What are best alternatives to WeBull in Canada?

Short Answer

Are you a fan of WeBull, a US based stock broker and looking for similar alternatives in Canada? Grab list of best stock brokers offering various products & services.

Detailed Answer

WeBull is one of the best brokers in the US which gained popularity by offering commission-free trades, plethora of free research tools, and no minimum deposits.

But unfortunately it hasn’t crossed the border yet and is not in Canada, so we have to find alternatives to WeBull and thanks to the highly competitive environment. And believe me, it is not very difficult to get some great alternatives to this brokerage firm in this fast growing world.

WeBull Alternatives: Best Brokers in Canada

These are not in any sequential order. We have simply handpicked few of the best brokers in Canada offering different products and services:

1. Wealthsimple Trade

Wealthsimple Trade will be our top choice and the best possible alternative to the Webull. It allows traders to trade stocks commission-free with no account minimums.

Wealthsimple Trade’s majority target clientele is also beginners and millennials who look for bare minimum infrastructure to enter into trade with least cost. And that is why they let you operate through mobile apps for quick, easy, and on the go trading.

Pros:

• Zero-commissions.

• No account minimums required.

• User-friendly mobile application.

Cons:

• No platform for desktop.

• Limited options of research.

• Options and Cryptocurrencies can not be traded.

2. Questrade

Questrade is a leading web-based platform that allows you to trade ETFs for free. It looks good for the investors who want to buy them for the long term perspective because you are charged when you sell them.

Even though every other instrument has a fee attached with it, it is a decent alternative to Webull.

Pros:

• Zero-commission on ETF purchase.

• Low AMC fees.

• Availability of registered & non-registered accounts.

Cons:

• Minimum $1000 account balance is required.

• Higher fees.

• The mobile application is not user-friendly.

3. Virtual Brokers

Virtual Brokers is also a decent alternative as it lets you buy commission free ETFs and Mutual Funds. Again, you have to pay commission when you sell ETFs. Also, the other instruments like stocks, bonds, etc. are also not commission free.

One good attribute is that it offers multiple platforms according to the experience level of traders.

Pros:

• Zero-commission on ETF purchase.

• Traders can choose a platform according to their experience level.

• Good research tools.

Cons:

• Instruments other than ETFs are not commission free.

• Higher fees.

• Platforms are not completely free.

4. Interactive Brokers

If you are an active or professional trader, you will definitely prefer Interactive Brokers. When their extensive research tools are compared to the costs, they definitely provide value for money.

You can also trade globally with a decent amount of fees. Interactive Brokers is considered among the top global brokers which always sets higher standards for competitors to follow.

Pros:

• No account minimums required.

• Lower trading costs when compared to other same level brokers.

• Access to wide product lines and global markets.

Cons:

• Not suitable for beginners.

• Higher fees when you compare to top discount brokers.

5. Wealthsimple Invest (Robo-Advisor)

If robo-advisor is your preference, Wealthsimple Invest becomes a great choice. Available for both mobile and desktop platforms, it is easily accessible.Pros:

• Rebalancing and Deposits are automatic.

• Fractional shares can also be bought.

• User-friendly mobile application.

Cons:

• Higher ETF fees.

• Limited options for portfolios selection.

• Not customizable.

We hope that Webull will cross the border and enter Canada one day. But as of now you can choose Wealthsimple Trade which is the closest alternative to Webull.

You may also choose other options listed according to your preferences and trading style.

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