Is Robinhood Available in Canada?
The short answer is: No, not at this time.
If you have been doing some research into low cost discount brokerages, then you may have seen the name ‘Robinhood’ come up several times. Robinhood is one of the most popular investing apps in the USA and has millions of users.
Robinhood allows users to easily buy and sell assets such as stocks, options, ETFs, and several cryptocurrencies. With so many rave reviews, many Canadians are wondering if Robinhood is available in Canada, or if there is a Robinhood Canada equivalent?
Can I Use Robinhood in Canada?
Robinhood is not available for Canada in 2021 and there is no answer as to if or when 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.
That said, if you are an American resident and have already opened a Robinhood account, you will of course be able to access that account from Canada provided you have a Wi-Fi connection or phone plan.
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Alternatives to the Robinhood App in Canada
While Canadians don’t have access to Robinhood, there are still a variety of choices when it comes to commission-free stock brokers in Canada.
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
Discover the best free ETF brokers in Canada
View our detailed Canadian broker analysis
Wealthsimple Trade vs Robinhood
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, etc. This is one reason why despite the slightly more expensive fee structure, we recommend the much-better resourced Qtrade or Questrade discount brokerages.
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 $100 and make $100 worth of trades you will receive a $10 cash bonus. You can learn more about Wealthsimple Trade in our Wealthsimple review.
Qtrade vs Robinhood 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 50 free trades (worth almost $500) by using our promo code 50FREETRADES!
What is The Best Stock Trading App 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.
Most people that trade more than 20 times per month are serious traders and scoff at the lack of tools available on Wealthsimple Trade (or Robinhood for that matter). There are also many people who ethically object to the idea of selling your trade data on to the big investment houses so that they can “front run your trades”. It’s quite possible that these practices will be made illegal in the near future.
Meanwhile, for the average Canadian index investor, they already get free ETF trades through Qtrade or Questrade (as well as National Bank Discount Brokerage for that matter), so the only difference would be the small commission on individual stock buys and sell. Unless you’re making 100+ trades per year, it just isn’t worth the drastic quality difference.
With Qtrade currently offering 50 free trades to get started, even that trade commission advantage is significantly diminished. Consequently, Qtrade gets the nod here as the top value for Canadian investors looking for a discount brokerage account like Robinhood.
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