Robinhood to Launch in Canada: Now What?

Robinhood is officially in Canada after completing its acquisition of WonderFi, the Canadian company behind regulated crypto platforms Bitbuy and Coinsquare.

For now, this is mainly a crypto story. But Robinhood is not just a crypto company. In the U.S., it offers stock trading, crypto, banking-style products, and even a credit card. That makes its Canadian launch worth watching beyond just the crypto crowd.

Robinhood Canada launch starts with WonderFi

By acquiring well-known brands Bitbuy and Coinsquare, Robinhood has carved itself a fast path into Canada's crypto market.

This merger means Robinhood now has over 1 million funded customers internationally, including the approximately 300,000 that came from WonderFi.

Canadian customers can download the Robinhood app and get access to a flat 0.5% fee per Canadian trade.

Bitbuy and Coinsquare will also become part of the Robinhood brand. Robinhood is known for its simple design and low-cost training, which could add pressure to competitors like Kraken and Wealthsimple to keep fees low and user experience sharp.

How Robinhood compares with other Canadian crypto platforms

Robinhood is entering a market that already has strong players to compete with. Kraken is known for security, a large crypto selection, and advanced tools.

Wealthsimple is a familiar name for Canadians who want investing, crypto, and everyday money tools in one app. While Robinhood's Canadian launch is starting with crypto, the brand's U.S. model shows how quickly it can expand into more services.

The Robinhood Gold Card

One of the most interesting U.S. Robinhood products is the Robinhood Gold Card. It offers 3% cash back on eligible purchases, 5X travel points on travel booked through the Robinhood travel portal, and no foreign transaction fees. This card advertises no annual fee, but it requires a Robinhood Gold membership, which is $50 USD annually. And – like Wealthsimple's popular cash back Visa cards – it has a waitlist.

Robinhood has not announced that the Gold Card is coming to Canada. So for now, Canadians should consider it a U.S.-only product and stay tuned for any future announcements.

Fortunately, there are plenty of no-fee cash back cards available in Canada to choose from.

More updates on Canadian online investing

If you're a Canadian investor wanting to stay up-to-date on all things related to online brokers and investing, sign up for our newsletter to have the latest news delivered right to your inbox.

FAQ

Is Robinhood available in Canada

Yes. Robinhood has officially entered Canada through its purchase of WonderFi, the company behind Bitbuy and Coinsquare. The Canadian launch is starting with crypto, rather than the full Robinhood suite of products that are available in the United States. More services could come later, but nothing else has been confirmed yet.

What is WonderFi?

WonderFi is a Canadian digital asset company that operates regulated crypto platforms, including Bitbuy and Coinsquare. By acquiring the WonderFi platform, Robinhood gains an established cryptocurrency business and a funded customer base of 300,000, instead of starting from scratch in a new country.

Will Bitby and Coinsquare become Robinhood?

Bitbuy and Coinsquare will both become part of the Robinhood brand. Canadian customers are expected to be invited to download the Robinood app, where they can access crypto trading with a flat 0.5% fee per Canadian trade. With the addition of WonderFi's Bitbuy and Coinsquare, Robinhood now has over 1 million international funded customers.

Is the Robinhood Gold Card coming to Canada?

Robinhood has not announced that the Gold Card is coming to Canada, but it is possible that they will release a credit card down the road, competing with Canada's Wealthsimple. Currently, the Robinhood Gold Card is a U.S. product only available for Robinhood Gold members.

How does Robinhood's Canadian offering compare to Wealthsimple?

Robinhood's Canadian launch is currently focused on crypto, while Wealthsimple already offers a wider Canadian product lineup that includes investing, crypto, chequing, and credit cards. If Robinhood expands beyond crypto in Canada, it could become a more direct Wealthsimple competitor over time.