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.
