Commission-free trading is the future. Some financial technology companies know this and that’s why platforms such as Webull and Robinhood have taken off like a rocket.
With millions of active users, Webull is one of the most popular stock trading apps in the United States.
Retail investors made their mark in 2020, and this year is shaping up to be remarkable as well (think GameStop and stock market mania).
Is Webull available to Canadians? What are the alternative trading apps you can use to cut your investment fees?
Is Webull Available in Canada?
No, Webull is currently not available in Canada. Countries supported by the platform include the United States, China, Philippines, India, Korea, Malaysia, Japan, Brazil, and Turkey.
U.S residents who want to open a brokerage account are required to:
- Be at least 18 years of age
- Have a valid Social Security Number (SSN)
- Have a legal resident address in the U.S.
- Hold U.S. citizenship, permanent residency, or have a valid U.S. visa
What is Webull?
Webull is a trading platform offering commission-free trades in stocks, Exchange Traded Funds (ETFs), options, American Depositary Receipts (ADRs), and cryptocurrencies.
The company was founded in 2017 and is a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC).
Webull has millions of users and is a main competitor to Robinhood, another commission-free trading app.
Webull- Main Features
A summary of the features you can expect on the Webull platform include:
Multiple Account Types: You can open a personal taxable investment account or an IRA (traditional, Roth or rollover IRA).
Commission-Free Trade: You don’t pay commissions when buying or selling U.S. listed stocks, ETFs and options. Standard regulatory fees by SEC, FINRA and OCC may apply (minimal).
User-Friendly: The platform is versatile and can be easily accessed using a smartphone app or via the desktop interface.
Free Trading Tools: Traders get access to free technical and fundamental analysis tools, stock screeners, as well as “real-time” market data. Note that advanced quotes require a subscription.
Margin Trading: Active and advanced traders can access margin with interest rates ranging from 3.99% to 6.99%.
Where Webull Falls Short
The app does not offer trading in mutual funds or bonds, and requires a subscription if you want access to more in-depth level 2 market data.
Some users complain that the customer support is slow or limited.
Lastly, it does not offer a high-yield savings account which is a popular feature on some other platforms.
Alternatives to Webull in Canada
There are alternatives to Webull in Canada that offer commission-free trading.
The most popular is Wealthsimple Trade. A second option is Questrade if you are looking to buy ETFs.
1. Wealthsimple Trade
Wealthsimple Trade is the only trading app in Canada that offers no-fee trades for stocks and ETFs whether you are buying or selling.
Similar to Webull, this platform does not require a minimum investment or balance before you can start trading.
Key features to note for Wealthsimple Trade include:
Multiple Account Options: You can invest in a taxable account or open an RRSP or TFSA.
Assets Offered: Clients can buy stocks and ETFs including those listed on Canadian and U.S. exchanges. If you want to trade cryptocurrencies, you can do so via Wealthsimple Crypto which is hosted on the same platform.
Commission-Free Trading: There are no trading commissions for buying or selling stocks and ETFs. If the asset you are buying is listed in USD, currency exchange fees may apply.
Available on Multiple Devices: The Wealthsimple Trade app is well-rated on the App Store and Google Play Store. You can also use the recently introduced desktop/web interface if you prefer that.
Security: Your account is insured by the Canadian Investor Protection Fund (CIPF) up to $1 million.
Promotion: New Wealthsimple Trade clients get a $25 cash bonus when they sign up through our exclusive link and deposit and trade at least $100 in stocks within 45 days of signing up.
Where Wealthsimple Trade Falls Short
It doesn’t offer mutual funds, bonds, or options trading.
Questrade is a discount brokerage platform offering commission-free trades when you by ETFs.
On Questrade, you can expect:
Commission-Free ETFs: Purchases are free, however, you pay a small fee when you sell ($4.95 – $9.95 per trade). Purchases and sales of stocks incur a trading fee.
Multiple Accounts: You can open registered (i.e. TFSA, RRSP, RESP, RRIF) accounts and non-registered accounts (personal and corporate).
Multiple Investment Assets: Including stocks, options, currencies, ETFs, mutual fund, GICs, CFDs, and more.
Security: Similar to Wealthsimple Trade, Questrade accounts enjoy CIPF – protection.
Promotion: When you open a new account and deposit $1000 or more, you receive $50 in free trades. You can also use our promo code (SAVVY50).
Where Questrade Falls Short
Questrade does not offer free stock trades.
Also, you need at least $1000 to begin trading on the platform.
Webull vs. Wealthsimple vs. Questrade
The table below shows how Wealthsimple, Webull, and Questrade compare.
|Stock commissions||$0||$0||$4.95 to $9.95/trade|
|ETF commissions||$0||$0||$0 for purchases; up to $9.95/trade when selling|
|Options commissions||N/A||$0||$9.95 + $1 per contract|
|Investment products||Stocks and ETFs||Stocks, ETFs, options, ADRs, crypto||Stocks, ETFs, mutual funds,|
GICs, options, bonds, FX, CFDs, IPOS
|Account types||RRSP, TFSA, and personal non-registered||Personal taxable and IRA||TFSA, RRSP, RESP, margin, corporate, LIRA|
|Mobile trading platform||Yes||Yes||Yes|
|Desktop trading platform||Yes||Yes||Yes|
|Market research tools||Basic||Advanced options available||Advanced options available|
|Security||CIPF-insurance up to $1 million; 2FA||SIPC protection up to $500,000||CIPF-protection up to $1million; 2FA|
|Promotion||Get a $25 bonus when you fund your account and trade at least $100||N/A||Get $50 in free trades when you fund your account with at least $1,000|
|Other accounts offered||High-interest savings account,|
cryptocurrency trading; socially responsible investing, managed portfolios
|N/A||Managed portfolios and socially responsible investing|
|Apply||Wealthsimple Trade||Not available in Canada||Questrade|
|Platform review||Learn more||–||Learn more|
Frequently Asked Questions
Webull can be used in the United States, Japan, China, Korea, India, Brazil, Turkey, and the Philippines.
When you trade U.S. listed stocks that are priced in USD, you pay a currency exchange fee. This fee does not apply to stocks and ETFs listed in CAD on the Toronto Stock Exchange.
In Canada, you can use Wealthsimple Trade for free stock trading. In the U.S., options include Robinhood, SoFi, and ExTrade.
The company has mentioned that they are looking at expanding operations to other countries, however, it is not known whether that includes Canada or when.
Webull Canada: Investing Apps Like Webull in Canada
Is the Webull app available in Canada? Learn about stock trading apps like Webull offering commission-free trading in Canada, plus a Webull vs. Wealthsimple Trade vs. Questrade comparison.