Wealthsimple vs Moomoo comes down to one trade-off: Wealthsimple charges no commission to buy or sell stocks and ETFs, while Moomoo Canada charges a small per-share fee but waives its currency-conversion fee and adds active-trading extras such as US Level 2 quotes. This guide prices both brokers for five common investors, shows where each one wins, and covers Webull, the other app-first broker people weigh against Wealthsimple. By the end you’ll know which fits the way you actually invest.
Wealthsimple vs Moomoo at a glance
YieldMaple checked Moomoo Canada’s pricing pages, help-centre fee schedule and feature pages on September 24, 2026, and Wealthsimple’s pricing page, trade fee schedule and product pages (margin, savings, accounts, fractional shares, active trading) on September 23–24, 2026; every figure below comes from those pages. Moomoo’s stock fee is a commission plus a platform fee, shown combined here, for stocks priced at a dollar or more.
| Feature | Wealthsimple | Moomoo Canada |
|---|---|---|
| Canadian stocks and ETFs | $0 commission (better on this row) | CA$0.0149 a share, with a CA$1.49 minimum per order |
| US stocks and ETFs | $0 commission (better on this row) | US$0.0099 a share, with a US$1.99 minimum per order |
| CAD–USD currency conversion | 1.5% on US trades from a CAD account | 0% fee, plus an unpublished spread (better on this row) |
| Holding US dollars | USD account: $10 a month for Core clients; free for Premium and Generation | CAD and USD in the same account; $0 account fees (better on this row) |
| US equity options | US$0 per contract (better on this row) | US$0.65 per contract, with a US$1.00 minimum per order |
| CAD margin rate | 4.95% Core, 4.45% Premium, 3.95% Generation | 4.45% on loans under $100,000 (better on this row) |
| Fractional shares | yes — thousands of Canadian and US stocks and ETFs (better on this row) | None listed; recurring AutoBuy plans buy whole shares only |
| FHSA and RESP | Both available (better on this row) | Neither on Moomoo's account list |
| Account types | TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts (better on this row) | individual margin, individual cash, TFSA, RRSP and spousal RRSP accounts, plus corporate accounts |
| US Level 2 data | None listed on Wealthsimple's active-trading page | US Level 2 quotes, up to 60 bids and asks (better on this row) |
| Extended hours | 24/5 (Sunday 8:00 p.m. to Friday 8:00 p.m. ET), limited selection of US stocks and ETFs | US: pre-market from 4:00 to 9:30 a.m. ET and after-hours from 4:00 to 8:00 p.m. ET; Canada: pre-market from 8:00 to 9:30 a.m. ET and after-hours from 4:15 to 5:00 p.m. ET |
| Charting | Trade Plus charts with technical indicators | Advanced charts with technical indicators, paper trading, TradingView integration |
| Idle cash | 2.5% (available to every client, no tiers) in a Wealthsimple Savings account | 6% a year on the first $10,000 of uninvested cash, for Moomoo Engine members only (0% for non-members) |
| Investor protection | securities eligible for CIPF coverage up to $1M per defined account | CIPF member, up to $1 million for each general account |
Sources: wealthsimple.com/en-ca pricing, trade fee schedule, margin, savings, accounts, fractional-shares and active-trading pages (checked September 23–24, 2026); moomoo.com/ca pricing pages, help-centre fee schedule, account-types, margin, currency, trading-hours and Cash Sweep pages, and charts feature page (checked September 24, 2026).
Is Moomoo cheaper than Wealthsimple?
For most investors, no: Wealthsimple charges $0 commission, while every Moomoo stock order costs at least CA$1.49 on a Canadian stock or US$1.99 on a US stock.
Moomoo’s trading fee has two parts. On US stocks it charges a commission of US$0.0049 a share (US$0.99 minimum) plus a platform fee of US$0.005 a share (US$1.00 minimum), per order. On Canadian stocks it charges a commission of $0.0049 a share ($0.49 minimum) plus a platform fee of $0.01 a share ($1.00 minimum), per order. Because the minimums are set per order, small orders almost always pay the floor: any Canadian order of 100 shares or fewer costs CA$1.49, and US orders of up to about 200 shares cost US$1.99.
Wealthsimple charges $0 commission on Canadian and US stocks and ETFs, whatever the order size. So on the trade itself, Wealthsimple is cheaper in every case.
Moomoo can come out cheaper in three other places: converting Canadian dollars to US dollars (on its published fee), borrowing on margin as a Wealthsimple Core client or in large amounts, and (for some traders) idle cash. The next section puts numbers on each.
What does a year of trading cost at each broker?
A monthly ETF buyer pays nothing in commissions at Wealthsimple and about CA$18 a year at Moomoo; a Core margin borrower pays more interest at Wealthsimple.
These worked examples use the published fees above. They leave out things neither broker controls, such as the spread on the stock itself.
1. The monthly ETF investor
You put $500 a month into a Canadian-listed ETF such as XEQT in a TFSA.
- Wealthsimple: $0 per purchase, so nothing a year. Fractional shares mean the whole contribution is invested.
- Moomoo: each purchase buys fewer than 100 units, so it pays the CA$1.49 minimum: CA$17.88 a year, or about CA$179 over ten years. Moomoo’s AutoBuy plans also buy whole shares only — each AutoBuy purchase is rounded down to the nearest whole share, and it fails if the amount can't buy one share, so part of each contribution sits in cash.
The dollar gap is small. The whole-share rule matters more for small contributions than the fee does.
2. The active US-stock trader
You place 20 orders a month (10 buys, 10 sells) of 50 shares of US stocks, using US dollars you already hold.
- Moomoo: every order pays the US$1.99 minimum, so US$477.60 a year.
- Wealthsimple: $0 commission. To avoid a currency charge on every trade you’d hold the money in a USD account, which costs $10 a month for Core clients; free for Premium and Generation: $120 a year on Core.
Even for an active trader, Wealthsimple’s USD account is cheaper than Moomoo’s per-order fees. The one setup to avoid is trading US stocks often from a Wealthsimple CAD account: at 1.5% each way, a US$2,000 order costs about US$30 in conversion on the way in and again on the way out.
3. The options trader
You trade 10 US equity option contracts a month in one order.
- Wealthsimple: US$0 per contract.
- Moomoo: US$0.65 per contract, with a US$1.00 minimum per order, so US$78 a year. Moomoo Engine members can claim a monthly options-commission discount, but Engine has its own cost (see below).
4. The margin borrower
You borrow $20,000 in Canadian dollars for a full year.
- Moomoo: 4.45%, about $890.
- Wealthsimple Core: 4.95%, about $990.
- Wealthsimple Premium (from $100,000 in assets): 4.45%, about $890, the same as Moomoo.
- Wealthsimple Generation (from $500,000 in assets): 3.95%, about $790.
Moomoo’s rate is prime + 0% under $100,000 and prime − 0.6% from $100,000 (CAD prime 4.45%, USD prime 7%). So on a CAD loan of $100,000 or more, Moomoo charges 3.85%, below even Wealthsimple Generation’s 3.95%. Both brokers work out interest daily and charge it monthly. Margin magnifies losses as well as gains; the Wealthsimple margin account guide covers margin calls and borrowing limits.
5. The investor holding idle cash
You keep $10,000 uninvested while you wait to buy.
- Moomoo, as a Moomoo Engine member: 6% a year on up to $10,000, about $600 a year if the rate lasted all year (Moomoo’s current promotion runs September 3 to December 31, 2026). Engine costs $49.90 a month or $499 a year, plus tax, or $598.80 a year on the monthly plan.
- Moomoo, not a member: 0% on uninvested cash.
- Wealthsimple Savings: 2.5% (available to every client, no tiers), about $250 a year, with no membership.
Run your own trading pattern through the Canadian brokerage fee calculator if yours doesn’t match any of these.
Which is cheaper for US stocks and currency conversion?
On published currency fees, Moomoo is: its CAD–USD conversion carries a 0% fee, plus an unpublished spread, while Wealthsimple charges 1.5% on US trades from a CAD account.
Per Moomoo’s currency-conversion fee schedule, the fee is 0% (waived until further notice), but conversions use Moomoo's own exchange rate, which includes a spread Moomoo doesn't publish. In practice, Moomoo’s cost is built into the exchange rate it quotes. Before a large conversion, compare its quoted rate with the Bank of Canada’s daily rate to see what you’re paying.
Wealthsimple gives you two routes:
- Buy US stocks from a CAD account: each buy and each sell is converted at 1.5%.
- Convert into a USD account first: the USD account costs $10 a month for Core clients; free for Premium and Generation, and the conversion fee falls with size: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000. Converting $20,000 in one go costs about $200, and US trades from then on carry $0 commission.
So on published fees, Moomoo is the stronger choice if you convert between currencies often. Wealthsimple is competitive if you convert once, in size, into a USD account (its fee keeps falling as the conversion grows, per the tiers above) and then trade in US dollars, especially as a Premium client with a free USD account. The calculator below shows Wealthsimple’s side; the Wealthsimple USD account guide and how to buy US stocks in Canada cover the details.
Does Moomoo Canada have an FHSA, RESP or fractional shares?
No: Moomoo Canada lists individual margin, individual cash, TFSA, RRSP and spousal RRSP accounts, with no FHSA or RESP, and its recurring AutoBuy plans buy whole shares only.
That list comes from Moomoo’s own help centre. It also offers corporate accounts, available for partnerships, corporations and sole proprietorships. Wealthsimple offers TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts. If you want a First Home Savings Account, see the Wealthsimple FHSA guide; at Moomoo you’d need a second broker for it.
On fractional shares, Moomoo’s help centre says its AutoBuy plans buy whole shares only — each AutoBuy purchase is rounded down to the nearest whole share, and it fails if the amount can't buy one share. YieldMaple found no fractional-share trading on Moomoo Canada’s pricing or help-centre pages in September 2026. Fractional shares at Wealthsimple: yes — thousands of Canadian and US stocks and ETFs. So $100 buys $100 of an ETF even when one unit costs more.
Where does Moomoo beat Wealthsimple?
Moomoo beats Wealthsimple on currency conversion, CAD margin for Core clients and large loans, US Level 2 quotes, and pre-market and after-hours sessions on Canadian stocks.
- Currency conversion: 0% fee, plus an unpublished spread, against Wealthsimple’s 1.5% from a CAD account.
- Margin: 4.45% on CAD loans under $100,000 and 7% on USD loans, against 4.95% and 7.5% on Wealthsimple Core. Larger CAD loans drop to 3.85%, below every Wealthsimple plan.
- US Level 2 quotes: order-book depth of up to 60 bids and asks. Access is a 30-day free trial for new users, then free in any 30-day period with 3 or more trades or CA$20,000+ in average assets. Wealthsimple’s active-trading page lists free real-time streaming quotes but no Level 2 data.
- Canadian extended hours: on Canadian stocks Moomoo runs pre-market from 8:00 to 9:30 a.m. ET and after-hours from 4:15 to 5:00 p.m. ET, and its US sessions are pre-market from 4:00 to 9:30 a.m. ET and after-hours from 4:00 to 8:00 p.m. ET. Wealthsimple’s extended hours cover only a limited selection of US-listed stocks and ETFs (see below).
- Charting and practice tools: Moomoo’s Canadian site describes advanced charts with technical indicators and drawing tools, plus paper trading and a TradingView integration. Wealthsimple’s Trade Plus also offers charts with technical indicators, so charting alone isn’t a reason to switch.
Where does Wealthsimple beat Moomoo?
Wealthsimple beats Moomoo on trading costs ($0 commissions and US$0 per contract on options), fractional shares, account choice and simplicity.
- No commission on any stock or ETF trade, Canadian or US, at any size.
- Cheaper options: US$0 per contract against Moomoo’s US$0.65 per contract, with a US$1.00 minimum per order. The Wealthsimple options trading guide covers what’s supported and where the app falls short of a dedicated options platform.
- Fractional shares, so small, regular contributions are fully invested.
- More account types: FHSA, RESP, LIRA and RRIF, none of which appear on Moomoo’s list.
- Longer hours on eligible US stocks: Wealthsimple’s active-trading page lists 24/5 trading, from Sunday 8:00 p.m. to Friday 8:00 p.m. ET, though only a limited selection of US-listed stocks and ETFs trade outside regular hours. The app’s Discover tab lists which ones qualify.
- Transfers in: your old broker’s transfer-out fee is reimbursed on transfers of $25,000 or more, up to $150 per account.
- Everything in one app: chequing, a savings account paying 2.5% (available to every client, no tiers), tax filing and managed portfolios sit alongside self-directed investing. Our complete Wealthsimple guide walks through each product.
Is Moomoo’s 6% cash rebate worth it?
Only if you get Moomoo Engine free: the 6% a year rebate covers just the first $10,000 of idle cash, and paying for Engine cancels most of it.
The full terms: Moomoo pays 6% a year on the first $10,000 of uninvested cash, for Moomoo Engine members only (0% for non-members). Moomoo Engine costs $49.90 a month or $499 a year, plus tax, or it’s free for 30 days at a time when you hold at least $1,000 in account assets and make at least 10 trades in the trailing 30 days (new accounts also get a 30-day trial). Moomoo says the Engine benefits, including this rate, run September 3 to December 31, 2026, and that the rate combines a base rate with a promotional booster.
Run the numbers on a full $10,000, assuming the rate held for a whole year: the rebate is about $600 a year. A monthly Engine subscription costs $598.80 a year, and the annual plan leaves about $101 before tax. Anything above the cap earns nothing. If you already make 10 or more trades a month and keep more than the asset minimum at Moomoo, the rebate is a genuine perk, though each of those trades pays Moomoo’s per-order fee; if not, a Wealthsimple Savings account at 2.5% (available to every client, no tiers) is simpler.
Is Moomoo as safe as Wealthsimple?
On regulation, yes: Moomoo Financial Canada Inc. is CIRO-regulated and a CIPF member, like Wealthsimple, so both sit under the same Canadian investor-protection framework.
Moomoo states CIPF coverage of up to $1 million for each general account, and it has a Nasdaq-listed parent company (ticker FUTU). CIPF’s own limits are the same at every member firm: $1 million for all general accounts combined (such as cash, margin, TFSA and FHSA accounts), plus $1 million for all registered retirement accounts combined (such as RRSPs, RRIFs and LIFs), plus $1 million for RESPs where you are the subscriber. Moomoo Canada is an order-execution-only dealer that gives no investment advice or recommendations; self-directed investing at Wealthsimple likewise leaves every decision to you. Wealthsimple’s investment accounts carry securities eligible for CIPF coverage up to $1M per defined account.
CIPF protects eligible assets if a member firm fails. It does not protect you from market losses, and neither broker’s app makes a risky trade safer. Moomoo’s own fee pages warn that low-priced stocks carry extra risk. A separate page goes through Moomoo Canada’s regulation and CIPF coverage in more depth.
Wealthsimple vs Webull: is Wealthsimple or Webull better?
Wealthsimple is better for buy-and-hold investors and anyone who needs an FHSA or RESP; Webull, like Moomoo, is built for active traders who want advanced charts and extended hours.
Webull’s Canadian site (webull.ca) lists cash, margin, TFSA and RRSP accounts, with no FHSA or RESP mentioned, and says its Canadian broker is regulated by CIRO and a CIPF member. It advertises US pre-market and after-hours trading, an overnight session and crypto trading through a separate company, and it notes that crypto assets aren’t covered by CIPF. The Webull Canada review covers that broker’s fees, accounts and safety in more detail.
This page doesn’t quote Webull’s fees; the review linked above lists them. Webull’s site footnotes options-fee terms that depend on the date you activate options trading, so read webull.ca/pricing on the day you sign up. Then apply the same test as Moomoo:
- Pick Wealthsimple over Webull if you need an FHSA or RESP (neither appears on Webull’s Canadian account list), or you want fractional shares, managed portfolios and tax filing in the same app as your investing; Webull’s Canadian home and pricing pages don’t mention those.
- Pick Webull over Wealthsimple if Level 2 market depth, advanced charting and overnight or extended sessions are the point, and your registered accounts can be a TFSA or RRSP.
- Choosing between Webull and Moomoo comes down to their current fee pages and which app’s tools you prefer; both target the same trader.
How do you move from Moomoo to Wealthsimple?
A full transfer out of Moomoo costs $75 per currency plus tax, and Wealthsimple reimburses transfer fees only on transfers of $25,000 or more.
- Open the same account type at Wealthsimple (TFSA to TFSA, RRSP to RRSP).
- Request the transfer in the Wealthsimple app. The receiving broker starts it, so you don’t contact Moomoo first.
- Choose an in-kind transfer if you want to keep your holdings rather than sell them.
Moomoo charges $75 for a full transfer out and $50 for a partial one, charged per currency, plus sales tax, so moving both CAD and USD assets means $150 plus tax. At Wealthsimple, that fee is reimbursed on transfers of $25,000 or more, up to $150 per account, and most transfers take 2–4 weeks. The Wealthsimple transfer guide covers the steps and what to do if a transfer stalls.
Don’t withdraw an RRSP to move it: Moomoo charges $50 for a partial RRSP withdrawal and $75 to withdraw the whole RRSP, plus sales tax, and the withdrawal is taxable. Going the other way, a transfer into Moomoo takes 6–8 business days by ATON, per its help centre.
Decision framework: Wealthsimple or Moomoo?
Pick Wealthsimple if:
- You buy and hold ETFs with regular contributions, especially small ones
- You want an FHSA, RESP, LIRA or RRIF
- You trade options (US$0 per contract at Wealthsimple)
- You’d rather keep chequing, savings, tax filing and investing in one app
Pick Moomoo if:
- You actively trade US stocks and move money between CAD and USD often
- You borrow on margin as a Wealthsimple Core client, or borrow $100,000 or more in Canadian dollars
- You use US Level 2 data, or want pre-market and after-hours sessions on Canadian stocks or on US stocks outside Wealthsimple’s extended-hours list
- You’re comfortable paying at least US$1.99 per US order for those tools
Use both if:
- You keep long-term registered money (TFSA, RRSP, FHSA) at Wealthsimple and a separate active-trading account at Moomoo
Look further if:
- Cheap currency conversion is your main goal: compare Wealthsimple vs Interactive Brokers and Wealthsimple vs Questrade
The verdict
For most Canadian investors, Wealthsimple is the better broker: $0 commissions on every stock and ETF trade, fractional shares, FHSAs and RESPs, and cheaper options. Moomoo Canada earns its place with active US-stock traders who convert currency often, borrow on margin without Wealthsimple Premium, or want its US Level 2 data and Canadian pre-market and after-hours sessions, and who accept a fee on every order in exchange.
This page is general education, not financial advice. Fees change, so check both brokers’ pricing pages before you move money.