St. Petersburg, Florida-based equity trading platform Webull has launched its brokerage service in Canada.
Webull’s app allows Canadian retail investors to trade both Canadian and United States-listed equities.
Webull’s trading platform is also available in the US, United Kingdom, Hong Kong, Singapore, Australia, South Africa, Japan, and Mexico.
“Webull sees a huge opportunity to disrupt a traditionally expensive brokerage system in Canada,” Webull Group president Anthony Denier said in a statement. “Since inception, we have been providing powerful market data tools across the world. We look forward to expanding to another market and providing greater and easier access to trading for all.”
Webull offers users the ability to buy stocks at market value or set limit orders, and sell stocks with stop orders and stop limit orders, which allow users to automatically sell a stock when it hits a certain price. Investors can navigate the app with screeners and filters that can show high growth or volume stocks and set alerts to get notified when a stock price rises or falls.
Webull charges $2.99 CAD per Canadian market trade and $2.99 USD per US market trade, below the trading fees of Questrade, but up from the zero commission Wealthsimple charges users for trades on its app. Beyond the stock market trading, Webull also offers paper trading, an in-app way to practice fake trades on the stock market without using real money.
The Canadian division of Webull is headed by Michael Constantino, who had been a director of trading and operations at Webull since 2018 before becoming the managing director of the department in 2022.
Webull’s entrance into the Canadian market puts the company up against the likes of other established FinTech companies, including Wealthsimple and Questrade.
Since its founding as an investment platform in 2014, Wealthsimple has been aggressively expanding to other areas such as spending and saving, cryptocurrency, taxes, and peer-to-peer payments. In September 2023, Wealthsimple became the first non-federally regulated bank or provincially regulated credit union approved to join Interac’s e-transfer service. In November, Wealthsimple rolled out a private equity offering for retail investors, breaking down a barrier typically held for institutional investors.
In addition to Canada, Webull’s trading platform is also available in the US, United Kingdom, Hong Kong, Singapore, Australia, South Africa, Japan, and Mexico.
Feature image courtesy Webull via its website.