Many people know that in order to retire comfortably, you should set up a basic investment portfolio. While some people prefer to leave it to the pros, others prefer taking on the challenge of investing for themselves. This self-guided preference means that investing platforms have become increasingly popular over the last few years. One such investing platform to consider is Webull. But is it available in Canada?
What Is Webull?
Webull is a US-based investing platform where you can trade stocks, options, ETFs, and ADRs with no commission fees.
Webull has several trading tools available, so you can make better trades by being more informed. The platform is available online, via a desktop program, and through an app, meaning that you can use Webull wherever you are. There are different account types available, including an individual brokerage account and three types of IRAs. There is no account minimum, meaning that anyone can easily get into investing, although the lack of investor education may make this platform hostile to beginning investors.
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This platform is relatively new, having been founded in 2017. It is a member of the Securities Investor Protection Corporation and the Financial Industry Regulatory Authority, meaning that your assets are partially protected if the platform fails financially.
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What Makes Webull Great?
Webull offers a variety of great features that would be beneficial to any type of investor.
- Different Kinds Of Accounts – Webull has brokerage accounts to suit every kind of investment goal. Its individual brokerage account is your ticket to trading securities and other assets. For saving for retirement, you can open one of three kinds of IRAs: Traditional, Roth, or Rollover IRA.
- In-Depth Analysis Tools – You get access to advanced charts, technical indicators, and Level 2 Advance (Nasdaq TotalView) with Webull.
- Full Extended Hours Trading – Not only can you use Webull during regular trading hours (9:30 AM – 4:00 PM ET), you can also use it during the pre-market session (4:00 AM – 9:30 AM ET) and the after-hours session (4:00 PM – 8:00 PM ET).
- Free Access To Webull Desktop – Not only do you get access to Webull’s mobile and web platforms, but you also get access to Webull’s desktop platform. This platform allows you to analyze charts, work with your stock watchlists, place stock orders, and check out your portfolio.
- Commission-Free Trades – Many online brokers offer commission-free trades, and Webull does the same. That means you can make as many trades as you want without having to worry about paying steep commissions.
- 24/7 Customer Service Reps – If you have any questions about Webull or need help navigating its platforms, you can get 24/7 assistance from Webull’s customer service reps.
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Is Webull Available In Canada?
Unfortunately for anyone in Canada interested in Webull, the platform is not currently available in Canada. It’s available in China, India, Japan, Malaysia, South Korea, the Philippines, Turkey, Brazil, and the United States.
Webull has not publicly announced that it will expand to Canada, but it’s likely only a matter of time. The platform is already available in the United States, meaning that an expansion across the rest of North America wouldn’t be too far of a reach.
Alternatives To Webull
If Webull isn’t right for you, there are a couple of alternatives that may suit you better.
Wealthsimple Trade is an investing platform where you can trade stocks and ETFs. It has no commission fees or account minimum. There are multiple account types available. Because of the limited features of the platform and its lack of fees, this platform may be ideal for the beginning investor.
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This platform is similar to Webull because it is a trading platform that has no commission fees and has no account minimum. Webull is better than Wealthsimple Trade in several ways, including its wealth of research tools, its better range of investment products, and its desktop and web capability. Wealthsimple Trade also has currency conversion fees, making it an inferior option for US-based investment products.
|Wealthsimple Trade Advantages||Wealthsimple Trade Disadvantages|
|– Several account types available|
– No account minimum
– No commission fees
|– Few investment products available|
– No research tools
– Currency conversion fee
– Limited desktop platform capability (still in beta)
Questrade is an investing platform where you can trade stocks, options, ETFs, FX, IPOs, CFDs, mutual funds, bonds, GICs, and precious metals. The minimum commission fee is $4.95 and the maximum commission fee is $9.95. This platform has multiple account types and trading tools available, making it a good platform for every kind of investor.
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Webull and Questrade are similar in many ways, although Questrade seems to have more features and options available. You can trade more kinds of investment products, and there are more account types available with Questrade. Questrade does have commission fees and an account minimum (where Webull has none), perhaps making Webull a better option for more casual investors.
|Questrade Advantages||Questrade Disadvantages|
|– Many investment products available|
– Several account types
– Lots of research tools
– Available on different platforms
|– Commission fees|
Webull vs. Wealthsimple Trade vs. Questrade
Below is a comparison of Webull, Wealthsimple Trade, and Questrade.
|Investment Products||– Stocks|
– Mutual funds
– Precious metals
|Account Types||– IRA|
– Individual Brokerage Account
– Income fund
– MarginEntity & trust
– Forex & CFDs
|Account Minimum||$0-$2,000 margin for shorting stocks||$0||– No minimum to open account|
– $1,000 to invest
|Fees||– $0 commission trades|
– Regulatory fees (min. $0.01)
– Transaction fees (min. $0.01)
|– $0 commission trades|
– 1.5% currency conversion fees when trading US-listed securities
|– $4.95 – $9.95 commission trades|
– Administrative fees
– Transaction fees
|Research Tools||– Charts|
– Technical indicators
– Nasdaq TotalView
|None||– Intraday Trader|
– IPO Centre
– Market data
– Order entry types
– Investment reports
|Trading Platforms||– Mobile|
Will Webull come to Canada?
Can I use Webull in Canada?
Which platforms are similar to Webull in Canada?
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Webull is an investing platform where you can trade stocks, options, ETFs, and ADRs with no commission fees. While it isn’t yet available in Canada, it may soon be arriving. In the meantime, you can trade investment products on platforms like Questrade or Wealthsimple Trade.