Our American neighbours have several impressive investment platforms with products and services that are attractive to investors worldwide.
Webull is one of such remarkable trading platforms that offer commission-free brokerage for ETFs, stocks, fractional shares, options, and ADRs trading.
Like Robinhood, Webull is quite popular among Canadian investors. As a result, a lot of Canadian investors like you are asking: is Webull available in Canada? If not, what are the Webull alternatives in Canada?
This article covers everything you need to know about Webull and its top alternatives in Canada.
Here we go!
Overview of Webull
Webull is a self-directed investment platform founded by Anquan Wang in 2017. The platform is headquartered in New York, United States and operates across nine countries.
Webull sets itself apart from the competition with a commission-free brokerage platform for trading ETFs, stocks, fractional shares, options, and ADRs.
Investors can choose to invest in a personal brokerage account or Webull’s IRA account (the Canadian version of RRSP).
Webull’s brokerage is managed by Webull Financial LLC and investors can trade across the following exchanges: NASDAQ, New York Stock Exchange and CBOE EDGX Exchange.
As a broker-dealer, Webull Financial LLC is a member of the following top investment bodies:
- Securities and Exchange Commission (SEC)
- Securities Investor Protection Corporation (SIPC)
- Financial Industry Regulatory Authority (FINRA)
Webull has an intuitive trading interface on its mobile app, desktop program and web portal, making it very accessible for investors looking for a flexible self-directed investment platform.
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In addition to having no minimum balance, Webull has advanced trading tools such as technical indicators, economic calendars and research tools.
With these and lots of other exclusive features, Webull has captured the interest of investors worldwide.
Is Webull Available in Canada?
Short answer, No! Webull is yet to launch in Canada. That said, Canadians can download the Webull app and use it for a limited number of activities such as paper trading, research and analysis etc.
Other than these, you can’t open a Webull account in Canada to execute trades like Americans and investors in other countries.
When Is Webull Coming to Canada?
Webull has not released any official statement about when or if it will ever expand to Canada.
In the meantime, Canadian investors have to use Webull alternatives to execute commission-free trading in the country. Fortunately, we’re not short of Webull alternatives that offer commission-free trading and self-directed investing.
In the next section of this article, we’ll cover the top alternatives to Webull in Canada for self-directed low-cost trading.
Who Can Use Webull?
Webull is available to all investors across its supported countries. The following are the current countries Webull operates in:
- United States
This means Canadians are not the only ones excluded from using Webull at the moment. But as the company grows, we hope it will expand to Canada.
That said, the platform is more suited to intermediate and seasoned self-directed investors. Though it’s available on mobile, desktop and web portal, beginner investors may find it less friendly compared to other investing apps like Robinhood.
How to Use Webull in Canada?
As mentioned previously, you can only use Webull for paper trading, stock trading, research and analysis at the moment.
To achieve this, you need to open a paper account with your email or phone number. You can also sign-up automatically with your Google or Facebook account.
As a demo account, a paper account allows you to practice trading and test different investment strategies at no cost. This is perfect if you’re looking to minimize risks when executing real trades.
The paper account can be operated through the mobile app, web portal or desktop.
Benefits of Webull Canada?
You may still be wondering why Webull is such a popular name in the investment industry worldwide. The reasons are so obvious. Let’s take a look at a few of them.
- Commission-free trading: You can trade ETFs, stocks, fractional shares, options, and ADRs on Webull without any commission. This allows you to invest and build a diversified portfolio without worrying about the fees.
- Account types: Webull has a mix of registered and unregistered accounts to meet investors with different needs. Investors can choose to invest in a personal brokerage account (cash and margin) or the IRA accounts like Roth or traditional.
- Freebies: Unlike other investment platforms, Webull has no account maintenance fee, withdrawal fee and inactivity fee. With this, investors can easily invest more.
- No minimum balance: Webull doesn’t have a minimum account balance. This eliminates pressure as you can start trading with any amount.
- Tools: Webull has a handful of free tools to make trading easy for its users. You can access a demo account, technical indicators, advanced charts, economic calendars among other tools on the platform.
- Accessibility: Unlike other trading platforms, Webull is accessible on mobile, desktop and web portal.
What are the Drawbacks of Webull?
On the other hand, the following are the factors that make Webull unattractive to other investors:
- Limited investment products: Investors can only trade ETFs, stocks, fractional shares, options, and ADRs on Webull at the moment. Those looking for other securities such as bonds and mutual funds have to look elsewhere.
- Not beginner friendly: Investors looking to get their feet wet in the investment industry may not find Webull suitable. This is because the platform is tailored to intermediate and seasoned self-directed investors.
Overall, Webull is on top of its offerings and investors can use it to save on fees and commission while building their investment portfolio.
What are Webull Alternatives in Canada?
There’s not a single match for Webull in Canada. The different investing platforms we have in Canada may share some features with Webull, but none of them is a perfect match.
That said, here are the best Webull alternatives in Canada:
Best for self-directed and option trading
Questrade is a Canadian online discount broker that offers commission-free trading on ETF purchases. It charges commissions on selling ETFs and trading other securities.
Like Webull, Questrade is also a self-directed brokerage that allows you to trade options. However, it supports more investment products than Webull as you can also trade:
- Mutual funds
- FX, GICs
- International equities
- Precious metals
In addition, Questrade supports all the registered and non-registered account types in Canada which include TFSA, RRSP, RRIF, RESP, LIF, LIRA, personal and margin accounts.
And if you’ll rather invest in an automated portfolio, Questrade has a robo-advisory service called Questwealth Portfolios which is the best robo-advisor for low cost in Canada.
Overall, Questrade active investing strategy and options trading make it the closest alternative to Webull in Canada.
Pros of Questrade
- No Commissions on buying ETFs
- Options trading
- Multiple investment products and accounts
- Low management fees on its robo-advisor (0.2%/0.25%)
Cons of Questrade
- Waives commissions only on ETFs purchases
- Has a minimum account opening requirement of $1,000
2. Wealthsimple Trade
Best for commission-free trading
If you’re looking for commission-free trading on ETFs and stocks, then Wealthsimple Trade is currently the best Webull alternative in Canada.
Like Webull, Wealthsimple Trade also doesn’t support bonds, mutual funds and GICs trading. But while Webull supports options trading, Wealthsimple Trade doesn’t.
However, investors can trade fractional shares, ETFs and stocks on Wealthsimple Trade. Crypto trading is also available through Wealthsimple Crypto that runs on the Trade app.
Pros of Wealthsimple Trade
- Commission-free on ETFs and stocks
- $0 minimum balance
- Fractional share & crypto supported
- Registered and non-registered accounts (including a USD account)
Cons of Wealthsimple Trade
- Limited investment products
- Few registered account offerings
- Requires a monthly subscription for premium features
Webull vs. Questrade vs. Wealthsimple Trade
Below is an overview of how Webull compares with Questrade and Wealthsimple Trade for your easy selection.
|Key Feature||Webull||Questrade||Wealthsimple Trade|
|Investment products||ETF, stocks, fractional shares, options, and ADRs||Options, ETFs, stocks, bonds, FX, GICs, SRI, IPOs, mutual funds, international equities, CDFs, precious metals||ETFs, stocks, fractional shares, Crypto, SRI, Halal|
|Account types||Individual brokerage account and IRA||RRSP, RIF, TFSA, RESP, LIRA, LIF, personal and margin accounts||RRSP, TFSA, non-registered accounts|
|Commissions||$0||$0 on ETF purchase only||$0|
|Deposit protection||up to $500k by SIPC||Up to $1 million by CIPF||Up to $1 million by CIPF|
|Mobile and desktop trading platform||Yes||Yes||Yes|
What to Look For in the Best Webull Alternative in Canada?
It may seem challenging to narrow your selection on the best Webull alternative in Canada. But it doesn’t have to be so.
Whether you’re contemplating between Questrade, Wealthsimple Trade or other Canadian investment platforms, consider the following factors when determining the best Webull alternative for you in Canada.
1. Products and Account Types
Options trading is one of the special investment products of Webull. In this regard, Questrade should be your option based on the above comparison of Webull alternatives in Canada
Not only that, but you can also trade bonds, mutual funds, GICs, stocks, ETFs, FX, GICs, SRI, IPOs, international equities, CDFs and precious metals on Questrade.
If you’re also interested in investing in a registered account, Questrade has support for all the different options like RRSP, Spousal RRSP, RIF, TFSA, RESP, LIRA, and LIF accounts.
Webull is a regulated trading platform that gives investors a maximum sense of safety. Deposits on the platform are insured up to $500k by the Securities Investor Protection Corporation (SIPC).
On the other hand, the Canadian Investor Protection Fund (CIPF), protects your investments up to $1 million on registered investment platforms in Canada.
That means, your investments are covered by CIPF irrespective of the Webull alternative you choose.
Webull offers a wide range of tools for technical and fundamental analysis. This not only simplifies trading but also helps investors minimize risks in the long run.
So whether you’re a beginner, intermediate or seasoned investor, you should consider trading tools when choosing the best Webull alternative in Canada. Some of the tools to look out for include:
- Demo accounts
- Technical indicators
- Economic calendars
That said, you may find Questrade ideal if you’re a seasoned self-directed investor because it has the major tools you need to execute trades.
On the other hand, Wealthsimple Trade may be ideal for you if you’re a beginner or intermediate investor looking for basic trading tools.
4. Trading Platform
Are you a DIY investor or prefer everything to be managed for you? Knowing the investment management style you want will help you choose the perfect Webull alternative in Canada.
As you can see, Webull is a self-directed investing platform tailored. In this regard, you should be looking at Questrade, Wealthsimple Trade or similar apps. And not Questwealth Portfolios, Wealthsimple Investment and so on.
5. Commissions and Fees
Since Webull has no commissions on buying and selling securities, you need to tailor your comparison along this line.
Questrade has below average trading commission and fees. However, it only waives commissions on ETFs purchases.
On the other hand, Wealthsimple Trade has no commissions on buying and selling ETFs and stocks.
The bottom line is that Webull is currently unavailable to Canadian investors.
With no signs of Webull expansion to Canada soon, we can only rely on its alternatives at the moment.
Whether you’re going with Questrade or Wealthsimple Trade, you can’t make the wrong decision so far you consider the above factors. If you need more help, please leave a comment below.
For more information about the best investment products and services in Canada, kindly explore our existing blog posts.