Wealthsimple alternatives are worth a look when a rival beats Wealthsimple on something specific — currency conversion, trading tools, investment choice or borrowing cost — because on commissions most of them now simply match it. This guide compares six brokerages with Wealthsimple fee by fee, works out what switching saves in dollars, and says plainly when staying is the cheaper call. Every figure comes from the companies’ own fee pages or official government sources, which YieldMaple checked on September 23 and 24, 2026. This is general education, not financial advice.
Wealthsimple alternatives at a glance
| Feature | Wealthsimple | Questrade | Interactive Brokers | Moomoo | Qtrade | NBDB | BMO InvestorLine |
|---|---|---|---|---|---|---|---|
| Currency conversion (CAD to USD) | 1.5% from a CAD account | 1.5% | 0.002% of the amount (US$2.00 minimum) (better on this row) | 0% fee, plus an unpublished spread | Not on its pricing page | about 1.70% on conversions up to US$24,999 | about 1.6% on conversions under US$25,000 |
| Online stock and ETF commission | $0 (better on this row) | $0 to buy and sell Canadian and U.S.-listed stocks and ETFs (better on this row) | 1 cent a share on Canadian stocks, with a $1.00 minimum | CA$1.49 minimum (Canadian), US$1.99 (US) | $0 (better on this row) | $0 (better on this row) | $0 (better on this row) |
| Holding US dollars | USD account: $10 a month for Core clients; free for Premium and Generation | Free in every account (better on this row) | TFSA, RRSP and FHSA hold CAD and USD cash | Not stated for TFSA or RRSP on its fee pages | Cash, margin, TFSA and RRSP; US$15 a quarter per account for a USD TFSA or RRSP | All accounts except FHSA and RESP | All accounts except RESP |
| Options | US$0 per contract (better on this row) | $0 commissions on US equity options contracts (better on this row) | US$0.65 per contract, with a US$1.00 minimum per order | US$0.65 per contract, with a US$1.00 minimum per order | $0 plus $0.75 per contract | $1.25 per contract, with a $6.25 minimum per trade (capped at $19.95 on trades worth less than $2,000) | $0.90 per contract |
| CAD margin rate | 4.95% (Core) | CAD prime + 4.25% | 3.606% (better on this row) | 4.45% | prime + 1.55% on debit balances under $100,000 and prime + 1.0% from $100,000 | 6.25% | 6.00% |
| RESP and LIRA | Both | Both | Neither listed | Neither listed | Both | Both | Both |
| Minimum or yearly fee | No minimum | No minimum, no annual fee | No minimum, no inactivity fee | $0 account fees | No minimum deposit | $100 a year under $20,000 (waivers apply) | No account administration fees |
| Best for | Small regular buys; one app for everything | Holding US dollars for free | Big conversions, global markets, cheap margin | Active traders who want Level 2 data | Research, funds, bonds and GICs | Bank-owned broker, full account menu | Big-bank broker with no trading commission or transfer-out fee |
Sources: each company's official pricing and fee pages, checked September 23–24, 2026. Qtrade's pricing page does not publish its currency conversion rate. NBDB and BMO currency figures are their own rounded estimates for conversions under US$25,000. Options: Wealthsimple, Questrade, IBKR and Moomoo figures are for US equity options.
Read across the first row and the case for switching is mostly about currency. Read the second and Wealthsimple is already as cheap as anyone on commissions. The sections below explain each row with its source.
Why do people look for a Wealthsimple alternative?
Mostly to cut currency costs: Wealthsimple charges 1.5% each time it converts Canadian dollars for a US-listed trade from a CAD account.
The other reasons come up less often, but they’re real:
- Currency, in more detail. Wealthsimple’s USD account removes the per-trade conversion, but it costs $10 a month for Core clients; free for Premium and Generation, and conversions into it are charged by size: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000.
- Trading depth. US Level 2 quotes (Wealthsimple’s active-trading page lists none), pre-market and after-hours sessions on Canadian stocks, IBKR’s 100+ order types, from limit orders to algorithmic orders and exchanges outside North America are where Moomoo and Interactive Brokers pull ahead. Wealthsimple does offer extended-hours trading, but only on a limited selection of US-listed stocks and ETFs.
- A wider product shelf. Mutual funds, individual bonds and GICs are on the menu at Qtrade, National Bank Direct Brokerage and BMO InvestorLine.
- Cheaper borrowing. Interactive Brokers lends Canadian dollars at 3.606% and Moomoo at 4.45%, against 4.95% on Wealthsimple Core (4.45% on Premium).
- A person to talk to. Wealthsimple’s dedicated-advisor service starts at $1,000,000 in managed accounts, which rules it out for most people.
Reasons that no longer hold
Plenty of older comparisons still say Wealthsimple has no RESP, no LIRA and weak options trading. That is out of date. Wealthsimple’s self-directed accounts now include TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts. Its RESP is available as a self-directed or managed RESP, US options cost US$0 per contract, and it has its own credit card paying 2% on every purchase (annual fee: $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit). If one of those was your reason to leave, check again before you move — the full list of Wealthsimple account types is a quick way to confirm.
Which Wealthsimple alternative is cheapest for US stocks?
Interactive Brokers is cheapest for currency conversion: it charges 0.002% of the amount (US$2.00 minimum), against 1.5% at Wealthsimple from a CAD account.
Here is what converting $10,000 into US dollars once costs at each broker, using each company’s published rate:
- Wealthsimple, from a CAD account: $150 on the buy, and roughly the same again when you sell and convert back.
- Wealthsimple, via a USD account (Core): $100, plus the account fee of $10 a month, or $120 a year. From $100,000 in Wealthsimple assets (Premium), the USD account is free.
- Questrade: Questrade charges 1.5% on Canadian-to-US-dollar conversions and back, built into the exchange rate Questrade applies, so this conversion also costs $150. The difference is what happens next: the US dollars can stay in any Questrade account for free, so later purchases and US dividends don’t trigger another conversion.
- BMO InvestorLine: BMO estimates its currency revenue at about 1.6% on conversions under US$25,000, or about $160.
- National Bank Direct Brokerage: NBDB estimates about 1.70% on conversions up to US$24,999, or about $170.
- Interactive Brokers: US$2.00, because the percentage works out below the US$2.00 minimum. IBKR passes through the dealer quotes it receives and charges a separate commission, so you still pay the market spread, but no markup on top. If you buy a US stock with Canadian dollars and let IBKR convert automatically, the cost is typically 0.03% added to the exchange rate, with no separate commission, or about $3.
- Moomoo: Moomoo charges 0% (waived until further notice), but conversions use Moomoo's own exchange rate, which includes a spread Moomoo doesn't publish, so the true cost can’t be worked out from its fee page.
- Qtrade: Qtrade’s currency rate is not published on Qtrade's pricing page, which says only that currency conversion may apply and that Qtrade may earn revenue on foreign exchange transactions.
The gap between $150 and a few dollars is real, but it is a cost per conversion, not per year. If you convert once and hold US dollars — or buy Canadian-listed ETFs such as VFV, which trade in Canadian dollars and need no conversion at all — the saving from switching may be small. Wealthsimple also supports Norbert’s Gambit for larger sums; the step-by-step Norbert’s Gambit guide shows how it works, and how to buy US stocks in Canada covers the withholding-tax side.
Before switching, run your own numbers. The calculator below compares Wealthsimple’s two routes — CAD account or USD account — for the amount you actually convert each year:
If Wealthsimple’s cheaper route still costs you hundreds of dollars a year, a broker that holds US dollars cheaply is worth the move. If it costs tens of dollars, it probably isn’t.
Is Questrade a good alternative to Wealthsimple?
Yes, for most switchers: Questrade charges $0 to buy and sell Canadian and U.S.-listed stocks and ETFs, and every Questrade account can hold US dollars for free.
That makes Questrade the closest like-for-like replacement. Holding US dollars there is free — every account can hold both Canadian and US dollars. Its account list is one of the longest in this guide: TFSA, RRSP, spousal RRSP, FHSA, RESP (individual and family), LIRA, locked-in RRSP, LIF, RRIF, cash and margin (individual and joint), corporate, trust, estate, partnership, sole proprietorship, and Forex & CFD accounts. It offers fractional shares on hundreds of eligible Canadian and US stocks and ETFs, from $1, commission-free, in any self-directed account. Options trading carries $0 commissions on US equity options contracts, and Canadian-listed options cost CA$0.99 per contract. A Questrade account is free to open, with no minimum balance, and there are none — no annual account fees and no inactivity fees.
Where Questrade loses to Wealthsimple:
- Margin. Questrade charges CAD prime + 4.25% on debit balances under $100,000 (CAD prime + 3.25% from $100,000). With CAD prime at 4.45%, that is 8.70% on smaller balances, against 4.95% on Wealthsimple Core.
- Idle cash. Questrade pays 0% at current prime rates — Questrade's formula for CAD cash is prime minus 8.50%, and a negative result pays 0%. Wealthsimple Chequing pays 1.25% on Core, and Wealthsimple Savings pays 2.5% (available to every client, no tiers).
- Market data and extras. Advanced (Level 2) data costs US$44.95 a month, Questrade Plus costs $19.99 a month plus applicable taxes (free for the first 30 days), and journaling shares between currencies for Norbert’s Gambit costs $9.95 per online journaling request (free and unlimited with Questrade Plus).
- Leaving. Questrade charges $150 per account, for a full or partial transfer (sales tax added where applicable) to move an account elsewhere.
For the account-by-account detail, read Wealthsimple vs Questrade, fee by fee. To compare pricing yourself, go to Questrade's official site .
Is Interactive Brokers better than Wealthsimple?
For big currency conversions, global markets and margin, yes; for small monthly ETF buys, no: IBKR charges 1 cent a share on Canadian stocks, with a $1.00 minimum.
Interactive Brokers (IBKR) is the low-cost option for investors who move serious money. It trades on 170 markets in 40 countries, offers 100+ order types, from limit orders to algorithmic orders, and fractional shares are available on eligible US, Canadian and European stocks and ETFs. US stocks cost US$0.005 a share, with a US$1.00 minimum and a cap of 1% of the trade value per order, and US options cost US$0.65 per contract, with a US$1.00 minimum per order. IBKR has no account minimum and no inactivity fee (US$0 for both).
Margin is where IBKR saves the most. It charges 3.606% on the first $130,000 borrowed in CAD as of October 8, 2026 (IBKR's benchmark rate + 1.5%), against 4.95% on Wealthsimple Core. On $20,000 borrowed for a year, that gap is about $269. IBKR also pays interest on idle cash — 1.606% on CAD cash above $13,000, for accounts worth more than US$100,000 (a lower rate below that) — though the first $13,000 of CAD cash (and the first US$10,000 of USD cash) earns nothing.
Where IBKR falls short:
- Small, frequent buys. A $1.00 minimum per Canadian order adds up; the monthly-ETF example in the decision framework below shows how much.
- Account types. IBKR’s registered plans are RRSP, spousal RRSP, RRIF, TFSA and FHSA, with no locked-in plans (such as a LIRA) and no annuities, and no RESP on the list. Its TFSA, RRSP and FHSA can hold cash in both CAD and USD, but margin in them is not allowed — every purchase must be paid in full.
- Withdrawals and data. You get two free withdrawal requests per calendar month, then pay $2.00 by electronic funds transfer or $12.00 by wire for each extra one. Real-time TSX quotes cost $9.00 a month, while IBKR offers free real-time streaming quotes on US-listed stocks and ETFs (non-consolidated, from Cboe One and IEX).
The full comparison is in Wealthsimple vs Interactive Brokers. IBKR’s own pricing lives on the Interactive Brokers Canada site .
Is Moomoo better than Wealthsimple for active traders?
For frequent traders who want US Level 2 quotes or Canadian extended hours, often yes; for buy-and-hold investors, no: every Moomoo stock or ETF order costs at least CA$1.49.
Moomoo Canada is built for traders. Its US Level 2 data shows up to 60 bids and asks and is free on these terms: 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 no Level 2 data. Moomoo’s US pre-market and after-hours sessions run pre-market from 4:00 to 9:30 a.m. ET and after-hours from 4:00 to 8:00 p.m. ET, and on Canadian stocks it runs pre-market from 8:00 to 9:30 a.m. ET and after-hours from 4:15 to 5:00 p.m. ET. Wealthsimple’s extended hours cover only a limited selection of US-listed stocks and ETFs. Currency conversion carries 0% fee, plus an unpublished spread, and CAD margin is 4.45% under $100,000, lower than Wealthsimple Core’s 4.95%.
The pricing is per share. Canadian trades cost CA$0.0149 a share, with a CA$1.49 minimum per order, and US trades cost US$0.0099 a share, with a US$1.99 minimum per order. Options cost US$0.65 per contract, with a US$1.00 minimum per order, while Wealthsimple charges US$0 per contract. Heavy traders can get Moomoo’s paid Engine membership ($49.90 a month or $499 a year, plus tax) free for 30 days at a time with 10+ trades and $1,000+ in assets.
Where Moomoo falls short: its individual account list is individual margin, individual cash, TFSA, RRSP and spousal RRSP accounts — no FHSA or RESP on it — and its recurring AutoBuy feature buys 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. Moomoo charges $0 account fees, but $75 for a full transfer out and $50 for a partial one, charged per currency, plus sales tax to move to another broker. The Moomoo fee pages YieldMaple checked don’t say whether a Moomoo TFSA or RRSP can hold US dollars, so ask before you move US stocks there.
See Wealthsimple vs Moomoo Canada for the full head-to-head, or Moomoo Canada's official site for current pricing.
Which alternatives offer mutual funds, bonds and GICs?
Qtrade, National Bank Direct Brokerage and BMO InvestorLine all offer mutual funds, bonds and GICs, and all three charge $0 on online stock and ETF trades.
Questrade sells mutual funds and bonds too: mutual funds cost $9.95 per trade, and bonds cost $0 in commission to buy or sell (Questrade's pay is built into the bond's price instead). The funds themselves are covered in the guide to Canadian mutual funds and how they compare with ETFs.
Qtrade
Qtrade charges $0 on stock, ETF and mutual fund trades. Its shelf covers Canadian and US stocks and ETFs, mutual funds, Canadian and US bonds, options and GICs, and it offers a free 30-day trial account with research, screeners and watchlists. Options cost $0 plus $0.75 per contract. Cash, margin, TFSA and RRSP accounts can each be opened in US dollars, and US-dollar registered accounts cost US$15 a quarter per account for a US-dollar RRSP, RRIF or TFSA (no fee on FHSAs; waived for Investor Plus). Margin runs prime + 1.55% on debit balances under $100,000 and prime + 1.0% from $100,000 — about 6.00% on smaller balances — and uninvested cash earns 0.00% on cash balances up to $2,000,000 (Canadian and US dollars). Qtrade supports TFSA, FHSA, RRSP and spousal RRSP, RESP (individual or family), RRIF, LIRA, LRSP and LIF, plus cash and margin accounts, and there is no minimum deposit. Its fall offer pays up to $5,000 in cash back if you apply by January 5, 2027 and fund the account by February 5, 2027. More in Wealthsimple vs Qtrade.
National Bank Direct Brokerage
NBDB charges $0 on online Canadian and U.S. stock and ETF trades and adds mutual funds ($0 commission, with a $1,000 minimum first purchase per fund ($500 after that, or the fund company's minimum if higher)), GICs ($0 commission, bought online in amounts under $500,000) and bonds, with the commission built into the quoted price. The catch is a $100 annual administration fee. Ways to avoid it: at least $20,000 in eligible assets on May 31, being 30 or younger on May 31, holding only an InvestCube account, or being enrolled in a National Bank offer for professionals or newcomers. US-dollar accounts are available for TFSA, RRSP, spousal RRSP, RRIF, LIRA/LRSP, cash and margin accounts (not FHSAs or RESPs). Options cost $1.25 per contract, with a $6.25 minimum per trade (capped at $19.95 on trades worth less than $2,000), CAD margin is 6.25%, and NBDB pays 0% on uninvested cash. NBDB’s account list — TFSA, FHSA, RRSP, spousal RRSP, RRIF, RESP, LIRA, LRSP, LIF, cash, margin and short-selling accounts, plus in-trust, estate, company and sole-proprietorship accounts — includes RESPs and LIRAs. See Wealthsimple vs National Bank Direct Brokerage.
BMO InvestorLine
BMO InvestorLine is the big-bank brokerage that now matches Wealthsimple on commission: $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted, account administration fees of $0 (BMO says all brokerage account administration fees are now eliminated), and $0 to transfer out. Options cost $0.90 per contract, CAD margin is 6.00%, and US dollars can be held in registered accounts (except RESPs), plus cash and margin accounts. Its account list includes RESPs and locked-in plans such as LIRAs, mutual funds trade with no commission to buy, sell or switch, and bonds, T-bills and GICs are sold with commissions, if any, built into the quoted price. See Wealthsimple vs BMO InvestorLine.
The other big banks still charge per trade outside their commission-free ETF lists: TD Direct Investing charges $9.99, RBC Direct Investing $9.95 and CIBC Investor’s Edge $6.95 on standard pricing.
What are the alternatives to Wealthsimple’s other products?
For managed portfolios, Questwealth charges less; for chequing, EQ Bank can pay more; for crypto, NDAX publishes a flat fee; for tax filing, few people need to switch.
| Feature | Wealthsimple | Alternative | Where the alternative wins |
|---|---|---|---|
| Managed investing | 0.50% a year (Core) | Questwealth: 0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000 (better on this row) | Lower management fee |
| Chequing and savings | 1.25% on Chequing (Core); 2.5% (available to every client, no tiers) in Savings | EQ Bank: 2.75% with $2,000 a month of pay deposited; 1.50% without | Higher rate if your pay lands there |
| Crypto | A trading fee plus a spread (its two fee pages disagree) | NDAX: a flat 0.20% on every buy and sell, with no volume tiers | A published flat fee |
| Tax filing | Basic: pay what you want; Plus: $40 + tax (free for Premium); Pro: $80 + tax (free for Generation) | UFile: $20.95 plus tax; free for some filers | E-files emigrant returns and Form T2203 |
| Human advice | Dedicated advisor from $1,000,000 in managed accounts | BMO adviceDirect: $300 a year for $10,000 to $499,999.99 in billable assets ($3,000 a year from $500,000) | Advice on much smaller balances |
Sources: Wealthsimple pricing pages; Questrade Questwealth fee page; NDAX fee schedule; UFile pricing; BMO InvestorLine adviceDirect pricing — checked September 23–24, 2026. EQ Bank rates page (effective October 2, 2026) — checked October 8, 2026.
Managed investing. Questwealth Portfolios charges 0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000, while Wealthsimple’s managed accounts cost 0.50% a year on Core and 0.40% a year from $100,000. On a $50,000 portfolio, that is about $125 a year less at Questwealth before fund costs. Wealthsimple’s case is convenience: the portfolio sits in the same app as chequing and self-directed trading. The best robo-advisor in Canada comparison ranks five of them.
Chequing and savings. EQ Bank’s Personal Account pays 2.75% when at least $2,000 a month of your pay is direct-deposited there, and 1.50% otherwise. Wealthsimple Chequing pays 1.25% on Core, plus an extra 0.5% with at least $2,000 direct-deposited within 30 days — 1.75% in total — and Wealthsimple Savings pays 2.5% (available to every client, no tiers). On $10,000 held for a year, EQ Bank with payroll deposits earns about $275 against about $250 in Wealthsimple Savings, so the gap is small unless your balance is large. EQ Bank deposits are covered up to $100,000 per insured category, per depositor (Equitable Bank, which trades as EQ Bank, is a CDIC member); Wealthsimple Chequing balances are eligible for CDIC coverage up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). Full comparison: Wealthsimple vs EQ Bank.
Crypto. NDAX charges a flat 0.20% on every buy and sell, with no volume tiers. Wealthsimple charges a flat 0.5% trading fee plus a price spread on market orders (the rate without Active Trader status), so YieldMaple can’t say precisely how much cheaper NDAX is on a given trade. Kraken’s Pro platform charges 0.40% maker / 0.80% taker at the entry tier, falling to 0.30% / 0.60% from US$2,500 of 30-day volume. Crypto held at Wealthsimple is not protected by CIPF, CDIC or any other investor protection insurance scheme. More in the Wealthsimple Crypto review.
Tax filing. Wealthsimple Tax pricing runs Basic: pay what you want; Plus: $40 + tax (free for Premium); Pro: $80 + tax (free for Generation), which is hard to beat for most returns. UFile ONLINE costs $20.95 plus tax for the first return and is free for post-secondary students (at any income), people with a simple return, first-time filers, and families with a total income under $20,000; it also e-files emigrant returns (2024 and 2025 tax years) and Form T2203 for income taxed in more than one province or territory. GenuTax is free for everyone (donations are optional), including future annual updates, but it’s a Windows download (Windows 7, 8.1, 10 or 11) — no Mac, web or phone version. The free tax software comparison covers the rest.
Human advice. Wealthsimple’s dedicated-advisor service needs $1,000,000 in managed accounts and charges 0.8% a year, dropping to 0.5% at $10 million or more. BMO InvestorLine’s adviceDirect costs $300 a year for $10,000 to $499,999.99 in billable assets ($3,000 a year from $500,000), with a $10,000 minimum. The Wealthsimple vs financial advisor guide covers the trade-offs.
If you want the whole bundle — investing, chequing, crypto and tax filing in one app — Wealthsimple is the unusual one. The alternatives here are mainly brokerages, so replacing everything usually means two or three providers.
Decision framework: stay, switch or split
Match your main reason to one of the groups below. If none applies, staying is usually the cheaper choice.
Stay with Wealthsimple if:
- You buy Canadian-listed ETFs every month. At $0 commission with fractional shares, investing $500 a month costs nothing in commission. The same 12 purchases cost about $12 a year at IBKR and $17.88 a year at Moomoo.
- You trade US options. Wealthsimple charges US$0 per contract; among these brokers only Questrade matches it, and the rest charge per contract.
- You want chequing, investing and tax filing in one app.
- You borrow on margin and your alternative is Questrade, Qtrade, NBDB or BMO InvestorLine: Wealthsimple Core’s 4.95% is lower than all four.
Switch to Questrade if: you want US dollars held free in every account without paying for a USD account, or you want Questwealth’s lower robo fee next to a self-directed account.
Switch to Interactive Brokers if: you convert tens of thousands of dollars at a time, want exchanges outside North America, or borrow meaningful amounts on margin.
Switch to Moomoo if: you trade several times a week and want US Level 2 quotes, or pre-market and after-hours sessions on Canadian stocks or on US stocks outside Wealthsimple’s extended-hours list.
Switch to Qtrade, NBDB or BMO InvestorLine if: you want mutual funds, bonds or GICs next to your ETFs, deeper research, or a bank-owned broker.
Split your accounts if: you like Wealthsimple for chequing and monthly ETF buys but also hold US-listed stocks. One setup keeps the TFSA at Wealthsimple and the RRSP at a broker that holds US dollars cheaply, because under the Canada–US tax treaty, US dividends paid to a retirement plan such as an RRSP are exempt from US tax, as long as the plan is operated exclusively to provide pension, retirement or employee benefits, while dividends paid to a TFSA could be subject to foreign withholding tax, per the CRA's TFSA guide.
How do you switch from Wealthsimple to another broker?
Open the same account type at the new broker, then submit a transfer request there; the new broker pulls your Wealthsimple account over, so you don’t withdraw anything yourself.
- Open the matching account. TFSA to TFSA, RRSP to RRSP. Registered accounts need to move directly between institutions to keep their tax status.
- Choose in kind or cash. An in-kind transfer moves the investments themselves, so nothing is sold. Ask whether the new broker can hold fractional shares; if it can’t, those slices may need to be sold first.
- Submit the request with the new broker. Have your Wealthsimple account number and a recent statement ready.
- Ask about fee reimbursement. If Wealthsimple charges a transfer-out fee, the receiving broker may cover it. At Questrade, another firm’s transfer-out fee is reimbursed up to $150 per account; Qtrade covers up to $150 (plus applicable taxes) when you transfer $15,000 or more, and NBDB covers up to $150 plus taxes when you transfer $20,000 or more.
- Expect a short gap. Moomoo quotes 6–8 business days by ATON; NBDB quotes about 10 business days for Canadian and U.S. securities from institutions on the ATON system, and 10 to 20 business days from banks and other institutions outside it. You usually can’t trade the moving holdings until they arrive.
Don’t withdraw from a TFSA and redeposit the money yourself: withdrawals are only added back to your contribution room on January 1 of the following year, so a same-year redeposit can push you over your limit.
Moving the other way? Wealthsimple covers your old firm’s transfer-out fee — reimbursed on transfers of $25,000 or more, up to $150 per account — and transfers in usually take 2–4 weeks. It also pays a transfer match of 1% of the net amount transferred, up to $20,000, if you transfer at least $25,000 within 30 days of registering for the offer, paid over 24 months. The Wealthsimple transfer guide walks through it.
The verdict
Most people searching for Wealthsimple alternatives don’t need to leave. If you buy Canadian-listed ETFs in a TFSA, RRSP or FHSA, Wealthsimple’s $0 commissions, fractional shares and interest-paying chequing are as cheap as any rival here, and cheaper than Moomoo and Interactive Brokers for small orders.
Switch when a specific cost bites: currency conversion (Interactive Brokers at 0.002% of the amount (US$2.00 minimum), or Questrade for US dollars held free), active US trading tools (Moomoo), or a wider product shelf (Qtrade, National Bank Direct Brokerage, BMO InvestorLine). Keeping Wealthsimple for everyday money and one of these for US dollars is a sensible middle path.
For a wider ranking, see the best online brokerage in Canada or price your own trading pattern with the Canadian brokerage fee calculator. The Canadian brokerage index scores online brokers category by category, from commissions to customer service. If Wealthsimple is where you land, start with our complete Wealthsimple guide.