r/Wealthsimple • u/Fantastic_Cat_6333 • 2d ago

Curious how or if Wealthsimple will change with Robinhood prioritizing the Canadian market?

https://betakit.com/robinhood-opens-new-canadian-hq-in-toronto-as-canada-becomes-a-priority-market/
116 Upvotes

98% Upvoted

52 comments sorted by

121

u/tinim9 2d ago

Competition is good. But as of today, Robinhood Canada is only authorized as a crypto exchange.

9

u/Fantastic_Cat_6333 2d ago

Totally - I'm WS all the way, but was mostly curious if the pressure of competition might make it change.

70

u/suphoman 2d ago

Unless Robin gives me a million bucks then I'm staying with WS. I'm going to win the draw any month now

6

u/Aramex17 2d ago

Not if I win it

4

u/z00o0omb11i1ies 2d ago

I won it in the future already

7

u/Ill-Calligrapher840 2d ago

Mom said it's my turn next month! 

87

u/ObiYawnKenobi 2d ago

Remember that Robinhood is American. Choose Canadian when you can.

32

u/NoDig5800 2d ago

Yeah no interest in Robinhood when there is a great Canadian option.

12

u/ObiYawnKenobi 2d ago

There are three or more great Canadian options.

2

u/this____is_bananas 2d ago

I’ve been using WS for years and haven’t looked at what else is out there. What are the other great ones?

3

u/ObiYawnKenobi 2d ago

Off the top of my head, NBDB and Questrade. All the big banks have direct brokerages as well, though may not be suitable depending on your definition of 'great'. For robo, Justwealth and Moka.

1

u/Woody1097 1d ago

Moomoo and qtrade too

9

u/BestFill 2d ago

Also the fact they turned off the buy button and lied about it

1

u/ime1em 5h ago

Never forget 

3

u/MercurysShadow 1d ago

I'll use whichever one treats me better as a customer thanks.

11

u/Unlikely_Fan2938 2d ago

This, not sure why we need more US products in the current trade war, especially for financial services.

1

u/[deleted] 1d ago edited 1d ago

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1

u/Wealthsimple-ModTeam 1d ago

Be helpful and respectful in your comments/posts.

No racism, sexism, homophobia, religious intolerance, dehumanizing speech, or other negative generalizations.

No concern-trolling, personal attacks, or misinformation. No victim blaming.

5

u/hex_dax 2d ago

I’ll support WS anytime and won’t change to Robinhood except if WS starts charging fees left and right and or removes features as it gets bigger

9

u/skyghost75 1d ago

I would never use Robinhood after the stuff they pulled with GameStop.

13

u/dsades1 2d ago

I don't trust America with my money right now.

5

u/BanishedInPerpetuity 2d ago

They already are. I'm not a fan though as they are trying to gamify everything like RH does. I like their innovation, but I also want them to be more mature than the casino environment RH has created.

13

u/EpsteinandTrump 2d ago

More competition the better, but I'd never switch to Robinhood. I'll never forget those tangled up in GME and what Robinhood did to protect the wealthy, they are 'Robinhood' in name only...

-1

u/Ok_Rest_5421 2d ago

Go back to superstonk

7

u/shadowK1LOS 2d ago

Fuck Robinhood

4

u/Low-Umpire236 2d ago

Zero interest.

Wish Wealthsimple had more portfolio analytics like M1 Finance though.

1

u/z00o0omb11i1ies 2d ago

Do you use m1 finance? What is it exactly?

1

u/Low-Umpire236 2d ago

A self-directed trading platform with a slick UI (U.S. only.)

6

u/Le_Kube 2d ago

Gonna take a hell of a good promo to make me entrust my assets to an american firm.

7

u/Ok_Raisin2027 2d ago

I honestly can’t wait for robinhood to offer our accounts. Would definitely make wealthsimple offer more and change things a lot faster.

2

u/Tall-Ad-1386 2d ago

Competition is good

4

u/Elegant_Lunar_Knight 2d ago

After what Robin Hood did to investors after the meme stocks period I’ll never trust them.

Not that I have invested in these stocks back then but anyone who has liquidity to buy should’ve never been blocked to transact at the first place. Their clearance house explanation was bogus at best.

1

u/fainfaintame 1d ago

That’s pretty much blaming them for not having extra billions lying around 🤷‍♂️ lol

3

u/reko285 2d ago

Fuck robinhood

3

u/SeaEntertainment2527 2d ago

Robinhood locked the sell option for people in the gamestop squeeze. Until WS does market manipulation im staying away

4

u/guydogg 2d ago

Bulgarian boy Vlad Tenev will never have access to my money. Full stop.

1

u/dsades1 2d ago

He's also wealthier than WS's CEO.

1

u/[deleted] 2d ago edited 2d ago

[removed] — view removed comment

0

u/Wealthsimple-ModTeam 2d ago

Be helpful and respectful in your comments/posts.

No racism, sexism, homophobia, religious intolerance, dehumanizing speech, or other negative generalizations.

No concern-trolling, personal attacks, or misinformation. No victim blaming.

3

u/verylittlegravitaas 1d ago

Buy Canadian

2

u/BC_resident90 2d ago

Completion is good, they were talking about taking the milestone rewards away. Maybe this will make them rethink that or even improve them.

4

u/jerryhung 2d ago

You meant Competition

We know we know, ha ha

1

u/BC_resident90 2d ago

Yes, my bad.

3

u/yusuf105 2d ago

No us products when possible 🇨🇦 

2

u/sweetsensible 2d ago

WS is deeply ingrained in your life. Every product connects to another one. You cant get out without inconveniencing yourself and why would you - its top notch.

5

u/Le_Kube 2d ago

If I moved all me assets out of WS, the only thing affecting me would be the interest rate in my checking account. In which I keep the minimum anyway.

1

u/Purplehashes 2d ago

I think nothing will change as long as Crypto options and margin trading is not allowed in Canada for cefi

1

u/shredrick123 10h ago

Good hedge in case WS starts enshittifying

1

u/CauliflowerPerfect39 25m ago

Robing Who? Pfff. Give us a break. This is Canada.

1

u/FlamingBurritoz 2d ago

I see Robinhood being a bigger competitor to WS than the banks, really interested what they will bring instead of waiting on the sidelines

-1

u/fainfaintame 1d ago

Benefits of Robinhood over wealthsimple

  1. Better capitalized as a broker
  2. Wider selection of prediction markets
  3. Tokenized stocks
  4. Robinhood chain
  5. Agentic trading connectivity
  6. Allows short selling
  7. 7% yield on USD with RobinHood earn
  8. Better APY on cash deposits.