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Webull Canada review

You may have heard about this new investing platform, but what is it like in Canada? Find out.

Webull is a leading online trading platform that makes it easy to buy and sell stocks using its website and mobile app. The platform has over 17-million users globally but has only just started operating in Canada as of January 2024.

International popularity is a good sign, but how does Webull stack up with Canadian trading platforms and robo-advisors? Let’s take a look at everything you need to know about Webull in Canada.

What is Webull?

Webull is an online trading platform that allows you to buy and sell stocks and other investments using its website or mobile app. The company offers low commission fees and tools for advanced and beginner investors.

Is Webull available in Canada?

As of January 2, 2024, Webull is available in Canada.

Webull has been operating in the United States since 2017, but has only recently been made available to Canadians. The platform received authorization to enter Canada in November 2023 and began serving Canadian customers in January.

While Webull offers a wide range of services in the United States and elsewhere, its capabilities in the Canadian market are still limited. Webull launched with US and Canadian stock and ETF trading only, and has announced plans to add US options to the platform in the near future.

Notably absent from Webull’s Canadian offering is the ability to invest in registered accounts such as RRSPs and TFSAs. The company is sure to have a very difficult time attracting customers without these tax-sheltered accounts, so watch for this to be resolved early in Webull’s Canadian journey.

Investors looking for mutual funds, bonds and futures are unlikely to get them from Webull Canada in the near future as the company has yet to offer those features in the United States.

Other Webull products not yet available in Canada include fractional shares, OTC trading, cryptocurrency trading, recurring investments and its robo-advisor platform.

Webull Canada products

Currently, Webull Canada’s only product is stock and ETF trading. Clients can trade US and Canadian stocks and ETFs for a commission fee of $2.99 - which is low relative to the fees charged by some big banks. However, it’s worth noting that some online brokers like Wealthsimple and Questrade charge $0 in commission fees.

So far, Webull has yet to launch options trading in the Canadian market. Current order types available include MARKET, LIMIT, and STOP, which allow you to trade at the current market price, at a maximum or minimum price, or at a set market price, respectively. You can also place a STOP LIMIT order to trade at a maximum or minimum price after the market price has reached a set threshold.

Reviews of the platform note that Webull’s data analytics fall short of competitors, but rave about its intuitive interface, particularly on mobile. In its early stages in the Canadian market, Webull has yet to show off any of the exciting features you can catch a glimpse of on its American website – but watch for that to change. As the company gets settled in Canada it’s sure to roll out more features and technology that will quickly make it a trading platform to watch.

Active traders will want to see what Webull can do, but might not be ready to jump ship from their current brokerage. For now, the incumbents have a clear edge when it comes to features, functionality, and the advanced data investors want.

Webull Canada Fees

Like most trading platforms, Webull charges fees for its services. While it doesn’t charge a management expense ratio (MER), it does charge commission on every transaction regardless of the number of shares you’re buying or selling. It also charges some regulatory fees, listed below.

Webull Canada Trading Fees

When buying and selling stocks on Webull, you’ll pay a flat fee for every transaction. These fees are:

  • $2.99 per trade for Canadian stocks and ETFs
  • $2.99 USD per trade for US stocks and ETFs

In addition, Webull charges some regulatory fees for US stocks and ETFs. This includes a US Securities and Exchange Commission (SEC) fee of 0.00008% when selling, and an American Depositary Receipt (ADR) custody fee of $0.01 USD to $0.03 USD per share. These fees are over and above Webull’s other trading fees.

Webull Canada Margin Fees

Webull also permits margin investing, which involves borrowing money to invest. If you choose to buy stocks on margin using Webull, you’ll be charged interest as with any other loan. Webull’s current margin rates are:

  • 11.00% on USD balances up to $99,999
  • 10.50% on USD balances $100,000 and over
  • 9.70% on CAD balances up to $99,999
  • 9.20% on CAD balances $100,000 and over

Other Webull Canada fees

In addition to fees for trading and interest on margin purchases, Webull has a few other fees to keep in mind:

  • $10 annual “admin/maintenance fee”
  • Foreign transaction fee of 1.5% in addition to the market currency exchange rate
  • Transfer and withdrawal fees ranging from $50 to $150

How do Webull Canada’s fees compare to other online trading platforms?

Webull Canada’s trading fees are relatively competitive at $2.99 per transaction. That’s lower than many alternatives that charge between $5 and $10 per trade, but there are alternatives such as Wealthsimple Trade that offer $0 commission trading.

Webull also doesn’t offer free ETF trades, which is becoming a popular feature among Canadian trading platforms. Wealthsimple Trade, QTrade, Scotia iTrade, BMO Investorline, TD EasyTrade, and National Bank Direct Brokerage are among the many platforms with a selection of $0 commission ETFs.

Webull’s other fees, like its margin interest rates and foreign transaction fees, are in line with Canadian industry standards.

Who is Webull right for?

Right now, Webull is right for Americans who want to use a fully-featured, zero-commission stock trading platform.

On this side of the border, Webull is likely best for enthusiasts who want to try a new option for stock trading. With limited features and $2.99 commissions on every trade, Webull has yet to offer anything substantial to Canadians. Free stock and ETF trading exist elsewhere, and established online trading platforms have all the features Canadian investors need at competitive prices.

What Webull alternatives are there?

Canada has several established players in the online stock trading industry. All of the major banks offer some sort of online direct investing program, as do many independent companies. A few of the best Webull alternatives in Canada include:

  • Questrade is one of Canada’s most popular online trading platforms and a top choice among advanced investors. The service offers trades for as low as $4.95, free ETF purchases, and just about every feature an investor could want.
  • Wealthsimple Trade is a free trading option that offers Canadian investors access to a wide (but not unlimited) variety of stocks and ETFs with no commission fee on trades. The service includes fractional shares and options trading, making it a perfect alternative for casual investors. (Read our Wealthsimple review to learn more.)
  • QTrade is another popular online trading platform for self-directed investing. Customers get access to 100 commission-free ETFs and pay as little as $6.95 per trade on stocks and mutual funds. A downside is the rather expensive $25 quarterly fee for accounts with less than $25,000 invested.

The Bottom Line

Canadian investors should be excited about Webull Canada’s arrival but may not find the features they’re looking for just yet. Webull may soon offer a better variety of products and more sophisticated tools in the Canadian market, but until it does there’s no rush to try this fledgling platform.

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