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 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.
Signup Offer
Get $50 in free trades when you fund your account with a minimum of $1,000.
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
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.
Signup Offer
Get up to a $150 sign-up bonus. Use code OFFER2024. Ends October 31, 2024.
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.
Signup Offer
Enjoy commission-free trades and free real-time streaming quotes.
Invest as little as $1 to buy fractional shares in highly ranked US companies
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.
Pros
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
Cons
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
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
Compare other trading platforms
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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:
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:
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
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.
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.
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.
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.
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.
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.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
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