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Wealthsimple Trade vs CIBC Investor’s Edge: 2024 Comparison

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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 fee, 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, you can use Wealthsimple Invest, Wealthsimple’s Robo-Advisor, which offers professionally managed investment portfolios at a fee.

It’s free to sign up for a Wealthsimple Trade account, and you can start trading with as little as $1. If you invest $200 worth of assets, you get a $25 cash bonus.

Wealthsimple Trade

wealthsimple logo

Trade stocks and ETFs for free

Best trading platform for beginners

Deposit $150+ to get a $25 cash bonus

Transfer fees waived up to $150

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 to allow 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.

Wealthsimple Trade vs CIBC Investor’s Edge

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 TradeCIBC Investor’s EdgeQuestrade
Account typesTFSA, RRSP, and personal non-registered accounts.TFSA, RRSP, RESP, LIRA, RRIF, and non-registered accountsRRSP, RESP, TFSA RRIF, LIRA, and non-registered accounts.
Investment assetsETFs, stocks, and cryptoStocks, bonds, ETFs, options, mutual funds, IPOs, Fixed Income Investments, Structured Notes, GICs, and precious metal certificatesStocks, bonds, options, mutual funds, ETFs, GICs, IPOs, International Equities, Precious metals, FX & CFDs.
Minimum investment$0$0$1,000
No-Commission ETFsYesNoFree to buy; pay a fee when you sell
Trading fees$0$6.95/trade$9.95/trade
Trading discountsFree to buy and sell$4.95/trade for active traders; $5.95/trade for students$4.95/trade for active traders
Maintenance feeNone$100 for registered accounts with $25,000 or less and non-registered accounts with $10,000 or less.None
Trading platformsWeb and mobileWeb and mobileWeb, mobile, and desktop stock trading apps
Trading features and toolsBasic and limitedAdvanced and versatileAdvanced and versatile
Sign up bonusCash back when you deposit $200 or moreNoneGet $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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Editorial Disclaimer: The investing information provided here is for informational purposes only and is not intended as individual investment advice or recommendation to invest in any specific security or investment product. Investors should always conduct their own independent research before making investment decisions or executing investment strategies. Savvy New Canadians does not offer advisory or brokerage services. Note that past investment performance does not guarantee future returns.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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