Robinhood in Canada: What are the Alternatives?

Let’s go ahead and get this out of the way: if you were looking for Robinhood in Canada, you probably assumed you wouldn’t find it. Until recently, the famous trading platform had no presence north of the border.

That has changed.

In May 2025, Robinhood announced its entry into the Canadian market through the acquisition of WonderFi, a prominent Canadian crypto platform, in a deal valued at nearly $180 million. This marks Robinhood’s first major international expansion and brings its commission-free investing model to Canadian users.

But what does this mean for Canadian investors? While Robinhood is now entering the Canadian market, it’s still in the early stages of rollout. Access to the full suite of Robinhood’s services may take some time to become widely available, and it’s unclear how closely the Canadian offering will mirror the U.S. version.

Fortunately, Canada already has some of the best online brokerages out there. If your goal is to find a low-commission investing platform with an intuitive interface and the option to buy stocks, ETFs, cryptocurrencies, and more, then stay with us — we’re going to break down the top alternatives to Robinhood that Canadians have relied on until now (and may still prefer).

What is Robinhood and why wasn’t it available in Canada until now?

Robinhood is a free trading platform, mobile app, and website that offers commission-free investing and no minimum deposits to its users in the United States. Those who trade through Robinhood can buy and sell a range of investments, including stocks, options, cryptocurrencies, and exchange-traded funds (ETFs).

Robinhood’s standout feature is its commission-free investing. Before its launch, American investors typically paid $5 to $10 per trade and needed to meet minimum deposit requirements, often several thousand dollars. Robinhood’s founders — Stanford graduates Vladimir Tenev and Baiju Bhatt — wanted to change that. They envisioned a more “democratic” investing platform: no fees, no minimums, and no commissions.

Since launching in 2013, Robinhood has attracted millions of users, forcing much of the industry to follow suit. Many platforms have since lowered fees and removed account minimums in response.

For years, Robinhood remained a U.S.-only platform. Although there were public hints of international expansion — including plans for the U.K. and a tweet in 2015 suggesting interest in Canada — nothing materialized for over a decade. That changed in May 2025 with the WonderFi acquisition, marking Robinhood’s long-awaited entrance into Canada.

What are the best alternatives to Robinhood?

Notwithstanding its success — and now, its long-awaited arrival in Canada — Robinhood isn’t perfect. Even with its recent acquisition of WonderFi and expansion north of the border, you would still be hard pressed to say it’s the best trading platform available here, which is good news for Canadian investors.

Whether you’re waiting to see how Robinhood’s Canadian platform evolves or you’re simply looking for something better suited to your needs, here are three great alternatives to consider.

1. Wealthsimple Trade 

Since its inception in 2019, Wealthsimple has become one of the best alternatives to Robinhood in Canada. 

Like Robinhood, Wealthsimple offers no trading commissions, no account maintenance fees, and no minimum deposits to open an account. You’ll also get a sign-up bonus simply for opening an account and making a cash deposit. It doesn’t get much better than that, right? 

Through the Wealthsimple app, you can trade stocks, ETFs, and cryptocurrencies (as of right now, you can’t trade options). You can also open registered retirement accounts (such as a TFSA and RRSP) within your account, helping you take advantage of certain tax benefits. 

Perhaps the only downside to Wealthsimple is the foreign conversion fee of 1.5% for all USD-denominated trades. This isn’t totally outlandish for a Canadian broker (most charge an exchange rate). But it’s something to be aware of, especially if you want to trade USD stocks or ETFs frequently, as you’ll pay the fee for every trade. 

2. Qtrade 

Another strong alternative to Robinhood is the trading platform, Qtrade. 

Qtrade has an extremely simple interface that makes it perfect for beginners and experts alike. You don’t need a minimum deposit to open an account, and accounts come in a number of different types, such as an RRSP and TFSA. 

While Qtrade does not offer commission-free trading on all securities, it provides transparent and competitive pricing. The standard commission is $8.75 per trade. However, clients who qualify for the Investor Plus program—by conducting at least 150 trades per quarter or maintaining a portfolio balance of $500,000 or more—benefit from a reduced rate of $6.95 per trade. Additionally, investors aged 18 to 30 who set up automatic monthly contributions of $50 or more enjoy a discounted commission of $7.75 per trade.

That said, Qtrade does offer commission-free trading on over 100 ETFs, which can be perfect for the beginning investor. Since these ETFs offer stocks in a wide variety of industries (from energy to precious metals), not to mention bond ETFs, too, you could reasonably build a well-diversified portfolio on low-fee funds without paying a dime on commissions. 

One potential setback to Qtrade: you might have to pay a $25 quarterly account maintenance fee. Though this fee is fairly small in comparison to other trading platforms, you could get it waived if you meet one of these conditions: 

• You have an account balance of $25,000 or more. 
• You make a recurring deposit of $100 or more per month. 
• You’re between the ages of 18 and 30 and you set up a monthly deposit of $50 or more. 
• You make 2 or more commissionable equity or options trades in the last quarter or 8 or more commissionable equity or options trades in the last year. 

Fees notwithstanding, Qtrade offers a wide variety of features, from easy-to-understand research to an interface that will never confuse you, making it a solid investing platform for any Canadian investor. 

Good for: All-around great platform and features for beginners and experts alike

Qtrade

Trading Commission	$8.75
Account Maintenance Fee	$25/quarter Waived if: it is less than one quarter since account opening, you have $25,000 or more in assets, completed 2 commissioned trades in the last quarter, completed 8 commissioned trades in the last 12 months, set up a $100/mo recurring deposit, qualify for the Young Investor offer.

• Pros & Cons
• Fees & Charges
• Sign-up Offer

Pros

• User-friendly platform
• 105 commission-free ETFs
• Strong suite of research and tools

Cons

• Platform is not fully commission free
• Charting tools are not as robust as those on some competing platforms

• Trading Commission: $8.75
• Account Maintenance Fee: $25/quarter
  Waived if: it is less than one quarter since account opening, you have $25,000 or more in assets, completed 2 commissioned trades in the last quarter, completed 8 commissioned trades in the last 12 months, set up a $100/mo recurring deposit, qualify for the Young Investor offer.

• Get up to $150 cashback when you open and fund a new account. Use promo code PROMO2025. Offer expires October 31, 2025.
• Receive up to $150 + tax when the client transfers in $15,000 or more (can be combined with cashback offer).

What should you look for in an investing platform?

Lucky for you, competition among investing platforms has gotten fierce — and you can thank Robinhood for kickstarting that trend. Now that it has officially entered the Canadian market through its acquisition of WonderFi, the pressure on domestic platforms to deliver more value is stronger than ever. That means you don’t have to settle for a broker who charges outrageous fees and offers low support.

1. Low fees 

Many investing platforms charge commissions, account fees, foreign exchange fees, and occasionally ECN fees. Though paying fees shouldn’t stop you from using an investing platform — sometimes the features and customer support are well worth the fees — you’ll definitely want to find the one that gives you the best bang for your buck.

2. Variety of investments 

Most online brokerages offer stocks and ETFs, but not all offer the same ones. Before you open an account with a brokerage, be sure there’s a variety of investment options, especially when it comes to commission-free ETFs. 

3. Research and support 

Some Canadians may want to stick their money in a passive ETF and call it a day. Others will want to read up on stocks and hand-pick the best one for their portfolio. If you count yourself among the latter, you’ll want an investing platform with educational materials, customer support, and in-depth research at your disposal. 

4. Easy-to-use platform 

This is the 21st century — you don’t want to navigate through a clunky app or website, right? Many of the best online brokerages understand that investing is already a fairly taxing venture. The last thing an investor wants is a taxing platform, too. 

5. Account minimums 

Some online brokerages will require an account minimum for you to open an account. If you don’t have much money to invest with, look for online brokerages with no minimum deposits.  

Foolish bottom line on Robinhood alternatives 

While Robinhood is now entering the Canadian market through its acquisition of WonderFi, it’s still early days — and that means Canadian investors continue to have plenty of strong alternatives to consider. As you scan the market, look for an investing platform with great customer service, an intuitive and easy-to-use interface, and, yes, low fees.

If you’re new to investing, take a step back and understand the basics before choosing an online brokerage. Make sure you know how stock investing works, what ETFs are, and — perhaps most importantly — why you’re investing in the first place. The more you understand about investing, the better positioned you’ll be to choose a platform that meets your goals, whether that’s Robinhood or a well-established Canadian alternative.

Online brokerage services are offered through Qtrade Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade, Qtrade Direct Investing, and Write Your Own Future are trade names and/or trademarks of Aviso Wealth Inc.