FinTech News
FinTech Brokerage Webull Launches in Canada
The popular brokerage app Webull is expanding up north.
About Webull’s entry into Canada:
Kicking off the new year, Webull has announced its official launch in Canada. This comes after the firm initially gained operating authorization in November of last year. Now, Canadian customers can trade both Canadian and U.S. stocks and ETFs. According to Webull’s site, the ability to trade U.S. options is also “coming soon.”
Although the U.S. version of Webull offers commission-free trades, Canadian users will be charged $2.99 per trade (CAD$2.99 for Canadian market trades or USD$2.99 for U.S. market trades). Additionally, other fees may apply to U.S. market trades. However, Webull is currently offering a promotion where new Canadian customers can enjoy 0% commission trades for their first 90 days from account opening.
In addition to being available in the United States and now Canada, Webull also operates in the United Kingdom, Hong Kong, Singapore, Australia, South Africa, and Mexico. The app can be found in the Apple App Store and the Google Play Store.
What they’re saying:
Announcing the expansion, Webull Group President Anthony Denier stated, “Webull sees a huge opportunity to disrupt a traditionally expensive brokerage system in Canada. Since inception, we have been providing powerful market data tools across the world.” Denier added, “We look forward to expanding to another market and providing greater and easier access to trading for all.”
Similarly, Webull Securities (Canada) Limited CEO Michael Constantino said, “Webull’s state-of-the-art app, driven by world class technology, offers market data, tools, analytics, and education for free and brings a low-cost trading solution right to your fingertips. We already have tens of thousands of Canadian users leveraging market data and analytics alone, so we are proud to bring the award-winning brokerage services to them and look forward to expanding our user base in Canada.”
My thoughts:
Given the U.S.’s proximity to Canada, it would seemingly make perfect sense for startups to expand their services northward. Yet, it wasn’t until I saw that news that I realized that Robinhood isn’t even available in Canada. That’s surprising to me, but I’m sure they have their reasons why. In any case, it does make Webull’s arrival in the country more notable. At the same time, I do wonder what factors make it so that Webull needs to charge commission fees in Canada but not here at home.
Now that Webull has arrived in Canada, it will be interesting to see how the platform evolves and what markets it might take on next. I’d also be curious to see if rivals like the aforementioned Robinhood eventually enter the country as well.
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