WonderFi And Robinhood Canada: What The Acquisition Means For Coinsquare And Bitbuy Users

Three of the best-known Canadian exchange names now sit under one US owner, and the mix of brand names, regulators and app changes confuses a lot of people. This is the plain version, built from the official Coinsquare notice, the closing press release and the regulator lists.

What Is WonderFi?

WonderFi was a TSX-listed company that bought Canadian crypto platforms and combined them. It owned Bitbuy, Coinsquare and Bitcoin.ca. Coinberry and CoinSmart accounts had already been folded into Bitbuy in 2023, and Bitvo's accounts followed in November 2023. In May 2024, Bitbuy accounts moved to Coinsquare Capital Markets Ltd. (CCML), which is why the regulated entity behind both brands is the same.

What Happened When Robinhood Bought WonderFi?

The closing press release put the price at C$0.36 per share and the equity value at about C$250 million, and the TSX delisting was expected around June 2. In plain terms, a WonderFi holder who kept the stock through closing was paid cash rather than given Robinhood shares. If you still see a WonderFi ticker on a quote page, it is a leftover listing, not a live security.

What Happens To Coinsquare Users?

Coinsquare has not left Canada. CCML is on the CSA's authorized list (Decision of October 11, 2024) and on CIRO's membership list, and it still holds customer accounts. What is ending is the Coinsquare brand and app. Coinsquare's own page says invitations go out in phases by email and in the app, that the Coinsquare app becomes read-only after you switch, and that it will be retired once everyone has moved. Your account stays with CCML, the custody arrangement stays the same, and no retirement date has been published. My Coinsquare review has the full status and the 2022 breach details.

What Happens To Bitbuy Users?

The same thing, one step behind. Bitbuy accounts were already at CCML, and the Bitbuy site now tells users it is part of Robinhood and invites them to the Robinhood app. Both sites now point users to Robinhood, so I treat new sign-ups as redirected, although I could not test the sign-up forms. See my Bitbuy page for what is kept for reference.

Is Robinhood Allowed In Canada?

For crypto, yes. Robinhood started crypto trading in Canada on July 1, 2026, and Coinsquare's migration page describes the Robinhood service as running on CCML's regulated platform. I have not verified what other Robinhood products are open to Canadians, so I will not claim any. Robinhood's flat 0.5% on CAD trades was promised only for the first few months, and the zero-fee promotion for Canada has ended, so read the fee screen in the app. Staking is described as coming in a later release.

What Is The Equivalent Of Robinhood In Canada?

For a simple app with low friction, my pick is Wealthsimple Crypto, a CIRO dealer member with a flat 0.5% fee plus spread (0% spread on Active Trader), or Coinbase for the widest coin list. If you want rock-bottom cost, NDAX charges a flat 0.20%. For anything else, go through the full ranking.

Does The Robinhood Move Change My Fees Or Protection?

Possibly the fees, not the protection. Coinsquare's migration page says Robinhood charges a flat 0.5% on CAD trades for the first few months after launch, plus blockchain withdrawal fees, and it ran a zero-fee promotion that ended on September 30, 2026. Cash at CCML is covered by CIPF up to CAD 1M, and crypto is not, the same as before. Custody stays with outside custodians, which Coinsquare names as Coinbase Custody and BitGo Trust Company. Coinsquare's old homepage advertised 60+ coins; Robinhood Canada shows 50+, so check that your coin made the move before you migrate.

What Should Existing Users Do Now?

• Watch for the invitation email and check the sender, because scammers copy migration emails.
• Log in before you migrate and note your balances and transaction history for tax records.
• If you plan to leave, withdraw crypto to a wallet you control or to another regulated platform before your date.
• Do not send crypto to any address from an unexpected message.

How Do Coinsquare And Robinhood Compare On Coins, Fees And Funding?

The table sets what Coinsquare says about itself against what Robinhood's Canadian launch offers, using Coinsquare's migration page and the Robinhood Canada site. Where a figure is not published, I say so.

Two things stand out. First, you may lose coins you hold today: Coinsquare lists 60+ and Robinhood 50+, so check your assets against the Robinhood list before your migration window. Second, if you earn staking rewards on Coinsquare, they pause at launch, and I would not count on a restart date that nobody has published.

What Did The 2022 Coinsquare Breach Expose?

Coinsquare disclosed a data incident on November 19, 2022 and emailed customers on November 26. An unauthorized party accessed a customer database. The exposed data included names, email addresses, residential addresses, phone numbers, dates of birth, device IDs, public wallet addresses, transaction history and account balances. Passwords and funds were not affected, and Coinsquare said it had no evidence the data was viewed. The number of customers affected was not disclosed. It matters now for one reason: people whose details leaked in 2022 are exactly who a scammer targets with a fake migration email.

How Do I Spot A Fake Migration Email?

• Real invitations arrive by email and as a prompt inside the app. If an email is the only place you see it, open the app yourself instead of clicking.
• No genuine migration asks for your password, your 2FA code, or your recovery phrase.
• No genuine migration asks you to send crypto to a "safe wallet" while you wait.
• Check the sender domain carefully, and type the address into your browser rather than following a link.
• If the message has a countdown, treat that as a warning, not a reason to hurry.

The Canadian Anti-Fraud Centre lists unsolicited requests, high-pressure tactics and requests for crypto payments among its red flags. If you receive one that looks wrong, forward it to the platform's support and keep going through the app only.