Discount brokerage Wealthsimple is best known for offering $0 commission trading and robo advisor services to Canadians. More recently, its Chequing Account has made headlines by combining the easy and fee-free access of a daily transaction account with the interest-earning power of a savings account.
But is Wealthsimple the right choice for you, either as an investing app or a bank account? To find out, let’s compare seven Wealthsimple alternatives to see how they stack up against this popular Canadian fintech.
Questrade made headlines in February 2025 when, just like Wealthsimple, it started offering $0 commission trading of Canadian and US stocks and ETFs. This Canadian discount brokerage supports fractional share trading too, plus it offers the benefit of different trading platforms to suit beginners or advanced traders. And because it also offers access to a range of Questwealth robo advisor investment portfolios, similar to Wealthsimple, it's a top pick if you're searching for the best companies like Wealthsimple in Canada.
Interactive Brokers lets you invest in a much wider variety of assets and global markets than Wealthsimple. It provides access to 160 global markets, allowing you to trade everything from stocks and ETFs to futures and currencies. You'll also find different trading platforms based on your level of investing experience, while competitive commissions help you keep trading costs down. And with competitive rates for margin trading and a wide range of account types to choose from, Interactive Brokers offers all the tools you need to start or continue your investing journey.
Lets you trade an impressive range of assets and markets
Fund your account in 28 currencies
Supports over 100 order types
Offers fractional shares and margin trading
Fee structure is a little confusing
Some features are overkill for beginners
Monthly fee for real-time data
Asset Types
Stocks Bonds Options Index Funds ETFs Forex Currencies Futures
CIBC Investor's Edge is another broker worth checking out if you're searching for apps like Wealthsimple. This Big Bank broker doesn't offer commission-free trading or features like auto-investing, but it does offer a feature-rich online and mobile trading platform that offers a host of essential tools for investors. Open a trading account and you can take advantage of a wide range of account types, access to a large selection of tradeable assets, research and analysis reports, investment screeners and more. Check it out if you're in the market for a new online trading platform.
Impressive range of research tools
Discounts for young and active traders as well as students
User-friendly platform
Handy charting tools for technical analysis
$100 annual fee if you don't meet a minimum balance requirement
High trading commissions compared to discount brokers
Like Wealthsimple, Moomoo provides easy access to Canadian and US stocks and ETFs, plus US options. It doesn't support crypto trading, but it does offer handy features like free US Level 2 market data to help you make informed trading decisions. Its desktop and mobile apps also provide access to a wide selection of stock analysis tools, which is why we think Moomoo is well worth checking out if you're searching for the best apps like Wealthsimple.
User-friendly trading platform
Paper trading account so you can test out strategies
Competitive commissions
Desktop and mobile trading apps available
Canadian and US markets only
No maximum trading commission
Limited account types compared to some other brokers
Asset Types
Stocks Options ETFs
Minimum Age
18
Stock Trading Fee
$1.49/stock
Option Trading Fee
US stocks and ETFs: USD$0.99/stock (min. US$1.99 per trade)
Just like the Wealthsimple Chequing Account, EQ Bank's Personal Account is a hybrid offering that blends the features of a chequing account and a savings account into a single package. There's no monthly fee or minimum balance requirement to worry about, but you get unlimited daily transactions. The account comes with a prepaid Mastercard too, allowing you to take advantage of free ATM withdrawals across Canada and 0.5% cashback on your purchases. And because you also earn 1% interest on your balance—or Earn 2.75% interest for 12 months when you meet deposit requirements—there are lots of great reasons why the EQ Bank Personal Account is an attractive Wealthsimple alternative.
Like Wealthsimple, Tangerine's chequing account comes with no monthly fee and supports unlimited transactions. You don't have to meet a minimum balance requirement either, while Interac e-Transfers are included for free. The account also comes with a linked Visa debit card for spending in-store and online, while the fact that Tangerine is owned by Scotiabank means you can enjoy access to Scotiabank's nationwide network of over 3,500 ABMs.
Simplii Financial is CIBC's digital banking subsidiary, and the No Fee Chequing Account is one of its flagship products. This account supports unlimited debits, bill payments and withdrawals, and just like the Wealthsimple Chequing Account, all with no monthly fee. It also comes with a debit Mastercard for in-store and online purchases, while you can also use over 3,400 CIBC ATMs across Canada for free. Best of all, it's easy to manage all your day-to-day transactions with Simplii Financial online and mobile banking.
Unlimited day-to-day transactions
Fee-free access to CIBC's ATM network
No fees for day-to-day banking
Overdraft protection available if you want it
Create an account online in a matter of minutes
Only pays minimal interest on your balance
Not available in Quebec
No physical branches
Monthly Account Fee
$0
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
NSF Fee
$45
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn $300
Summary: Compare Wealthsimple to alternative banks
If you’re using Wealthsimple for banking purposes, this fintech is registered with FINTRAC as a Money Services Business. It partners with members of the Canada Deposit Insurance Corporation (CDIC) to ensure that the money you deposit is protected by CDIC insurance.
From an investing point of view, Wealthsimple’s affiliated custodial broker, Wealthsimple Investments Inc., is a member of the Canadian Investment Regulatory Organization (CIRO) and offers Canadian Investor Protection Fund (CIPF) protection.
How to choose a Wealthsimple alternative for investments
Choosing the best stock trading platform or app is crucial to your investing success. Consider the following factors when comparing Wealthsimple alternatives.
What you can trade
Check the list of supported assets and markets for each trading platform. Some users only want to invest in Canadian and US stocks and ETFs, but others might want to trade on markets all around the world, plus invest in options, bonds, futures, crypto and more.
Self-directed vs managed investing
Wealthsimple offers self-directed investing as well as managed portfolios curated to suit different risk levels and investment goals. All Canadian online brokers provide self-directed investing, but access to managed portfolios of investments through a robo advisor is less widely available. Make sure you know how you want to invest before choosing a platform.
Ease of use
The best Wealthsimple alternatives must be easy to use, especially if you’re a new investor. Does the broker offer a mobile app, an online trading platform and a desktop app? Which of these do you plan to use to place most of your trades, and does it have a user-friendly interface that’s easy to navigate?
Commissions and fees
Some Wealthsimple alternatives offer commission-free stock trading, but others charge a fee every time you place a trade. This could be a flat fee per trade, calculated on a per-share basis or charged as a percentage of the trade amount.
You’ll also need to check the fine print for details of any other fees that apply, such as:
Quarterly or annual account maintenance fees
Fees for real-time market data
News or analysis subscriptions
Currency conversion fees if you trade in foreign markets
Research and analysis tools
The research and analysis tools you need in a stock trading platform may vary depending on your investing experience and whether you’re an active trader or not. Some features you may want to look for when comparing Wealthsimple alternatives include:
Stock screeners to help you choose investments
Market analysis and stock recommendations
Advanced charting tools and technical indicators
Educational resources to help you learn more about investing and how to use the trading platform
Customer support
If you ever have a problem with your account, how can you contact the broker’s customer support team? Are they available during hours that are convenient for you?
Regulation
Make sure you choose a broker that is regulated by the Canadian Investment Regulatory Organization (CIRO). Also check whether the broker is a member of the Canadian Investor Protection Fund (CIPF) for added peace of mind.
How to choose a Wealthsimple alternative for banking
Want to see how Wealthsimple and its competitors stack up against each other? Consider the following factors when comparing your options.
Supported transactions
Check how many transactions you can perform each month without incurring any extra fees. Does the account support the type of banking you do, like sending e-Transfers, making ATM withdrawals and paying bills without racking up extra charges?
Monthly fee and other charges
The Wealthsimple Chequing Account has no monthly fee, so look for a Wealthsimple alternative that similarly does not charge any account maintenance fees. If you’re considering an account that does have a monthly fee, what benefits does it offer to justify this extra cost?
You’ll also need to check whether there are any other fees you need to worry about, such as:
NSF fees
Foreign transaction fees
Replacement chequebook fees
Interest rates
Traditional chequing accounts don’t pay interest on your balance, but the Wealthsimple Chequing Account does. Check whether the bank account you’re considering pays interest. Do you need to meet any terms and conditions, like meeting a minimum balance requirement or setting up a direct deposit, to qualify for the maximum advertised rate? And does that rate only apply for a limited promotional period, or is it ongoing?
Card for spending and cashback
Does the account come with a linked debit card or a prepaid card? What payment network does the card use? Does it pay cashback on your spending, and if so, at what rate?
Online and mobile banking
The best Wealthsimple alternatives will need to have user-friendly online and mobile banking portals that make it quick and easy for you to manage your money. Watch online tutorials to get a feel for how easy to use each bank’s online banking platform is, and read reviews on the App Store and Google Play to learn more about other users’ mobile banking experiences.
Account protection
Wealthsimple’s Chequing Account offers up to $1 million in CDIC coverage for eligible deposits. Check how much CDIC insurance protection Wealthsimple alternatives can offer for your funds.
Customer support
With a digital bank, you can’t just pop into your nearest branch to access face-to-face customer service. That’s why it’s important to check how you can contact each bank’s customer support team and during what hours. It’s also a good idea to check customer reviews on independent sites like Trustpilot to find out whether other users have received high quality support.
Bottom line
Wealthsimple is well worth checking out if you’re looking for an investing app or hybrid account in Canada, but it’s far from the only option available. Once you know what key features you need in a trading platform or bank account, compare companies like Wealthsimple before deciding where to manage your money.
Frequently asked questions about Wealthsimple alternatives
Yes. Wealthsimple is a Canadian company that is headquartered in Toronto. It was founded in 2014.
No, Wealthsimple is not owned by RBC. This fintech is an independent company that is majority owned by Power Corp. of Canada.
Wealthsimple has several competitors, but its direct competitors vary depending on whether you want to use the platform for investing or banking services. If you want to trade stocks and ETFs, online brokerages like Questrade, Interactive Brokers, CIBC Investor's Edge and Moomoo are Wealthsimple competitors. But if you're looking for digital banking services, EQ Bank, Tangerine and Simplii Financial are all direct competitors.
You can use the Wealthsimple app to trade US and Canadian stocks and ETFs, options and gold. Wealthsimple also offers crypto trading, allowing users to buy and sell over 140 crypto assets.
The best Canadian trading platform for you depends on your investing needs and your financial situation. You'll need to consider factors such as what assets you want to trade, which markets you want to access, and how often you trade before choosing a platform. You'll also want to find the broker that offers the lowest fees for the type of trading you want to do, and consider the latest brokerage signup bonuses to help you make your final decision on which platform to use.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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How to choose a Wealthsimple alternative for investments
How to choose a Wealthsimple alternative for banking