Aja McClanahan is a personal finance writer who has a story of getting out of over $120,000 in debt. She's been featured in Yahoo! Finance, MarketWatch, U.S. News and World Report, Kiplinger and has written for publications like Business Insider, Credit Karma, Inc., and many others. Aja writes about investing and personal finance for Wealthsimple. In her spare time, she manages her own investment portfolios for herself, husband, and two kids. Aja double majored in Spanish and Economics and holds a Bachelor of Arts degree from University of Illinois at Urbana-Champaign.
As retail investors become more active in trading, a war is on to win their business. As a result, we’ve seen the rise of little- to no-fee trading apps providing the enhanced features of more traditional online brokerages and trading platforms.
For entry-level traders wanting an easy-to-use trading platform without high fees, account minimums or other restrictive qualifications, Webull fits the bill. However, if you are trading as a Canadian citizen, Webull is not yet available.
If you still want access to a feature-rich, low-cost trading platform from Canada, you’ve got options. There are plenty of other online brokerages that offer essentially the same service as a platform like Webull.Get started with Wealthsimple Trade. Sign up today and start building your portfolio.
What is Webull? And is it available in Canada?
Webull is an online self-directed platform whose aim is to provide a simple, yet effective user experience for all types of retail investors, from novice to advanced. The platform is accessible via smartphone app and a locally installed desktop version for Windows or Mac.
Key features of the platform include:
Free real-time quotes
Full extended-hours trading
24/7 Online Help
Securities on Webull include stocks, options, ETFs, ADRs, and various cryptocurrencies. The online broker offers several different types of IRA options for those who’d like to save for retirement as well: Webull Traditional, Roth, or Rollover IRA.
Webull has several commission-free trading options and allows margin trading for accounts with at least $2,000—with some limitations for day trades. If you have over $25,000 in your account, you can execute unlimited day trades.
Though Webull offers many commission-free trading options, there are some charges in their fee schedule you should be aware of. For example, there’s interest charged on margin trades, short selling fees, and wire transfers. And there are other fees imposed by regulatory agencies that Webull doesn’t set, control, or profit from.
Other commission-free trading platforms in Canada
If you are Canadian, you still have options for low-fee, commission-free trading platforms. One such platform is Wealthsimple Trade.
Wealthsimple Trade is ideal for both new investors and those with a few years of trading experience under their belt. There’s no account minimum, no paperwork to complete, and you can open a TFSA, RRSP, or a personal investment account. Get started with just a few taps in our mobile app for both Android and iOs phones.
Canada-based Wealthsimple has received $265 million in investment from some of the world’s largest financial institutions in Canada and Europe. The brokerage that operates Wealthsimple Trade, Wealthsimple Investments Inc., is a member of the Canadian Investor Protection Fund (CIPF), a program that insures all accounts up to $1 million against member firms’ bankruptcy.
Wealthsimple Trade currently supports stocks and ETFs trading on the following exchanges:
Toronto Stock Exchange (TSX)
TSX Venture Exchange (TSXV)
New York Stock Exchange (NYSE)
Even if you don’t have access to some of the more common trading platforms, there’s no reason to delay investing and building wealth as a Canadian citizen. Check out our list of the best trading platforms available in Canada here.
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