Robinhood Canada: 3 Best Alternative Trading Apps

Robinhood is currently not available in Canada.

The three best alternatives to Robinhood in Canada are: Wealthsimple Trade, Interactive Brokers, and Questrade.

Out of these three alternatives, Wealthsimple Trade is most similar to Robinhood – some people even call it the “Canadian equivalent.”

Commission-free trading options and the user-friendly experience are two features that make Wealthsimple a great alternative to Robinhood.

What is Robinhood

Robinhood is an investment platform that has become increasingly popular in the United States.

Founded in 2013, the Robinhood platform has now grown to over 18 million users.

As the name suggests, the goal of the platform was to create a financial system that worked for everyone and closed the gap between everyday traders and professionals.

From a user-friendly interface to a large catalogue of educational tools, Robinhood has given younger and newer traders a way to access the stock market without needing any specialized knowledge or expertise.

As one of the pioneers behind commission-free trading in the United States, Robinhood has attracted many new investors who are looking for low-cost alternatives to traditional brokerages.

The platform allows users to buy and sell stocks on major U.S. exchanges including the NYSE and NASDAQ and is available for clients in the United States and the United Kingdom

Is Robinhood Available in Canada?

Marketed as the investing app for millennials, Robinhood has become one of the most popular platforms for retail investors in the United States.

Unfortunately, Robinhood does not work in Canada. I tried visiting their website and opening an account, but it will not allow you to signup and the Robinhood app does not exist on any Canadian mobile app stores either.

When is Robinhood Coming to Canada?

While Robinhood has not announced a concrete launch timeline for Canada, in February 2024 they started hiring for many Engineering and Security roles in Toronto.

However, Robinhood is currently only licensed to sell securities in the United States and the United Kingdom.

Entering Canada would require a separate set of regulatory approvals that can take months or even years to obtain, so we’ll have to continue watching for further news from them about Canadian expansion plans.


Robinhood Alternatives for Canadians

Interactive Brokers Logo

Interactive Brokers


  • Low commissions, especially for high-frequency traders.
  • Robust platform with a variety of advanced tools.


  • Platform design and function takes some getting used to.
Wealthsimple Logo

Wealthsimple Trade


  • No account minimums required.
  • Easy-to-use mobile and web platforms.


  • Plus subscription required to have a USD account to avoid FX fees.
  • Lack of research tools and insights.
Questrade Logo



  • No fees to purchase ETFs.
  • Easy to navigate mobile and desktop platform.


  • Minimum account balance of $1,000 is required to trade.
  • Subscription required to stream real time quotes.

Some of the biggest selling points of Robinhood are the low fees and zero-commission trading.

Paying fees and commissions can add up quickly, especially for high-frequency traders.

In Canada, there are three main brokerages that offer a similar low or zero fee service similar to Robinhood.

Commonly referred to as discount brokerages, low-cost investment platforms in Canada include Interactive Brokers, Wealthsimple Trade, and Questrade.

These platforms are all great alternatives for Canadians who do not have access to Robinhood.

You can also visit our trading platforms in Canada list for additional options.

Interactive Brokers

Interactive Brokers is a great broker for Canadians.

The costs of trading are extremely low, and there are several different pricing structures to choose from depending on the type of trader you are.

The fixed pricing structure offers trading for as low as $0.005 per share of US equities, with a minimum of $1 and a maximum of 1% of the trade value.

For the tiered structure, pricing starts at $0.0035 per share for the first 300,000 shares and drops to $0.0005.

As you can see, high-frequency traders are likely to benefit the most from the Interactive Brokers pricing structure.

In addition, Interactive Brokers has some of the lowest (if not the lowest) margin rates in the industry.

Aside from stocks, investors also have access to a wide range of other assets, including ETFs, options, futures, FOPs, warrants, structured products, SSFs, currencies, commodities, indices, fixed income, and mutual funds.

Interactive Brokers offers their Canadian clients a variety of account options.

Both registered and non-registered accounts can be created in just a few simple clicks.

TFSA, RRSP, Spousal RRSP, margin accounts, and various trust accounts are all available through the trading platform.

Interactive Brokers also offers the ability to trade fractional shares, except in RRSP and TFSA accounts.

This feature has been highly requested, as it allows for traders operating with small sums of money in their accounts to buy stock in companies with high individual share prices such as Amazon.

The investment platform offers both a mobile application and a desktop application, both of which have an initial learning curve to them.

However, once users get a grasp of the interface, there are a variety of useful features that can be used to conduct research to make better financial decisions.

Lastly, Interactive Brokers also offers interest up to 4.83% on idle cash balances sitting in your trading account.

Wealthsimple Trade

When looking for alternative trading platforms in Canada, Wealthsimple Trade offers an easy-to-use platform, low-cost fee structure, and a variety of service offerings to meet different needs.

Wealthsimple Trade offers a friendly interface and easy-to-navigate platform.

Account setup is extremely straightforward and can all be done through the mobile application.

Once you have an account, it is easy to search for stocks and make your first purchase.

While Wealthsimple did not initially offer a web-based platform, the feature has recently been added.

Both web and mobile offer a similar sleek and polished experience, making trading much more accessible to newer traders.

Wealthsimple Trade offers commission-free trading for most Canadian stocks and ETFs.

With a regular account, only Canadian dollars can be held, meaning that purchasing U.S. equities requires a 1.5% transaction fee.

However, the recent addition of their Plus subscription for $10 per month provides users with USD accounts or the ability to hold funds in USD.

Wealthsimple Trade offers fewer account options than other platforms.

Currently, only three types of accounts can be opened: RRSP, TFSA, and non-registered personal savings accounts.

While the selection is limited, many traders will prefer to trade in either an RRSP or TFSA due to the tax benefits associated with these accounts.

The lack of additional account options should not dissuade traders from choosing Wealthsimple Trade.

Wealthsimple Trade also offers fractional trading on a limited number of Canadian and US equities.

As previously mentioned, this feature has received lots of positive reviews, as newer traders in Canada have long looked for opportunities to purchase stocks in companies like Amazon or Tesla.


Questrade has been around in the Canadian market for over 20 years.

During this time, the company has consistently been rated amongst the top investing platforms in the country by offering low-fee trading and a variety of services that cater to both amateur and experienced traders.

Just like Interactive Brokers, Questrade offers a few different account options depending on user needs.

Regular accounts have commissions ranging from $4.95 to $9.95 for most Canadian and U.S. stocks. The company also offers an Active Trader package which can bring commissions down to as low as $0.01 per share.

Aside from stocks, Questrade offers access to several other assets including ETFs, options, forex, CFDs, mutual funds, bonds, GICs, and commodities.

In terms of account types, Questrade offers a large range of both registered and non-registered accounts.

This variety opens up investing to those with different financial goals, from saving for education to retirement planning.

Money can be held in either USD or CAD, which can allow traders to buy and sell both Canadian and U.S. equities with ease while saving higher-frequency traders hundreds of dollars in transaction fees each year.

One feature not offered by Questrade is fractional share trading.

In this area, both Interactive Brokers and Wealthsimple Trade come out ahead.

Both the mobile application and desktop application are fairly straightforward and easy-to-use.

A variety of customization options are available, allowing traders to focus on what is important to them.

Robinhood app on phone

Frequently Asked Questions

  • Why isn’t Robinhood in Canada?
  • Robinhood is currently only licensed in the United States and the United Kingdom. To expand to other countries like Canada, Robinhood would need to work with regulatory bodies in those countries to obtain the necessary licenses and authorizations. The company is slowly expanding internationally, with the UK being its first market outside of the US.

  • Is there a Canadian equivalent of the Robinhood stock trading app?
  • The closest thing to Robinhood in Canada is Wealthsimple Trade. The main similarities between the two are the commission-free trading options and the user-friendly experience. These features make both platforms great choices for first-time investors.

  • Is Robinhood safe for investors?
  • Yes, Robinhood is a safe trading platform. It is regulated by institutions like FINRA and protected by the SIPC. Its users’ stocks and options are insured up to $500,000, with a $250,000 limit for cash claims. However, Robinhood has faced criticism for its handling of trading restrictions during volatile periods and its approach to user education. There were also isolated security incidents related to individual user accounts, but not a platform-wide breach. If considering Robinhood, it’s essential to stay informed about its practices, and like all investments, understand the associated risks.

Baggio Ma

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