Robinhood is a U.S based online stock broker which is currently not available in Canada. Canadian citizens cannot open an account with Robinhood, instead, investors can consider other online low-cost brokers that are available in Canada such as Questrade.
What is Robinhood?
Robinhood is a U.S based online Discount broker that allows investors to invest and trade on its platform without any commissions. The platform offers a broad variety of assets for investment in such as Stocks, Options, ETFs, Cryptocurrencies, IPOs, and* Gold*, all under one mobile app. Robinhood is primarily a mobile application using which you can execute any trades in a convenient way. it also allows you to buy and sell fractional shares of any company therefore you can start investing with as little capital as possible.
The main positive of owning a Robinhood account is that there are no minimum balance requirements nor there is any commission on the purchase or selling of securities. The platform is also insured by the SPIC which ensures the protection of the customers up to $500,000, in case of any misrepresentation by the broker. Let’s look at some of the unique features of Robinhood.
- Zero Commission
- Zero account maintenance
- No minimum balance requirement
- Buy/Sell Digital Gold
- Buy/Sell Cryptocurrencies
- Get one Free stock after sign-up
Is it available in Canada?
No, Robinhood is not operational in Canada at this point in time. To open an account in Robinhood, you should hold a Social Security Number of the U.S or be a U.S citizen to buy and sell securities through the Robinhood app. Robinhood has future plans to expand to Canada but currently, it only has the license to operate within the U.S.
Though Canadian citizens cannot open an account in Robinhood, they can explore other options such as Questrade which is another online low-cost stockbroker that provides all the essential features and tools for trading and investing.