Robinhood Canada Is Not Available But You Can Try Other Alternatives

When it comes to commission-free stock trading and use of unsettled funds, it does not get better than Robinhood. Although the investing app is quite famous, Robinhood Canada is still questionable and the Canadians are constantly on the hunt for a reliable alternative.

What Will We Talk About Here?
  • Robinhood Canada is not available and the company does not plan to launch its service there any time soon.
  • Some good alternatives to Robinhood in Canada are Wealthsimple Trade and Interactive Brokers.
  • Each option carries its own perks and downsides so we recommend you to perform thorough market search before choosing.

…and Much More!

Robinhood Canada – Can You Use It?

Unfortunately, Robinhood never came to Canada and only the residents in the US can make use of this platform.

  • If you happen to be in the US, you just need to visit Robinhood official website, create an account and sign-up.

As for the Canadians, there has been no insight on when Robinhood will become available or even if it will or not. Robinhood has recently announced that it will start operations in the UK but there has been no news of any further expansions.

Robinhood Canada – Alternatives

The good news is that you can still make use of some alternative platforms that serve similar means as Robinhood. There are various discount brokerage available to Canadians which pretty much cover the lack of Robinhood in this region.

Wealthsimple Trade

Those who were most eager to find Robinhood alternative in Canada would have already signed up for this service. This is a free app that gives quite a challenge to Robinhood app in terms of intuitive layout and simplicity of use.

The two most outstanding features here are the Plan Subscription and the USD Accounts. First of all, the subscription allows real-time market data scrutiny. It also increases instant transfer limit to $5,000/3 business days. On the other hand, USD accounts ensure you can exchange or hold US equities without being bothered by exchange currency fee.

  • Canadians can sell and buy stocks and Exchange Traded Funds (ETFs) through Wealthsimple Trade in Canada as well as US stock exchanges.
  • Wealthsimple Trade has introduced Crypto as well as a way to mold Canadian’s investing strategy in the near future.
  • The company already has more than 175,000 active customers and investment of about $5 billion.
  • It offers three types of accounts: Non-registered Cash Accounts, TFSAs, and RRSPs.
  • You are free to transfer up to $1,500 from bank to the account immediately once every 3 business days.
Stocks Options ETFsPros Cons
mobile app, Easy to
begin, No account
minimum required, Zero
non-sense approach
Does not
trade options, No
advanced features, Charges 1.5%
on conversion

Interactive Brokers

Another reliable online broker that you can use in place of Robinhood in Canada is Interactive Brokers. The company has been around for quite some time but recently boosted in ranking after 2020. Interactive Brokers are headquartered in Montreal. They are a member for CIPF which further adds to its credibility.

  • It offers different account types including registered, non-registered, TSFA, and RRSP accounts.
  • With the account, you would be able to access various market research tools and subscriptions as per your need.
  • The commissions are based on volumes so that can be more expensive if you are trading higher volumes.
  • It offers one of the best customer support services in the market with live chat, prompt phone calls, and timely response to emails.
  • The app also offers IB SmartRouting technology. It is a dedicated service that ensures you are locking the best possible price at the time of trade execution.
Stocks Options ETFsPros Cons
$0.005 USD/share for US stocks, $0.01 CAD/share for CAD stocks, $1/trade minimum commissionUS(Ranges from $0.24 to $0.65, depends on premium, $1 USD minimum per order)
Canadian(Starting $1.25 CAD per contract, $1.50 CAD minimum per order)
Free but certain transaction fees may applyLow commissions, allows purchase of fractional shares, lowest interest rates to borrow on margin accounts, highest interest paid on uninvested account balanceRSP accounts charge $12.50 CAD per quarter, Also charge $50 for with withdrawal, $10 USD activity fee/each account


Although it was not quite popular before, Questrade has become a strong competitor in Canadian market over the recent years. Similar to the previous two options, it offers registered as well as non-registered accounts.

  • It has been in the Canadian market for over 21 years and currently has 50,000 accounts being opened every year.
  • It has made brokerage online dealing fast and simple.
  • Questrade has also launched instant deposit recently with which you can avail up to $3,500 using a Visa Debit card.
  • The mobile apps is quite commendable and easy to grasp.
  • The range of trading tools available here is extensive.
Stocks Options ETFsPros Cons
1 cent/share stocks, minimum $4.95/trade, maximum $9.95/trade$1/ contract, $9.95/ trade, some exchange fees may apply, some ECN fees may also apply$0 for purchases, selling price varies depending on stock price, typically low for advanced market data packageslowest trading fees in the market, commendable app with advanced features, allows advanced data streams, offers good trading toolsRequires minimum $1,000 in account to begin trading, charges inactivity fees

Qtrade Investor

This platform targets more experience investors and may not produce space for the beginners. Qtrade stands out with its prompt customer support service and institutional expertise.

  • It offers two tiers: Qtrade Investor and Qtrade Investor Plus.
  • Qtrade Investor Plus is only available to customers who make 150+ trades in a quarter or possess $500,000 of assets.
  • You can access it through a simple app.

Robinhood – In a Nutshell

Robinhood is a platform available on desktop and as mobile app to simplify commission-free investing and trading. You can easily visit its official website and sign-up to begin the stock exchange, carry out transfers with bank accounts, and explore other perks online.

Robinhood was able to win a large pool of customers due to low trading costs, and easy provision of fractional shares. It also guaranteed good cash management and recurring investment features.

The Bottom Line

Canada has currently closed its market to full-fledge no-commission trading but what turn the events will take in future, only time can tell.

With major options like Robinhood missing from the trading platform, Canada still has a few options on the table that you can look into instead. However, it is better to weigh the pros and cons before you make a choice.

Frequently Asked Questions

When was Robinhood launched?

Robinhood was introduced in 2013 and has attracted a number of global investors.

What can you use in Canada in place of Robinhood?

Canadians can make use of platforms like Wealthsimple Trade that offer commission free trading through a simple mobile app as well as desktop platform.