade aren’t free, fees are relatively low and you can still find no fee ETFs to build an ETF portfolio. It’s also worth noting that there are no annual administrative fees and they have the best USD trading options in Canada, plus a large range of account options (something which Wealthsimple Trade lacks).
There is simply no comparison when it comes to the user experience and customer service aspects of these discount brokerages relative to Wealthsimple Trade. Qtrade really shines when it comes to these aspects, and they proved just how important these areas were during the recent pandemic when most brokerages had crazy long wait times in order to use their services.
Top Qtrade Brokerage Features
- Free ETF trades
- Award-Winning Customer Service
- Excellent Platform
- Large variety of account options including RRSP, TFSA, RESP, Non-Registered, LIRA, RIF, LIF, Joint Accounts, and Corporate Accounts
- Ability to hold USD
- Access to data platforms, watchlists, news, and other information services
- Access to stock exchanges other than TSX and NYSE
Plus, when you sign up for Qtrade you get up to $2,000 in cash back, based on your initial deposit.
So What is The Best Robinhood Alternative in Canada?
While Robinhood trading is not available in Canada, we have our own options that are pretty darn competitive. As for what is the best stock trading app in Canada? Well, that comes down to your interests and needs.
For more serious traders who trade more than 20 times per month, Questrade or Qtrade could be your best choice because of their robust systems, excellent customer service, and long standing track record.
Both brokerages also offer free ETF trades, and low-commission stock trades, making them enticing choices for many investors. One advantage of Qtrade is the offer of 50 free trades to get started. Not a bad deal if you ask us.
For those a bit newer to the trading game who want to learn more and while their feet wet, Wealthsimple could be the better option. Wealthsimple allows users to purchase lower risk fractional shares, as well as help them gain exposure to the cryptocurrency market, which is exactly what some newer investors are looking for.
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