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 are 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 into parts of the UK and Europe, they haven’t yet been licensed in Canada. 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 new investors, Canada also offers 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 key selling points is offering some of the best industry-leading tools. No matter your experience, these tools can build and evaluate your portfolio, and even test it. They used their most advanced technology for both risk analysis and portfolio building. The more advanced your experience, the more advanced the tools become.
Not only is this platform one of the best online brokerages in Canada, but it’s also been ranked #1 18 times over the last 28 years. Plus, you don’t have to use a desktop; you can also use the app 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, 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. 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, and the basics of trading in the stock market.
BMO Investor Line
Just like other online stock trading platforms, 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 while also having access to advisor support. It also includes built-in trade recommendations backed by experts. The cost is based on your portfolio size and ranges from $75 to $3,750 annually. You need a minimum account balance 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 its own 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
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, an experienced trader, 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 online investing platform. 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 to keep you 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 investment types.
| 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 it comes to options trading, there are often additional 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 can even trade fractions, where you can purchase a partial share instead of a full one.
Another reason so many people choose Wealthsimple is that they offer flexible investing. You can set up an automated investing schedule, 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 assetsUp to $50,000 in deposits$2 USD per options contract$0 commissions | Minimum $10,000 in assetsNo FX fees on US tradesUp to $250,000 in instant deposits$0.75 USD per option contract$0 commission | Minimum $500,000 in assetsComprehensive financial plan$0 commissionsHighest cash account interest and lowest fees |
AvaTrade Canada
For day traders, AvaTrade is the Canadian equivalent of Robinhood. It’s known for providing the next generation of trading platforms, including MetaTrader 4 and others. 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, along with the fact that AvaTrade wants you to succeed, is a great reason to start investing on this platform.
With AvaTrade, you can trade different securities, including Indices, Commodities, Stocks, Bonds, and Options. You don’t even have to be an experienced trader to start investing,g either. They offer tools and education for beginner investors, information on trading rules, and different market strategies, including Canadian markets.
One interesting fact about AvaTrade is that you have access to a lot of their educational materials before you even make an account. They’re transparent about the different investments they offer and break down how these investments work. Just browsing their website can teach you a lot 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 an IBKR desktop that has proven features and innovative tools to make your investment journey simpler. You can trade in over 160 global markets across 28 currencies and use a world map screener to find investment opportunities.
When it comes to pricing, what you pay depends on the security you purchase or trade and the market it trades in. There are different commission prices for different markets, based on the trade value. Their other prices are based on similar features, but they’re considered professional pricing that’s lower than most other brokers’.
Like many of the other brokers we mentioned, Interactive Brokers also offers a range of educational resources to help you on your investment journey. There’s even the Trading Academy, which offers a free online course on financial trading. They even have a blog 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, RBC Direct Investing. One of their coolest features is that they offer a guest account option before 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, you can choose to use their online trading platform, mobile trading apps, or even the trading dashboard. As for self-directed 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.
MooMoo
MooMoo is an online US stock trading platform for Canadians. They are known for having $0 currency exchange fees, low margin rates, and no paywalls. With MooMoo, you can also keep more of your money. You can start trading US options for only $0.65 per contract and stocks and ETFs for $0.0099 per share.
When it comes to accounts that they offer in Canada, you can get:
- Cash accounts
- RRSPs
- Margin accounts
- SRRSPs
- TFSAs
Tangerine Investment Vs National Bank Direct Brokerage
While these are both great investing platforms, they take two different approaches. Tangerine Investment is an automated robo-advisor platform ideal for beginners. They offer passive, pre-built index mutual funds, and all that’s required is that you pick a portfolio and deposit your money.
National Bank Direct Brokerage, on the other hand, is a self-directed brokerage. They tend to cater to advanced traders, and you manually execute every trade yourself. There’s no minimum investment amount, but there are account fees you’ll need to pay. However, these are transparent fees.
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 doesn’t necessarily 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 online brokerages are a great option for those just starting. However, each one has its 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 offers only a few securities. For new investors, this can make it much easier to start navigating the investment world. They also offer straightforward pricing and zero-commission trades. You can even open retirement savings and other investment accounts without exorbitant fees.
Free Brokers in 2025
While many brokers offer certain trades for free or at zero commission, there are no completely free platforms. 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.
Why Robinhood is Still Not Available in Canada
The main reason that Robinhood is unavailable in Canada is that we have a strict, localized regulatory framework. There’s also a large effort required to adapt the platform to a smaller market. Even though they’ve attempted to expand before, they chose to stop and focus on their core US user base.
That doesn’t mean that Robinhood will never expand, though. They just recently moved their engineering and infrastructure teams into a Toronto office. They’ve also initiated an acquisition of the Canadian crypto firm WonderFi. So while they are technically entering the market, they’re focusing on digital assets and crypto.
The Canadian Broker that is Best for US Options Trading
When it comes to US options trading, the best Canadian brokerage for Canadian residents is Interactive Brokers. While they don’t offer commission-free stock trading, it’s still really low. You also have access to advanced charting tools and advanced trading tools, industry-leading real-time data, and no hidden fees.
Canadian Brokers and Inactivity Fees
Inactivity fees with Canadian brokerages, including discount brokerages, are either quarterly or annual fees applied when an account shows no trades or an insufficient balance. Many big bank brokerages will charge these fees unless specific balance or trading specifications are met.
Canadian Brokers and Fractional Shares
While many investors trade Canadian stocks, many active investors also trade fractional shares. This allows you to buy partial pieces of high-priced stocks and ETFs with smaller dollar amounts. The three main brokers that offer this feature are:
- Wealthsimple
- Interactive Brokers Canada
- Questrade
Transferring TFSAs Between Canadian Brokers
While it is common practice to transfer your TFSA from one Canadian broker to another, how you choose to distribute the funds can negatively impact your contribution room. To avoid this, you should not withdraw the funds yourself.
- First, open a new brokerage account and ensure the name and registration type match your current account.
- Next, you fill out an Account Transfer Form with your new broker.
- After that, you choose how to move your investments. This can be done in cash or in-kind.
- Finally, you need to pay attention to transfer fees. Your old brokerage may charge these fees, and your new broker may reimburse them.
Trade Comparisons Between Webull Canada and Wealthsimple
Webull Canada and Wealthsimple are both good platforms, but they work very differently. Webull is built for advanced traders with professional-grade charting and analytical tools. They offer USD accounts, mobile trading tools, futures trading and hedge funds.
Wealthsimple, on the other hand, is best for beginners. They don’t support advanced day trading, but they offer $0 commission on Canadian and US stocks and ETFs. You can fund your account using interac e-transfer and electronic funds transfer.
CIPF Coverage
CIPF, also known as the Canadian Investor Protection Fund, provides coverage for eligible clients of Canadian Investment Regulatory Organization members in the event of a firm’s insolvency. They generally cover up to $1 million for eligible accounts.
Margin Rates and How They Compare Across Canadian Brokers
Margin rates vary depending on the brokerage you use. Here’s a look at how they compare.
| Brokerage | Rates |
| Interactive Brokers | CAD Rate: 3.74%USD Rate: 5.14% |
| Wealthsimple | CAD Rate: 3.95%-4.05%USD Rate: 6.25%-6.75% |
| Questrade | CAD Rate: 9.50%-11.3%USD Rate: 10.75%-11.75% |
| MooMoo Canada | CAD Rate: 7.83%-8.83% |
| Traditional Big Banks | CAD Rate: 6.00%-6.50%USD Rate: 8.00%-8.50% |
Final Thoughts
Trading in Canada can be an overwhelming process, so finding a compatible trading platform can make all 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 decisions. They also offer a wide range of assets to help you maintain 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. orm 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.
