Is Webull Available in Canada? [3 Great Alternatives]

Webull is a popular U.S.-based online brokerage platform for trading everything from stocks to ETFs and cryptocurrencies. Unfortunately, as of June 2023, this fantastic broker is yet to be made available in Canada, so Canuncks are left looking elsewhere.

No need to worry, though, since we found three fantastic alternatives that allow you to invest right away and teach you how to make sound investments too!

Let’s get to it!

Why Is Webull Unavailable in Canada?

While Canadians are able to install the Webull app and check out some of its tools, they cannot yet open an account via the platform due to regulatory issues.

Every investment platform operating within the country must be checked and regulated by the Canadian Securities Administrators (CSA)—an umbrella government organization that protects investors and fosters fair and transparent capital markets.

As it stands, as of June 2023, the CSA is yet to regulate Webull in Canada.

Webull’s Best Features

So what makes Webull so special that Canadian investors have to look for alternative trading platforms? Webull stands out from the rest with several fantastic features:

  • Multiple account options—users can open both individual Webull accounts (cash and margin) and IRA accounts (traditional, Roth, and rollover);
  • Zero-commission trading—experience commission-free transactions when buying or selling stocks, ETFs, options, and cryptocurrencies; moreover, there are no deposit minimums, so you can start trading at any time;
  • Wide platform support—while you can experience Webull’s trading dashboard straight from your browser, you’re better off downloading the app, which has been adapted for all popular platforms: macOS, Windows, Linux, iOS, and Android;
  • User-friendly interface—Webull’s trading terminal is module-based and extremely easy to navigate and understand; moreover, you can further customize it when using the desktop app via personalized widgets and in-depth analysis.
  • Powerful analysis tools—from its Smart Advisor feature that auto-invests your funds for a hands-off approach to in-depth analysis tools, advanced charts, and technical indicators, Webull equips you with every tool in the box;
  • Varied learning resources—newbie investors have a treasure trove of educational resources at their disposal via the ‘Learn’ section of the Webull site;
  • Webull Paper Trading—to hone their trading skills and get ready for the real thing, traders can also use the platform’s ‘Paper Trading’ feature, a stock trading simulator designed for testing investment strategies with virtual currency.

Additionally, Webull has a very straightforward account setup, offers access to full extended hours trading (from 4 a.m. to 8 p.m.), and you can access advanced screeners and price alerts to take advantage of every investment opportunity.

Webull Alternatives in Canada

Keeping in mind the features that attract investors to Webull, we have identified and reviewed three excellent alternatives for Canadians looking to make some bank.

1. Wealthsimple Trade

Perhaps the best alternative to Webull in Canada is Wealthsimple Trade—another low-fee and commission-free trading platform that newbie investors can immediately pick up. Best of all, there are no account minimums or any paperwork to submit.

Wealthsimple’s range of features and benefits also includes:

  • Very straightforward and user-friendly app interface,
  • Quick account setup and purchase procedures,
  • Option for TFSA, RRSP, and personal investment accounts,
  • Access to stocks, ETFs, and options on several exchanges:
    • Toronto Stock Exchange (TSX)
    • TSX Venture Exchange (TSXV)
    • New York Stock Exchange (NYSE)
    • NASDAQ
    • NEO
  • Regulated crypto trading platform for buying and selling crypto assets,
  • Both web and mobile-based trading experience,
  • $10 Plus subscription adds a few benefits:
    • Deposit limit increases,
    • Real-time market data,
    • Access to USD accounts.

Note: Unlike Webull, Wealthsimple offers limited market research and analysis tools, so investors will have to look elsewhere for advanced charting or analyst ratings.

2. Questrade

Launched in 1999, Questrade is a reputable and experienced Canadian brokerage with a huge client base across the country. However, unlike Wealthsimple, Questrade offers great charting and research and analysis tools to satisfy advanced traders too!

Let’s explore some of its best features:

  • Simple layouts of both the web and the mobile trading interface,
  • Various customization options are available,
  • Access to both USD and CAD accounts,
  • Varied multiple accounts, including TFSA, RRSP, RESP, RRIF, and non-registered personal and corporate accounts,
  • Access to different investment assets, including options, currencies, stocks, ETFs, mutual funds, CFDs, GICs, etc.,
  • Buying ETFs is commission free, but selling them involves paying a small fee ($4.95 to $9.95 per trade),
  • Trading options costs $9.95 + $1 per contract,
  • Advanced research and analysis tools: 
    • Charting tools, 
    • Market data, 
    • Analyst ratings, 
    • Outside research reports, and more.

Note: Unlike Wealthsimple, Questrade does not offer free stock trading and requires traders to have a minimum balance of $1,000 to start trading.

3. Interactive Brokers

The last option to consider is Interactive Brokers—a top-ranking online brokerage platform with both advanced features and low trading fees. Also, IB has existed since the late 1970s and has established a global presence—you can’t ask for more experience than that.

This is what makes Interactive Brokers an excellent choice:

  • Mobile and desktop applications available,
  • Caters to both novice and experienced investors,
  • Fixed (low volume) and tiered (high volume) payment structure,
  • Extremely low commissions without any added spreads or charges,
  • No account minimums for trading,
  • Option to earn interest of available cash (up to 4.58%),
  • Variety of accounts available, from individual to joint and retirement accounts,
  • Access to everything from stocks and ETFs to futures, options, warrants, currencies, commodities, FOPs, SSFs, indices, mutual funds, and more,
  • Robust research tools with access to live market data and real-time news,

Note: Unlike the previous two options, Interactive Brokers offers investors access to financial instruments in over 150 global markets and the tools to scan them properly.

Bottom Line

Even though Canadians are still unable to enjoy Webull’s offering within their country due to regulatory challenges, they have excellent options to fall back on, including Wealthsimple, Questrade, and Interactive Brokers.

These platforms offer similar features to Webull, including low-cost or commission-free trading, access to different financial instruments, various analysis tools, and easy-to-use mobile apps. Each online brokerage has unique advantages and disadvantages, so checking out all of them is essential to finding the right fit for your investment needs.


When will Webull be available in Canada?

No official statement or timeline regarding Webull’s availability in Canada has been revealed as of June 2023, so investors should consider the above alternatives.

What other trading platforms in Canada have zero commission?

Wealthsimple is the main zero-commission trading platform available to Canadians.

If I am an American, can I use Webull from Canada?

If you are an American citizen or resident, you should be able to use Webull from Canada, provided you have a valid U.S. Social Security number and address. Nevertheless, remember to research the tax implications that apply under such circumstances.