If you’ve spent any time in the modern investment market, you’ve almost certainly heard about the stir caused by Robinhood. Though certainly not the first digital investment platform to hit the market, Robinhood has managed to carve out a sizable (and still growing) audience due to its fairly low cost of use and its arsenal of features geared towards today’s young investors.
Is Robinhood Available in Canada?
The excitement surrounding Robinhood hasn’t been contained in the United States alone, though. As it turns out, the word about Robinhood has traveled to the Great White North and given self-managed Canadian investors a glimpse into the future of the industry. Needless to say, many Canucks have started asking if Robinhood is available in Canada in order to plan out their next move in the investment market.
The answer to this simple question requires a bit of context. So, if you are interested in the learning about Robinhood and its current availability, read on and discover what this aspirationally-named app has to offer.
The Short Answer
So, is Robinhood available in Canada? Unfortunately, the answer to that critical question is…no. Currently, Canucks don’t have access to this US-based app and its array of productive investment tools. This is because Robinhood Financial LLC, the app’s developer and owner, is currently only licensed to sell securities within the United States.
But don’t lose hope, Canadian friends! Robinhood has previously indicated, through a tweet, that they would like to expand into the Canadian market when the moment is right. While these plans have not yet materialized, prospective Robinhood users north of the border can at least cling to the belief that the app’s executive team would like to bring their innovative app to new markets in the near future.
Keep Reading for a surprise alternative!
Robinhood’s Core Features and Specifications
While our Canadian readers wait for Robinhood to travel north, they can spend some time appraising Robinhood and learning whether or not this digital investment platform is suited to their needs. There are numerous platforms like Robinhood on the market today, so it is critical to evaluate this app’s core features and specifications to learn why it has become so popular in the US’ emergent mobile investment industry. If the price is right, you’ll be able to download and use Robinhood with confidence on its first day of availability in Canada.
One of Robinhood’s strongest features is its user-friendliness. Geared towards young users, the app makes it easy for novice investors to learn the basics of stock trading by playing around with the user-friendly interface. The app is also popular among seasoned investors, with versatile investment options.
Any high-quality investment app needs to be able to put in the legwork necessary to keep you, the financially-liable party, informed about the status of your several investments. Robinhood certainly accomplishes this by providing customizable alert notifications directly to your smartphone. Robinhood also provides an in-app newsfeed that allows you to listen in to live earnings calls when they become available.
Productive Fee Structure
Robinhood made a splash after its release by proclaiming their commission-free fee structure. That commitment to preserving its users’ dividends has continued into the present as there are still no surcharges for stock trades, option trades, and mutual funds. In fact, Robinhood doesn’t even require a minimum deposit for its new users, making it easier than ever to start investing without a great deal of spare capital.
Robinhood’s fee structure is also surprisingly easy to understand, even as your margins on the platform grow. For example, you’ll always be charged a 5% margin rate value fee regardless of how valuable your margins are. Even Robinhood’s run-of-the-mill fees are modest, such as its $5 paper statement fee and a $2 paper confirmation fee.
Also, Robinhood (like all of its competitors) charges a monthly fee for those who want to gain premium access to their platform. Known as Robinhood Gold, this service charges a $5 fee every 30 days. In exchange, Gold members gain access to a bevy of powerful features, such as insights from professional research and level II market data.
Plenty of Unique Trading and Investment Options
Robinhood gained some notoriety right out of the gate for its desirable variety of unique trading and investment options. While this naturally includes the ETFs that are common on many digital trading platforms today, Robinhood also provides access to American Depositary Receipts for over 250 global companies. Those ETFs shouldn’t be overlooked, though, because Robinhood presently offers over 2,000 of them – a volume rivaled by few (if any) of its competitors.
Currently, though, Robinhood is picking up some positive press for its access to the emerging cryptocurrency market. While this feature isn’t available in all US states just yet, prospective investors in participating states will be able to select from many of today’s most lucrative cryptocurrencies, including Bitcoin, Etherium, Dogecoin, and Litecoin. Like other investment options on Robinhood, buying and selling these cryptocurrencies comes without any commission fees, ever.
Robinhood’s emphasis on cryptocurrencies doesn’t end there, though. Prospective cryptocurrency investors who want to learn more about the market before putting money on the table can do so through Robinhood’s topical guides. Even Robinhood’s glossary of common cryptocurrency market terms will help seasoned investors double-check their knowledge before finalizing an order.
Despite being a pioneer in the robo-advisor world and carrying robust features and investment options, Robinhood is far from being a perfect investing app. In late 2018, the platform experienced an unexpected and lengthy interruption to its core services, outraging many users over the potential for immense financial losses. This snafu, along with a potential password breach and overall untrustworthiness of the app have turned many Robinhood users towards other investing app alternatives.
A Robinhood Alternative for Canadian Users – Wealthsimple Trade
Given Robinhood’s recent issues, as a Canadian reader you may feel indifferent that Robinhood isn’t available in your country. But, you still may be in the market for a trustworthy and user-friendly app that is available in Canada. If that sounds like you, then you may be interested in a worthwhile alternative that is available to you: Wealthsimple Trade.
Wealthsimple Trade bares a great resemblance to Robinhood, especially when it comes to sharing a commission-free fee structure and a lack of a minimum deposit. Wealthsimple Trade’s award-winning platform is unique, though, because it has been fully developed for exclusive use by Canadians. Accordingly, there are a variety of savings and investment options that fully take advantage of Canada’s tax system.
So, if you’re feeling left out because Robinhood and its alternatives have been slow to travel north of the border, then you should absolutely give Wealthsimple Trade a try. In mere days, you’ll feel comfortable with this app’s user interface and ready to trust your financial future to Canada’s largest automated investing service.
Wealthsimple Trade’s Top Features and Specifications
As noted, Wealthsimple Trade’s commission-free business model already makes it a productive pick for folks who want to maximize their investment-based earning potential. But Wealthsimple Trade actually includes a variety of other features that prospective users should consider before making it their go-to digital investment platform.
For example, Wealthsimple Trade makes it surprisingly easy to fund your investments. That’s because their RoundUp feature automatically collects your digital “spare change” after using a connected debit or credit card. Wealthsimple Trade ensures that these funds, as well as all of your dividends, are as safe as can be by making productive use of two-factor authentications and a deposit protection insurance plan (the latter of which is supplied by the Canadian Investor Protection Fund).
Unlike Robinhood, Wealthsimple Trade does not currently offer any cryptocurrency investment options. But in exchange, Wealthsimple Trade provides more channels through which your invested money can make a difference in the world. Wealthsimple Trade’s socially responsible investing plans embody this mentality to a “T” while their halal investment options ensure that all users can grow their investments without needing to break from their personal ideals and principles.
From the very beginning, Wealthsimple Trade has always provided Canadian-specific savings plans to its users. This includes RRSPs, TFSAs, and RESPs, all of which are tax-advantaged accounts that allow users to save for major future expenses with confidence. Wealthsimple Trade even offers RRIF and LIRA accounts that can make it easier to manage all of your retirement accounts from a single platform.
Wealthsimple Trade – the Best Robinhood Alternative in Canada
While you should keep an ear out for Robinhood’s future expansions into Canada, you shouldn’t waste the intervening time by failing to take advantage of the current investment market. Rather than sit on your hands, you can download Wealthsimple Trade and begin investing with the next best option engineered specifically to meet the needs of Canadian investors like you.
But that’s not to say that Wealthsimple Trade is playing second fiddle to Robinhood. Instead, Wealthsimple Trade has found its own path to success by improving upon its predecessors’ methods for automating the investment proves. With this app’s auto-deposits, dividend investing, and automatic rebalancing, you will surely be able to chart a path towards financial success while maintaining your day job.
So, while Robinhood remains unavailable in Canada, you won’t be left without a high-quality digital investment platform. Wealthsimple Trade will open new doors to investment for your while allowing you to simultaneously maintain your personal budget and save for your future.