Webull has announced its expansion into Canada. Webull is a broker based in Florida that serves customers from around the world. The digital marketplace offers equities, including fractionals, along with ETFs and options. Webull also offers a sweep account in the US that pays a solid 5% currently.
The company notes that it was approved to operate in Canada in November 2023. The trading App is available in the United States, United Kingdom, Hong Kong, Singapore, Australia, South Africa, Japan, Mexico, and now Canada.
In a release, Anthony Denier, Group President of Webull, said they see a huge opportunity to disrupt the “expensive” brokerages in Canada.
“Since inception, we have been providing powerful market data tools across the world. We look forward to expanding to another market and providing greater and easier access to trading for all.”
CEO of Webull Securities Canada, Michael Constantino, described their trading App as a state-of-the-art app that brings a low-cost trading solution to its users.
“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.”
CI reached out to Webull and we asked Constantino why Canadian investors should choose their service. He emphasized their “world-class technology” as well as data tools and analytics, which he believes differentiate their service from competitors. Constantino described their trading App as a state-of-the-art app that brings a low-cost trading solution to its users. He did not disclose how they expected to market and promote the platform in Canada. Constantino said their UI sets themselves apart from other brokerage Apps.
We asked if Webull uses payment for order flow to keep fees at zero. Constantino said they charge “low commissions'” but they are currently offering an introductory program of no commission for the first 90 days after you open an account.
As some platforms, like Robinhood, offer crypto trading, we asked Constantino if digital assets are on the list as a service for users in the future. He said there are currently no plans to offer crypto trading.
Constantino did say they anticipate new products and services throughout the year but did not disclose any specifics.