Brokerage app Webull launches in Canada

Mobile application-based discount brokerage Webull launched in Canada on Tuesday. The app offers trading of Canadian- and U.S.-listed equities, real-time quotes and educational tools.

“Webull sees a huge opportunity to disrupt a traditionally expensive brokerage system in Canada,” Anthony Denier, Webull’s head of Americas and Europe, said in a release. “We look forward to expanding to another market and providing greater and easier access to trading for all.”

Webull charges commissions of $2.99 per trade for Canadian equities and US$2.99/per trade for U.S. equities. It’s offering a zero-commission promotion for the first 90 days of each newly opened account.

Webull launched in the U.S. in 2018 through its SEC-registered broker-dealer and Financial Industry Regulatory Authority Inc. (FINRA) member subsidiary.

FINRA fined Webull US$3 million last year for several violations, including not maintaining an adequate system to identify and address client complaints, failing to report certain complaints to FINRA, and not exercising due diligence in approving clients to trade options.

The firm settled the allegations without admitting or denying the findings.

Webull’s parent company, Webull Corporation, is owned and operated in the Cayman Islands with global headquarters in St. Petersburg, Florida. Webull was founded in 2017 by Wang Anquan, a former executive at Chinese e-commerce firm Alibaba and smartphone maker Xiaomi with backing from Xiaomi and private equity investors. The app is also available in the U.K., Australia, Singapore, Japan, Mexico and Hong Kong.

Correction: A previous version of this article had incorrect information on Webull’s current country of ownership.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.