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However, because Robinhood is an American company, it can’t be used in Canada. Not to worry, though, there are plenty of companies that offer similar services to Robinhood that are available in Canada. These programs also making investing simple and allow you to take it at your own pace.
Why Robinhood Isn’t in Canada
Currently, Robinhood is only available in the US. While they have been expanding to part of the UK and Europe, they haven’t made their way to be licensed in Canada yet. There was talk of it happening at one point, however, it never came to be. For now, instead of Robinhood, you'll have to use one of their Canadian alternatives which also offer some amazing features.
Canadian Robinhood Alternatives
While Robinhood is a great platform for those new to investing, Canada also has some amazing alternatives. Here are some of the best trading platform options and how they work.
Qtrade
When it comes to using one of the best online brokers in Canada, Qtrade Direct Investing is a really popular option. They have different stock trading options based on your experience level, and their trades cost between $6.95 and $8.75.
One of their drawing points is offering some of the best industry leading tools. No matter your experience, these tools can build and evaluate, even test, your portfolio. They used their most advanced technology for both risk analysis and building your portfolio. The more advanced your experience, the more advanced the tools become.
Not only is this platform one of the best online brokerages in Canada, it’s actually been listed #1 18 times throughout the last 28 years. Plus, you don’t have to use a desktop to use it, you can also use the app version on your mobile device. They even have an experienced support team to help their users throughout the entire process.
When it comes to investing with Qtrade, you have a choice between:
- Canadian and US stocks
- Canadian and US ETFs
- Mutual funds
- Canadian and US Bonds
- Options
- GICs
Questrade
Another great option for online brokerage accounts with low brokerage fees is Questrade. They offer zero-commission investing as well as do-it-yourself direct investing and pre-built portfolios. You can invest in different securities, including stocks, ETFs, Options, GICs, IPOs, CFDs, Mutual Funds, Bonds, FX, International Equities, and Precious Metals.
When it comes to pre-built portfolios, ETFs are a popular option and can be invested into a variety of accounts, including:
- Cash accounts
- Registered Retirement Savings Plans
- Tax-Free Savings Accounts
- First Home Savings Accounts
- Registered Education Savings Plans
- Spousal RRSPs
- LIRAs
- LIFs
- RRIFs
- Informal Trusts
- Joint Informal Trusts
- Formal Trusts
- Margins
- Proprietorships
- Sole Proprietorships
When it comes to piercing with Questrade, it depends on what kind of investing you’re getting into. Self-directed trading is $0 for stocks, ETFs and Options. Some other types of investments do have a small fee to go along with them. For pre-built portfolios, it’s 0.20% for balances of $100,000 and more. It’s 0.25% for amounts $250-$99,999. Active trading prices are also low-cost trading, but they also depend on which securities you’re trading.
Even if you’re new to trading, Questrade has you covered. They offer a wide variety of tools, including platform tutorials, goal tracking, different investment concepts and the basics of trading in the stock markets.
BMO Investor line
Just like with the other online stock trading platforms out there, BMO offers a wide range of investing options for investors of all skill levels. You can invest how and whenever you like with on-the-go access. You can also get expert investment advice from investment professionals. Based on the types of investing you’re doing, you can also choose which type of account you wish to invest in. The options you have include:
- TFSAs
- RRSPs
- RESPs
- Non-registered accounts
- LIRAs
- LRSPs
- LRIFs
- Corporate accounts
- Non-personal accounts
You can also choose whether you wish to invest online or consult with an investment professional. Both of these options are great for any skill level and give you access to all of the same investment options. These include stocks, ETFs, Mutual Funds, GICs and Options.
When it comes to direct investing, the self-directed options cost $0 per trade on 100 or more ETFs. There are no minimum deposit amounts from your bank account either. For other trades, the cost is $9.95 per trade. You also have access to different trading tools and complete control over the trading process.
With BMO adviceDirect, you can still trade online, but you also have access to advisor support. It also includes built-in trade recommendations that are backed by experts. The cost is based on your portfolio size and ranges from $75 to $3,750 annually. You need to have an account minimum of $10,000 to qualify for this account. Up to 185 trades per year are included.
TD Direct Investing
Just like BMO, TD also offers their own version of an online brokerage. This is known as TD Direct Investing. They’re considered Canada’s top digital brokerage, and they offer different tools and insights to help you make the most of your investments. You can instantly access different market insights, investor education, and new features as they’re added to the platform.
When it comes to prices, they’re also very straightforward. They’re essentially divided into two different categories: standard traders and active traders. Standard traders make less than 150 trades per quarter and pay the following fees:
- $9.99 for stocks
- $9.99 plus $1.25 for options
- Canadian and US stock's standard commission rate
The active trader prices are:
- $7.00 for stocks
- $7.00 plus $1.25 for options
- Canadian and US stock's standard commission rate
For free, included with these accounts, you also have access to real-time market data, commission-free mutual fund trades, research reports, and other educational resources. That said, when you get started, it’s important to select which type of investor you are. Whether you’re a new investor, experienced, or an active trader, your account type and the type of information that you have access to will make a difference.
If you’re just looking to trade stocks and ETFs, then you can always choose to use TD EasyTrade instead. Opening one of these accounts gives you access to 50 commission-free stock trades, unlimited commission-free ETF trades (different from unlimited free trades), currency conversion discounts, the ability to trade partial shares and even more. If stock and ETF trades are your main investing choices, this could be your best option.
CIBC Investor’s Edge
CIBC also offers a great investing platform online. Their platform allows you to build your own portfolio using online and mobile trading while having access to all the tools you need for your investing decisions. Whether you’re a new investor or an active trader, the platform is simple enough to use for everyone.
This platform also includes in-depth research from experts, alerts so you can keep on top of your investments, and extended trading hours and market access for US stocks. The different types of stocks that you can invest in with this platform include:
- Stocks
- ETFs
- Options
- Mutual Funds
- Guaranteed Investments Certificates
- Fixed Incomes
- Precious Metals
- Initial Public Offerings
- Structured Notes
- Canadian Depository Receipts
When it comes to pricing, it all depends on what type of investor you are. Here is a list of pricing options for the different types of investments.
| Investor | Active Trader | Young Investor | Student Investor | |
| Stocks and ETFs | $6.95 | $4.95 | $0 | $5.95 |
| Options | $6.95 + $1.25 | $4.95 + $1.25 | $6.95 + $1.25 | $5.95 + $1.25 |
| Money Market Mutual Funds | $0 | $0 | $0 | $0 |
| All Other Mutual Funds | $6.95 | $6.95 | $6.95 | $6.95 |
| Fixed Income and Money Market Investments | Commission included in price | Commission included in price | Commission included in price | Commission included in price |
| Annual Account Fees (balance over $10,000) | $0 | $0 | $0 | $0 |
| Annual Account Fees (balance under $10,000) | $100 | $100 | $0 | $0 |
Wealthsimple
Wealthsimple is another online trading platform that allows for commission-free investing. You can build the portfolio that you want your way. You can buy and trade stocks, ETFs, Options and Crypto. You can even increase your purchasing power by borrowing against your portfolio. The margin rates for this are prime -0.05%. When ti comes to options trading, there are also often extra fees per contract.
The great thing about Wealthsimple is that you can start depositing at any time on your terms. You can instantly deposit up to $50,000 if you’re a core client or up to $250,000 if you’re a Premium or Generation client. You also get extended trading hours on eligible stocks and ETFs. You even have the option of fractional trading, where you can purchase a piece of a share instead of a full one.
One of the other reasons that so many people choose to use Wealthsimple is that they offer flexible investing. You can set up a schedule for automated investing, grow your investment portfolio by reinvesting your earnings, and have the profits from your portfolio automatically deposited or reinvested.
The types of accounts that you can invest in with Wealthsimple are:
- RRSPs
- TFSAs
- LIRAs
- FHSAs
- Non-registered Accounts
- Margins
- RRIFs
Since Wealthsimple offers online support, you’re never alone, either. You can ask for help and advice whenever you need it. The cost of using the platform, though, is based on which account you register for.
| Core | Premium | Generation |
| Minimum $1 in assets Up to $50,000 in deposits $2 USD per options contract $0 commissions | Minimum $10,000 in assets No FX fees on US trades Up to $250,000 in instant deposits $0.75 USD per option contract $0 commission | Minimum $500,000 in assets Comprehensive financial plan $0 commissions Highest cash account interest and lowest fees |
AvaTrade Canada
For those who are day traders, AvaTrade is the Canadian equivalent of Robinhood. It’s known for providing the next generation of trading platforms, including MetaTrader 4, Meta Trader 4, and AvaOptions. They also offer videos, articles and other educational tools to help you develop your skills as a trader.
Another great feature of AvaTrade is the fact that it’s protected by SSL encryption and other leading industry protocols. Plus, all accounts that are opened and held by Friedberg Direct are protected by the Canadian Investor Protection Fund. This and the fact that AvaTrade wants you to succeed are great reasons to start investing in this platform.
With AvaTrade you can trade different securities including Indices, Commodities, Stocks, Bonds, Forex Pairs and Options.You don’t even have to be an experienced trader to start investing either. They offer tools and education for beginner investors, information of trading rules as well as different market strategies including on Canadian markets.
One interesting fact about AvaTrade is that you have access to a lot of their educational materials before you even make yourself an account. They’re transparent about the different investments that they offer and they breakdown how these investments work. Just browsing through their website can teach you so much about investing in general.
Interactive Brokers Canada
If you’re looking for a simple user interface with low trading fees, then another great platform option is Interactive Brokers Canada. They use a IBKR desktop that has proven features and innovative tools to make your investment journey simpler. You can trade in over 160 global markets using 28 different currencies and use a world map screener to find investment opportunities.
When it comes to pricing, what you pay is based on which security you purchase or trade and which market that security is from. There are different commission pricings for different markets that based on the trade value. Their other prices are based on similar features, but they all are considered to have professional pricing that’s lower than most other brokers.
Like many of the other brokers we mentioned, Interactive Brokers also offers many different educational resources to help you on your investment journey. There’s even the Trading Acadamy which offers free online course about financial trading. They even have a blof which keeps you up to date on the latest updates in the trading world.
RBC Direct Investing
The Royal Bank of Canada also offers a great direct investing platform known as RBC Direct Investing. One of their coolest features is that they offer a guest account option prior to account opening. This feature allows you to try the online investing platform without using real money. You can practice different forms of trading before you even start your own account.
For new Canadian investors, RBC also offers learning resources to build their trading education, see trade picks from analysts and set up preauthorized contributions to grow their savings. There are even more market research tools and investment strategy options available to advanced traders.
When it comes to trading itself, you can choose to use their online trading platform, mobile trading apps or even the trading dashboard. As for self-direct accounts, you have the option of:
- TFSAs
- FHSAs
- RESPs
- RRSPs
- Margin Accounts
- RRIFs
The investment products available to you are:
- Stocks
- Options
- ETFs
- Mutual Funds
- GICs
- Bonds
- New Issues/IPOs
- Gold Certificate
- Silver Certificates
The average cost of trading with RBC is $9.95 per trade.
Zero-Commission Brokers in Canada
As you can see above, many of the most popular online brokerages in Canada are also zero-commission brokers. These include Questrade, Wealthsimple, and AvaTrade. This is one of the reasons why these platforms are similar to Robinhood. Robinhood is also a commission-free platform.
Even though a brokerage offers zero-commission trading, it’s important to remember that it doesn’t always mean no fees. Depending on the brokerage, the commission can make up part of or all of the trading fees. This means that many of these platforms will still charge trading fees depending on the type of security that you’re trading. These fees include management fees and account maintenance fees.
2025 Broker for Beginners
In Canada, most of the online brokerages are a great option for those who are just starting out. However, each one has their own features so it just depends on what you’re looking for. With that in mind, though, Wealthsimple Trade seems to be the most popular platform for new investors. This has a lot to do with their low fees, intuitive platforms and simple investment options.
Unlike other online platforms, Wealthsimple only offers a few different securities. For new investors, this can make it a lot simpler to start navigating the investment world. They also offer straightforward pricing and zero-commission trades. You can even start retirement savings and other great investment accounts without the exorbitant fees.
Free Brokers in 2025
While there are many brokers that offer certain trades for free and zero-commission, there are no platforms that are completely free. That said, using these online brokerages can greatly reduce your overall fees as well as give you more control over your investments. Many of these brokerages also offer extended market hours which can help you fit your trades in around your schedule.
Final Thoughts
Trading in Canada can be an overwhelming process so finding a compatible trading platform can make all of the difference. Many of the programs that we mentioned are easy to navigate and provide you with the tools and knowledge that you need to make informed investment Fdecisions. They also offer a wide range of assets so you can keep a diversified portfolio.
Even though these platforms are online, that doesn’t mean that you’re on your own. Many have reliable customer service and investment professionals available to help you navigate the platforms and provide advice. They even offer stock trading apps and retirement planning tools. Depending on the platform, you can also choose to create a meeting with an investor. No matter which platform you decide to go with, you can start managing your own investment journey and take control of your financial goals. There’s a right trading platform out there for everyone.
