Robinhood App Officially Launches in Canada: Free Crypto Trading Details

Last month, popular U.S. trading app Robinhood announced it was coming to Canada, after acquiring WonderFi. 

On Canada Day, Robinhood officially launched in Canada, meaning you can now sign up and download the iOS and Android apps.

Robinhood says Canadians can now buy, sell, and store cryptocurrency with a promise of more digital assets coming soon. The service features competitive trading fees and allows users to move crypto seamlessly between external wallets. Funding accounts is straightforward, with the platform supporting Canadian dollar deposits and withdrawals using Interac e-Transfer or wire transfers.

The sign up process requires you to provide your personal info to meet Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Canadian Investment Regulatory Organization (CIRO) requirements. This means your phone number, email, name, address, SIN, confirmation of your identity through photo ID and also a selfie.

Once all that’s done you can fund your account through an Interac e-transfer.

For now, there’s a zero trading fee promo for 90 days for full onboarded clients. After that, it’s a flat 0.5% trading fee. In comparison, an app like Wealthsimple has a tiered trading fee starting at 2%, 1% or 0.5% for Generation clients with the most assets.

Robinhood says it is currently offering free crypto trades with zero fees for the first 90 days. In the future, Canadians will hope it would offer stock trading, offering some competition to Toronto-based Wealthsimple.