You want Robinhood, but you can’t get it in Canada. Not yet, anyway. That sucks. But here’s the thing: Canada has solid alternatives. Some might actually be better than Robinhood.
This guide shows you 5 options. We’ll look at how easy they are to use, what they cost, what features they have, and who regulates them. Straight facts only, no filler.
The “Robinhood Gap”: Why the App isn’t in Canada (Yet)
Demand exists, but the platform doesn’t. This isn’t Robinhood’s fault. It’s a regulatory maze.
Canadian securities laws operate provincially, not federally, like the U.S. That means compliance is expensive and complicated. Different rules in Ontario, Quebec, Alberta, and BC. It’s a barrier most U.S. fintechs avoid.
But things are changing. In May 2025, Robinhood announced it would acquire WonderFi, a major Canadian crypto firm. The deal was delayed but is expected to close in early 2026. Translation: Robinhood is coming. Just not fully integrated yet.
In the meantime, Canadians are left searching for a Robinhood-like experience that is simple, cost-effective, and user-friendly. So, let’s dive into the alternatives.
Robinhood Top Alternatives: At a Glance
Here’s a quick overview of the platforms to consider. We’re comparing them on usability, cost, account availability, and USD access.
| Platform | Best for | Stock Commissions | Account Types | USD Accounts |
| Wealthsimple | Beginners | $0 | TFSA, RRSP, FHSA, Non-Reg | Yes ($10/mo or Free*) |
| Questrade | DIY Investors | $0 | All Registered + Margin | Yes (Free) |
| Interactive Brokers | Professional Traders | $0.0035/share (Min $1) | Most Global Types | Yes (Free) |
| Moomoo | Tech-Savvy Investors | $0.0149/share (CA) | TFSA, RRSP, Margin | Yes ($0 FX Fee*) |
Wealthsimple: The Gold Standard for Beginners
Wealthsimple is Canada’s answer to Robinhood’s simplicity. It’s not built for pros. It’s built to make investing approachable for everyone.
The Closest Experience
The app is clean, and onboarding takes minutes. It also lets you trade stocks and ETFs with zero commissions. It’s the Robinhood-like experience for Canadians
Key Features
Wealthsimple is known for managed investing with automatic rebalancing for a 0.5% fee. DIY traders can use the free “Trade” platform and earn 1.25%–2.25% interest on a high-yield Cash account, depending on total assets.
The “Premium” Tier
Wealthsimple’s “Generation” tier for $500K+ holders brings top tools. It’s a budget version of a family office.
Pros: Simple interface, $0 commission/contract fees, fractional shares
Cons: Limited technical charting, 1.5% FX fee (on Core CAD accounts), lacks complex order types (e.g., bracket orders)
For those looking for a platform that mirrors Robinhood in Canada, Wealthsimple is the undeniable leader in the mobile-first space.
Questrade: The Best All-Around Platform for DIY Investors
Questrade spans beginner to advanced users. Less sleek than Wealthsimple, but way more capable.
The 2025 Pivot
Since February 2025, Questrade has offered $0 commissions on all North American stock and ETF trades. You don’t pay anything to buy or sell. There are tiny ECN fees on some orders, but they’re fractions of a cent. Every platform has these fees. You can’t avoid them.
Advanced Capability
Questrade Pro, which was launched in late 2025, offers advanced charting, bracket orders, and multi-leg options trading, features missing in simpler apps.
The “Norbert’s Gambit” Advantage
Questrade lets you hold both USD and CAD. Their automated journaling tool speeds up “Norbert’s Gambit” for $9.95 (free for Questrade Plus members), saving you the 1.5%–2% conversion fee charged by competitors.
Pros: Broad registered accounts, instant deposits up to $3,500, Margin Power with TFSA assets
Cons: $9.95 mutual fund trades, no 24/7 support, $1,000 minimum to trade
Interactive Brokers (IBKR): For the Pro-Level Trader
Interactive Brokers (IBKR) is built for professional traders and investors who need access to global markets.
The Global Powerhouse
Unlike most Canadian apps, IBKR gives you access to 160+ markets, allowing you to trade stocks in Europe, Asia, and Australia with ease.
Low-Cost Execution
IBKR offers the best margin rates in Canada and institutional-level FX rates, making currency conversions up to 10x cheaper than competitors.
The Learning Curve
In 2025, IBKR made GlobalTrader easier for everyday investors, but advanced users will still to invest time in Trader Workstation.
Best for
Active Traders and Global Diversification
Pros: Interest on idle cash, stock lending income, overnight US trading
Cons: Paid market data, complex onboarding, interest only above $10,000
Moomoo Canada: The Data-Rich “New Kid”
Moomoo is the new player in Canada and is expanding fast. It’s tech-forward, data-heavy, and aggressively competitive on fees, making it a favorite for those who find Wealthsimple too basic.
Tech-Forward Approach
Moomoo’s interface is built for speed, featuring advanced heat maps, institutional tracking, and AI-powered stock summaries to quickly digest news.
Level 2 Data for Free
With Moomoo, you get complimentary real-time US Level 2 Market Data (just meet simple activity requirements) so you can see the full order book and time your entries with precision.
Paper Trading
Moomoo’s Paper Trading lets you practice stocks, ETFs, and options with virtual money, using live market data without risking real capital.
Pros: Free Level 2 data, zero currency exchange fees, 600+ educational courses
Cons: No FHSA/RESP support, complex data-heavy interface, no mutual funds/bonds
Factors for Canadian Investors to Consider
Here are the key factors that matter when choosing a platform in Canada:
- The FHSA Advantage: The First Home Savings Account (FHSA) is key for saving for a down payment. Wealthsimple, Questrade, and Interactive Brokers offer it, but Moomoo does not yet. Make sure your platform offers FHSA accounts if you’re buying your first home.
- Currency Conversion Fees: Most platforms charge a 1.5% fee on U.S. stock trades. Moomoo doesn’t charge anything. Questrade and IBKR let you keep USD in your account to dodge repeat fees. Wealthsimple takes 1.5% unless you pay for their USD account.
- Transfer Reimbursements: Transferring from a bank typically costs $150. Most platforms pay you back, but requirements vary. Questrade is easier to work with. Wealthsimple demands $25,000 minimum. Double-check their promotions page first.
Final Thoughts
No single platform fits every Canadian investor. It depends on your skill level, trading habits, and account type. Good news: Canadian investors aren’t behind. They just have options tuned differently from U.S. platforms.
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