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.
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.
Not worth it with the trading fee. Assuming newbie investors are starting with low dollar amounts, those fees add up fast.
You didn’t seem to point out that not only do you pay $2.99 after 90 days, you pay $28.00 to live stream data after 90 days. You also cannot currently short a stock.