Wealthsimple vs IBKR (Interactive Brokers Canada): Fees, FX, Margin and Accounts

Wealthsimple vs IBKR (Interactive Brokers) is a trade-off between simplicity and raw cost. Wealthsimple charges $0 commission on Canadian and US stocks and ETFs and keeps chequing, savings, investing and an RESP in one app. Interactive Brokers Canada charges a small commission on every trade, but its currency conversion and margin rates are far cheaper, and its platform reaches markets Wealthsimple doesn’t. This guide compares fees, currency conversion, margin, TFSAs and account types, then shows which one fits the way you invest.

Wealthsimple vs IBKR at a glance

YieldMaple checked Wealthsimple’s pricing page and fee schedule and Interactive Brokers Canada’s commission, currency, margin, interest-rate, market-data and registered-account pages on September 23, 2026; every figure below comes from those pages. IBKR figures use its Fixed pricing, which includes exchange fees; its Tiered option charges a lower per-share rate and adds exchange, clearing and regulatory fees on top.

Wealthsimple vs Interactive Brokers Canada — self-directed investing (September 2026)

	Wealthsimple	IBKR (Interactive Brokers Canada)
Commission on Canadian stocks and ETFs	$0	1 cent a share, with a $1.00 minimum and a cap of 0.5% of the trade value per order
Currency conversion (CAD to USD)	1.5% per US trade from a CAD account; into a USD account: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000	0.002% of the amount (US$2.00 minimum)
Commission on US stocks and ETFs	$0	US$0.005 a share, with a US$1.00 minimum and a cap of 1% of the trade value per order
Holding US dollars	USD account: $10 a month for Core clients; free for Premium and Generation	TFSA, RRSP and FHSA hold cash in both CAD and USD, no account fee
US equity options	US$0 per contract	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	3.571% on the first $130,000 borrowed in CAD (IBKR's benchmark rate + 1.5%)
USD margin rate	7.5% Core, 7% Premium, 6.5% Generation	5.38% on the first US$100,000 borrowed in USD (benchmark + 1.5%)
Interest on cash you aren't investing	Savings 2.5% (available to every client, no tiers); Chequing 1.25% on Core	1.571% on CAD cash above $13,000, for accounts worth more than US$100,000 (a lower rate below that); nothing on the first $13,000 of CAD cash (and the first US$10,000 of USD cash)
Real-time quotes	Real-time streaming quotes included on every plan	free real-time streaming quotes on US-listed stocks and ETFs (non-consolidated, from Cboe One and IEX); Toronto Stock Exchange Level 1: $9.00 a month
Account minimum and inactivity fee	No minimum; opening fee $0	no account minimum and no inactivity fee (US$0 for both)
Account types	TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts	individual and joint accounts, RRSPs, spousal RRSPs, TFSAs and FHSAs, plus RRIFs; no RESP listed; no locked-in plans (such as a LIRA) and no annuities
Markets	Canadian and US stocks and ETFs, options, futures, gold and 170+ cryptocurrencies	170 markets in 40 countries (non-registered accounts)
Fractional shares	yes — thousands of Canadian and US stocks and ETFs	available on eligible US, Canadian and European stocks and ETFs
Managed investing and advice	Managed portfolios from 0.50% a year	None from IBKR Canada itself, which is an order-execution-only dealer that gives no investment advice or recommendations
Investor protection	securities eligible for CIPF coverage up to $1M per defined account	a member of the Canadian Investment Regulatory Organization (CIRO) and of the Canadian Investor Protection Fund (CIPF)

Which is cheaper, Wealthsimple or IBKR?

Wealthsimple is cheaper for buying Canadian-listed stocks and ETFs with Canadian dollars; IBKR is cheaper once you convert more than small sums of currency, borrow on margin or trade overseas.

On commissions alone, Wealthsimple wins: $0 on every listed Canadian and US stock and ETF, with no minimums or caps to work out. IBKR’s Fixed pricing charges 1 cent a share, with a $1.00 minimum and a cap of 0.5% of the trade value per order on Canadian stocks, and US$0.005 a share, with a US$1.00 minimum and a cap of 1% of the trade value per order on US stocks. IBKR’s own worked examples: $1.00 for 100 shares at $25 on the TSX, and US$1.00 for 100 shares at US$25 on a US exchange.

The cap helps small orders. IBKR’s rule is that when the percentage cap works out lower than the minimum, you pay the cap, so a $100 purchase of a Canadian ETF costs $0.50 in commission. That’s small, but it’s still more than Wealthsimple’s $0, and it repeats on every buy.

The picture flips on currency. IBKR converts Canadian and US dollars for 0.002% of the amount (US$2.00 minimum), while Wealthsimple charges 1.5% on each US trade from a CAD account. On a $10,000 US purchase, that’s about $150 at Wealthsimple, against IBKR’s US$2.00 minimum. Margin follows the same pattern: IBKR’s CAD rate of 3.571% is lower than any Wealthsimple plan’s.

How much does a year cost at Wealthsimple vs IBKR?

Yearly costs run from $0 in Wealthsimple commissions to several hundred dollars or more at either firm, depending on whether you convert currency, trade options or borrow. Five common investors, using each firm’s published prices:

1. Monthly ETF buyer in a TFSA ($500 a month into a Canadian-listed ETF such as XEQT). Wealthsimple: no commission. IBKR: about $12 a year. A real difference, but a small one.
2. US-stock investor converting $10,000 once. Wealthsimple from a CAD account: $150 to convert, and the fee applies again when you sell and convert back. Wealthsimple USD account on Core: $220 in the first year, or $100 on Premium. IBKR: US$2.00, and its US$1.00 minimum commission on each US trade (IBKR’s example: US$1.00 for 100 shares at US$25).
3. Options trader placing 10 trades a month of 5 US contracts. Wealthsimple: US$0 per contract. IBKR: US$390 a year, and its US options page adds exchange, clearing and regulatory fees on top of the per-contract rate.
4. Margin borrower carrying a $25,000 CAD loan for a year. IBKR: about $893. Wealthsimple: about $1,238 on Core, about $1,113 on Premium or about $988 on Generation, at today’s rates.
5. Someone holding $50,000 of cash between purchases (in an account worth more than US$100,000). IBKR: about $581 a year in interest. Wealthsimple Savings: about $1,250 a year, if rates stay put, which they rarely do.

The rule of thumb that decides most cases. IBKR costs roughly a dollar per trade; Wealthsimple costs 1.5% of every dollar you convert from a CAD account. A Canadian-ETF investor making 12 monthly buys pays IBKR about $12 a year more than Wealthsimple, and Wealthsimple’s conversion fee costs the same on $800 of US purchases. Every $1,000 of US stock bought from a Wealthsimple CAD account costs $15 to convert, about the price of 15 minimum-commission trades at IBKR. Each US order at IBKR carries its own costs, though: at the minimums, a US$1.00 commission plus a US$2.00 conversion comes to US$3.00, the same as Wealthsimple’s 1.5% fee on a US$200 order. So if you buy US stocks in orders well above that size, and especially if you’ll later sell and convert back (Wealthsimple charges its fee again on the way out), IBKR usually comes out ahead; if you mostly buy Canadian-listed ETFs, Wealthsimple’s $0 commissions win.

Staying with Wealthsimple? This calculator shows whether its USD account lowers your conversion cost for the amount you buy each year. To model a full mix of trades across Canadian brokerages, use the Canadian brokerage fee calculator.

Is IBKR cheaper for US stocks and currency conversion?

Yes: IBKR converts currency for 0.002% of the amount (US$2.00 minimum), while Wealthsimple charges 1.5% on each US trade from a CAD account.

How the two work in practice:

• IBKR passes through the dealer quotes it receives and charges a separate commission, so the quoted rate stays close to the market. If you skip the separate conversion and buy a US stock with Canadian dollars, IBKR’s auto-conversion costs typically 0.03% added to the exchange rate, with no separate commission. Its TFSA, RRSP and FHSA can hold cash in both CAD and USD, so US dividends and sale proceeds can stay in US dollars.
• Wealthsimple charges 1.5% each way when you trade US-listed securities from a CAD account, and its pricing page says the fee is applied to its own corporate exchange rate, which already includes a spread. A USD account removes the fee on US trades themselves, but it costs $10 a month for Core clients; free for Premium and Generation, and moving money into it is charged by size: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000.

That last tier matters for large, one-off moves. A Premium client converting a six-figure sum into a USD account pays no conversion fee on top of Wealthsimple’s exchange rate (which still includes a spread), so that single transaction can come close to IBKR’s cost. For everyone else, and for anyone converting in smaller pieces, IBKR is the cheaper route. IBKR’s direct conversion is cheap enough that Norbert’s gambit is rarely worth the extra steps there; on the Wealthsimple side, the Wealthsimple USD account guide covers when the monthly fee pays for itself.

Which has lower margin rates, Wealthsimple or IBKR?

IBKR: it charges 3.571% on the first $130,000 borrowed in CAD (IBKR's benchmark rate + 1.5%), below even Wealthsimple’s Generation rate of 3.95%.

Wealthsimple sets margin rates by plan: in Canadian dollars, 4.95% on Core, 4.45% on Premium and 3.95% on Generation; in US dollars, 7.5%, 7% and 6.5%. Its interest is calculated daily and charged monthly. IBKR charges 5.38% on the first US$100,000 borrowed in USD (benchmark + 1.5%), and larger CAD loans get 3.071% on the portion from $130,000 to $1.3 million; its interest accrues daily and is posted monthly, on the third business day of the following month.

Two caveats before you move for the rate. Margin trading happens in non-registered accounts at either firm; in an IBKR TFSA, RRSP or FHSA, margin is not allowed — every purchase must be paid in full. Wealthsimple’s margin page says you can link a TFSA to add buying power to its margin account, and Wealthsimple also offers a portfolio line of credit that can borrow against up to 5 non-registered accounts or TFSAs (not margin accounts, FHSAs, RRSPs, RESPs, LIRAs or joint accounts), at the same plan rates (4.95% on Core) and with no credit check, so a TFSA can back a loan there. And both firms’ rates float with a benchmark, so compare them again before you borrow. For how Wealthsimple’s margin calls and borrowing limits work, see the Wealthsimple margin account guide.

Does IBKR have a TFSA, RRSP, FHSA and RESP?

IBKR Canada offers a TFSA, RRSP, spousal RRSP, FHSA and RRIF, but its account pages list no RESP, and it doesn’t offer locked-in plans such as a LIRA.

For individuals, IBKR Canada offers individual and joint accounts, RRSPs, spousal RRSPs, TFSAs and FHSAs, and its registered-plan page adds RRIFs. Its registered accounts come with rules worth knowing before you move a TFSA:

• What they can hold: stocks and ETFs listed on designated US and Canadian exchanges, plus some options, warrants and US bonds. IBKR’s overseas markets are for non-registered accounts only.
• Currency: cash in both CAD and USD, which is IBKR’s biggest registered-account advantage.
• Margin: not allowed — every purchase must be paid in full.
• Locked-in money: IBKR Canada offers no locked-in plans (such as a LIRA) and no annuities, so a LIRA from an old employer pension can’t move there.
• Transfers: incoming registered transfers are accepted, including manual (non-ATON) transfers; outgoing ones go only through the electronic ATON transfer system.

Wealthsimple’s self-directed accounts cover 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, and its LIRA is available (self-directed and managed). If your household needs an RESP for the grants, or you have a LIRA, Wealthsimple can hold everything in one place; the Wealthsimple RESP guide explains the grant rules. Contribution room is yours, not the brokerage’s: the 2026 TFSA limit is $7,000 across every TFSA you own.

Where does IBKR beat Wealthsimple?

IBKR wins on currency conversion, margin rates, US dollars in registered accounts, global market access and advanced trading tools.

• Currency conversion at 0.002% of the amount (US$2.00 minimum), instead of 1.5% per US trade from a Wealthsimple CAD account.
• Margin rates from 3.571% in CAD and 5.38% in USD.
• US dollars in a TFSA, RRSP or FHSA with no account fee, whereas Wealthsimple’s USD account costs $10 a month for Core clients; free for Premium and Generation.
• Global reach: 170 markets in 40 countries for stocks, options, futures, currencies and bonds in a non-registered account.
• Tools for active traders: 100+ order types, from limit orders to algorithmic orders, plus the Trader Workstation desktop platform and APIs.
• Interest on big US-dollar balances: IBKR pays 3.38% on USD cash above US$10,000, for accounts worth more than US$100,000. Wealthsimple’s USD savings pays 2.5% Core, 3% Premium, 3.5% Generation, so IBKR only comes out ahead for Core and Premium clients holding well above its interest-free first slice.

You can check each figure on Interactive Brokers Canada's own site .

Where does Wealthsimple beat IBKR?

Wealthsimple wins on simplicity, $0 commissions, options pricing, account choice, everyday cash interest and hands-off investing.

• No commission maths. Every listed Canadian and US stock and ETF trades for $0, with fractional shares on thousands of Canadian and US stocks and ETFs. IBKR also offers fractional shares (available on eligible US, Canadian and European stocks and ETFs), but every order carries a commission.
• Options: US$0 per contract on equity and ETF options versus US$0.65 per contract, with a US$1.00 minimum per order. Wealthsimple’s fee schedule does charge for some options actions, such as early exercise, and for index options. The Wealthsimple options trading guide covers approval levels and risks.
• Real-time Canadian quotes included. Wealthsimple’s pricing page lists real-time streaming quotes on every plan. IBKR gives free delayed quotes on other products, where available, and charges $9.00 a month for real-time Toronto Stock Exchange Level 1 quotes.
• More account types: an RESP and a LIRA alongside your TFSA, RRSP and FHSA. IBKR Canada’s account pages list no RESP, and it offers no locked-in plans (such as a LIRA) and no annuities.
• Everyday cash earns interest. Savings pays 2.5% (available to every client, no tiers) and Chequing pays 1.25% on Core, while IBKR pays nothing on the first $13,000 of CAD cash (and the first US$10,000 of USD cash).
• Hands-off investing if you want it. Managed portfolios cost 0.50% a year on Core. IBKR Canada is an order-execution-only dealer that gives no investment advice or recommendations.
• Transfer-fee coverage. When you move an account to Wealthsimple, the other brokerage’s transfer-out fees are reimbursed on transfers of $25,000 or more, up to $150 per account. IBKR Canada’s fee and account pages that YieldMaple checked mention no similar reimbursement.
• Simple withdrawals. Wealthsimple’s fee schedule lists no charge for standard bank-transfer withdrawals. IBKR allows two free withdrawal requests per calendar month, then charges $2.00 by electronic funds transfer or $12.00 by wire for each extra CAD withdrawal.

Is Interactive Brokers safe for Canadians?

Yes: Interactive Brokers Canada Inc. is a member of CIRO and of the Canadian Investor Protection Fund, the same protection framework that covers Wealthsimple’s investment accounts.

In IBKR’s words, its Canadian dealer is a member of the Canadian Investment Regulatory Organization (CIRO) and of the Canadian Investor Protection Fund (CIPF). At Wealthsimple, securities eligible for CIPF coverage up to $1M per defined account. CIPF steps in if a member dealer becomes insolvent; it does not cover investment losses at either firm. Wealthsimple also offers Chequing, a separate cash account whose balances are eligible for CDIC coverage up to $100,000 per beneficiary, per CDIC member institution, up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). The practical difference is advice: IBKR Canada is an order-execution-only dealer that gives no investment advice or recommendations, while Wealthsimple also offers managed portfolios if you’d rather not make every decision yourself.

Which Reddit claims about Wealthsimple vs IBKR still hold up?

The cost claims mostly hold up, since IBKR really is far cheaper for currency conversion and margin, but several claims about both platforms don’t match their pricing pages today.

1. “IBKR has a minimum balance and an inactivity fee.” Not true today. IBKR’s required-minimums page lists no account minimum and no inactivity fee (US$0 for both) for individual accounts. Wealthsimple has no minimum either, and its opening fee is $0.
2. “IBKR is cheaper for everything.” Not quite. Small, regular buys of Canadian-listed ETFs cost $0 at Wealthsimple, and US options cost US$0 per contract there versus US$0.65 per contract, with a US$1.00 minimum per order at IBKR.
3. “Wealthsimple hides its currency fee.” It’s published: 1.5% from a CAD account, applied to a Wealthsimple exchange rate that includes a spread. Published isn’t the same as cheap, though.
4. “Wealthsimple has no RESP, margin or USD account.” Out of date. Wealthsimple offers an RESP (available as a self-directed or managed RESP), margin by application and USD accounts.
5. “You can buy European stocks in an IBKR TFSA.” No. IBKR’s registered accounts are limited to stocks and ETFs listed on designated US and Canadian exchanges, plus some options, warrants and US bonds.

Forum threads are useful for how each app feels to use day to day. For fees, go to the providers’ pricing pages; both companies change them.

Can you use Wealthsimple and IBKR together?

Yes: a split setup works well, with Wealthsimple for everyday cash, $0 Canadian ETF buys and an RESP, and IBKR for US-dollar holdings, currency conversion or margin.

A common version is a Wealthsimple TFSA for regular Canadian-listed ETF purchases and an IBKR RRSP or non-registered account for US stocks bought with US dollars. The trade-off is two apps, two sets of tax slips and more places to track. Your TFSA, RRSP and FHSA limits apply per person across every institution, so splitting accounts never adds contribution room.

Decision framework: Wealthsimple or IBKR?

Pick Wealthsimple if:

• You mostly buy Canadian-listed ETFs or stocks with Canadian dollars, in small regular amounts
• You trade US equity or ETF options and want to pay US$0 per contract
• You want an RESP or a LIRA next to your TFSA and RRSP
• You want chequing, savings, investing and optional managed portfolios in one simple app
• You’re moving an account worth at least $25,000 and want the transfer fee covered

Pick IBKR if:

• You convert more than a few hundred dollars a year into US dollars, or hold a large US portfolio
• You borrow on margin and want the lower published rate of the two
• You want US dollars inside a TFSA, RRSP or FHSA without a monthly account fee
• You trade on exchanges outside Canada and the US, or need advanced order types and APIs
• You’re comfortable with a complex platform and paying a small commission per trade

Use both if:

• You want Wealthsimple’s simplicity for Canadian ETFs and cash, and IBKR’s pricing for US dollars or margin

The verdict

For most Canadians building a portfolio of Canadian-listed ETFs, Wealthsimple is the simpler and slightly cheaper choice: $0 commissions, fractional shares, an RESP and chequing in the same app, and no per-trade maths.

IBKR is the better brokerage for investors who hold a lot of US stocks, convert currency often, borrow on margin or trade beyond North America. Its 0.002% of the amount (US$2.00 minimum) conversion cost and 3.571% CAD margin rate beat Wealthsimple by a wide gap, and the savings grow with your balance. The price is a steeper learning curve and a commission on every order.

This page is general education, not financial advice. Fees and rates change, so check both providers’ pricing pages before you move money.

For other head-to-heads, see the Wealthsimple vs Questrade comparison, Questrade vs Interactive Brokers and Wealthsimple vs RBC Direct Investing. Everything else about the platform is in our complete Wealthsimple guide.