Dear traveler, you must be weary from your journey searching all over Canada for Robin Hood, archer nonpareil, beau of Maid Marion and fabled denizen of the Sherwood Forest. You undoubtedly already tried locating him at Sherwood Forest Golf and Country Club, dubbed Worst Camp site in Saskatchewan, by a Tripadvisor user.
Oh, you seek Robinhood the commission-fee stock trading platform and not Robin Hood, the emerald-capped mischief maker of English legend! Sorry to disappoint you, but the short answer to your question - Robinhood is not available in Canada right now.
What is the Robinhood and is it available in Canada?
Considering that you made it this far, we imagine you’ve probably already got a pretty good inkling of what the Robinhood trading app is, so well make it quick. Robinhood is a Menlo Park, California based tech startup that created a popular stock, ETF, option and cryptocurrency trading app compatible with both iPhone and Android devices. Not only is the app free to download, all Robinhood trades, whether by app or desktop, are commission-free, meaning consumers aren’t charged anything per transaction when trading with them. Robinhood is a FINRA-approved broker dealer that claims that over six million customers have executed well over $30 billion in trades since the company’s founding in 2015.
Robinhood is not available in Canada at this time. In a Tweet some years back they mentioned they may come to Canada in the future, but the company is currently only licensed to sell securities within the US. You may feast your eyes on its website to your heart’s content, but unfortunately you will be unable to execute trades via Robinhood’s desktop or download its app in Canada.
Other commission-free trading app in Canada
Drum roll please. Introducing Wealthsimple Trade, an app that will execute commission-free trades on your behalf. Best of all, there’s no account minimum and no paperwork. You can get started with just a few taps in our mobile app. It’s brought to you by the same folks responsible for Canada’s largest automated investing service, not to mention the two-time Webby-winning website your peepers are currently taking in.
Wealthsimple is anything but a fly-by-night startup; it’s received $165 million in investment from Power Financial, one of the biggest players in the mutual fund and insurance business in Canada. Our brokerage Canadian ShareOwner Investments Inc., which operates Wealthsimple Trade, is a member of the Canadian Investor Protection Fund (CIPF). CIPF is a program that insures all accounts up to one million dollars against member firms bankruptcy.
Are there any limitations to Wealthsimple Trade?
Right now, Wealthsimple Trade is only available in Canada and does not offer cryptocurrencies, stock options and registered accounts but you’ll be the first to know if and when we do. What we do offer is a constantly expanding list of thousands of stocks and ETFs available on the US and Canadian exchanges, an index of which is updated regularly. Wealthsimple Trade is currently only available as a smartphone app. Enter your phone number here to get a link to your phone or download the app directly from the Apple App Store or Google Play store.
If we had a lute, we’d blow a lively song of huzzahs for Wealthsimple Trade, probably the best thing to happen to commission-fee investing since the birth of the smartphone. Every Wealthsimple client, regardless of wealth or archery skills, receives state-of-the-art technology. So what are you waiting for? Hop to it and sign up for Wealthsimple Trade.