Webull recently launched in Canada. The fast-growing trading platform, which serves about 11 million customers globally, announced on January 2 that it was accepting applications for Canadian accounts. If you’re wondering whether Webull is right for you, this guide explains what the platform offers in Canada, how it compares to its U.S. version, and what alternatives to consider.
Is Webull available in Canada?
Yes. Webull Corporation, a Cayman Islands–owned digital brokerage, opened for business in Canada in January 2024. New Canadian clients can join a waitlist at webull.ca to create an account. Like other fintech firms, Webull has implemented a waitlist to pace onboarding and avoid technical issues; most applicants can access the app and website within a couple of business days.
Savings account options and competitive interest rates are available from multiple providers.
Short-term guaranteed rates can help you lock in returns on cash you don’t want exposed to market risk.
High-interest savings accounts remain a solid complement to brokerage cash balances.
Can you use Webull in Canada?
Yes, but the Canadian service differs from the U.S. offering—most notably in fees. While Webull’s U.S. platform is known for commission-free trading, Webull Canada charges CAD$2.99 per trade on Canadian-listed equities and USD$2.99 for U.S.-listed stocks after a promotional 90-day commission-free period for new accounts.
Webull Securities (Canada) Limited CEO Michael Constantino explains that operating costs and regulatory requirements make running brokerage services in Canada more expensive than in the U.S., and that Webull applies commissions in many of the markets where it operates. The introduction of commissions disappointed some prospective Canadian users on social platforms, but those fees are part of Webull Canada’s current model.
Webull desktop vs. Webull app
Webull provides a mobile app for iOS and Android and a desktop platform for Windows and macOS. The mobile app is streamlined and user-friendly, designed for on-the-go trading and social features. The desktop platform offers larger charts and more detailed layout options, although some pages can be slower to load, especially on weak internet connections. Webull advertises 24/7 customer support by phone and email.
Trading features and account types
Webull Canada supports trading in equities and, as of September 2024, options. Cryptocurrency trading is available through a separate app called Webull Pay. Deposits and withdrawals to Webull Canada accounts do not carry direct account fees; however, the clearing firm may impose wire-transfer fees. Margin interest rates sit just under 10%.
The platform provides real-time quotes and market data, more than 20 charting widgets, around 60 technical indicators, and paper trading for practice. For investor protection, Webull is a member of the Canadian Investor Protection Fund (CIPF), which provides coverage for client cash and securities if the firm becomes insolvent.
Webull pros and cons
Here’s a concise look at Webull Canada’s strengths and limitations to help you decide whether it fits your needs.
Pros:
- User-friendly design: Webull is widely recognized for a clean, modern interface, social-style features and ease of use for beginner investors.
- Competitive commissions in context: While not free, the CAD$2.99 commission can be relatively affordable compared with some full-service brokers.
- Registered accounts: Webull Canada offers tax-advantaged account types such as TFSA and RRSP, which are important for Canadian investors building long-term savings.
- Cash management: The platform includes a cash management tool—an investment savings-style account—that pays interest on uninvested cash. As of October 2024, that rate was 3%.
- Tax reporting: Webull has confirmed it will provide Canada Revenue Agency–compliant tax documents at year-end.
Cons:
- Trading is not commission-free in Canada, unlike many other digital brokers’ U.S. offerings.
- Some users and reviewers say Webull’s research and investor education resources are lighter than those offered by full-service brokerages; Webull Canada points to its Learn section as a response to that criticism.
Alternatives to Webull
If low trading costs are your top priority, several Canadian brokerages and trading apps offer free or near-free basic trades. Options include Wealthsimple Trade, National Bank Direct Brokerage, Interactive Brokers Canada and Moomoo Financial. Many providers also offer free purchases of a selection of ETFs. Webull does offer 90 days of commission-free trading for new accounts, but if long-term cost is the priority, other platforms may be cheaper.
For investors seeking more comprehensive services, full-service brokerages such as Questrade, Qtrade, CI Direct Trading and major bank brokers provide a wider range of offerings: full account types, complete year-end tax paperwork, access to bonds, guaranteed investment certificates (GICs), mutual funds and more extensive research tools.
Should you use Webull?
Webull Canada currently occupies a middle ground. It offers a familiar interface for users who have experience with Webull elsewhere and delivers useful features—registered accounts, cash management and basic trading tools. However, it does not yet present a clear, standout advantage over low-cost or full-service Canadian brokers. If you already use Webull in another country or prefer its interface, it may be a reasonable choice. If your priority is the lowest possible trading costs or the broadest product range and research tools, you should compare alternatives before opening an account.
Webull Canada’s leadership says more features and improvements are on the way. Investors interested in the platform should watch for updates to fees, product offerings and educational resources as the Canadian service matures.
Read more about investing in Canada:
- The best dividend stocks in Canada
- The best online brokers in Canada
- The best robo-advisors in Canada
- The best ETFs in Canada