Wealthsimple Trade vs TD Direct Investing comes down to trading cost for most people: $0 commission on Canadian and US stocks and ETFs at Wealthsimple, against $9.99 per trade at TD outside its commission-free ETF list. TD actually runs two self-directed services, the full TD Direct Investing platform and the app-only TD Easy Trade, with a big bank behind both, so the better pick depends on what you buy, how often you trade, and whether you want US dollars, GICs or a branch. This guide compares all three on fees, TFSAs, US stocks, chequing and switching costs. YieldMaple checked the prices below on Wealthsimple’s and TD’s own pages on September 23 and 24, 2026; TFSA limits come from the CRA. (“Wealthsimple Trade” is the name Wealthsimple’s pricing page uses for its self-directed investing.)
Wealthsimple vs TD Direct Investing at a glance
| Feature | Wealthsimple | TD Direct Investing | TD Easy Trade |
|---|---|---|---|
| Stock and ETF commission | $0 (better on this row) | $9.99 per trade (Standard); $7.00 per trade (Active Trader); $0 on select ETFs | 100 free trades a year, then $9.99 a trade ($1.99 for partial-share orders of less than one share) |
| Commission-free ETFs | Every Canadian and US-listed ETF (better on this row) | 108 listed ETFs (XEQT is not one) | No separate list; ETF trades use the free-trade allowance |
| Fractional shares | yes — thousands of Canadian and US stocks and ETFs | Partial shares, $1.99 per trade for orders under one share | Partial shares count toward the free trades |
| Options | US$0 per contract (better on this row) | $9.99 plus $1.25 per contract ($7.00 plus $1.25 per contract with 150+ trades a quarter) | Not offered |
| Account types | TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts | TFSA, FHSA, RRSP, cash, margin, RESP, LIRA, RIF, LIF and RDSP, in individual, joint or corporate ownership (better on this row) | a TFSA, FHSA, RRSP and cash (non-registered) account, individual only |
| Minimums and account fees | Account minimum: none | $25 a quarter when your household's TD Direct Investing accounts total less than $15,000, unless you qualify for a waiver | no maintenance fees, no fees for U.S. dollar accounts and no minimum balance (better on this row) |
| US-dollar accounts | $10 a month for Core clients; free for Premium and Generation | cash and margin accounts, RRSPs (except Basic RRSPs), RIFs, RLSPs, LRSPs and TFSAs; RESPs and RDSPs are Canadian-dollar only (better on this row) | Canadian and U.S. currency components on the TFSA, RRSP and cash account |
| Currency conversion, small amounts | 1.5% from a CAD account | 1.07% spread under $10,000 (better on this row) | Conversion applies; rate not shown on the Easy Trade page |
| Margin rate (CAD) | 4.95% on Core (better on this row) | 6.50% | No margin accounts |
| What you can buy | Stocks, ETFs, options and 170+ cryptocurrencies | stocks and ETFs on TD Easy Trade; stocks, ETFs, options, bonds and other fixed income, GICs, mutual funds and new issues on TD Direct Investing (better on this row) | Stocks and ETFs only |
| How you use it | Mobile app and web | WebBroker, the TD app, Advanced Dashboard, TD Active Trader, phone and branch | a phone or tablet app only — you can't use it in a desktop browser |
| Investor protection | securities eligible for CIPF coverage up to $1M per defined account | CIPF member | CIPF member (a service of TD Direct Investing) |
Sources: wealthsimple.com pricing and account pages (checked September 23, 2026); td.com Direct Investing pricing, commission-free ETF list, Easy Trade pages, FX pricing, interest rates (current as of September 18, 2026) and Commission Schedule 521778, checked September 24, 2026.
Wealthsimple Trade vs TD Direct Investing: which costs less?
Wealthsimple costs less for almost every trading pattern, because it charges $0 commission on Canadian and US stocks and ETFs with no annual cap.
TD Direct Investing’s price list reads $9.99 per trade (Standard); $7.00 per trade (Active Trader); $0 on select ETFs. The Active Trader rate means $7.00 per trade with 150 or more trades a quarter, so it only helps very frequent traders. Orders for less than one share cost $1.99 per trade, options cost $9.99 plus $1.25 per contract ($7.00 plus $1.25 per contract with 150+ trades a quarter), and a trade placed by phone with a TD representative has a minimum commission of $43.
The big exception is TD’s commission-free ETF list. It holds 108 funds, including VFV, VEQT, VGRO, VBAL, SPY, QQQ and TD's own ETFs such as TEQT, but not XEQT. The free trades apply to online and in-app TD Direct Investing trades only (WebBroker, the TD app, Advanced Dashboard, TD Active Trader) — not trades placed on TD Easy Trade. So if your plan is a monthly VEQT, VGRO or VFV purchase, TD Direct Investing charges no commission either. If your core fund is XEQT, or you buy individual stocks, every TD Direct Investing trade costs $9.99.
TD also sells mutual funds through the same account, at $0 commission to buy, sell or switch (a short-term redemption fee may apply within 30 days). To model your own mix of trades across several brokerages, use the Canadian brokerage fee calculator.
Where does TD Direct Investing beat Wealthsimple?
TD wins on free US-dollar accounts, product range, research tools, branch access and, until October 23, 2026, a bigger transfer cash-back percentage.
- A free US-dollar side in registered accounts. TD’s commission schedule lists which TD Direct Investing accounts operate in both Canadian and US dollars: cash and margin accounts, RRSPs (except Basic RRSPs), RIFs, RLSPs, LRSPs and TFSAs; RESPs and RDSPs are Canadian-dollar only. That lets you hold US stocks and US cash in a TFSA or RRSP without converting back each time. Wealthsimple’s USD account costs $10 a month on Core, or $120 a year, and is free on Premium and Generation.
- Cheaper small currency conversions. TD quotes a 1.07% spread on conversions under $10,000, 0.97% from $10,000 and 0.70% from $25,000. Wealthsimple charges 1.5% on US trades from a Canadian-dollar account.
- More investments in one account. TD offers stocks and ETFs on TD Easy Trade; stocks, ETFs, options, bonds and other fixed income, GICs, mutual funds and new issues on TD Direct Investing. If you want a GIC ladder, a bond or a mutual fund sitting next to your ETFs, TD Direct Investing holds them together. Wealthsimple’s investing menu (checked September 24, 2026) lists stocks and ETFs, options, margin, futures, IPO access, gold and crypto, but no GICs, individual bonds or mutual funds.
- An RDSP. TD Direct Investing’s account list covers TFSA, FHSA, RRSP, cash, margin, RESP, LIRA, RIF, LIF and RDSP, in individual, joint or corporate ownership. The RDSP is the notable one: it isn’t in Wealthsimple’s list of self-directed accounts (TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts).
- Research and platforms. TD offers WebBroker, Advanced Dashboard and TD Active Trader (with multi-leg option orders), plus third-party analyst reports; TD names Morningstar and LSEG among its research sources.
- People and branches. You can open a TD Direct Investing account in a branch, and trade by phone with a licensed representative, at a minimum commission of $43 a trade. Wealthsimple has no branches.
- A richer transfer offer, for now. TD’s Easy Cash Offer pays 3% cash back on assets transferred from outside TD into an eligible registered account (TFSA, RRSP, FHSA and some locked-in plans), or 1% into a non-registered account, with a $2,500 minimum and up to $15,000 in cash back. Wealthsimple’s match is 1% of the net amount transferred and needs at least $25,000, though its cap is higher at $20,000. TD’s offer comes with a long holding period, covered in the FAQ below.
Where does Wealthsimple beat TD Direct Investing?
Wealthsimple wins on commissions, options pricing, margin rates and fractional shares, and it puts investing, chequing and tax filing in one app.
- No commission on anything listed. Every Canadian and US-listed stock and ETF trades for $0, including XEQT and individual stocks that TD charges $9.99 to trade.
- Options. Wealthsimple lists US$0 per contract for equity and ETF options; TD charges $9.99 plus $1.25 per contract ($7.00 plus $1.25 per contract with 150+ trades a quarter).
- Margin interest. Wealthsimple Core clients pay 4.95% on Canadian-dollar margin loans against TD’s 6.50% (TD’s rates are current as of September 18, 2026). On a $10,000 loan held for a year, that gap is worth about $155. In US dollars it’s 7.5% against 8.75%.
- Fractional shares. Wealthsimple: yes — thousands of Canadian and US stocks and ETFs. TD Direct Investing charges $1.99 per trade for any order of less than one share.
- Idle cash. TD Direct Investing pays 0% on cash balances (CAD and USD) at every balance tier, in trading accounts and RRSPs/RIFs. If you park cash while you wait to invest, Wealthsimple Chequing pays 1.25% on Core, and Wealthsimple’s Savings account pays 2.5% (available to every client, no tiers).
- Bigger conversions, higher balances. Wealthsimple’s USD account converts at 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000, and the account itself is free once you reach the Premium plan at $100,000 in assets. From $25,000 that beats TD’s 0.70% spread.
- One app. The same login covers chequing, investing, a credit card and Wealthsimple Tax, so money moves between them without a second bank. For the full picture, see our complete Wealthsimple guide.
TD Easy Trade vs Wealthsimple: which is cheaper?
TD Easy Trade gives you 100 free trades a year and Wealthsimple charges $0 commission with no cap, so Easy Trade only costs more after your hundredth trade of the year.
TD Easy Trade is TD’s app-only answer to Wealthsimple, run as a service of TD Direct Investing. YieldMaple re-checked TD’s Easy Trade page on October 7, 2026: after the free trades, Easy Trade charges $9.99 a trade ($1.99 for partial-share orders of less than one share), and partial-share and full-share trades both count toward the 100 free trades. Wealthsimple has no allowance to track, because every listed Canadian and US stock and ETF trades for $0.
| Feature | TD Easy Trade | Wealthsimple |
|---|---|---|
| Stock and ETF commission | 100 free trades a year, then $9.99 a trade ($1.99 for partial-share orders of less than one share) | $0, no annual cap (better on this row) |
| Smallest amount to start | $1 | $1 |
| ETFs you can buy | any Canadian and U.S. ETF | Every Canadian and US-listed ETF |
| Account types | a TFSA, FHSA, RRSP and cash (non-registered) account, individual only | TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts (better on this row) |
| Account fees | no maintenance fees, no fees for U.S. dollar accounts and no minimum balance | Account minimum: none |
| US dollars | Canadian and U.S. currency components on the TFSA, RRSP and cash account (better on this row) | USD account: $10 a month for Core clients; free for Premium and Generation |
| Currency conversion | a currency conversion when you first fund the US-dollar side, then no conversion cost when a trade's currency matches the account's; rate not published on the Easy Trade page | 1.5% from a CAD account |
| Options and margin | Not offered | Options: US$0 per contract; margin: 4.95% on Core (better on this row) |
| How you use it | a phone or tablet app only — you can't use it in a desktop browser | Mobile app and web (better on this row) |
| Transfer offer | 3% cash back on assets transferred from outside TD into an eligible registered account (TFSA, RRSP, FHSA and some locked-in plans), or 1% into a non-registered account (register by October 23, 2026) | 1% of the net amount transferred on transfers of $25,000 or more |
Sources: td.com TD Easy Trade page and TD Direct Investing vs TD Easy Trade page (checked October 7, 2026); wealthsimple.com pricing and account pages (checked September 23, 2026).
Getting started. Both apps start small: Easy Trade lets you begin with $1, and Wealthsimple’s fractional shares also start at $1. Easy Trade sells any Canadian and U.S. ETF, the same reach as Wealthsimple’s list of every Canadian and US-listed ETF. The difference is the meter: on Easy Trade a tiny partial-share purchase uses up one free trade exactly as a large order does, so frequent small buys drain the allowance faster.
US dollars are Easy Trade’s biggest edge. You get Canadian and U.S. currency components on the TFSA, RRSP and cash account, and the pricing lists no maintenance fees, no fees for U.S. dollar accounts and no minimum balance. TD says there is a currency conversion when you first fund the US-dollar side, then no conversion cost when a trade's currency matches the account's. TD doesn’t publish the conversion rate itself on its Easy Trade pages (checked October 7, 2026). On Wealthsimple’s Core plan, US trades from a Canadian-dollar account cost 1.5% per conversion, and a USD account costs $10 a month.
Account types. Easy Trade offers a TFSA, FHSA, RRSP and cash (non-registered) account, individual only. Wealthsimple offers TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts, so RESPs, retirement income accounts, margin and corporate investing sit in the same app. Wealthsimple’s account minimum is none.
The limits. Easy Trade is a phone or tablet app only — you can't use it in a desktop browser. It offers stocks and ETFs only: no options, GICs, bonds or mutual funds. TD’s commission-free ETF list doesn’t apply there, so every ETF purchase uses one of your free trades. And there are no RESPs, margin accounts or joint accounts. For learning, TD lists in-app videos and market news in Easy Trade, against research platforms and workshops on full TD Direct Investing. Wealthsimple, by contrast, offers options at US$0 per contract and Canadian-dollar margin at 4.95% on Core, and works in a web browser as well as the app.
Transfer offers. TD’s Easy Cash Offer covers Easy Trade accounts too: 3% cash back on assets transferred from outside TD into an eligible registered account (TFSA, RRSP, FHSA and some locked-in plans), or 1% into a non-registered account, and TD’s Easy Trade page says the offer is valid until October 23, 2026, which is the registration deadline. Wealthsimple matches 1% of the net amount transferred on transfers of $25,000 or more. TD’s offer has a holding period that runs until November 30, 2028, covered in the FAQ below.
Who each one suits:
- An investor placing two trades a week (104 a year) pays about $40 in Easy Trade commissions and $0 at Wealthsimple.
- A monthly ETF buyer holding US stocks in an RRSP fits Easy Trade well: 12 trades a year stay inside the allowance, and the US-dollar side avoids repeated conversions without a monthly USD account fee.
- Anyone who wants RESPs, margin, options or a web browser needs Wealthsimple or the full TD Direct Investing platform instead.
What would a year of investing cost at each?
For a monthly ETF investor, a year of commissions is $0 at Wealthsimple and either nothing or $119.88 at TD, depending on the ETF and platform.
Five worked examples, using the published prices above (commissions and conversion costs only; ETF management fees are the same wherever you hold the fund):
- Monthly VEQT or VFV buyer, 12 buys a year. Wealthsimple: $0. TD Direct Investing: $0, because both funds are on TD’s free list for online trades. TD Easy Trade: $0, using 12 of the free trades. A tie on commissions; at TD Direct Investing, funding those buys with a pre-authorized contribution of $100 a month or more also keeps a small account clear of the maintenance fee.
- Monthly XEQT buyer, 12 buys a year. Wealthsimple: $0. TD Direct Investing: $119.88. TD Easy Trade: $0. Wealthsimple or Easy Trade.
- Active stock picker, 160 trades a year (40 a quarter, below TD’s Active Trader threshold). Wealthsimple: $0. TD Direct Investing: $1,598.40. TD Easy Trade: $599.40. Wealthsimple by a wide margin.
- One $5,000 conversion to buy US stocks. Wealthsimple, from a CAD account: about $75. TD: about $53.50, plus $9.99 per US stock or ETF trade at TD Direct Investing (charged in US dollars), unless the ETF is on TD’s free list, as SPY and QQQ are. TD’s figure is a spread built into its exchange rate and Wealthsimple’s is a stated conversion fee, so treat them as roughly comparable rather than exact.
- A small, idle TD Direct Investing account, $8,000 with no contributions or trades. After the first six months TD charges $100 a year (plus GST or HST where applicable), which is 1.25% of the balance. A pre-authorized contribution of at least $100 a month, or moving the money to Easy Trade, removes that fee.
The pattern: Wealthsimple is never more expensive on commissions, TD Direct Investing only matches it on its listed ETFs, and TD’s edge shows up in currency handling for investors who hold US dollars long term. For large conversions, the Norbert’s gambit guide explains a cheaper route at brokerages that support it.
Wealthsimple vs TD for a TFSA: which should you open?
For a TFSA filled with regular ETF purchases, Wealthsimple is the simplest low-cost home; TD makes sense if you want a free US-dollar side or GICs inside the TFSA.
The 2026 TFSA dollar limit is $7,000, and it’s shared across every TFSA you hold, so opening one at each institution doesn’t add room. At Wealthsimple, any Canadian or US-listed ETF trades for $0, and fractional shares let a $100 contribution buy $100 of any fund that supports them.
A TD Direct Investing TFSA costs nothing to trade only on TD’s listed ETFs, and a small household can pay $25 a quarter unless a waiver applies. A TD Easy Trade TFSA avoids the maintenance fee and includes 100 free trades a year. Both TD TFSAs hold US dollars, which matters if you buy US-listed stocks and want to avoid converting twice. TD’s $100 full-withdrawal fee doesn’t apply to TFSAs (or FHSAs, RESPs, RDSPs and RRIFs), so emptying a TD TFSA costs nothing extra. For account-by-account details, see the Wealthsimple TFSA guide.
Wealthsimple vs TD chequing account: which costs less?
Wealthsimple Chequing costs less: a $0 monthly fee, while TD’s everyday plans charge a monthly fee unless you hold a minimum daily balance or qualify for a waiver.
TD’s main everyday chequing plans, from its chequing page:
- TD Minimum Chequing: $3.95 a month.
- TD Every Day Chequing: $11.95 a month, or $0 with a $3,000 minimum daily balance. If you don’t hold the balance, that’s $143.40 a year.
- TD Unlimited Chequing: $17.95 a month, or $0 with a $4,000 minimum daily balance, with no TD ATM fee at any ATM in Canada.
- TD All-Inclusive Banking Plan: $30.95 a month, or $0 with a $6,000 minimum daily balance.
Minimum Chequing has no balance waiver, but TD drops its fee for some groups, including Guaranteed Income Supplement recipients and newcomers in their first year in Canada. TD Student Chequing has no monthly fee for students and youth.
TD says you can earn chequing interest on only the TD Student Chequing Account and the U.S. Daily Interest Chequing Account. Wealthsimple Chequing pays 1.25% on Core, plus an extra 0.5% with at least $2,000 direct-deposited within 30 days. Keeping $4,000 at TD to waive the Unlimited fee means giving up about $50 a year of Wealthsimple Chequing interest at today’s rate. For ATMs, Wealthsimple lists no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed. Its card is a Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account, and the foreign transaction fee is 0% (Visa's conversion rate still applies).
TD wins where a physical bank matters: depositing cash, getting drafts or certified cheques, sitting down with someone about a mortgage, and keeping chequing, credit cards and a mortgage in one relationship. Current rates for every Wealthsimple plan are in Wealthsimple interest rates by plan.
Is Wealthsimple as safe as TD Bank?
Yes for investments, since both brokerages carry CIPF protection; the real difference is cash, because TD is a CDIC member bank and Wealthsimple is not.
TD Direct Investing is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank, and it is a CIPF member. Wealthsimple holds securities eligible for CIPF coverage up to $1M per defined account. CIPF covers missing property if a member firm fails; it doesn’t cover market losses at either one.
For deposits, CDIC covers eligible deposits at TD Canada Trust up to $100,000 per depositor, per insured category (The Toronto-Dominion Bank and its Canadian deposit-taking subsidiaries are CDIC members). Wealthsimple Chequing deposits are covered up to $100,000 per beneficiary, per CDIC member institution, and up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). Both protect everyday deposits; the limits and structure differ, so read them before you hold a large cash balance at either one.
Wealthsimple vs TD Direct Investing on Reddit: which claims are out of date?
The claims that date fastest are TD Easy Trade’s free-trade allowance, TD’s commission-free ETF list and Wealthsimple’s old plan names, so check any thread against current pricing.
- TD Easy Trade’s free trades. If a thread quotes a smaller allowance, it’s stale: TD now lists 100 free trades a year.
- Commission on ETFs at TD. TD Direct Investing’s commission-free list now covers 108 ETFs, including VFV and VEQT. XEQT still isn’t on it.
- Wealthsimple’s plans. Posts that mention a Wealthsimple Plus plan predate the current lineup: Core (from $1 in assets), Premium ($100,000) and Generation ($500,000). The USD account costs $10 a month for Core clients; free for Premium and Generation.
- Wealthsimple’s account range. Older threads can undersell it: Wealthsimple offers TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts.
- Transfer-fee refunds. Wealthsimple covers the fee only on transfers of $25,000 or more, up to $150 per account. TD’s own transfer-out fee is $150.
Opinions on app design and research tools are personal; fees aren’t. When a thread and a pricing page disagree, trust the pricing page and its date.
How do you move from TD Direct Investing to Wealthsimple?
Open the matching account at Wealthsimple, then request the transfer from Wealthsimple’s side; don’t withdraw the money from TD yourself.
- Check the fee. TD charges $150 for a partial or full transfer out. At Wealthsimple, transfer fees are reimbursed on transfers of $25,000 or more, up to $150 per account.
- Open the same account type at Wealthsimple: TFSA to TFSA, RRSP to RRSP, FHSA to FHSA.
- Choose in-kind or cash. An in-kind transfer moves your ETFs and stocks as they are, so you stay invested. A cash transfer means TD sells first.
- Start the request in the Wealthsimple app with your TD account number from a recent statement. Most transfers take 2–4 weeks.
- Check any TD offer you joined. If you signed up for TD’s Easy Cash Offer, withdrawals before the end of its holding period reduce or cancel the reward.
Cashing out a TD RRSP yourself triggers withholding tax plus TD’s $100 full-withdrawal fee, or $25 per partial withdrawal from an RRSP, LIRA or LRSP; withdrawing from a TFSA and re-contributing in the same year can cause an over-contribution. The step-by-step Wealthsimple transfer guide walks through each screen, and the general guide to switching from a Big 5 bank covers moving chequing and bill payments too.
Which should you choose: Wealthsimple or TD?
Choose by what you buy and how you bank: Wealthsimple for low-cost stock and ETF investing in one app, TD for free US-dollar accounts, fixed income and branches.
Pick Wealthsimple if:
- You buy XEQT, individual stocks, or trade more than a few times a month
- You want fractional shares and options without per-trade commissions
- You borrow on margin (4.95% on Core against TD’s 6.50%)
- You want chequing that pays interest and investing in the same app
Pick TD Direct Investing if:
- You hold significant US stocks in an RRSP or TFSA and want a US-dollar side with no monthly fee
- You want GICs, bonds or mutual funds in the same brokerage account, or you need an RDSP
- You value phone trading, branch help and TD’s research platforms
- Your ETFs are on TD’s free list and your household is above $15,000, so TD costs you little extra
Pick TD Easy Trade if:
- You want a simple app from your bank, place fewer trades than the yearly allowance, and want a US-dollar TFSA or RRSP without a monthly USD fee
Wealthsimple is the wrong choice if your portfolio is mostly US-dollar holdings on the Core plan, you depend on in-person service, or you need products Wealthsimple doesn’t list, such as an RDSP.
Use both if: you like TD for banking and your mortgage, but want Wealthsimple’s pricing for investing. Holding accounts at both is allowed, and you fund Wealthsimple straight from your TD chequing account.
The verdict
For most self-directed Canadians, Wealthsimple is the cheaper and simpler brokerage: $0 commission on every Canadian and US-listed stock and ETF, fractional shares and no account minimum. TD Direct Investing earns its place for investors who hold US dollars long term, want fixed income and mutual funds beside their ETFs, or want a bank branch behind their brokerage, and TD Easy Trade is a strong low-cost option for TD clients who trade less often. This comparison is general education, not financial advice; the right choice depends on your holdings, your trading and how you bank.
If TD still looks like the better fit, check current pricing on TD Direct Investing's own site before you open an account. For the same question at other banks, compare Wealthsimple vs RBC Direct Investing, Wealthsimple vs BMO InvestorLine and Wealthsimple vs CIBC Investor’s Edge, or see how Wealthsimple compares with the Big 5 banks overall. For another low-cost broker, read the Wealthsimple vs Questrade comparison.