Canadians Can’t Open A Moomoo Investing Account

| May 13, 2022
✓ Verified by Harshil Dhanky

Moomoo Canada is not available at this time.

Despite having 18+ million users on their app, Moomoo doesn’t permit Canadians to register on their platform based on prevailing legislative and compliance requirements.

As a result, Canadians can’t trade on the Moomoo app and won’t be able to sign up.

3 Alternatives to Moomoo in Canada

Interactive Brokers


Interactive Brokers is an investor-friendly platform offering attractive margin accounts packaged with a low-fee global trading platform with seamless fixed income, currencies, commodities, and equities execution.


  • While Interactive Brokers isn’t commission-free, it has one of the best execution capabilities and offers users the opportunity to trade over 150 global markets.
  • Interactive Brokers provides margin accounts enabling greater buying power which can be utilized to increase leverage, execute derivative transactions and run more sophisticated investment strategies such as long/short investing, event-driven trading, etc.


  • Interactive Brokers may appear extremely complex and intimidating at first to new investors with all the different investable markets and asset classes.


Questrade is a mix between high street brokers and online-only discount brokers. Trading fees are product dependent, but ETFs can be purchased without commissions. Other securities attract transaction charges.


  • Questrade’s strength lies in its user-friendly experience and positioning between a full-service broker & online discount broker allowing users to trade in a self-directed manner or invest in managed products.
  • Questrade offers commission-free trading to buy fixed-income securities as well as ETFs listed on the platform while having a lower cost structure for active market participants as well.


  • Although Questrade has a competitive commission and fee structure, active traders might benefit from using a cheaper platform in order to lower execution charges.
Wealthsimple Trade


Wealthsimple can rival Moomoo in terms of offering commission-free trades and a good investing experience via their mobile and desktop apps. Wealthsimple has a suite of services complimenting its core offering.


  • Wealthsimple’s value proposition lies in its commission-free trading platform and suite of products such as tax filing, robo investing and money transfer ecosystem.
  • Wealthsimple provides access to investing in digital assets and supports more than 30 leading cryptocurrencies, thereby supporting investors that are seeking exposure to this burgeoning asset class.


  • Wealthsimple lacks derivatives execution capabilities, making the platform one dimensional and not well-suited for more experienced market participants.

While Moomoo may not be accessible to Canadians there are a variety of options that allow investors to transact in equities with a similar cost structure.

Moomoo’s deep social integration however is not really seen in any Canadian brokerage platforms.

Interactive Brokers

Interactive Brokers is a low-cost broker providing access to 150+ markets with margin accounts and derivatives execution capabilities across different asset classes.

Fees are determined by the specific product and volume traded.

Active traders get preferred rates and a discount based on their frequency of trading.

Further, the platform allows the setup of margin accounts, providing borrowed funds at very attractive rates (sub 2%).

This allows experienced investors to utilize leverage to augment returns.

Overall, besides the complexity and initial learning curve, Interactive Brokers comes strongly recommended by experienced market participants.


Questrade is a Canada-based investment platform providing access to the US/Canadian securities markets.

While certain products can be traded without commissions/fees, trading equities costs  one cent per share charge with a minimum charge of $4.95 and a maximum charge of $9.95.

Similar to equities, options can be traded for $9.95 + $1 per lot fee.

While these might be steep for active traders, long-term investors looking to build self-directed passive portfolios can transact in ETFs and fixed income without any commissions.

Recently, Questrade has been adding ancillary products such as QuestMortgage to build around the platform and create incremental value for their users.

Wealthsimple Trade

Wealthsimple is one of the most popular investing platforms amongst investors in Canada.

The platform provides access to Canadian and American stocks with no commissions.

There are currency conversion charges for investing south of the border, but they can be minimized by enrolling in the Plus subscription plan offered.

Wealthsimple does a good job of having digital assets on its platform and other value-added services are rolled into the core offering such as Wealthsimple Invest (Robo investing), Wealthsimple Cash and Wealthsimple Tax.

The only downside of the platform is the lack of margin accounts and long-only execution capabilities as futures/options are not supported as of now.

Moomoo Canada


Will Moomoo be Coming to Canada?

At present, Moomoo has limited ambitions to provide access to Canadians on their platform until there is a material shift in the regulatory and compliance landscape.

What is Moomoo Investing?

Moomoo is a new age commission-free trading platform that has a well-designed and intuitive mobile app backed by strong social media integration and other relevant features that come together to deliver a compelling user interface.

Frequently Asked Questions

  • Can Canadians open a Moomoo account?
  • Is Moomoo a legitimate investing app?

I have been investing for half a decade, using the perspectives gained from my work experience in the private, public, and non-profit sectors to shape my investment outlook. I have a specific interest in the potential of emerging disruptive technologies and their impact on the future.