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Webull is not currently available in Canada and the company has no plans to expand into the Great White North.
So what alternatives are available to Canadian investors looking for the features that Webull offers? Here’s three digital trading platforms that n00bs and seasoned vets can use to effectively invest all their loonies.
WealthSimple was a Toronto start-up back in 2014. It boasts a $0 minimum investment for the basic account and a tool to build a portfolio of socially responsible investment options (SRI’s) for the same management fees as any other portfolio.
At just nine years old, Wealthsimple Trade has exploded in the online broker game. The simplicity of the mobile app (desktop platform is still in beta) has allowed fresh investors to jump into the stock game with little to no trepidation. You just look up a stock by it’s ticker abbreviation, hit the “buy shares” button, and you’re a trader. Done. And 1.5 million users later, you have a Canadian fin-tech giant.
The appeal of Wealthsimple Trade for Canadian investors, especially as an alternative to Webull, is definitely the simplicity; Wealthsimple Trade supports the “couch potato” style of investing very well. But, it should be said, this attractive simplicity comes with a cost. Converting CAD into USD comes with an exchange fee of 1.5% plus the standard conversion fee. This isn’t an uncommon practice for Canadian brokers. However, it’s relevant if you’re looking for any sort of robo-advisor.
Wealthsimple doesn’t offer bonds, mutual funds and options but does offer RRSP, TFSA and taxable accounts. It’s $0 commission on trading and $0 account minimums make it the most similar to Webull.
Wealthsimple currently has three levels of accounts: Basic, Premium, and Plus, which allows you to upgrade for $10 a month. Wealthsimple Trade is an excellent online investment centre if you’re looking for relatively uncomplicated decision making when it comes to buying and selling stocks. It’s a rising star in the finance world.
Questrade is designed for amateurs and seasoned investors. If the three bears were testing online discount investing options, they might say that Questrade is “just right”. Ok, forget about the stupid bears, this isn’t about the bears! Questrade settles itself between Wealthsimple Trade and Interactive Brokers when it comes to ease-of-use and reporting. Critics of Wealthsimple Trade may say it’s TOO simple and lacks better tracking data. Critics of Interactive Brokers may say that it’s TOO complicated for most traders to use effectively. Those critics would fall over themselves signing up for Questrade.
This Canadian investment company was founded in 1999, and has its headquarters in Toronto. In the last two decades, Questrade has built up more than $8 billion in assets. Combine that with the immense popular support they have on social media, and it’s not hard to see why they are the fastest growing online brokerage.
Questrade features live chat support, free purchases on ETF’s and US trading as standard. There is a minimum account balance of $1000, however, which may turn some new investors away. Until you accumulate that $1K, you can’t do any buying or selling. But if that amount of money isn’t a hurdle for you, then Questrade also offers a ton of options to interest both the rookie and seasoned investor: stocks, bonds; all North American exchange traded funds (ETFs), mutual funds; GICs; options; initial public offerings (IPOs); and a certain equities like precious metals. The fees for some of these products differ, but the variety is like a 4-star buffet.
So, if you’re a semi-lazy trader who wants a high level of choice in investing, and you don’t mind the minimum account balance of $1,000, then check out Questrade, their pre-fab portfolios may be right up your alley.
Review which one works better for you: Weathsimple or Questrade.
This is the King Kong of online brokers. It’s a powerhouse of sophisticated tools aimed at active and veteran traders. Setting up an account gives you access to over 130 stock exchanges in over 30 countries. Yet, all the complex toys that hardcore traders love comes with a low cost on the most common products (shares, options, mutual funds, ETF’s etc.), and it’s available on web or mobile.
Interactive Brokers turns 44 years old in 2022, and it boasts $10 billion in equity capital and multiple awards including “Best Online Broker 2021” from Barron’s, “Best Broker for Low-Cost Investing 2020” from Nerdwallet, and “Best in Class Overall Broker” from Stockbrokers.com to name just a few.
The combination of their highly advanced platform, technical reporting, long list of available products, AND some of the lowest fees in the industry can help explain why Interactive Brokers is a top-rated option for Canadian investors. But, you don’t need to be Good Will Hunting to figure it out. Interactive Brokers has launched a whole Education wing to their website with articles and video tutorials for traders just starting out all the way up to advanced traders.
One of the coolest features Interactive Brokers advertises is the ability to make money through other traders shorting stocks you own. The short position pays interest and you can make 50% of that interest just by owning the stock, which you’re still free to use however you please.
Review what works better for you: Questrade or Interactive Brokers.
Webull was founded in 2017 and is considered a solid Robinhood alternative for American investors because it is only available to US citizens and it only offers US stocks and ETFs. Despite being a US-only brokerage, it offers some impressive features including the ability for members to trade 11 different cryptocurrencies, 24/7 customer service, and $0 trading commission on options and stocks. Where Webull might be lacking is it’s relatively limited variety in available securities, which are limited to American depository receipts (ADR), stocks, options, and ETFs—there are no mutual funds available on Webull. So if mutual funds are your thing, you will need to look elsewhere.
Now, 11 different cryptocurrencies in an online brokerage is impressive. However, any fans of crypto should be aware that Webull doesn’t offer a crypto wallet/account. So, you are forced to sell your coins for USD, should you want to withdraw. You cannot transfer them in or out of your Webull account.
Webull caters more to mid-level and experienced investors as their education section is somewhat lacking when compared to other online brokerages like Interactive Brokers, for example. This means new investors with little or no knowledge of the stock market should probably find a different option, or take the time to educate themselves before jumping onto Webull. There are terabytes of information online about investing to jump-start a person’s education. We have a few very good articles here, just so you know…
Something very intriguing and honestly delightful is the Webull community. This focus by the brokerage sets it apart and creates a sense of home-grown education as members make predictions on market trends and, if correct, earn rewards toward paper trading competitions where winners can receive very real money.
No, Webull is not available in Canada but, honestly, it’s fine. We have Wealthsimple and its various delineations: Trade, Invest, Cash, etc. And we have Questrade with its huge variety of available investment products and its skyrocketing growth in the fintech industry.
All of these online brokerages offer something unique to today’s investor, whether that’s simplicity, complexity, low fees, a hands-off approach, investment variety, or all of the above. The trick, obviously, is to find something that works for you and your style. Make a plan. Get educated. Talk to people you trust. Invest in your future. The best day to start with any of these companies is today.
Good luck and have fun!
Right now, there is no news about when Webull will come to Canada. There are several countries that are supported by the platform however: the United States, China, India, Philippines, Korea, Malaysia, Japan, Turkey, and Brazil. Anyone in the US who wants to create an account must meet a few requirements:
That is truly a great question, and it is equally difficult to answer because your investment goals are your own. They likely won’t match mine or anyone else’s. So, the best thing to do is figure yourself out. Take some time and think about what you want your investments to accomplish. What is your plan? How much money can you contribute to your investments each month? How willing are you to learn about investing, or continue your finance education?
Ask these simple, practical questions of yourself, then, when you have some answers, shop around for the broker that best suits your plan, economic position, and education level.
Webull has low fees, a plethora of cryptocurrencies available to buy or sell, and an intuitive web and desktop platform. Unfortunately, Webull doesn’t offer many products, only stocks, ETF, crypto, and options which are fewer than most online brokerages. Another major detractor is their lack of education materials; there are no tutorial videos to help new investors. This is a major oversight for a fintech platform and may deter some potential users.
