Is Robinhood available in Canada?
- Asked By
- Updated On:02-Dec-2022
- Replies:1
Short Answer
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.
Detailed Answer
What is Robinhood?
Robinhood is a U.S based online Discount broker that allows investors to invest and trade on its platform without any commissions. The platform offers a broad variety of assets for investment in such as Stocks, Options, ETFs, Cryptocurrencies, IPOs, and* Gold*, all under one mobile app. Robinhood is primarily a mobile application using which you can execute any trades in a convenient way. it also allows you to buy and sell fractional shares of any company therefore you can start investing with as little capital as possible.
The main positive of owning a Robinhood account is that there are no minimum balance requirements nor there is any commission on the purchase or selling of securities. The platform is also insured by the SPIC which ensures the protection of the customers up to $500,000, in case of any misrepresentation by the broker. Let's look at some of the unique features of Robinhood.
- Zero Commission
- Zero account maintenance
- No minimum balance requirement
- Buy/Sell Digital Gold
- Buy/Sell Cryptocurrencies
- Get one Free stock after sign-up
Is it available in Canada?
No, Robinhood is not operational in Canada at this point in time. To open an account in Robinhood, you should hold a Social Security Number of the U.S or be a U.S citizen to buy and sell securities through the Robinhood app. Robinhood has future plans to expand to Canada but currently, it only has the license to operate within the U.S.
Though Canadian citizens cannot open an account in Robinhood, they can explore other options such as Questrade which is another online low-cost stockbroker that provides all the essential features and tools for trading and investing.
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Discussion (0)
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.
No, Thinkorswim is not completely free in Canada. Thinkorswim is powered by TD Ameritrade, a commission free US brokerage firm. The stock broker charges $0 commissions on online US stocks and ETFs. You have to bear some cost on option trades.
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.
You cannot open a TD Ameritrade account in Canada unless you are an American or have US citizenship. So, if you are a Canadian citizen, you cannot open account with this US stock broker.
There are various steps for Canadian NRI to invest in share market in India. Let's figure out how to invest in Indian stock market from Canada.
This is a tricky question and does not have an exact answer. However, an average Canadian is likely to invest less than $2,000 in stocks. This number is not fixed and may go up or down based on an individual's earning, saving, expenses and financial gaols.
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.
Questrade is a Canadian brokerage company. Questrade offers Extended Hours trading to its users where users can trade before and after market hours.
Yes, now you can trade options through the Wealthsimple platform. Options trading is only available on the latest version of the Wealthsimple mobile app in your DIY accounts. You'll be able to buy or sell options in any of your self-directed trading accounts through the Wealthsimple mobile app. The best part is, there is no minimum account balance required.