Apps like Wealthsimple

Wealthsimple is a popular commission-free mobile trading platform that lets you buy and sell thousands of stocks and exchange traded funds (ETFs). The platform performs well among its peers, but you may want to compare a few apps to find the best fit for your needs. Learn more about apps like Wealthsimple or explore an in-depth ranking of the best stock trading apps in Canada here.

Apps like Wealthsimple

Wealthsimple is known for its low fees and user-friendly platform. That said, it pays to compare apps like Wealthsimple because each app has unique features that could make it a better fit for your needs. Click on the links below to learn more about each alternative:

• Questrade
• Qtrade
• MogoTrade
• Flahmingo

Questrade

Questrade

Get $50 in free trades when you fund your account with a minimum of $1,000.

Finder rating: 4.3 / 5 ★★★★★

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Similarities

• Sign up in minutes
• No annual account fees
• Supports stocks and commission-free ETFs
• Accounts include RRSPs, TFSAs and cash accounts
• Regulated in Canada

Differences

• Commissions for stocks range from $4.95 to $9.95
• Requires minimum balance of $1,000
• Offers advanced investments such as options
• Live stock quotes and plenty of research tools

• More Info

  Questrade lets you buy and sell investments through its desktop or mobile app. Compared with Wealthsimple, it offers a much larger selection of securities, including bonds, options, mutual funds and IPOs. You can buy and sell ETFs for free, but you'll have to pay commissions ranging between $4.95 and $9.95 to trade stocks. To offset these costs, you may be able to get a sign-up bonus with Questrade if you fund your account with a minimum of $1,000.

• More details

  Signup Offer	Get $50 in free trades when you fund your account with a minimum of $1,000.
  Account Fee	$0
  Account Types	RRSP, TFSA, Personal
  Available Asset Types	Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
  ETF Transaction Cost	Free
  Option Fee	$9.95 + $1 per contract
  Inactivity Fee	$0

Stock Trading Fee	$4.95-$9.95
Account Fee	$0
FX Fee	1.45%
Min. Deposit	$1,000

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Wealthsimple vs. Questrade

Qtrade Direct Investing

Qtrade Direct Investing

Get up to $150 cashback. Use promo code OFFER150. Conditions apply. Ends October 31, 2023.

Finder rating: 3.7 / 5 ★★★★★

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Similarities

• Sign up in minutes
• No minimum deposit required
• Supports ETFs and stocks
• Accounts include RRSPs, TFSAs and cash accounts
• Regulated in Canada

Differences

• Quarterly account fees of $25 (unless you have $25,000 in your account)
• Commissions for stocks and ETFs range from $6.95 to $8.75
• Offers advanced investments such as options
• Allows margin accounts
• Broad range of research tools

• More Info

  Qtrade offers a simple and streamlined online and mobile trading platform. Unlike Wealthsimple, it offers many advanced investments such as bonds, options, mutual funds and IPOs. You can trade using a margin account, which may be of interest to expert investors. There are also many research options to help guide your investment choices. The main downside is that you'll pay quarterly account fees and commissions to trade stocks and ETFs.

• More details

  Signup Offer	Get up to $150 cashback. Use promo code OFFER150. Conditions apply. Ends October 31, 2023.
  Account Fee	$0 if conditions met, otherwise $25/quarter
  Account Types	RRSP, RESP, RRIF, TFSA, Personal
  Available Asset Types	Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
  ETF Transaction Cost	$0 - $8.75
  Option Fee	$6.95 - $8.75 + $1.25 per contract
  Inactivity Fee	$0 if conditions met, otherwise $25/quarter

Stock Trading Fee	$6.95 - $8.75
Account Fee	$0 - $25
FX Fee	0.90% for positions under $9,999.00
Min. Deposit	$0

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MogoTrade (waitlisted)

MogoTrade

Enjoy commission-free trades and free real-time streaming quotes.

Finder rating: 3.9 / 5 ★★★★★

Read Review

Similarities

• Sign up in minutes
• No monthly fees
• Commission-free trading of stocks and ETFs
• Fractional shares
• No minimum balance required
• Options, futures and margin trading not available

Differences

• Emphasis on green and ESG investing
• App isn't launched yet (currently waitlisted)
• Free real-time quotes available to all users
• No access from desktop

• More Info

  MogoTrade lets you invest in stocks and exchange traded funds (ETFs) for free on your phone. Like Wealthsimple, there are no annual fees, all trades are commission-free and you can start investing with as little as $1. What makes Mogo unique is that it offers free real-time streaming data and it's environmentally friendly. The main drawback is that MogoTrade is still in its rollout phase so many features aren't available and there are limited investment types to choose from.

• More details

  Signup Offer	Enjoy commission-free trades and free real-time streaming quotes.
  Account Fee	$0
  Account Types	RRSP, TFSA
  Available Asset Types	Stocks, ETFs
  ETF Transaction Cost	Free
  Option Fee	N/A
  Inactivity Fee	$0

Stock Trading Fee	$0
Account Fee	$0
Min. Deposit	$0

Read Review

Flahmingo (waitlisted)

Flahmingo

Invest as little as $1 to buy fractional shares in highly ranked US companies

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• Sign up in minutes
• No monthly fees
• Commission-free trading of stocks and ETFs
• Fractional shares
• No minimum balance required
• Options, futures and margin trading not available

• US securities only
• App isn't launched yet (currently waitlisted)
• Sector-specific portfolios
• Only TFSAs currently available
• No access from desktop
• Not regulated by IIROC

• More Info

  Flahmingo is a mobile-first trading app that lets you buy ETFs and fractional shares in high-performing US companies. Like Wealthsimple, it's free to use and there are no minimum balance requirements. The app sets itself apart by offering sector-specific tracking and free learning resources. However, the company is fairly new and it's not regulated by IIROC, which might deter some users. The app is also waitlisted but is supposed to launch in 2022.

• More details

  Signup Offer	Invest as little as $1 to buy fractional shares in highly ranked US companies
  Account Fee	$0
  Account Types	TFSA
  Available Asset Types	Stocks, ETFs
  ETF Transaction Cost	Free
  Inactivity Fee	$0

Stock Trading Fee	$0
Account Fee	$0
Min. Deposit	$0

Read Review

Compare other trading platforms

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Name	Product	Finder Rating	Available Asset Types	Stock Trading Fee	Account Fee	Signup Offer	Table description
Interactive Brokers Interactive Brokers Finder Award		Finder Rating: ★★★★★ 4.3 / 5	Stocks, Bonds, Options, ETFs, Currencies, Futures	min $1.00, max 0.5%	$0	N/A	Winner for Best Overall Broker in the Finder Stock Trading Platform Awards.	Go to site View details	Compare	loading Fetching your data...
CIBC Investor's Edge CIBC Investor's Edge		Finder Rating: ★★★★★ 3.8 / 5	Stocks, Bonds, Options, Mutual Funds, ETFs	$4.95–$6.95	$0 if conditions met, or $100	N/A	An easy-to-use platform with access to a variety of tools to help you trade with confidence.	Go to site View details	Compare	loading Fetching your data...
Questrade Questrade		Finder Rating: ★★★★★ 4.3 / 5	Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals	$4.95 - $9.95	$0	Get $50 in free trades when you fund your account with a minimum of $1,000.	Opt for self-directed investing and save on fees or get a pre-built portfolio to take out some of the guesswork.	Go to site View details	Compare	loading Fetching your data...
CASHBACK Qtrade Direct Investing Qtrade Direct Investing	CASHBACK	Finder Rating: ★★★★★ 3.7 / 5	Stocks, Bonds, Options, Mutual Funds, ETFs, GICs	$6.95 - $8.75	$0 if conditions met, otherwise $25/quarter	Get up to $150 cashback. Use promo code OFFER150. Conditions apply. Ends October 31, 2023.	Low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options.	Go to site View details	Compare	loading Fetching your data...

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Apps like Wealthsimple Invest

Wealthsimple Invest is the robo-advisor version of the Wealthsimple Trade account. This means you don’t choose ETFs or investments yourself, but it’s done by an algorithm in the app. All you need to do is set your risk profile and any money you deposit will be invested automatically. Apps like Wealthsimple Invest include the following:

• Questwealth Portfolios
• VirtualWealth
• Moka Investing
• Nest Wealth

Apps like Wealthsimple Cash

Wealthsimple Cash is an online bank account that lets you save and send money for free. It comes with no account fees and is usually much more flexible than a normal bank account. Other apps like Wealthsimple Cash include the following:

• MogoCard
• KOHO Save
• EQ Bank Savings

Bottom line

Wealthsimple’s easy-to-use platform and commission-free trading structure make it a leader amongst its competitors. But it always pays to do your homework and compare trading platforms based on your needs. Apps and platforms like Questrade, Qtrade, MogoTrade and Flahmingo are alternatives to Wealthsimple. The one that is best for you depends on your priorities.

Frequently asked questions

• Which apps like Wealthsimple are best for saving money?

  The apps like Wealthsimple that are best for saving money are MogoTrade and Flahmingo. Both of these apps come with commission-free ETFs and stocks as well as no account fees.

• Which apps like Wealthsimple are best for making advanced investments?

  You’ll want to use Questrade or Qtrade to make advanced investments. These apps let you trade stocks, ETFs, bonds, options, mutual funds, IPOs and GICs. Questrade also lets you invest in international equities and precious metals.

• Do I need to keep a minimum balance with most apps like Wealthsimple?

  No. The only app that requires you to keep a minimum balance of $1,000 to start trading is Questrade. All of the other apps like Wealthsimple have no minimum balance requirements so you can start trading with as little as $1.

• Are there any apps like Wealthsimple that offer fractional shares?

  Yes. Flahmingo lets you buy fractional shares in US companies (but it doesn’t offer Canadian stocks). Other apps like Wealthsimple require you to buy full shares, which can be limiting if you don’t have much money to invest.

• Why are some apps like Wealthsimple waitlisted?

  MogoTrade and Flahmingo are the 2 apps like Wealthsimple that are currently waitlisted. This is because the apps aren’t fully developed yet and both companies want to roll out their services slowly to make sure there are no major issues. Sign up for the waitlist to be first in line to get access when the products launch.

• Is Wealthsimple like Robinhood?

  Yes, Wealthsimple is similar to Robinhood, which is a commission-free stock trading app in the US. The main difference is that Robinhood offers advanced trades such as options and you can trade on margin. Explore alternatives to Robinhood in Canada.