Robinhood Canada Is Not Available: Use These 9 Apps Instead

Robinhood is a commission-free trading app that allows users to buy and sell stocks, ETFs, options, and cryptocurrencies. Founded in 2013 by Vlad Tenev and Baiju Bhatt, Robinhood has made investing more accessible to individuals who may have been deterred by high fees charged by traditional brokerages.

Robinhood has gained popularity for its easy-to-use interface, low fees, and the ability to trade fractional shares. The app has also been credited with helping to democratise the investing landscape by allowing individuals with limited funds to invest in the stock market.

With zero commission fees, a user-friendly interface and real-time updates, Robinhood succeeded in the US, and Canadians hoped to have their own Robinhood Canada.

However, Robinhood is unavailable in Canada, and Canadian residents are not eligible to use Robinhood. So, if you want to know if there are any Robinhood-like Apps in Canada or the best Canadian equivalent of Robinhood, stay with me.

In this article, I will discuss nine powerful trading platforms in Canada that can go head-to-head with Robinhood, offering even better features to make your trading experience worthwhile.

Is Robinhood Available in Canada?

No. Robinhood is not available in Canada. Canadian residents cannot use Robinhood, and only US citizens, resident aliens (i.e. permanent residents), or anyone with legal status can sign up to use the App.

Is Robinhood Coming to Canada?

There is no official announcement from Robinhood about coming to Canada in the near future.

At one point, Robinhood tweeted that it would be coming to Canada and announced plans to expand to the UK and Australia.

However, those plans were postponed indefinitely in 2020, and it doesn’t seem like Robinhood intends to expand anywhere outside of the US now.

9 Alternatives to Robinhood in Canada

Many Canadians wonder when Robinhood will be available in Canada, but the answer is: “Not anytime soon”. However, several platforms in Canada allow Canadians to invest in the stock market and make money on the proceeds from investing.

These trading platforms, like Robinhood, offer free ETFs and stock trades and maintain an exemplary reputation and service with their amazing features.

Here are our best picks for trading apps that will give you the same benefits as Robinhood and even more.

1. Qtrade Direct Investing™

Qtrade Direct Investing

With a history dating back to 2000, Qtrade Direct Investing is among Canada's oldest trading platforms, catering to beginner and advanced investors with equal aplomb. Its intuitive design and well-thought-out interface make it an excellent choice for novices, while its advanced research tools cater to the needs of more experienced investors.

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Qtrade is our top alternative to Robinhood in Canada. Besides low trading fees, Qtrade is also known for its simplified trading solutions.

Unlike other investment platforms, Qtrade allows you to invest in the US and Canadian markets without commission on a select group of ETFs. Even as a beginner, you can start on Qtrade by using its trial account to build your trading skills.

If you open a new Qtrade account between March 5, 2024 and October 31, 2024, you will enjoy a sign-up bonus of $50 and up to $150 if you open 3 accounts.

To be eligible, you must use the promo code “OFFER2024” when signing up.

In addition to the sign-up offer, Qtrade offers up to $150 per Transfer Request when the client transfers-in $15,000 or more.

Pros

Commission-free ETF trading (buy and sell)
Intuitive interface
Access to mutual funds,
Access to a trial account and research tools

Cons

It doesn’t support credit cards and e-wallet funding
$25 quarterly account maintenance fee (waived if some conditions are met)

2. Questrade

EDITOR'S CHOICE

Questrade

Questrade is an online discount brokerage established in 1999 with a $25 billion asset under management. Its popularity in Canada lies in its low commission, low trading fees, and multiple ranges of accounts. As a result, both beginners, intermediate and seasoned investors in Canada find Questrade attractive for DIY and active management investing.

Key Features

Free tax-loss harvesting
Low management fees
Several investment options
Automatic portfolio rebalancing
Active management
Ease of use

Click to Buy ETFs on Questrade

Questrade discount brokerage is a top choice for Canadians to invest in the stock market. It has low commission and trading fees, making it a better choice for DIY investors looking for a low-cost way to invest in the stock market.

The trading interface is intuitive and clutter-free, making it easy to navigate between different features. It also has a great mobile app that lets you access your account on the go

You can trade stocks, options, bonds, FX, CFDs, precious metals, and other financial instruments. Questrade offers a wide range of account types, including RRSPs, RESPs, TFSAs, RDSPs, LIRAs, etc.

Questrade allows you to trade in US dollars, so there are no currency conversion fees to deal with, and you can purchase stocks that cost as little as one penny, but fees range from $4.95 to $9.95.

Pros

Low management fees
Multiple investment accounts and products
Active management
Automatic portfolio rebalancing
Ease of use

Cons

$1000 minimum investment requirement
Commissions on selling ETFs and trading stocks
Limited research tools

Features	Robinhood	Questrade
Account Minimum	Zero	$1,000
Commissions for ETF	Zero	For buying: $0; For selling: up to a maximum of $9.95 per trade
Commissions for Stock	Zero	Between $4.95 - $9.95 per trade
Investment types	Stocks, ETFs, Options; Cryptocurrency	Stocks, ETFs, Options; Cryptocurrency, Bonds; Mutual funds, CFDs, GICs; Forex, International Equities; & more
Account types	Personal non-registered accounts; Margin accounts	Registered accounts like: RRSP, TFSA, RESP, LIRA, RIF; Personal non-registered accounts, Margin accounts; Business, Estate, Trusts & more
Mobile App	Yes	Yes
Desktop App	Yes	Yes
Security	2-Factor Authentication	DIGICERT encryption
Balance Protection	SIPC protection up to $500000	CIPF protection up to $1 million; $10 million private insurance
Promotion	Not Applicable	Yes
Other Services Offered	Cash management account	Socially responsible investing; Managed investing through Questwealth

3. Wealthsimple Trade

9.4

Wealthsimple Trade

Wealthsimple Trade is a great trading platform that offers commission-free buying and selling of thousands of stocks. Its user-friendly interface and mobile-optimized investing dashboard make it easy to navigate and accept various payment methods, such as bank transfers and debit cards. In addition to traditional online stock trades, Wealthsimple Trade allows you to engage in other investment activities. It supports both taxable and registered (non-taxable) accounts such as RRSP and TFSA, and there is no minimum balance requirement when opening an account, making it accessible for investors with little money.

Visit Wealthsimple Trade

Another good alternative to Robinhood is the Wealthsimple Trade. This app lets you buy and sell thousands of stocks commission-free.

It has an easily navigable interface and a mobile-friendly investing dashboard. Also, it accepts several payment options, including bank transfers and debit cards.

Wealthsimple Trade is extremely easy to use. It allows you to make traditional online stock trades like buying, selling, shorting, longing, and hedging.

You can trade with taxable and registered (non-taxable) accounts like RRSP and TFSA. There is no minimum balance requirement when opening an account, so you can invest with little money.

Through Wealthsimple Crypto, you’ll be able to trade cryptocurrencies. The investment app is sleek, easy, and undoubtedly good enough to go head-to-head with Robinhood Canada.

Pros

No minimum balance
Commission-free stocks and ETFs trading
Advanced educational tools
International accounts

Cons

High management fee
Limited account options

Features	Robinhood	Wealthsimple Trade
Account Minimum	Zero	Zero
Commissions for ETF	Zero	Zero
Commissions for Stock	Zero	Zero
Investment types	Stocks, ETFs, Options; Cryptocurrency	Stocks, ETFs, Cash; Cryptocurrency
Account types	Personal non-registered accounts; Margin accounts	Personal non-registered accounts; RRSP; TFSA
Mobile App	Yes	Yes
Desktop App	Yes	No
Security	2-Factor Authentication	2-Factor Authentication; Encryption
Balance Protection	SIPC protection up to $500000	CIPF protection
Promotion	Not Applicable	Yes
Other Services Offered	Cash management account	Wealth management; Socially responsible investing; Halal investing; Fractional Shares; VIP accounts

4. Newton

Newton Exchange is a cryptocurrency platform ideal for individuals new to the world of digital assets. Its user-friendly interface is perfect for those who want to explore cryptocurrencies for the first time. The platform also accepts Interac e-Transfer, a convenient payment option for Canadians who want to fund their accounts. Newton Exchange offers a diverse range of cryptocurrencies, including Bitcoin, Ethereum, Polkadot, Cardano, Tether, Dogecoin, Ripple, and numerous others.

Get Your Free $25

Newton could be your best alternative to Robinhood Canada if you only want to trade cryptocurrency.

Like Robinhood, Newton offers commission-free trading and a user-friendly platform with an intuitive interface. The app also includes advanced order types, real-time market data, and security features such as two-factor authentication and biometric login.

With over 25 cryptocurrencies, Newton charges no fees on deposits, trading, and crypto withdrawals. However, Newton focuses on cryptocurrency, so you can’t trade other securities.

Pros

Free deposits and crypto withdrawals
Zero trading fees
Fast deposits through Interac e-Transfer
25+ cryptocurrencies available
Low speeds
Beginner-friendly

Cons

Only cryptocurrencies are available (you can’t trade stocks and ETFs)
It may be slow when the crypto market surges.

5. BMO InvestorLine

BMO InvestorLine is the discount brokerage arm of the Bank of Montreal (BMO) Financial Group and is also one of the top alternatives of Robinhood Canada.

Besides offering access to other BMO online services, BMO InvestorLine allows you to access representatives in-branch.

BMO InvestorLine recently eliminated commissions from their over 80 ETFs trading, making it a cost-effective trading option for investors. BMO InvestorLine typically offers more promotions than any other bank-owned brokerage in Canada.

Pros

Commission-free trading on 80+ ETFs
Comprehensive investing platform
Top-notch research tools
No minimum account balance requirement

Cons

Higher fees compared to Robo advisors
$9.95 per EFT and stock transaction
$9.95 per EFT and stock transaction
Have fees for registered and non-registered accounts fallen below $25,000 and $15,000

6. TD GoalAssist

TD GoalAssist App, owned by TD Direct Investing, is a beginner-friendly trading app with an intuitive interface available to Canadians.

TD GoalAssist charges zero commission on trading TD ETFs, and with this app, you can set your investing goals and monitor your progress while training to succeed.

Pros

No commission on trading TD ETFs
Beginner-friendly
Learning materials

Cons

$9.99 flat fee for stocks trading
Only TD ETFs are available
Limited accounts
Limited products
Currency conversion fees

7. Interactive Brokers

Interactive Brokers (IB) could be your ideal alternative to Robinhood Canada if you’re an intermediate or seasoned investor.

Different organisations have rated IB as the world’s best online brokerage for years, and this is because of its low trading fees, high liquidity research tools, and broad coverage spanning 135 markets.

From registered to non-registered accounts, IB covers any accounts you need to invest in.

Pros

Access to international markets (135)
Low exchange rates for CAD deposits.
Multiple account types and securities
Low trading fees
High liquidity

Cons

High monthly fees
Poor customer service for Canadian investors
Tax Implications for Canadian investors

8. CIBC Investor’s Edge

CIBC Investor’s Edge is the discount brokerage arm of CIBC Investor Securities that offers Canadians low-cost investment solutions.

It is one of the top alternatives to Robinhood Canada because of its competitive commissions and trading fees as compared to other banks in Canada.

CIBC Investor’s Edge serves investors of all classes, from beginner to seasoned investors.

Pros

Competitive commissions and trading fees compared to other banks in Canada
Multiple investment accounts and securities
Discounts for students and active traders
Free educational resources, analyst reports, and research tools

Cons

Charges annual account maintenance fee for registered and unregistered accounts
High trading fees compared to Robo advisors such as Wealthsimple and Queswealth.

9. Scotia iTRADE

Scotia iTRADE is the brokerage arm of Scotiabank, one of Canada’s “Big 5” banks. Scotia iTRADE could be your advanced version of Robinhood Canada if you’re an intermediate or seasoned investor.

In addition to discount commissions for day trading, you can access a demo account and market research to improve your trading strategy through Scotia iTRADE.

Beginner and intermediate investors will also find Scotia iTRADE cost-effective trading.

Pros

Discount commission for day trading
Access to research reports
Access to demo accounts

Cons

Annual fees for registered and unregistered accounts.
High trading fees than Robo-advisors

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Final Thoughts on Robinhood Canada

Robinhood is a commission-free trading app that has made investing more accessible and affordable for individuals in the United States.

Despite its success in the US market, Robinhood is unavailable in Canada due to regulatory challenges and other legal considerations.

However, other trading apps, such as Qtrade and Wealthsimple Trade, have emerged in Canada with similar features, offering Canadians a transparent and accessible way to invest in the stock market and cryptocurrencies.

So why not try it and start building your investment portfolio today?