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When is Webull Coming to Canada? Alternatives for 2024

Updated on May 16, 2024
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You have probably heard about the Webull app on YouTube and want to know if it’s available in Canada, right?

Webull is a modern and easy-to-use investment app from the US. It has introduced the concept of commission-free trading in financial products such as stocks and ETFs alongside its biggest rivals, Robinhood, TD Ameritrade, and E*TRADE.

Want to know if Webull is available in Canada, the company’s expansion plans, and the alternatives available? We’ve got you covered!

Is Webull Available in Canada?

Unfortunately, Webull is not yet available in Canada. Currently, Webull can be used in the following markets: Australia, Hong Kong, Japan, Singapore, South Africa, the United Kingdom and the United States.

Webull has not yet made any public announcement about a possible expansion to the Canadian market. Although this market is interesting, it is also highly regulated and already has similar solutions (which we will cover below).

Can you use Webull in Canada with a VPN?

No, you cannot use a VPN to open a Webull account from Canada. After registration, Webull will ask for specific documents that prove you are a valid user.

Webull account opening

Webull Alternatives in Canada

If you’re in Canada and want to access the best brokerages and investing options, there are some alternatives to Webull that provide more choice and flexibility. Here are some of the best brokerages available in Canada that may be more suitable than the limited Webull:

Interactive Brokers | Sophisticated trading tools

Online broker with a sophisticated trading platform that offers a wide range of products. The company, founded in the US and active in Canada for decades, also lets you access the useful IBKR GlobalTrader app.

Saxo Bank | Great educational resources

Full-service brokerage offering stocks, ETFs, bonds, derivatives, crypto, and other products. In Canada, you can access 36 different overseas markets.

Questrade | Excellent platform

The Canadian brokerage offers both DIY investing services and pre-built portfolios. It’s a great low-cost option that allows you to invest in stocks, ETFs, options, mutual funds and more.

XTB | Cheap for stocks and ETFs

Headquartered in Poland and listed on the Warsaw Stock Exchange, XTB FR offers Canadian investors over 5,000 instruments to trade. Including stocks, ETFs, CFDs, indices and Forex at a competitive price.

Qtrade | Simple fee structure

Based in Canada, Qtrade has been around for over 20 years and offers Canadian investors the ability to trade stocks, ETFs, mutual funds, and options. It offers a few different price plans and also commission-free trading on some ETFs. 

Broker Fees for US stocks Minimum Deposit
Interactive Brokers $0.005 per share (min $1, max 1% of trade) $0
Saxo Up to 0.08% (min. $1) for US stocks $1,000
Questrade $0.01 CAD per share (min $4.95, max $9.95) $1,000
XTB FR $0 $0
Qtrade $6.95 – $8.75 CAD $0

#1 Interactive Brokers (IBKR)

Interactive Brokers logo
Visit brokerRead review

Interactive Brokers at a glance

Products availableStocks, futures, options, Forex, commodities, bonds, mutual funds, hedge funds, ETFs, CFDs
Minimum depositCAD $0
Deposit methodsBank transfer, wire transfer, cheque, electronic funds transfer (EFT), online bill pay
Fees and commissionsLow fees but vary based on asset and order size
Visit Interactive BrokersRead review

Interactive Brokers is an exceptional broker available to Canadian traders and investors. The company was founded in 1978 and landed in Canada in 2000 through the legal entity Interactive Brokers Canada Inc. (IB Canada). Since its arrival, the company has become one of the most reliable brokers in the world.

Due to its sophisticated and powerful tools, the wide range of products available for trading, and its low prices, Interactive Brokers normally attracts advanced traders. However, the mobile app IBKR GlobalTrader is user-friendly and more suitable for beginners, simplifying investments without losing the powerful tools for which the broker is famous.

Interactive Brokers offers attractive features such as low commissions on US stocks, a demo account for practising investments, a wide range of tradable assets, and trading in CAD$.

#2 Saxo Bank

Saxo Bank logo
Visit brokerRead review

Saxo Bank at a glance

Products availableStocks, Forex, ETFs, commodities, indices, options, bonds, and futures
Minimum depositUSD $2000
Deposit methodsCredit/debit card, wire transfer, cheque
Fees and commissionsUp to 0.08% (min. $1) for US stocks
Visit Saxo BankRead review

62% of retail CFD accounts lose money.

Saxo Bank is a subsidiary of the Danish bank with the same name founded in 1992. It operates in more than 170 countries, including Canada. The broker is a reliable option for advanced traders and beginners, providing safety, fair prices, and useful tools.

This brokerage offers a wide range of investment products from more than 50 different exchanges, high-quality educational resources, and well-designed and comprehensive trading platforms. In particular, the mobile app SaxoInvestor and the web-based SaxoTraderGO are user-friendly and functional applications, ideal for beginners. In the applications, it is possible to practise investments in demo accounts.

In a nutshell, the broker offers low prices, great educational resources, an impressive range of tradable assets, and user-friendly trading applications, making it an excellent alternative to investors in Canada who wanted to use Webull.

#3 Questrade

When is Webull Coming to Canada? Alternatives for 2024 1
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Questrade at a glance

Products availableStocks, ETFs, options, forex, bonds, CFDs
Minimum depositCAD $1000
Deposit methodsElectronic transfer, VISA debit card, wire transfer
Fees and commissions$4.95 - $9.95 for stocks and ETFs (some ETFs are free), and $9.95 for mutual funds and options contracts
Visit Questrade

Questrade is a Canadian broker that’s been helping investors since 1999 as an alternative to the big banks. Only Canadian residents are able to open an account with Questrade. 

You can invest using the app or web desktop and can choose from a few different plans, including the competitively priced ‘Questwealth Portfolios’ for pre-built ETF portfolios. You’re only able to hold cash in USD or CAD, but this brokerage is a solid option for beginners and more advanced investors with plenty of resources like up-to-date research, stock data, and charting tools.


XTB logo
Visit brokerRead review

XTB FR at a glance

Products availableStocks, ETFs, CFDs on indices, commodities, forex, cryptocurrency
Minimum deposit$0
Deposit methodsBank transfer, credit/debit card, Paysafe
Fees and commissions$0 for most stocks (minimum €10 order)
Visit XTB FRRead review

76-85% of retail CFD accounts lose money.

XTB is a Polish company founded in 2002 that offers Canadian investors the ability to trade through its French branch of the XTB Group, XTB FR

Along with real stocks and ETFs, you can trade various CFDs (forex, equity, indices, crypto commodity) with XTB. However, these are riskier and more complex trading instruments that should only be used by experienced traders. 

With lots of investment options and a well-built interface, XTB is a reliable alternative to Webull for beginners and advanced traders in Canada. It’s a very cheap platform with low fees and no minimum deposit. If you want to learn more about the broker, check our XTB review!

#5 Qtrade

When is Webull Coming to Canada? Alternatives for 2024 2
Visit broker

Qtrade at a glance

Products availableStocks, ETFs, options, mutual funds, fixed income and exchange-traded debentures
Minimum deposit$0
Deposit methodsElectronic funds transfer (EFT) or Bill Payment
Fees and commissionsCAD $8.75 on ‘Investor’ plan; CAD $6.95 on ‘Investor Plus’ plan
Visit Qtrade

Qtrade is a Canadian brokerage that started back in 2000. You’re able to sign up for a 30-day trial account and select between two plans, but the ‘Investor’ plan is the most accessible to retail investors (unless you make lots of trades/have a large portfolio).

Canadian investors have the ability to trade stocks, ETFs, options, mutual funds, and debentures (a type of bond). It’s a flat commission for most trades, apart from some ETFs which are free. 

Qtrade is an excellent alternative to Webull for Canadian investors because there’s no minimum deposit, a free trial account, and it’s a solid brokerage with a simple fee structure.

Which platform should you choose?

Some factors you should be aware of when choosing an online broker are the fees charged, if it is regulated by the IIROC in Canada, and the range of products it allows you to trade (not all platforms allow you to trade cryptocurrencies or stocks listed on the London Stock Exchange, for instance), among other factors.

The best online broker in your specific case will depend on your profile, preference, and objectives. Explore the websites above and decide for yourself!

A reminder that the above should not be construed as investment advice and should be considered information only. Investors should do their own research and due diligence about the services and opportunities best suited for their risk, returns, and impact strategy.

Happy investing!

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About the author
Pedro Braz
Co-Founder & Growth Manager

Pedro is passionate about finance, marketing, and technology. He is a growth manager at several online projects and a former digital marketer for a fintech company.

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