No, you cannot use Robinhood in Canada. Only United States citizens, US permanent residents or those with a valid United States visa can sign up for a Robinhood account.
Robinhood is a Menlo Park, California-based tech startup. It became extremely popular after introducing its trading app for iPhone and Android devices. Talking about the Robinhood app. you can trade stocks, ETF, options, and cryptocurrency, etc.
You won't pay any fees to use Robinhood trading, including setting up and maintaining a brokerage account or transferring money for investments.
A broker-dealer with FINRA approval, Robinhood has 15.9 million active users and $93 billion in assets under custody. Additionally, there are about 22.8 million funded accounts overall.
Now, if you are a Canadian thinking, Can I use Robinhood in Canada? Here we have the details.
The company has a US-only securities sales license as of June 19, 2022.
Moreover, such foreign no-commission trading platforms like Robinhood have also been unable to develop a foothold in Canada. This is because of the law that forbids brokers from using market-makers to execute transactions for a charge.
Canadian brokers are required to execute trades on exchanges in order to provide the highest level of transparency.
Robinhood services are solely offered in the US, as is made explicit by their account-holder criteria:
Some of the popular alternatives for Canadian investors are:
One of the popular alternatives to Robinhood in Canada is Wealthsimple Trade. You can have trades executed on your behalf without paying a commission using Wealthsimple Trade platform.
The best part of the Canadian brokerage firm is that you can opt to start a TFSA or a personal investment account. There is no account minimum or paperwork required. You can start using the mobile app in only a few taps.
However, Wealthsimple is not a startup that popped up overnight. The business secured a large CAD $750 million investment in May 2021 from some of the biggest banks in the world, including Meritech and Greylock.
Numerous Canadian celebrities, including Michael J. Fox, Ryan Reynolds, and Drake and his business DreamCrew, also contributed money to this funding round.
Wealthsimple's valuation increased to CAD $5 billion following this fundraising round. The startup had received over 900 million dollars in funding over nine rounds as of June 2022.
Canada has a bulk of alternatives to a trading app like Robinhood. Some of these include:
Have you opened a brokerage account yet? Which stock broker is your favourite and why? Do share your feedback and queries.
Wondering, if Qtrade is safe and legit stock broker in Canada? Know details on the leading Canadian online trading platform and see how it adds up to the security layers and keeps customers satisfied.
There are several choices available to Canadians who want to invest in the stock market online. Questrade ranks higher a sone of the best stock trading site for a beginner in Canada, offering access to both the Canadian and American stock markets.
Are you a Canadian citizen wondering if you can open a bank account in USA? We have an answer to your query. Yes, Canadians are eligible to open a savings or a chequing bank account in the United States of America.
Robinhood is a U.S based online stock broker which is currently not available in Canada. Canadian citizens cannot open an account with Robinhood, instead, investors can consider other online low-cost brokers that are available in Canada such as Questrade.
Starting with day trading seems very difficult and full of risks. However, if done properly governed by proper rules and by acquiring proper knowledge, with time it is one of the brightest careers for an individual. Let's learn a bit on Day Trading in Canada.
Canadian citizens can easily purchase U.S stocks. Many online stock brokers provide the facility to invest in US stocks. Questrade and Interactive brokers are some of the brokers who allow foreign investing. Apart from this, there are some other ways to directly as well as indirectly invest in US stocks. One of the non-traditional methods includes the TFSA (Tax-Free Savings Account) with which you can buy up to $6,000 worth of stocks per year.
A fractional share is a small part of a company's stock which is less than one full share of the company and can be owned by an individual. An investor can buy fractional shares in Canada with platforms like Wealthsimple Trade and Interactive Brokers, etc. Go through the post to understand it completely.
Webull is a U.S based stockbroker which is not available for Canadian users. Canadian citizens cannot open an account with Webull. You have to either be a citizen of the U.S or have a valid U.S Passport in order to open an account with Webull.
When we as a beginner start our journey of investing, we need to learn a lot of new things and practice them for becoming a successful investor. See if an online stock broker like Qtrade is good for beginners trading and investing in Canadian stock market.
To open a brokerage account in Canada, you’ll need to provide your full name and a valid form of a government-issued photo ID and some personal details such as your email address, phone number, residential address and Social Insurance Number (SIN).