Webull Canada Review 2026

1. Webull Canada Review: Our Verdict

The short version. Webull Canada scores 3.0 / 5 and ranks ninth of the 13 online brokers we score, and last of the seven $0-commission brokers on our best commission-free brokers list. Its trading is cheap, but the account range is the narrowest we score, its margin rate is high, and a monthly fee applies to every account.

Where it earns points. Webull’s cost score is 4.33 of 5. Stocks and ETFs cost $0 in commission, so our buy-and-hold profile pays only the $8.40 yearly account fee. Webull states that it is regulated by CIRO and is a CIPF member, which earns 4.0 of 5 on safety. A desktop platform for Mac, Windows and Linux Ubuntu, a mobile app and options trading earn 3 of the 5 platform points.

Where it loses points. Account types score 1.5 of 5, the lowest of the 13 brokers, because Webull lists only cash, margin, TFSA and RRSP accounts. Cash and margin scores 0.5 of 5: the CAD margin rate of prime + 3% works out to 7.45%, and no cash interest rate is shown. US investing scores 2.5 of 5, because conversion costs 1.5% and Webull does not state whether registered accounts can hold US dollars.

The account fee. $0.70 a month sounds small, and on a large account it is. On a $20,000 TFSA it is 0.042% a year. On a $1,000 starter TFSA it is 0.84% a year ($8.40 ÷ $1,000). Three accounts cost (3 x $8.40 = $25.20) a year.

Who should pick it. Webull may suit an investor who trades Canadian and US shares from a phone in a TFSA, RRSP or margin account, with a balance large enough that $8.40 a year does not matter, and who wants the funding offer of up to $250. Most other investors will find a broader $0-commission broker with no account fee. See the full best online brokers in Canada ranking.

2. Webull Fees in Canada: Commissions and Other Costs

Commissions. Webull fees in Canada start at $0 commission for Canadian and US stocks and ETFs. Regulatory and exchange fees may apply on Canadian trades. On US trades, sales carry the SEC fee and the FINRA trading activity fee of $0.000195 a share, capped at $9.79, so selling 1,000 shares adds about $0.20. US-listed ADRs carry a custody fee of US$0.01 to US$0.03 a share.

The account fee. Webull charges an administrative and maintenance fee of $0.70 a month per account, or $8.40 a year. No separate inactivity fee is listed. Because the fee is per account, a TFSA, an RRSP and a margin account together cost $25.20 a year whether you trade or not.

Who charges what. Webull Securities (Canada) Limited is the broker. Registered-plan and transfer fees are charged by CI Investment Services, so some fees on your statement may come from CI rather than Webull.

What four investors pay. Every trade below is a $2,000 order of 40 shares, US-dollar fees count at par, and the four patterns match our other reviews. Each profile holds one account, so the $8.40 fee applies once.

The pattern. At Webull the account fee sets the floor and currency conversion drives everything above it. The options figure ignores the free first three months for new options users and the small per-contract regulatory and clearing fees.

3. Webull Currency Conversion and US Dollars

The rate. Webull converts at the exchange rate plus a 1.5% markup, as of October 22, 2026. Converting $1,000 costs $15.00, $10,000 costs $150.00 and $50,000 costs $750.00. On our ranking of conversion costs on $10,000, Webull ties with Questrade and Wealthsimple at $150, fifth of the nine brokers that publish a rate, behind Interactive Brokers Canada at US$2 and TD Direct Investing at $126.

US dollars in a TFSA or RRSP. Webull does not state whether its TFSA or RRSP can hold US dollars, which is why it scores 0.5 of 2 on that part of our US investing factor. If an account cannot hold US dollars, every US purchase and every US sale pays the 1.5% markup, and a round trip costs about 3%. Please ask Webull how its registered accounts handle US dollars before you plan a US strategy around them. Questrade states that its registered accounts hold US dollars at no extra cost.

US dividend withholding. Under the Canada-US tax treaty, US dividends paid into an RRSP are exempt from US withholding once the account is documented. In a TFSA or a cash or margin account, 15% is withheld with a Form W-8BEN on file, or 30% without one, and in a TFSA it cannot be recovered. In a cash or margin account you can usually claim a foreign tax credit. Our guide to US stocks in a TFSA explains the rules.

Ways to cut the cost. Convert less often and in larger amounts, and keep US holdings in US dollars where the account allows. Norbert’s Gambit converts through an interlisted ETF and pays trading costs rather than a percentage; at Webull those trades cost $0 in commission, but please confirm how Webull handles the journal step first. Our currency conversion fee calculator and lowest currency conversion fees page compare every broker.

4. Webull TFSA, RRSP and Other Account Types

What is offered. Webull Canada offers four account types: cash, margin, TFSA and RRSP. FHSA, RESP, RRIF, joint and corporate accounts are not listed, and neither is a spousal RRSP. That is three of the 10 types we count, the fewest of any broker we score, and 1.5 of 5 on our account types factor.

The Webull TFSA. The Webull TFSA ranks 9 of 13 on our list of brokers offering a TFSA, by overall score, and 9 of 13 on our best TFSA for US stocks list. The 2026 TFSA dollar limit is $7,000. The $8.40 yearly fee matters most here, because a new TFSA can be small: on a $7,000 TFSA it is 0.12% a year ($8.40 ÷ $7,000). See the best TFSA accounts list for brokers with no account fee.

The Webull RRSP. The 2026 RRSP dollar limit is $33,810. December 31 of the year you turn 71 is the last day to contribute to your own RRSP, and the RRSP must then be withdrawn, transferred to a RRIF or used to buy an annuity. Webull does not list a RRIF, so an RRSP held there would need to move to another institution to become one. Our RRSP guide and best RRIF accounts list cover the options.

The gaps that matter. First-time buyers need another broker for an FHSA; see the best FHSA accounts. Parents need another broker for an RESP; see our best RESP providers. Couples cannot open a joint account, and business owners cannot open a corporate account.

5. Webull Platforms and Tools

Desktop and mobile. Webull offers Webull Desktop for Mac, Windows and Linux Ubuntu, and the Webull Mobile App. A dedicated desktop platform and a mobile app earn two of the five points on our platform factor, and options trading earns a third.

Fractional shares and DRIP. Fractional share trading and dividend reinvestment are not mentioned on the Webull Canada pages we checked. We do not assume a feature exists when a broker does not describe it, so Webull scores 0 for each. If buying fractions of a share or reinvesting dividends automatically matters to you, ask Webull directly before you open an account.

Why those two features matter. Without fractional shares, a monthly contribution must buy whole shares, and money left over sits as cash. Without DRIP, dividends land as cash until you reinvest them by hand. Webull’s $0 commissions soften that: a manual reinvestment costs nothing in commission, unlike at a per-share broker such as moomoo, where each order pays at least CA$1.49.

Where Webull sits. Webull ranks 7 of 10 on our best investing apps list and 9 of 13 on our best brokers for beginners list, both at 3.3 / 5. Both lists use our beginners weighting, whose platform part counts fractional shares, a mobile app, DRIP and no account minimum. Webull gets full credit for the app but none for the two features it does not describe.

Crypto is separate. Webull’s Canadian group includes Webull Canada Crypto Limited. Crypto is outside the scope of this review and is not covered by CIPF, so keep it separate from your view of the brokerage accounts. Our best crypto platforms in Canada page covers authorized crypto trading platforms.

6. Webull Research and Education

What we could confirm. Research tools, news, screeners and market data packages were not part of the figures we checked on Webull’s pages, so we do not describe them or their prices. Our score does not weigh research tools, because their value depends on how you invest.

Questions to ask. If real-time quotes matter to you, ask whether Canadian and US data is included or billed as a subscription. If you rely on analyst research, ask which providers are included. Ask about fractional shares and DRIP at the same time, and keep the answers with the date.

Tools do not change the costs. A $0 commission makes frequent trading feel free, but every US trade bought with Canadian dollars pays the 1.5% markup. Ten US purchases of $2,000 a year from Canadian dollars cost (10 x $2,000 x 1.5% = $300) in conversion alone, before any sale is converted back.

Where to learn the basics. Our guide to how to invest in Canada covers choosing accounts, an asset mix and a contribution plan. Our investing for beginners hub links every learning guide, and our guide on how to buy US stocks in Canada explains currency and withholding tax step by step.

7. Webull Options, Margin and Advanced Trading

Options pricing. Webull charges no base fee and US$0.99 per contract on US options, as of October 22, 2026. Clients who activate options on or after August 1, 2026 pay $0 per contract for the first three months. Exercise or assignment costs $1 per line item, charged by CI Investment Services. An options regulatory fee ($0.02), an OCC clearing fee ($0.025) and the FINRA trading activity fee also apply. Canadian options pricing is not stated.

How that ranks. Our options profile, four US equity options trades a month of two contracts each, costs $95.04 a year in commissions at Webull (48 x 2 x US$0.99), or $103.44 with the account fee. That is more than Interactive Brokers Canada and moomoo at $62.40 and far more than Questrade and Wealthsimple at $0. A new options user who starts now pays nothing for three months, so the first year’s commissions are (9 x 4 x 2 x US$0.99 = US$71.28). Webull ranks 7 of 13 on our best options trading platforms list at 3.4 / 5.

Margin rates. Webull charges prime + 3% on margin under $100,000 and prime + 2% at $100,000 or more, in both Canadian and US dollars. A negative balance in a registered account costs prime + 7.5%. At a 4.45% CAD prime rate, the CAD rates work out as below (our arithmetic).

What that costs. Borrowing $10,000 for a full year at 7.45% costs $745.00 in simple interest. The same loan costs $367.50 at Interactive Brokers Canada’s 3.675%, from $385.00 at moomoo’s 3.85% and $495.00 at Wealthsimple Core’s 4.95%. Webull ranks 9 of 10 on our lowest margin rates in Canada list, ahead of only Questrade at 8.70%.

8. Webull Cash Interest

What is published. Webull Canada has a Cash Management page, but no interest rate on uninvested cash is shown on the pages we checked. We do not assume a rate, so Webull scores 0 of 2.5 for cash interest on our cash and margin factor.

Why it matters. Cash builds up in a brokerage account from deposits waiting to be invested, from sales, and from dividends, especially where there is no DRIP. If that cash earns nothing, it drags on returns. In a TFSA, where the 2026 dollar limit is $7,000, idle cash also wastes tax-free room.

How rivals compare. Interactive Brokers Canada pays 1.675% on Canadian-dollar cash above CAD 13,000, with full rates for accounts worth more than USD 100,000. Questrade’s published formula gives 0% at today’s prime rate. moomoo cites 6% APY for 30 days in a welcome promotion but does not publish its standard rate. Wealthsimple does not state a rate for cash in its trading accounts.

What to do with idle cash. Invest deposits soon after they arrive and reinvest dividends by hand, which costs $0 in commission at Webull. Money you will not invest for months may earn more in a high-interest savings account; our savings hub compares savings accounts and GICs.

9. Is Webull Safe in Canada? Safety and Regulation

Regulation. Webull states that Webull Securities (Canada) Limited and Webull Canada Crypto Limited are each regulated by CIRO, the Canadian Investment Regulatory Organization, and are members of the Canadian Investor Protection Fund. Webull Securities (Canada) Limited is on CIPF’s current member list. With both memberships stated, Webull scores 4.0 of 5 on our safety factor.

CIPF coverage. CIPF protects client property, meaning cash and securities, that is missing when a member firm becomes insolvent. Coverage is set by account group at each member firm.

What that means at Webull. Your Webull cash, margin and TFSA accounts share one $1,000,000 limit, and your RRSP falls under the separate $1,000,000 retirement limit. CIPF does not cover a fall in the value of your investments, unsuitable advice, the failure of a company whose shares you own, or crypto assets. Crypto held with Webull is not CIPF-covered.

Who charges what. Registered-plan and transfer fees on your account are charged by CI Investment Services rather than Webull. That does not change your CIPF coverage, but it explains why a fee may carry CI’s name. Our rubric adds a point only for bank- or cooperative-owned brokers; Webull is neither, so it ties at 4.0 with Interactive Brokers Canada, Wealthsimple, moomoo and Qtrade. Our guide to CIPF and CDIC protection explains the two schemes.

10. Opening a Webull Account, Transfers and Current Offers

Opening. No general minimum to open is stated. Like any Canadian broker, Webull needs your photo ID and social insurance number, because investment income is reported to the CRA. Each account you open adds $0.70 a month, so open only the accounts you will use.

Transfers in. Webull advertises a transfer bonus of $150 CAD when you transfer assets to Webull, but its terms were not shown on the pages we checked. Ask for a direct transfer: a TFSA moved directly between institutions does not affect your contribution room, while withdrawing and re-depositing it yourself counts as a new contribution. Our guide on how to transfer an investment account covers the forms.

Transfers out. A partial transfer out costs $50 and a full transfer $150, plus tax, charged by CI Investment Services. Moving two accounts out in full costs (2 x $150 = $300) plus tax. Some receiving brokers rebate transfer fees, for example Questrade up to $150 per account.

The cashback offer. Webull pays $50 cashback on an initial deposit or transfer of $500 or more, plus $200 once net qualifying funding reaches $20,000 and is held for 90 days, for up to $250. Eligible accounts are cash, margin, TFSA and RRSP. No end date is stated. At exactly $20,000, $250 is 1.25% of the funding.

Read the terms. A cash reward is a one-time gain; the account fee, the 1.5% markup and the exit fee recur or apply when you leave. The $250 equals almost 30 years of the $8.40 account fee on one account ($250 ÷ $8.40 = 29.8), but a single $10,000 conversion costs $150.

11. Webull Customer Support

What this review covers. Support hours and contact channels are not part of the figures we checked for this review, so we do not list them. We print only support details we can confirm in our research.

Questions worth asking early. Four answers shape your costs at Webull and are not on the pages we checked: whether your TFSA and RRSP can hold US dollars, whether fractional shares and DRIP are available, the interest rate on cash, and the full terms of the $150 transfer bonus. Ask for each in writing before you move a large balance.

Know who to ask about which fee. Registered-plan fees, transfer-out fees and options exercise or assignment fees are charged by CI Investment Services. If one of those looks wrong on a statement, mention that it is a CI charge when you raise it with Webull, so it reaches the right team.

Have these ready. Your account number, the account type, the institution you are moving from and a recent statement. For US shares, confirm a Form W-8BEN is on file for your TFSA, cash and margin accounts; without it, US dividends can be withheld at 30% instead of 15%. Note the date, who you dealt with and what was agreed, and save chats and emails.

12. Webull Canada Pros and Cons

The balance. Webull’s $0 commissions are matched by Questrade and Wealthsimple, which charge no account fee and offer far more account types. Webull’s funding offer is its main draw, though Questrade and Wealthsimple also run funding offers (see section 13). Once the reward is paid, the recurring costs, the narrow account range and the high margin rate decide whether it is worth staying.

What would raise the score. Under our rubric, adding the FHSA, RESP and RRIF would add 1.5 points to account types. Stating that registered accounts hold US dollars at no fee would add 1.5 points to US investing, and describing fractional shares and DRIP would add up to 2 points to platform.

13. Webull Compared With Rivals

The three rivals. We compare Webull with moomoo Canada, another app-first broker; Wealthsimple, a $0-commission app that offers all 10 account types we count; and Questrade, first on our best commission-free brokers list. Figures are as of October 22, 2026.

Costs for the four profiles. Using the four profiles from section 2, here is the yearly cost at each broker. moomoo’s spread is not published, so its converting profiles show commissions only.

Reading the table. Webull costs $8.40 more than Wealthsimple and Questrade on every profile because of its account fee, and more again on options. It costs less than moomoo for buy-and-hold investors, and may cost more for US-focused investors, depending on moomoo’s unpublished spread. Read our moomoo Canada review, Wealthsimple Trade review and Questrade review, or compare Wealthsimple vs Questrade.

14. Who Webull Suits and Who Should Look Elsewhere

App-first traders with a TFSA, RRSP or margin account. If those are the only accounts you need and you trade Canadian shares from your phone, Webull’s $0 commissions keep trading costs at the $8.40 yearly account fee.

New investors who can fund $20,000. The up-to-$250 cashback offer is worth 1.25% of $20,000. If you were going to hold that much in a TFSA, RRSP or margin account for at least 90 days anyway, the reward can cover many years of account fees.

New options traders. Three months of $0 per contract lets a new options user learn without commissions, though exercise and assignment still cost $1 per line item, and US$0.99 a contract applies afterward.

Who should look elsewhere. First-time buyers who need an FHSA, parents who need an RESP, retirees who need a RRIF, couples and business owners will need another broker. Small accounts pay a high share of their balance in fees: $8.40 is 0.84% of $1,000. Margin borrowers pay 7.45%, against 3.675% at Interactive Brokers Canada. Investors who want to hold US dollars in a TFSA or RRSP should choose a broker that states it allows that. Our best brokers for US stocks and best TFSA accounts lists rank the alternatives, and our broker reviews hub links every review.

A two-broker setup. Some investors keep an FHSA or RESP at a full-range broker and use Webull for a TFSA. That works, but each broker adds its own exit fees, and Webull’s account fee applies to each account you hold there. Count both before you split.

What You Need and What You Get With Webull

How to Open and Fund a Webull Account

1. Check the account you need is offered. Webull offers cash, margin, TFSA and RRSP accounts. For an FHSA, RESP or RRIF, plan another broker. Our investment accounts hub compares every type.
2. Open only the accounts you will use. Each account costs $0.70 a month, so a margin account you never fund still costs $8.40 a year.
3. Apply in the app or on desktop. Have your photo ID and social insurance number ready.
4. Fund with the offer in mind. $500 or more earns $50; $20,000 of net qualifying funding held for 90 days earns $200 more. Request a direct transfer for a TFSA so your room is not affected.
5. Plan your currency. Ask whether your TFSA or RRSP can hold US dollars, and convert in larger, less frequent amounts.
6. Reinvest dividends by hand. With no DRIP described, put dividends back to work yourself; it costs $0 in commission.
7. Review once a year. Compare your real costs, including account fees and conversions, with other brokers using the broker cost calculator above.

10 Strategies to Keep Webull Costs Low

Illustrative Example: A First Year at Webull

Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

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Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
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