Are Wealthsimple and Interactive Brokers available outside Canada?

Wealthsimple is only available in Canada, but Interactive Brokers operates in over 200 countries and territories around the world.

Is Wealthsimple better than Interactive Brokers?

The answer depends on your prior investing experience and what you need in a trading platform. If you're a beginner who is just looking for a simple and cheap way to buy and hold Canadian stocks and ETFs, Wealthsimple may well be a better choice. But if you're an active trader, you want to trade on markets around the world or you want advanced trading tools, Interactive Brokers will likely be a better fit.

How much does it cost to trade stocks on Wealthsimple and Interactive Brokers?

Wealthsimple offers commission-free stock trading, but you will need to watch out for the 1.50% currency conversion fee if trading US stocks. Interactive Brokers offers the choice between a tiered or a fixed pricing plan. Brokerage fees are Min $1.00, Max 0.5% per share on a tired plan, or Min $1.00, Max 0.5% per share on a fixed plan.

What is the downside of Interactive Brokers?

The main downside of Interactive Brokers is that it can be a little intimidating for beginners. It offers access to a wide range of advanced charting tools, order types and features, many of which are overwhelming and unnecessary for new investors who just want to buy and hold for the long-term. Depending on your trading volume and needs, you may also need to pay market data subscription fees.

What is the downside of Wealthsimple?

The main downside of Wealthsimple is that it only offers limited features for advanced traders. So if you're an active trader who needs advanced trading tools, or if you need extensive access to global markets, you'll need to consider other trading platforms. You'll also need to take Wealthsimple's 1.50% currency conversion fee into account, as it can eat into your profits when trading US stocks.