Investors based in Canada can access a wide variety of investing tools to simplify their trade. However, the excellence of certain investing platforms makes them indispensable. While Webull is famous for being excellent, is it even available in Canada?
The short answer is no, but you shouldn’t always take no for an answer. If you’re willing to use workarounds, you can get a Webull account that’s capable of making trades without having to fly to the US.
In this article, you’ll learn some of the reasons why Webull is unavailable in Canada and how you can access the censored app anyway.
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What Is Webull?
Webull is an online stockbroker, regulated and licensed by the Securities and Exchange Commission (SEC). It offers invaluable trading data like news feeds and analysis tools for free. As if that isn’t enough, it also offers commission-free trading.
Webull was originally founded in 2016, but it didn’t get a mobile app until 2018. Today, the service is available as an iOS and Android app, and it’s also available on the web.
On Webull, you can trade stocks, ETFs, and cryptocurrencies, all at no fees. While the service is relatively young, it has already amassed millions of users, rivaling much older alternatives like Robinhood.
The Webull app is very intuitive, with options to use the service either from your mobile phone or on a desktop computer. For a service that offers commission-free trading, it’s evident that Webull targets inexperienced investors, making an intuitive interface imperative.
Unlike competing services like Robinhood, Webull offers its users access to real-time marketing data and technical analysis tools for free. However, there is a level 2 market data that are more in-depth but requires you to have a premium subscription.
However, that is not the only downside to Webull, if you see that as a downside at all. The major downside, however, is the fact that Webull is unavailable in Canada.
If you want all of Webull’s features in Canada, you must either use an alternative service or use some workarounds. This article will show you how to do both of these, with some of the reasons why you should go for one over the other.
Can You Use Webull in Canada with a VPN?
If you’ve watched a movie exclusive to the US version of Netflix in Canada, you should have an idea of how a VPN bypass works. When it comes to investment apps, however, your money is at stake. Can, and should you use Webull from Canada with a VPN?
The short answer is that you shouldn’t. It’s against Webull’s policy to access the app from outside the United States, and unlike most policies, Webull enforces this. If you’re using any mainstream VPN, you’ll notice that it’s still impossible to access the service.
Even if you can find a VPN service that works, it’s only a matter of time before that eventually stops working too. And when it does, you may lose your entire trading capital, as everything you’ve done before then has been illegal.
It’s ultimately up to you to decide if you’ll be using Webull with a VPN. Just remember that when trading with Webull from outside the United States, you’re risking your entire trading portfolio, just for features, you can easily get somewhere else.
The next section will outline some of the best alternatives to Webull in Canada. Instead of risking your account by trading with a VPN that will eventually get blocked, you can use any of the following alternatives to trade with peace of mind.
Webull Alternatives in Canada?
At this point, it’s evident that Webull is unavailable in Canada, and trying to cut corners to access the service will eventually backfire. That leaves investors with only one option, and that is using an alternative.
There are many alternatives to Webull for Canadians that offer almost the same set of features as the Webull app. If there’s a feature that appears to be missing across all apps, Canadian legislation is likely hindering it.
Here are some of the best alternatives to Webull in Canada, and why you should consider using each.
- Wealthsimple Trade
Frankly, Wealthsimple Trade is the only Canadian trading app that offers features rivaling that of established American alternatives like Webull. The major similarity between WS Trade and Webull is the fact that you don’t need a minimum balance to make you eligible to trade.
In addition to that, you get commission-free trades with a Wealthsimple Trade account, and you can access technical analysis and live market updates for free. As long as stock is listed either on the American or the Canadian stock exchange, you can buy it using the WS Trade app.
This app is available on both Google Play and the Apple App Store. There’s also a version for desktop computers that’s only accessible on the web.
- Questrade
Questrade may not be the most popular trading app in the world, but it’s surely one of the oldest. Launched in 1999, the platform has been in service for more than 22 years, and they’re waxing stronger by the day.
While Questrade doesn’t offer lots of support for cryptocurrencies, you can trade options, stocks, and ETFs all on the platform. Its wealth of experience empowers the platform to provide you with some of the most in-depth analyses across all trading apps, all for a low commission fee.
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Conclusion
Webull may be unavailable in Canada, but many alternatives are just as good. You can even simulate most of the features of Webull without actually making impactful trades, thanks to Webull Paper that’s fully accessible to Canadians.
The Webull Paper account only offers a dummy or paper account for trading simulation. If you want live trades, you may have to fly over to the United States.
If Webull Paper isn’t what you’re looking for, you can try Questrade or Wealthsimple Trade. Both of these options are just as great as Webull, depending on what you’re planning to do with the apps.