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 the waiting list to set up an account at webull.ca. Like other financial institutions, Webull uses a waiting list to control the pace of new client entry and avoid problems. Usually after two business days, you can access the app and website through your account.
Can you use Webull in Canada?
The main difference between Webull Canada and the version of Webull in the US, where it has been active since 2018, is its commission structure. Basic trading in the US is free, but Webull Canada charges $2.99 per trade for Canadian-listed stocks and USD$2.99 for US-listed stocks following a 90-day free period for new customers.
Why is that? “Canada, overall, … is more expensive (in the consumer/seller world) in terms of costs and costs of doing business than the US,” explained Michael Constantino, CEO of Webull Securities (Canada) Limited. He also noted that Webull charges commissions in many countries where it operates. Still, commissions were disappointing to many Canadian investors who commented on Reddit.
Webull Desktop vs. The Webull app
Webull has a mobile app that you can download through the Apple App Store and Google Play, and the login process is simple. You get the idea that it's meant for wireless in general. You can also access your account via desktop, which boasts larger, more readable images, but pages can take a while to load. Weak wifi? You may have problems.
Webbull promises 24/7 support via email and phone.
Trading with Webbull
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 fees for deposits and withdrawals from your Webull Canada account. The clearinghouse firm charges a wire transfer fee, however. For margin accounts, it charges less than 10% interest.
In addition to securities trading, Webull offers users real-time quotes and market data, more than 20 chart widgets and 60 indicators and paper trading to practice.
Know that Webull is a member of the Canadian Investor Protection Fund, which means that any money or assets sitting in your account are insured in case the company defaults.
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