Robinhood Canada Review



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One of the most sought out brokers across the North American region is Robinhood app.

A smart and unique way to make money in this digital age is investing in the capital and crypto market. To do that successfully, you need a reliable and experienced broker to rely on its services and trading instruments.

No, not Robin Hood of Sherwood, the legendary mischief-maker of English legend. Robinhood is a US-based trading and financial company. It is common knowledge that Robinhood, the American commission-free trading and investment app, dominates the US trading market.

So, how can Canadian residents benefit from the investment opportunities provided by the Robinhood trading app?

What is Robinhood?

Robinhood is an online US-based trading and investment company that offers commission-free trading services through its web-based and mobile app trading platforms.

Robinhood leverages technology to encourage people to participate in the financial system through various financial products. Users of the platform can invest in stocks, ETFs, and Options through Robinhood Financial and crypto trading through Robinhood Crypto.

Since its inception in 2013, Robinhood has remained one of the best zero commission trading apps, popular among millennial investors. Presently, it has over 13 million customers using its services.

Company NameRobinhood
IndustryFinance (Broker)
HeadquarterMenlo Park, California, USA
Operations USA
Available in CanadaNo
Commission on TradesFree
Mobile AppYes
User BaseOver 13 million members
Trading ProductsStocks, Options, ETFs, and Cryptos
RegulationsUS SEC, FINRA, and SIPC

Is Robinhood available in Canada?

As popular as Robinhood is, it is unfortunately not yet available in Canada. Despite the popularity and high demand for the commission-free service in Canada, the company is yet to expand its services to the Great White North.

Here’s an excerpt from its term of use:

Robinhood is only licensed to sell securities in the United States (US), to US citizens and residents, and will not permit anyone who is not a legal US resident to purchase or sell securities through its application until such time as it is approved to engage in the securities and investment business by the appropriate regulator(s) of a foreign jurisdiction.

As a result, United States citizens and legal residents are allowed to use the Robinhood app for trading within and outside the borders of the United States except in North Korea, Cuba, Iran, Syria, and the Crimea region of Ukraine.

Is Robinhood Regulated?

Robinhood is not regulated in Canada as it has no operations in any of the provinces or territories. However, Robinhood is licensed in the US to provide financial investment services.

It is registered and regulated by the US Securities and Exchange Commission (SEC), Securities Investor Protection Corporation (SIPC), and the Financial Industry Regulatory Authority (FINRA).

Will Robinhood Come to Canada?

Although there hasn’t been any public notice of such a plan, there’s however a possibility that the company might extend its services to Canadians once it is licensed to sell securities in Canada.

What Are the Financial Products Offered By Robinhood?

Investors on the Robinhood service can make unlimited commission-free trades through:

  • Stocks.
  • Exchange- Traded Funds (ETFs).
  • Options.
  • Cryptocurrencies (Bitcoin, Litecoin, Ethereum, Monero, etc.) 

Key Features of Robinhood

  • Commission-free trading service on financial products.
  • Cash management.
  • High yield savings account with debit card.
  • No minimum balance to trade.
  • Web-based and mobile app trading.

Robinhood Mobile App

Until recently, in 2017, when the Robinhood website was launched, all trading activities were done on the Robinhood app. The Robinhood mobile trading app is easy to navigate with the simple design and complete functionality of the web-based trader. The mobile app is user-friendly, perfect for beginners, and experienced investors. 

The Robinhood mobile app is available for Android, iPhone, and Apple Watch devices on Google Play Store and Apple Store.

What Are the Alternatives to Robinhood for Canadians?

In Canada, there are a good number of alternative commission-free investment platforms like Robinhood. They include:

Wealthsimple Trade

Wealthsimple is a commission-free investment app for trading stocks and ETFs listed on the Canadian and US exchanges, including cryptos. This investment platform is only available through the mobile app at the moment (no desktop or web-based application).

Besides, only Canadian dollar accounts are available. If you are looking to trade stocks or ETFs in USD, you will be charged 1.5% on the conversion each time you buy and sell. 


Questrade is an independent discount broker in Canada with commission-free trading on ETFs. It also offers other securities like Stocks, Options, Bonds, Precious Metals, and more. It is available on a desktop app, mobile trading app, and advanced trading app.

Virtual Brokers

Virtual Brokers is a Canada-regulated trading and investment platform. It offers commission-free trades on ETFs.

Robinhood Canada FAQs

Is Robinhood legit?

Robinhood is a free-trading app that allows investors to trade stocks, options, exchange-traded funds (ETFs), and cryptocurrency without paying commissions or fees. To date, it’s still a solid choice and is currently one of the few brokers that give investors the opportunity to trade cryptocurrency.

Is day trading legal in Canada?

The answer is no. The Government of Canada and the CRA do not enforce different rules for different instruments. So, day trading rules for forex and stocks are the same as Bitcoin.

Is there an app like Robinhood in Canada?

One of the best available options is Wealthsimple Trade, a zero-commission stock and ETF app launched by Canada’s most popular robo-advisor in 2019. Another reliable discount broker that Canadians can use to save on fees is Questrade.

Is Robinhood coming to Canada?

Robinhood is not available in Canada at this time. In a tweet some years back, they mentioned they might come to Canada in the future, but the company is currently only licensed to sell securities within the US.

Can you get rich off Robinhood?

You can make money with your Robinhood investments by holding stocks that pay out dividends. But remember, there’s an option to reinvest those profits back into additional shares.

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Odeyemi O.


Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

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Kareena Maya

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.