Robinhood Canada – 5 Alternative Trading Apps

Are you looking for Robinhood in Canada? Searched multiple times but got nothing. Then there is a good news for you! You will find a handful of trading apps that are similar to it.

Though you won’t find Robinhood in Canada, it should not discourage you. Brokerage firms in Canada are user-friendly and provide the best services worldwide. Let us explore some of the alternatives that you can try.

What is Robinhood Canada?

Robinhood is a widely used investment platform. It has a user-friendly interface and has low commission rates. And that is why even the Gen-Z is preferring it over others as their first choice.

This platform started in 2015 and in recent years it has seen a big jump in its revenue. It has specifically targeted the younger generation that is looking for cheap investment sources

Unfortunately, it is only available in the United States. If you are looking for this app in Canada, then you might be disappointed. 

You might be wondering when it will be available in Canada. As of now, it seems quite far-fetched. But to ease up, you will find some good Robinhood alternatives in Canada

5 Canadian Trading Apps Alternatives to Robinhood

Here are 5 amazing Robinhood alternatives in Canada.

1. Interactive Brokers

Interactive Brokers has a big client base in Canada. Users can get their accounts opened in just a few seconds. You will get TFSA, RRSP, margin, spouse accounts, and many other account options. 

One of the best features of this trading app is that you can trade in fractional shares. However, the same feature is not available for TFSA and RRSP. It has become the most asked feature of this platform.

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If you are one of the high-frequency investors then the commission rates here are in your favor. For a mere $0.005 for every equity, you can trade here. Though the minimum limit is $1. Don’t worry the maximum brokerage fee will not exceed 1% of your trade ever!

2. WealthSimple

WealthSimple is probably the most similar platform to Robinhood in Canada. It is easy to use, provides a decent interface, and can be used on mobiles as well. If you already have an account then you must know how quick and fast it is to search for stocks.

The biggest perk of using this trading app is that most of the Canadian ETFs and stocks can be traded at zero commission. For US equities you need to pay a transaction fee that is around 1.5% of the value.

As compared to other brokerage platforms in Canada, this one offers less variety. In terms of accounts, you can only open a TFSA, RRSP, and a personal savings account.

3. Questrade

The next one on the list is Questrade which is over 2 decades old. It has been in the news for being the top trading platform for a very long time. You can open many different types of accounts based on your trading needs.

The commissions are usually fixed. It ranges from $4.95 to $10. But this is for regular accounts. The active trader package they offer has a very minimal brokerage rate i.e. $0.01 for every share. 

This platform is not just limited to Canadian and US stocks. You can find ETFs, options, mutual funds, bonds, commodities, and GICs as well.

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4. Qtrade

Qtrade is another affordable and user-friendly platform that is a good competitor of Robinhood. The company has launched a mobile app that offers quite a similar kinda experience. There are charts to make it easy and simplified.

New investors can get a demo account to learn the process before putting in real money. With a demo account, you can purchase stocks and options too. You will be given access to the Canadian and the US market. 

Active traders are given discounted commission rates. The only possible drawback of using Qtrade is they don’t accept credit cards and e-wallets for adding money.

5. Scotia iTrade

The Big 5 bank “Scotia Bank” of Canada has its own retail brokerage named Scotia iTrade. Initially in 2008, they bought an e-trade platform and took it under their wing. Since then, it has won quite a few awards for innovation and services.

Just like Qtrade, active traders will get discounted commissions and access to the market research data collected by the Scotia experts. With a demo account, you can practice without risking your money.

Are you Looking for cons? Here is one. They charge an annual fee for every account. The premium trading accounts are charged a very heavy brokerage fee.

Robinhood Canada Trading Apps Alternatives: Which is the best?

People are continuously looking for better trading apps. Robinhood has its own user base, but the Canadian trading apps are equally competitive. The alternatives listed above make the list of top stock trading apps.

Questrade and Qtrade have the cheapest commission rates. On the other hand, Wealthsimple matches most with Robinhood in terms of sleek features. 

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Which Canadian trading app is most similar to Robinhood? Comment down your views.

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