The equivalent to Robinhood in Canada is Wealthsimple Trade. Wealthsimple offers a commission free trading platform for Canadians with a mobile app and desktop platform.
Robinhood Canada Alternatives FAQ
The app is only available to US citizens and legal residents who can use the app to trade even while outside of the U.S. in most countries.
The Best Alternatives to Robinhood
Here are the top five brokers for trading stocks in Canada.
If you want to be a day trader in stocks, you need a minimum of $25,000 in the U.S. If you day trade in Canada, there is no prescribed minimum, but your broker may require you to adhere to the $25K rule if you are buying securities that settle in the U.S.
With free management, day trading options, and a real time trading capability, Robinhood is a great platform for managing your assets. Wealthsimple offers three different investing options based on your account balance. ... Robinhood lets you select the individual stocks, bonds, or ETFs you purchase, and at which price.
YES–Robinhood is absolutely safe. Your funds on Robinhood are protected up to $500,000 for securities and $250,000 for cash claims because they are a member of the SIPC. Furthermore, Robinhood is a securities brokerage and as such, securities brokerages are regulated by the Securities and Exchange Commission (SEC).
Robinhood (company)
| Type | Private |
|---|---|
| Founders | Vladimir Tenev Baiju Bhatt |
| Headquarters | Menlo Park, California , U.S. |
| Key people | Vladimir Tenev, Co-CEO Baiju Bhatt, Co-CEO |
| Services | Stockbroker Electronic trading platform |
It's safe, yes. You'll always need to provide your SIN when you open an account to invest, anywhere you go. ... By investing, you accept the risks that come with it. Your portfolio construction process will be very much a factor of your risk tolerance.
Robinhood is also a poor high-volume, real-time trading platform because it lacks the customizable charts and data of other brokerages' sites. And as I've mentioned, Robinhood's quotes are delayed, sometimes significantly so.
After testing 11 of the best online brokers over three months, TD Ameritrade (100%) is better than Robinhood (62.62%). TD Ameritrade delivers $0 trades, fantastic trading platforms, excellent market research, industry-leading education for beginners, and reliable customer service.
Robinhood has severely damaged its brand. More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco. Forty percent of Robinhood investors say they aren't considering it, and 4% say they've already left the platform as a result of its stock limiting.
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