Is Robinhood Available in Canada?

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 right now and has millions of users.

Robinhood allows users to trade for products such as stocks, options, ETFs, and several cryptocurrencies but not mutual funds, bonds, or precious metals. 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 in Canada 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.

At one point they tweeted about coming to Canada, and more recently they planned on expanding to the UK and Australia; however, both of those ventures were cancelled. At this time, it doesn’t seem like Robinhood will be expanding outside of the USA in the near future. As per their terms of use, Canadians cannot use Robinhood.

Best Robinhood Alternatives For Canadians

Broker

App Score

Trading Fees

Promo

Best For

Learn More

Qtrade logo

Qtrade

5/5

FREE buying and selling of 100+ ETFs

$150 in Transfer Fees

Best Investment App in Canada

Questrade logo

Questrade

4.5/5
Free BUY of ETFs (full trading prices apply to ETF sales)

$50 Free Trades

Lowest Overall Fees

Wealthsimple logo
Wealthsimple
4.5/5

Free to Buy And Sell

$50 Signup Bonus

Best Robo Advisor in Canada

BMO Investorline logo

BMO Investorline

4/5
$9.95 per ETF trade

$100 - $2000 Cashback based on 1st deposit

Best of The Big Banks

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. 

Two of our favourite Canadian platforms are Qtrade, Wealthsimple Trade and Questrade Brokerage. What you choose depends on your needs and your investing strategy. 

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.

Wealthsimple Trade as a $0 cost structure for trades 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, however, it’s a very reasonable amount to charge on foreign trades when compared to what other brokerages charge. 

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 the above features are a huge draw, Wealthsimple Trade isn’t our top choice for an online brokerage in Canada. This is because that cost cut means you get the absolute minimum from the platform. That doesn’t mean that Wealthsimple Trade is a poor choice. It works quite well for many people. However, in our opinion, there is a better option out there for Canadians looking to invest. 

When it comes to Wealthsimple vs Robinhood there are lots of similarities, especially the no-fee structure which is the biggest draw for both. There are a couple of differences, mainly in terms of market research tools. However, those come more into play for Questrade Brokerage which we will discuss next. 

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.

Questrade vs Robinhood

Another alternative to the Robinhood app is our preferred online brokerage for Canadians: Questrade Brokerage. Unlike Wealthsimple, this is not a free trading platform. However, the added features and benefits that come with this platform blow Wealthsimple Trade out of the water and make it worth the fees. 

While Questrade isn’t free, fees are relatively low and you can still find no fee ETF’s to build an ETF portfolio. It’s also worth noting that there are no annual fees and they have the best USD trading options in Canada plus a large range of account options (something which Wealthsimple Trade also lacks). Questrade also has easy to use online platforms plus is known for its excellent customer service. 

Potential traders should also take note that in June of 2020, JD Power ranked Questrade as #1 in their Investor Satisfaction among self-directed brokerage firms survey. Questrade scored 19 points above the industry average indicating that they are doing a pretty good job at keeping their customers happy and loyal- a tough thing to do, especially these days.

Top Questrade Brokerage Features

  • Stock trades and ETF sales for $5.00+ ECN fees
  • ETF purchases for $0
  • Large variety of account options including RRSP, TFSA, RESP, Non-Registered, LIRA, RIF, LIF, Joint Accounts, and Corporate Accounts
  • $1,000 account minimum 
  • 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 Questrade Brokerage with us, you will get $50 in free trades! Read more about this offer in our Questrade Review.

When it comes down to Robinhood equivalents in Canada, these are our top two picks. If you want to compare Wealthsimple Trade versus Questrade Broker, take a look at our Wealthsimple vs Questrade comparison.

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.

As we indicated above, our top choice is Questrade Brokerage. Fees are competitive, there are plenty of account options, customer service is excellent and the platforms themselves are easy to use with lots of great information available to help traders make informed decisions. For this reason, we recommend Questrade Brokerage.

However, you may not necessarily need all of that. If what originally drew you to Robinhood app was the fact that it is a no-fee online brokerage, then Wealthsimple Trade might be a better fit for you. Yes, they don’t have as many options and benefits but if you don’t need all those frills then it’s a great option. After all, those no-fee ETFs are a game-changer and we’re keeping our eye on this online brokerage and expect them to expand and diversify in the near future. 

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