Webull in Canada: What Are the Best Alternatives?

Posted on June 18, 2021

How do you picture spending your retirement years? Will you live in the luxurious home of your dreams, or will you travel the world? 

It may seem far off, but retirement is coming at you faster than you think. You know that investing is important for financing your retirement.

But doesn't investing take a lot of time and effort? Don't you need to go through an expensive brokerage?

On the contrary, investing can be quick, easy, and you can do it yourself. 

You've researched the investment options and are wondering about Webull in Canada. The world of mobile trading apps has changed the investing game, and you want in on it. Keep reading to learn more.

Is It Available?

Webull

Webull is a low-cost online investment brokerage. This easy-to-use platform is available in both mobile and desktop versions. With $0 account minimums and no fees, it has taken the online investing world by storm.

Webull boasts over 5 million downloads on the Google Play store. You can buy and sell stocks, options, ETFs, and even cryptocurrencies with this app.

This app provides a quick way for individuals to open personal and retirement accounts. You can invest for now or the far future with few clicks, rather than stacks of paperwork.

Webull is an easy and accessible way for average people to invest their money. You don't have to have lots of money to get started, and you don't need large amounts of time to keep on top of your account.

Day traders and casual investors alike enjoy the ease of being able to buy and sell with a simple tap on your phone.

Canadians are wondering, is Webull available in Canada? Like some other mobile trading apps, Webull is based in the United States. The app needs approval from the Investment Industry Regulatory Organization of Canada (IIRC) to operate here. 

But getting IIRC approval is a long and difficult process. So as of now, we cannot use Webull in Canada. There are no official plans to expand, either.

It can be frustrating to see that a great investment option is not available to you. However, there are many great alternatives to Webull that Canadians can use. 

Wealthsimple Trade

wealth simple

Wealthsimple Trade is among the best Webull alternatives in Canada. It is also the closest equivalent.

This brokerage started in 2014 and has been innovating ever since. The platform regularly releases new features and products to better serve its customers.

Wealthsimple Trade supports most types of Canadian investment accounts. You can open a Registered Retirement Savings Plan (RRSP), a Tax-Free Savings Account (TFSA). A non-registered personal account is also an option.

With a $0 minimum account balance and no trading fees, Wealthsimple Trade is an attractive option for new investors. The app is very user-friendly and an ideal way for active traders to take charge of their investments.

They also have an instant transfer option giving you the ability to take money directly out of your bank account and start investing right away. Wealthsimple Trade also offers a premium service for $3 a month. With a premium subscription, you can increase your instant transfer deposit minimum and get real-time market data.

Although it is a great option for beginners, there are some disadvantages to Wealthsimple Trade. The platform does not support fractional shares trading, nor can you perform options or margin trading. You cannot deposit, hold, or withdraw USD. In addition, there is a currency conversion fee of 1.5% each time you trade USD stocks or ETF. 

Wealthsimple Trade offers little in the way of educational tools and materials. If you are hoping to invest in cryptocurrency, Wealthsimple Trade has high spreads. This can cause a significant reduction in profits when selling.

Wealthsimple also provides a robo-advisor option for those not comfortable managing their own investments. Through Wealthsimple Invest, you can choose your risk level and let the robo-advisor do the rest for you. There are three levels available for this product: Basic (0.5% management fee), Black (0.4% management fee plus additional features), and Generation (same as Black but with even more extra features). Accounts that deposit below $100,000 have access to Basic level features, Black level features are available to accounts with over $100,000 deposited, and access to Generation features is granted when deposits are over $500,000.   

Questrade

questrade

For over 20 years, Questrade has offered Canadians discount brokerage services. Today, you can use Questrade on your desktop or through a mobile app. With Questrade, you can trade stocks, options, and ETFs.

You can buy ETFs without fees with Questrade. They also offer some of the lowest commission fees among mobile trading apps in Canada. You can hold USD in a Questrade account.

You can open many types of self-directed accounts with Questrade, including a TSFA, and RRSP. Other options include Registered Education Savings Plan (RESP) and margin accounts. There are no annual fees with RRSPs and TFSAs.

Some people prefer not to manage their own investments. If this describes you, Questrade also offers expert-directed portfolios. 

Questrade has a user-friendly platform that attracts both new and experienced investors. Access to advanced data streams and trading tools can help investors make good decisions about when to buy and sell.

Although you do not need a minimum to open an account, you must have a minimum of $1000 in order to start investing with Questrade.

Despite having low commissions, fees with Questrade can quickly add up. Stock trades and ETFs sales incur a minimum fee of $4.95 with a maximum of $9.95. Options trade fees are $9.95 plus $1 per contract. 

A minimum of $1000 is quite high and could be a deterrent for new investors. Investors with small accounts run the risk of incurring hefty fees for not trading frequently enough.

Interactive Brokers

interactive brokers

Interactive Brokers may be one of the best trading apps in Canada, especially for investors who have some trading experience.

Although they are based in the US, Interactive Brokers has IIROC approval. They have been around for over 40 years and have a global presence. 

You can trade in multiple markets around the world with this discount broker. In addition to stocks and options, you can also trade currencies, futures, and more. They even support fractional shares trading. 

Interactive Brokers has a $0 minimum account balance. You can open an RRSP or TSFA with this platform. The brokerage supports both registered and non-registered accounts.

There is a monthly fee of $10 for accounts under $100,000 with this brokerage. Interactive Brokers has some of the lowest trading fees you can get in Canada. Trading fees are fixed and start at $0.01 per share, and max out at 0.5% of the trade value.

Interactive Brokers targets intermediate and advanced traders. As a result, beginner investors may find the platform less user-friendly than others. 

There are a few disadvantages to using this brokerage for your investment needs. You cannot open an RESP or Registered Retirement Income Fund (RRIF) with Interactive Brokers. 

If you have a small account, the monthly fees are significant. Because it is a platform for more advanced traders, a newcomer will find it difficult to navigate. 

Which Platform Is Right for Me?

It is important to know your personal situation to determine which platform is best suited for you. How much money do you have available to invest? Will you be a day trader or will you trade infrequently? 

Also, consider what type of account you wish to open. Not all platforms support all types of investment accounts.

Wealthsimple Trade works best for beginner investors and those with smaller amounts of money to invest. If you are comfortable with doing research outside of the brokerage, this platform may be a great option for you. 

For the investor who doesn't want to trade daily, Wealthsimple Trade provides a great experience. It's also great for people who want a fast and user-friendly experience.

Questrade also provides a beginner-friendly experience. Intermediate and advanced investors may also find this brokerage useful. Investors who want to learn will enjoy the excellent data provided by the brokerage to help with decision-making. 

If you prefer to invest passively, you'll need to compare Wealthsimple's and Questrade's robo-advisor options to choose the platform that best meets your needs.

Due to the investment minimum of $1000, Questrade is best for people who have moderate amounts of money available to invest.

Intermediate and advanced investors will find Interactive Brokers to be one of the best platforms for them.

Although Interactive Brokers has a $0 minimum account balance, investors who have significant amounts of money will benefit the most. If you can invest $100,000 or more, you will enjoy very low fees and other benefits.

Interactive Brokers is also best for active traders and day traders. If you want access to many markets worldwide, this platform can provide you with that.

Take Control of Your Financial Future

Although you cannot use Webull in Canada, there are great alternatives. Investing is a key piece in a wise financial strategy for your future. Mobile trading apps make investing easy and accessible for people at every level.

In addition to investing, there are additional ways to save money and make good financial decisions. Insurdinary can help you compare options and determine your best path to financial success. Have a look at our financial blog for more resources.

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