7 Best Wealthsimple Trade Alternatives in Canada for Apr 2024

This article covers the top 7 best Wealthsimple Trade alternatives in Canada, their pros and cons, and what to look for in a trading platform.

Wealthsimple Trade is the best free investment platform in Canada for commission-free trading of stocks, ETFs, and cryptocurrencies. 

It also doesn’t have a minimum investment requirement which makes it a top choice for beginners and self-directed investors who want to cut trading fees on a simple, easy-to-use platform.

While there are no Wealthsimple fees, the online brokerage doesn’t offer advanced trading features. It has limited account types and three investment products.

This may be a turnoff for experienced traders who want to conduct in-depth market analysis and access a wide selection of market securities or investment accounts.

What is Wealthsimple Trade?

Wealthsimple Trade is the first Canadian stock trading platform to offer commission-free trading.

It was launched in 2019 and makes investing for Canadians easier by offering fee-free trading of stocks and ETFs in one place. Over 2 million people use the platform to trade, invest, and manage their portfolios.

Wealthsimple Trade is owned by Wealthsimple, a Toronto-based online brokerage company that has been operating since 2014, managing over $30 billion in assets.

The platform offers three account types to self-directed investors, including TFSA, RRSP, and non-registered accounts.

Wealthsimple Trade doesn’t charge any trading fees or deposit/withdrawal fees. The only fees users incur are FX fees of 1.5% on US trades or $10/month for Wealthsimple Plus subscribers.

If you use its Wealthsimple Crypto platform for cryptocurrency trading, you will incur an operations fee that ranges between 1.5% and 2%.

Hands-off investors will also find the platform helpful.

It offers managed investment services via Wealthsimple Invest, a robo-advisor that allows conservative investors to automatically build low-cost ETF portfolios across US and Canadian markets at an annual management fee of 0.4%-0.5%.

Best Wealthsimple Trade Alternatives in Canada

As mentioned earlier, Wealthsimple Trade only offers basic trading features and 3 account types/investment products. 

Below is a rundown of other trading apps like Wealthsimple Trade that offer advanced trading features/charting tools, a wider selection of investment products, and multiple account types.

Questrade

Questrade is the best day trading platform in Canada that offers fee-free ETF purchases, multiple account types, and a wide selection of tradable assets at low commissions. It is also a solid Wealthsimple alternative.

The platform has over $30 billion in assets under management, and over 250,000 new accounts are opened annually.

Users can invest with both registered and non-registered accounts, including RIF, LIF, LIRA, RRSP, Locked-In RRSP, Spousal RRSP, RESP, Family RESP, Cash, Margin, and FX/CFD accounts.

It also offers a wide list of market securities, including stocks, ETFs, CFDs, Foreign Exchange mutual funds, precious metals, bonds, IPOs, and  International Equities.

Questrade fees of 1 cent per share are among the lowest in Canada, with a minimum fee of $4.99 per trade and a maximum fee of $9.95 per trade.

Plus, ETFs are free to buy. You only pay a fee when selling.

Like Wealthsimple, Questrade also offers managed investing via QuestWealth portfolios, a robo-advisor that automatically builds you an expertly managed portfolio of low-cost ETFs at an annual fee of 0.20%-0.25%.

Questrade is a good choice for both beginner and seasoned traders, as it offers basic and advanced web-based trading platforms and an easy-to-use stock trading app.

Pros and Cons of Questrade

Pros

• A wide selection of investment products
• Many account types
• Fee-free ETF purchases
• No account maintenance fees
• Offers both basic and advanced trading interfaces
• Wealthsimple Trade app to trade on the go

Cons

• Doesn’t offer cryptocurrencies
• Has a high minimum investment of $1,000
• A maximum fee of $9.95 per transaction

Qtrade

Qtrade is among the best Canadian trading platforms for active DIY investors looking for an advanced online trading interface.

It’s packed with advanced trading features and tools to enable you to plan, discover & evaluate investment ideas, trade, monitor, and track the performance of your portfolio.

Investment accounts offered on the platform include TFSA, LIRA, RESP, LRSP, TFSA, RRIF, RRSP, LIF, margin, and cash accounts.

Users can invest in several products, including stocks, ETFs, options, bonds, mutual funds, IPOs, and GICs.

Qtrade fees stand at $8.75/trade, but active traders enjoy a discounted fee of $6.95. 

Standard fees apply to most ETFs on the platform, but there’s a select group of 100+ ETFs that users can trade commission-free.

Unlike Questrade, Qtrade charges account maintenance fees, including $25/quarter for an account with $25,000 or less, and $15/quarter for dollar-denominated accounts. Users also incur several admin fees.

Pros and Cons of Qtrade

Pros

• Access 100+ commission-free ETFs
• Multiple account types, including a demo account
• Several investment products
• Active-trader fee discounts
• Offers quality research and advanced trading features/tools

Cons

• High standard fees
• No support for cryptocurrencies
• Charges account maintenance fees
• A myriad of admin fees.

CIBC Investor’s Edge

CIBC Investor’s Edge is a bank-owned trading platform that charges competitive trading commissions.

It is owned by the Canadian Imperial Bank of Commerce (CIBC) and is a good choice for seasoned investors who want to access advanced trading features and charting tools to make investing effortless.

The platform offers multiple account types to meet the investment needs of different traders, including RRSP, TFSA, RRIF, LRIF, RESP, LRSP, margin, and cash accounts.

It is also one of the best Canadian trading platforms offering a wide selection of tradable assets, including stocks, ETFs, mutual funds, options, structured notes, precious metals, IPOs, Fixed Income investments, and GICs.

CIBC Investor’s Edge fees are quite low compared to other bank-owned and independent online brokers.

The standard fee is $6.95 per trade. Active investors enjoy discounted fees of $4.95/trade and $5.95 for students.

But unlike Wealthsimple Trade and Questrade, CIBC levies an account maintenance fee of $100 for registered accounts with $25,000 or less and non-registered accounts with $10,000 or less.

Pros and Cons of CIBC Investor’s Edge

Pros

• Multiple account types
• A wide list of tradable assets
• Low-trading commissions and fee discounts
• Advanced trading features and tools

Cons

• Doesn’t offer cryptocurrencies
• Account maintenance/admin fees increase your trading costs

Interactive Brokers

Interactive Brokers (IBKR) is a US-based multinational trading platform founded in 1978 that operates across 150+ markets in 33 countries, including Canada.

It is reputed as one of the best day trading platforms in Canada for its low to $0 fees, advanced trading features/charting tools, a wide selection of market securities, and many account types.

The low-cost platform offers multiple account types, including hedge & mutual funds, small business accounts, money manager accounts, Family offices, Broker & FCM accounts, and UGMA/UTMA accounts. It also offers Individual, Trust, IRA, and Joint accounts.

Listed investment products on the platform include cryptocurrencies, stocks, ETFs, options, futures/FOPs, spot currencies, hedge funds, mutual funds, bonds, and US spot gold.

ETFs are always free for IBKR Lite clients, and IBKR Pro clients also have access to 150+ commission-free ETFs under some conditions.

IBKR fees are tiered based on your monthly trading volume and whether you are trading CAD or US stocks. Fees start at $0.008/share for CAD stocks and $0.005/share and below for US securities.

Pros and Cons of IBKR

Pros

• Offers crypto and a wide selection of market securities in one platform
• Advanced trading features, many order types, and top-notch charting
• Offers web, desktop, and mobile trading platforms
• Low fees and a competitive pricing model
• Commission-free ETFs

Cons

• $0 fees for stocks/ETFs are not available in Canada
• Beginners may find its website and advanced features difficult to navigate

TD Direct Investing

TD Direct Investing is among the best Canadian trading platforms for advanced trading. It is owned by the Toronto Dominion Bank (TD) and has been operating since 1984.

The stock trading platform is reputed for its advanced trading features, charting tools, and market data. It offers 3 web-based platforms, including the Web Broker interface, Advanced Dashboard, and the ThinkorSwim platform.

There’s also the TD mobile app that enables users to trade and monitor their portfolios on the go.

Users can open and invest with various registered accounts, including TFSA, RESP, LIF, LIRA, RDSP, RRIF, RRSP, and non-registered margin and cash trading accounts.

Tradable assets on the platform include stocks, ETFs, term deposits, mutual funds, precious metals, and fixed income assets.

TD Direct Investing fees are on the high side. It levies regular flat fees of $9.99/trade and a discounted active-trader fee of $7.

There’s also a $25 account maintenance fee/quarter for accounts with $15,000 or less, and several other admin fees.

Pros and Cons of TD Direct Investing

Pros

• Several investment products
• Many account types
• Multiple trading interfaces
• Advanced trading features/charting tools

Cons

• Doesn’t offer cryptocurrencies
• No commission-free ETFs
• Fees are among the highest in Canada
• Levies account maintenance/admin fees
• No managed portfolios

Scotia iTrade

Scotia iTrade is a top investment platform in Canada that offers powerful stock trading platforms packed with advanced trading features and charting tools. It is a good choice for active, seasoned traders.

It is owned by Scotiabank and has been in operation since 2009.

The platform offers 3 trading interfaces, including the Scotia Online Platform, the Scotia FlightDesk premium interface, and the Scotia iTrade mobile app.

Investment accounts on the platform include TFSA, RESP, RRSP, RRIF, US dollar-registered accounts, non-registered margin/cash accounts, and non-personal accounts like estates, investment clubs, partnerships, trusts, and more.

Users can invest in stocks, ETFs, GICs, IPOs, bonds, mutual funds, and a select group of 100+ no-commission ETFs.

Scotia iTrade regular fees are quite high at $9.99/trade, but active traders enjoy a highly discounted fee of $4.99/trade. 

Accounts with less than $25,000 are also hit with a fee of  $100/year and $25/year for those with $15,000 or less. There is also an account transfer out fee of $150 and other admin fees.

Pros and Cons of Scotia iTrade

Cons

• Many account types
• Several investment products
• Offers 100+ commission-free ETFs
• Active-trader fee discounts
• Advanced trading features/charting tools

Cons

• Regular fees are quite high
• Levies account maintenance fees
• No crypto support

BMO InvestorLine

BMO InvestorLine is an investment platform in Canada owned by the Bank of Montreal (BMO).

The stock trading platform is accessible via its web-based interface or the BMO Invest mobile app. It offers advanced trading features, charting tools, and market research tools.

Users can open and invest with registered and locked-in account types, including TFSA, RESP, RRIF, RRSP, LIRA, LRSP, RLSP, LRIF, and LIF.

It also offers non-registered margin and cash accounts, estates, investment clubs, and trusts, among others.

Investable assets on the platform include stocks, ETFs, bonds, mutual funds, GICs, options, and a selection of 80+ commission-free ETFs.

Fees are quite high, standing at $9.95, with no active trader fee discounts. Accounts with $15,000 or are hit with a fee of $25/quarter. There’s also a $150 account transfer out fee and other admin fees.

BMO InvestorLine Pros and Cons

Pros

• Many account types
• Several tradable assets
• A selection of 80+ commission-free ETFs
• Offers advanced trading features and charting tools

Cons

• Fees are on the high side
• No active-trader fees
• Doesn’t offer crypto
• Levies account maintenance/admin fees

What To Look For in a Trading Platform

When choosing a Wealthsimple Trade alternative in Canada, there are several factors that you should consider. They include:

• Investment products: Choose a platform that offers the assets you want to invest in.
• Investment accounts: Some accounts are great for short-term investing, while others are meant for long-term financial goals. Depending on your goals, you may want to access certain account types.
• Trading fees: Fees eat into your profits. The lower they are, the better for you.
• Admin and other fees: Admin fees can quickly add up and increase your costs. To avoid that, choose a platform that charges low to $0 in extra fees.
• Availability in your country/region: To avoid legal inconveniences, look for a platform that is authorized to operate in your region.
• Trading platforms/mobile apps: Platforms that offer multiple trading platforms and mobile apps tend to accommodate both beginners and seasoned traders.
• Trading features/charting tools: Basic features are great when you are just getting started, but experienced traders are better off on a platform with advanced trading features and charting tools.

Trading Platforms Like Wealthsimple Trade: Conclusion

Wealthsimple Trade offers many attractive trading features, including commission-free trading of stocks, ETFs and crypto in one place. That makes it the cheapest trading platform in Canada, especially for beginners.

However, it doesn’t offer advanced trading features/charting tools, and supports only 3 investment accounts and products. 

So if you’re a seasoned trader, you may have to look into Wealthsimple Trade alternatives like Questrade, Qtrade, CIBC Investor’s Line, Interactive Brokers, and others discussed above.

To find the best platform for you, sort them out based on the above factors and choose the one that fits your investment needs.

FAQs