A new promising player in the trading arena in Canada
Webull is entering a new market.
Webull, an international equity trading platform, has recently launched in the Canadian market, offering its services for a flat fee of CA$ 2.99 per transaction. Which clients will be most interested in it?
Terms and conditions
Open to Canadian customers since January 2024, the Webull platform already manages 11 million accounts worldwide. It invites its potential users in Canada to join a waiting list on its official website — webull.ca. It is usually possible to register and start using the app within two business days.
In Canada, the fee is CA$ 2.99 per transaction on the local market and US$ 2.99 for shares listed on U.S. exchanges. However, there is no commission for the first 90 days for new clients.
According to Michael Constantino, CEO of Webull Securities (Canada) Limited, this fee structure is common in most countries where the company operates and is related to the higher cost of doing business in Canada.
Pros and cons
Webull's web platform and mobile app allow for simple and convenient account management. Despite possible delays in loading pages by desktop, users have access to extensive functionality, including real-time market data. Investors can also hone their skills on a demo account.
Webull in Canada only supports stock trading, unlike the US version with access to options trading. The platform does not charge deposit and withdrawal fees, but does charge bank transfer fees. Interest rates of up to 10% are applied to margin accounts.
The platform is insured by the Canadian Investor Protection Fund, which provides additional security for the assets in clients' accounts.
Webull's strengths include ease of use, quality design, social elements, and a focus on newcomers. However, there are drawbacks: transaction fees (as opposed to free trading in the US), lack of tax-advantaged accounts, and a dearth of research and educational content. Moreover, the company has not confirmed the ability to provide Canadian-compliant tax returns, which could create problems for active traders at tax time.
Alternatives
Alternatives to Webull are already available in Canada, with Wealthsimple Trade, National Bank Direct Brokerage and Interactive Brokers Canada offering free or nearly free trades. In addition, other brokers, including Questrade and Qtrade, offer a wider range of services, including a variety of registered accounts and products, as well as in-depth research.
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Overall, Webull represents a mixed choice for Canadian investors. Despite the interesting features, this platform does not yet stand out with a unique trading proposition. However, the CEO of Webull Canada promises improvements in the future that are worth looking out for.
