Webull Canada Review 2024

Is Webull available in Canada? 

Yes. Webull Corporation, a popular Cayman Islands-owned and -operated digital brokerage, opened for business in Canada in January 2024. Prospective clients are invited to join a waitlist to set up an account at webull.ca. Like some other financial institutions, Webull uses a waitlist to manage the pace of new client onboarding and avoid glitches. Generally after two business days, you can access the app and website with your account.

Featured accounts

---

sponsored

Savings account

Get up to 3.50% interest on your savings without any fees.

go to site

featured

1-year GIC

Lock in your deposit and earn a guaranteed interest rate of 3.75%.

go to site

featured

Savings account

Earn 3.9% interest for the first five months. No minimum balance required and no fees.

got to site

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

---

Can you use Webull in Canada?

The big difference between Webull Canada and the Webull version in the U.S., where it’s been operating since 2018, is its commission structure. Basic trades in the U.S. are free, but Webull Canada charges $2.99 per trade for Canadian-listed stocks and USD$2.99 for stocks listed on American exchanges following a 90-day commission-free period for new clients. 

Why is that? “Canada, as a whole, is… more expensive (in the broker/dealer world) in terms of costs and fees to do business than the U.S.,” explains Michael Constantino, CEO of Webull Securities (Canada) Limited. He also noted that Webull charges commissions in most of the countries where it operates. Still, the commissions were a disappointment to a lot of Canadian investors commenting on Reddit. 

Webull desktop vs. Webull app

Webull has a cellphone app you can download via Apple’s App Store and Google Play, and the login process is easy. You get the sense it’s geared for wireless generally. You can also access your account by desktop, which boasts bigger, more readable graphics, but the pages can take a bit of time to load. Weak wifi? You may have issues.

Webull promises 24/7 support by email and phone.

Webull trading

Webull Canada supports stock and, as of September 2024, options trading. (Cryptocurrency trading is available through a separate app called Webull Pay.) There are no charges for deposits and withdrawals from your Webull Canada account. The company’s clearing firm charges a fee for wire transfers, however. On margin accounts, it charges interest rates a tad below 10%.

In addition to securities trading, Webull offers users real-time quotes and market data, more than 20 charting widgets and 60 indicators and paper trading for practice.

Know that Webull is a member of the Canadian Investor Protection Fund, meaning any cash or assets sitting in your account are insured in case the firm becomes insolvent.

Webull pros and cons

The good, the bad… the bull. 

Pros: 

• Around the world Webull is recognized for its ease of use, good graphic design, social media-style community and general friendliness to newbie investors. 
• The commission structure in Canada makes it one of the more affordable brokerage options.
• As of June 2024, it offers tax-advantaged registered accounts, such as the tax-free savings account (TFSA) and registered retirement savings plan (RRSP), which should be the first goal for Canadian investors starting out.
• Webull has also added what it calls a cash management tool—essentially an investment savings account—that allows you to earn interest on the uninvested cash sitting in your account. As of October 2024, the current interest rate is 3%.
• Webull recently confirmed that it will be issuing Canada Revenue Agency-compliant tax documents at year-end, in contrast to some other digital-only brokerages.

Cons: 

• It’s not free, like in the U.S.
• Webull is sometimes criticized abroad for its paucity of research and investor education content. (Webull Canada rejects that characterization, pointing to the well-populated ‘Learn’ tab on its site.)

Read: How to file your taxes when you own ETFs

Alternatives to Webull

Canada now has a handful of brokerage services offering free or near-free basic trades, including Wealthsimple Trade, National Bank Direct Brokerage, Interactive Brokers Canada and Moomoo Financial. Several more offer free purchases of a selection of exchange-traded funds (ETFs). True, Webull is offering free trading for 90 days on new accounts. But, if cost savings are your priority, there are better options available.

At the higher-service end of the scale, Webull can’t compete with Questrade, Qtrade, CI Direct Trading or the bank-owned brokerages either. These providers offer a full range of registered accounts, complete tax paperwork at year-end, non-equity products such as bonds, guaranteed investment certificates (GICs) and mutual funds as well as in-depth research tools.

Should you use Webull?

As it stands, Webull’s offering to Canadian investors is neither fish nor fowl. It doesn’t offer a standout selling proposition, other than perhaps continuity for people who’ve had a Webull account in another country. 

Webull Canada CEO Michael Constantino promises better things to come. 

We’ll be watching.

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

About Michael McCullough

Michael is a financial writer and editor in Duncan, B.C. He’s a former managing editor of Canadian Business and editorial director of Canada Wide Media. He also writes for The Globe and Mail and BCBusiness.

Linkedin Twitter