Wealthsimple Trade and CIBC Investor’s Edge are among the best online brokerages that offer top stock trading apps and platforms in Canada.
Wealthsimple Trade is an independent online broker that offers commission-free trading, while CIBC Investor’s Edge is owned by a big bank and levies flat fees on trades.
This Wealthsimple Trade vs CIBC Investor’s Edge comparison walks you through their account types, investment products, trading fees, admin fees, trading platforms, and features.
What is Wealthsimple Trade?
Wealthsimple Trade is one of the best brokerage platforms in Canada and the first stock trading app to offer commission-free trading to Canadians.
It was launched in 2019 and is part of Wealthsimple, a Toronto-based online investment management company founded in 2014, with over $15 billion in assets under management as of 2021.
The Wealthsimple Trade app allows Canadians to trade stocks, ETFs, and cryptocurrencies in one place with zero trading fees and no account minimums.
The platform offers both registered and non-registered accounts and access to both Canadian and US exchanges.
Wealthsimple Trade is great for cost-conscious, self-directed investors looking to actively trade the markets and manage their portfolios.
If you’re a hands-off investor, Wealthsimple Invest, Wealthsimple’s Robo-Advisor, offers professionally managed investment portfolios for a fee.
What is CIBC Investor’s Edge?
CIBC Investor’s Edge is one of the bank-owned online brokerages in Canada.
It’s owned by the Canadian Imperial Bank of Commerce (CIBC), one of the largest and oldest banks in Canada, with more than 10 million customers.
The online broker offers various account types, investment products, advanced trading features, research, and charting tools to allow self-directed investors to conduct in-depth technical analysis and automate their trading activities.
It’s not a commission-free trading platform, and you’ll incur flat trading fees on trades. The good thing is that the platform offers discounted fees for active traders and students.
You’ll also find plenty of videos, tutorials, and articles to hone your knowledge of different market securities and trade with confidence.
Learn more in this CIBC Investor’s Edge review.
Wealthsimple Trade vs CIBC Investor’s Edge: Account Types
CIBC Investor’s Edge offers more account options than Wealthsimple Trade.
Wealthsimple offers three account types, namely:
- Tax-Free Savings Account (RFSA)
- Registered Retirement Savings Plan (RRSP)
- Non-registered personal/Crypto accounts
CIBC Investor’s Edge supports 7 registered accounts and multiple non-registered accounts. They include:
- Tax-Free Savings Account (TFSA)
- Registered Retirement Savings Plan (RRSP)
- Registered Education Savings Plan (RESP)
- Registered Retirement Income Fund (RRIF)
- Locked-in RSP (LRSP)
- Locked-in Retirement Account (LIRA)
- Locked-in Retirement Income Fund (LRIF)
CIBC’s Investor’s Edge non-registered and non-personal accounts include Margin & Cash accounts, Trusts, Investment Clubs, Estate, and Corporate/partnerships.
Wealthsimple Trade vs CIBC Investor’s Edge: Investment Products
CIBC Investor’s Edge offers more investment products than Wealthsimple Trade.
Wealthsimple products include:
- Stocks
- EFTs
- Cryptocurrencies
CIBC Investor’s Edge products include:
- Stocks
- ETFs
- Options
- Mutual Funds
- Fixed Income Investments
- Structured Notes
- IPOs
- GICs
- Precious Metals
Minimum Investment
Both CIBC Investor’s Edge and Wealthsimple Trade have no minimum investment amount, and you can start investing with as little as $1.
Simply sign up and start investing.
No Commission ETFs
It may cost $5-$10 to complete an EFT transaction with most brokers, and finding a platform that offers no-commission ETFs can result in serious savings in the long run.
Wealthsimple Trade offers no-commission ETFs, stocks, and cryptocurrency trading (via Wealthsimple Crypto).
It’s a commission-free stock trading app, and you won’t pay a dime to trade thousands of stocks and ETFs on the platform.
CIBC Investor’s Edge doesn’t offer commission-free trading but charges a standard flat fee of $6.95 per trade.
Trading Fees
Trading fees are a top factor to consider when choosing between Wealthsimple Trade and CIBC Investor’s Edge, as they can impact your returns over time.
Wealthsimple Trade offers commission-free trading on all its investment products.
To make money, the broker levies a base conversion fee + 1.5% on US trades. Alternatively, you can subscribe to Wealthsimple Plus for $10/month and enjoy real-time access to market data, instant deposits up to $5,000, and no-FX fees.
You also incur an in-built Wealthsimple spread of 1.5% to 2% on crypto trades.
CIBC Investor’s Edge charges a standard flat trading fee of $6.95 per trade.
Active traders making more than 150 trades per quarter enjoy a discounted fee of $4.95, while students pay a relatively low fee of $5.95.
Options traders on CIBC have an additional fee of $1.25 on top of the standard fee, while the other investment products have their fees included in the price, and the fee will be displayed for you to see on the order entry screen.
Related: Best Options Trading Platforms in Canada.
Admin & Other Fees
Wealthsimple Trade doesn’t charge account maintenance fees. You only pay an account transfer out fee of $150 when transferring your investment account to another broker.
CIBC Investor’s Edge levies a few admin and account maintenance fees. They include:
- $100 on registered accounts with an asset balance of $25,000 or less
- $100 on non-registered accounts whose balance is $10,000 or less
- $135 account transfer out fee
- $100 for full RRSP plan withdrawal and $50 for partial withdrawal
- $25 for RRIF or LIF account closure
Wealthsimple Trade vs CIBC Investor’s Edge: Trading Platforms and Tools
Wealthsimple Trade and CIBC Investor’s Edge offer web-based and mobile stock trading apps.
Wealthsimple Trade offers basic trading features, and its online and mobile platforms don’t support advanced trading features, charting tools, or order types. Prices have a 15-minute delay unless you subscribe to Trade Plus for $10 monthly.
CIBC Investor’s Edge offers an advanced trading platform with charting tools, stock screeners, real-time market data, trade alerts & notifications, customized watch lists, and market research from Trade Central.
There’s also the CIBC Wealth Mobile App that allows you to trade and monitor your portfolio on the go, and CIBC Learn gives you access to learning resources from top industry experts.
Customer Service
Wealthsimple Trade offers customer service via phone, email, and Virtual Assistant live chat that gives you answers 24/7.
You can reach their customer reps Monday-Friday from 8 am to 8 am and Saturday & Sunday from 9 am to 6 pm at 1-855-255-9038.
CIBC Investor’s Edge offers customer service via live chat, mail, email, and phone. Their customer reps are available Monday to Friday from 8 am to 8 pm at 416-980-3343.
Security
Both Wealthsimple Trade and CIBC Investor’s Edge are regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and are members of the Canadian Investor Protection Fund (CIPF), which protects your portfolio against insolvency up to $1 million.
CIBC Investor’s Edge offers a 100% online banking guarantee, and you’ll get full compensation if you suffer a loss due to fraudulent account activities.
You also have the security of investing with one of the largest and oldest Canadian banks that has stood the test of time.
Wealthsimple Trade uses a 256-bit SSL certificate to ensure state-of-the-art data encryption and 2FA to protect your account from unauthorized access.
Thus, you can sleep well knowing your investment portfolio is fully protected.
Promotions
A sign-up bonus is a kind of free money and shouldn’t be left on the table when choosing between Wealthsimple Trade and CIBC Investor’s Edge.
Wealthsimple Trade offers a bonus if you trade $200 worth of assets.
As of this writing, CIBC Investor’s Edge doesn’t seem to offer any promotions or account opening incentives.
Wealthsimple Trade vs CIBC Investor’s Edge vs Questrade: Table Breakdown.
| Wealthsimple Trade | CIBC Investor’s Edge | Questrade | |
| Account types | TFSA, RRSP, and personal non-registered accounts. | TFSA, RRSP, RESP, LIRA, RRIF, and non-registered accounts | RRSP, RESP, TFSA RRIF, LIRA, and non-registered accounts. |
| Investment assets | ETFs, stocks, and crypto | Stocks, bonds, ETFs, options, mutual funds, IPOs, Fixed Income Investments, Structured Notes, GICs, and precious metal certificates | Stocks, bonds, options, mutual funds, ETFs, GICs, IPOs, International Equities, Precious metals, FX & CFDs. |
| Minimum investment | $0 | $0 | $1,000 |
| No-Commission ETFs | Yes | No | Free to buy; pay a fee when you sell |
| Trading fees | $0 | $6.95/trade | Up to $9.95/trade |
| Trading discounts | Free to buy and sell | $4.95/trade for active traders; $5.95/trade for students | $4.95/trade for active traders |
| Maintenance fee | None | $100 for registered accounts with $25,000 or less and non-registered accounts with $10,000 or less. | None |
| Trading platforms | Web and mobile | Web and mobile | Web, mobile, and desktop stock trading apps |
| Trading features and tools | Basic and limited | Advanced and versatile | Advanced and versatile |
| Sign up bonus | Cash bonus when you deposit $200 or more | None | Get $50 in free trades when you invest at least $1,000 |
Conclusion
Wealthsimple Trade does well with its commission-free trading and ability to invest in stocks and crypto in one place.
That said, CIBC Investor’s Edge is a good choice if you want to access more account types and investment products.
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