Wealthsimple and Interactive Brokers are two of the most popular stock trading platforms in Canada, but which of them is best for you? Each of these brokers offers features to suit different types of investors, so let’s compare Wealthsimple vs Interactive Brokers in detail to find your perfect match.
Wealthsimple vs Interactive Brokers: An overview
Wealthsimple
Interactive Brokers
Founded in
2014
1978
Best for
Go with this platform if you’re a beginner investor and you want commission-free stock and ETF trading.
Go with this platform if you want professional-grade tools and access to markets all around the world.
Stock and ETF trading fees
Stocks: $0
ETFs: free
Stocks: Min $1.00, Max 0.5%
ETFs: Min. $1.00, Max. 0.5%
Minimum deposit
$0
$0
Funding methods
Linking a bank account
Interac e-Transfer
Visa or Mastercard debit
Direct deposit
International transfer
Wire transfer
Transfer from another bank or broker
Electronic funds transfer
Wire transfer
Bill payment
Transfer from another bank or broker
Withdrawal methods
Visa or Mastercard debit
Electronic funds transfer
Wire transfer
Electronic funds transfer
Wire transfer
Cheque
Fractional shares
Yes for eligible Canadian and US stocks and ETFs
Yes for eligible Canadian, US and European stocks and ETFs
After-hours trading
Yes, 24 hours a day 5 days a week for US-listed stocks and ETFs
Yes, 24 hours a day 5 days a week for US-listed stocks and ETFs
Wealthsimple is a Toronto-based fintech that offers a variety of financial products and services in Canada. It first launched in 2014 as a robo-advisor, but now offers everything from stock and ETF trading to a chequing account, a credit card and a selection of managed portfolios.
For investors, Wealthsimple is best known for commission-free stock and ETF trading and its user-friendly mobile app.
Interactive Brokers is a global brokerage platform that operates in over 200 countries and territories around the world. In Canada, it lets users trade stocks, ETFs, options, futures, bonds and more on over 170 markets around the world.
Interactive Brokers is known for its low trading commissions and margin interest rates, and for its access to advanced trading tools and order types for experienced traders.
Wealthsimple vs Interactive Brokers: Investment products
Wealthsimple users can trade Canadian and US stocks and ETFs commission-free. The broker has also expanded its platform to offer additional investment opportunities such as crypto and gold.
But Interactive Brokers’ range of investment products is one of its biggest strengths. It lets you trade a wide range of assets on over 170 global markets, so there’s plenty to explore if you’re looking for investment options from all over the world.
Here’s a breakdown of everything you can trade on Wealthsimple and Interactive Brokers.
Wealthsimple
Stocks
ETFs
Cryptocurrency
Options
Gold
Interactive Brokers
Stocks
ETFs
Options
Futures
Spot currencies
Bonds
Prediction markets
Warrants
Hedge funds (for Accredited Investors and Qualified Purchasers)
Who’s the winner?
Interactive Brokers provides access to a much wider range of assets and global markets.
Wealthsimple vs Interactive Brokers: Fees
Fee
Wealthsimple
Interactive Brokers
Account fee
$0
$0
Trading fees
Stocks: $0
ETFs: free
Options: $0
Gold: 1% on top of spot price
No ECN fees
Cryptocurrency: 0.05%–2%
USD/CAD account comes with a monthly fee for some clients
Stocks: Min $1.00, Max 0.5%
ETFs: Min. $1.00, Max. 0.5%
Options: $1.00–$1.25 per contract (min. $1.50)
Futures: Tiered USD $0.25 – $0.85 per contract, Fixed USD $0.85 per contract
Spot currencies: 0.08–0.2 bps trade value, min $1.00–$2.00 USD, spreads from 1/10 pip
Bonds: 10 bps x face value
Prediction markets: USD $0.01 per contract
Management fee
Core: 0.5%
Premium 0.4%
Generation 0.2% – 0.4%
N/A
Currency conversion fee
1.50%
0.08–0.2 bps trade value, min $1.00–$2.00 USD
Deposit fee
$0
$0
Withdrawal fee
Standard withdrawals: $0
Instant withdrawals: 2.5%
$2–$12 per withdrawal (1 free/month)
Inactivity fee
$0
$0
Account transfer fee
$0
$0
Who’s the winner?
Interactive Brokers has low trading fees and currency conversion costs, so it takes the win here. Yes, Wealthsimple offers $0 commission trading, but you’ll need to watch out for the 1.50% currency conversion fee when trading US stocks.
Wealthsimple vs Interactive Brokers: Account types
If you want to take advantage of the tax benefits offered by registered accounts, Wealthsimple has got you covered. You can open a TFSA, FHSA, RRSP, RESP, RRIF, LIRA or LIF, while margin and corporate accounts are available too.
Interactive Brokers only supports three registered account types—RRSPs, TFSAs and FHSAs—while joint and trust accounts are available too.
Who’s the winner?
Wealthsimple offers a larger selection of account types.
Wealthsimple vs Interactive Brokers: Managed portfolios
Would you rather let someone else do the hard work of picking your investments? Wealthsimple first launched as a robo-advisor back in 2014, and it still offers a selection of managed investment portfolios to suit different risk tolerances.
Your options include:
Summit: This high-growth portfolio features a mix of public equities and private market funds.
Classic: This diversified portfolio of ETFs is curated based on your risk tolerance: aggressive, growth, balanced or conservative.
Income: Designed for short- and medium-term goals, this selection of three low-risk portfolios focuses on dividend-paying ETFs.
Private Market: This fund combines investments in private credit, private equity, and private infrastructure
Direct Indexing: This option lets you buy individual securities within an index to utilize tax-loss harvesting benefits and customize your portfolio.
Interactive Brokers does not offer a robo-advice service or managed portfolios in Canada.
Who’s the winner?
Wealthsimple is the winner by knockout.
Wealthsimple vs Interactive Brokers: USD accounts
If you want to trade US stocks and ETFs, Wealthsimple and Interactive Brokers both offer access to US markets.
Wealthsimple offers USD accounts so that you can avoid currency conversion costs, but it costs $10 a month for Core clients. The alternative is to convert from CAD to USD every time you want to trade on US markets, but that’s when Wealthsimple’s 1.50% currency conversion fee kicks in.
Meanwhile, Interactive Brokers has a low FX commission, with a minimum of 0.08–0.2 bps trade value, min $1.00–$2.00 USD. You also have the option to open a USD account, helping you minimize your currency conversion costs.
Who’s the winner?
Interactive Brokers is the more affordable option if you want to buy US stocks and ETFs.
Wealthsimple vs Interactive Brokers: Margin accounts
Margin trading lets you borrow money from a broker and boost your stock buying power. Wealthsimple and Interactive Brokers both offer margin accounts, and both offer tiered interest rate structures based on your balance. For example, to get the lowest advertised margin interest rates at Wealthsimple, you’ll need to be a Generation client with at least $500,000 in assets with Wealthsimple.
Wealthsimple also allows you to link your TFSA to your margin account to further increase your buying power.
Check out the table below for each provider’s current market interest rates.
Wealthsimple
Interactive Brokers
CAD
3.95% – 4.95%
2.721% – 3.721%
USD
6.25% – 7.25%
4.130% – 5.130%
Who’s the winner?
Interactive Brokers offers some of the lowest margin interest rates around, so it has the edge here.
Wealthsimple vs Interactive Brokers: Investor experience
Both platforms offer an impressive user experience, but for different types of investors.
Wealthsimple is a mobile-first platform, and plenty of effort has clearly gone into making the app user experience as simple and streamlined as possible. You don’t need to be an experienced trader to use Wealthsimple. Everything from signing up and funding an account to buying your first stock is easy and intuitive, so there’s no steep learning curve for beginners to worry about.
You also get the convenience of managing all your other Wealthsimple financial products in the same app. So if you have a Wealthsimple chequing account or credit card, you can check your balance, pay bills and monitor your transactions alongside managing your investments.
But while Wealthsimple is skewed towards beginners, Interactive Brokers targets experienced traders. So while the user interfaces across its trading platforms aren’t as clean and uncluttered as Wealthsimple’s, they’re loaded with features for active traders. If you want to work with advanced charts, choose from over 100 order types, customize your trading workspace and access real-time market data, you’ll feel right at home.
Who’s the winner?
It depends on what you’re looking for in a trading platform. If simplicity and commission-free trades are your top priorities, Wealthsimple is an easy choice. But if you want advanced features and access to a huge range of assets and global markets, Interactive Brokers offers a better investor experience.
Wealthsimple vs Interactive Brokers: Learning and research tools
There can be a lot of new concepts and technical jargon to wrap your head around as a new investor. That’s why both brokers offer learning resources to help build your investing knowledge.
Wealthsimple offers a library of tutorials to help you learn about everything from market basics to technical analysis. But Interactive Brokers really excels with its educational resources, providing access to tons of courses, podcasts, webinars and market news with IBKR Campus.
Research and analysis tools are another vital part of any investor’s toolkit. While Wealthsimple is largely focused on simplicity and convenience, it has beefed up its selection of trading resources. Highlights include in-depth portfolio analytics, and its Trade Plus platform with advanced charting tools and technical indicators.
Interactive Brokers once again shines in terms of the trading resources it offers. You can pick investments with the IBKR GlobalAnalyst stock-screening tool, assess your overall financial performance with PortfolioAnalyst, plus access a mix of free and paid research, news and analysis resources from a host of third-party providers. Finally, AI integrations with ChatGPT, Claude and Grok are welcome additions.
Who’s the winner?
Interactive Brokers offers a much broader range of educational resources and professional-grade trading tools.
Wealthsimple vs Interactive Brokers: Canadian regulatory bodies
No matter what you’re trading, it’s essential to make sure you’re dealing with a broker that is regulated in Canada. Happily, both Wealthsimple and Interactive Brokers tick this box.
Both platforms are members of the Canadian Investment Regulatory Organization (CIRO) and are registered investment dealers. Wealthsimple and Interactive Brokers are also members of the Canadian Investor Protection Fund (CIPF), so you’re covered to the tune of up to $1 million if either broker goes bust.
Who’s the winner?
It’s a tie. Both platforms are legit and properly regulated in Canada.
Wealthsimple vs Interactive Brokers: Security features
Wealthsimple complies with strict data protection requirements and undergoes regular third-party audits of its security measures. You can also establish your own security restrictions on your account, two-factor authentication is supported, and suspicious activity alerts help you stay on top of any threats.
Interactive Brokers also has a host of security features in place to safeguard your funds, including two-factor authentication, TLS 128-bit or higher encryption, and the ability to whitelist IP addresses. The broker also has a dedicated security team and transaction monitoring systems to detect any suspicious account activity.
Who’s the winner?
It’s a tie. Wealthsimple and Interactive Brokers are both safe and secure trading platforms.
Wealthsimple vs Interactive Brokers: Market data
If you’re buying and holding for the long-term, in-depth and up-to-date market data won’t be your top priority when choosing a broker. But it’s a key consideration for active traders, allowing them to trade on up-to-the-second information.
Wealthsimple offers real-time Level 1 market data for Canadian and US exchanges, but Level 2 data is not available.
Interactive Brokers customers get free streaming data on US-listed stocks and ETFs, but delayed data on other products. Accessing Level 2 data requires an ongoing paid subscription, but it may be possible to have fees reduced or waived if you can reach monthly trading commission thresholds.
Who’s the winner?
Interactive Brokers.
How do the mobile apps for Wealthsimple vs Interactive Brokers compare?
As we’ve already mentioned, Wealthsimple’s mobile app is a slick bit of gear. The user interface is clean and simple to navigate, and it’s easy to perform everyday tasks like checking your portfolio balance or placing a trade. You also get the convenience of being able to toggle between your different Wealthsimple products in a matter of seconds.
Interactive Broker offers three different mobile apps for its customers. The main one is IBKR Mobile, which is designed for experienced traders. It supports features like advanced order types and real-time market scanners, lets you do all the basics like place orders and check your balance, and also provides access to news, analysis and performance metrics.
IBKR Global Trader is designed to offer a more streamlined trading experience, stripping it back to the basics you need to trade stocks, ETFs and options. Features include access to over 90 stock exchanges, user-friendly portfolio management tools, and AI-generated news summaries.
Finally, IMPACT is Interactive Brokers’ ESG-focused investing app. It’s designed to help you find investments that match your environmental, social and governance values, and it’s another beginner-friendly offering.
Wealthsimple
IBKR Mobile
IBKR Global Trader
IMPACT by IBKR
Apple App Store rating
4.6 –
★★★★★
129,000 reviews
4.5 –
★★★★★
4.6K reviews
3.6 –
★★★★★
57 reviews
4.4/5 based on 56 reviews
Google Play rating
4.1 –
★★★★★
80,900 reviews
4.5 –
★★★★★
72.9K reviews
4.6 –
★★★★★
2.5K reviews
4.3/5 based on 335 reviews
Who’s the winner?
It’s a tie. Interactive Brokers offers different apps for different investing focuses—making it a good fit for advanced traders. The Wealthsimple app is better suited to investors who need a simpler, more user-friendly interface for standard investing strategies.
Other features we like about Wealthsimple vs Interactive Brokers
AI tools
Willow is Wealthsimple’s AI assistant, which provides handy customer support and platform guidance when needed. In October 2025, Wealthsimple also announced that an AI-powered investment research dashboard is in the works and will help customers choose and analyze stocks.
Over at Interactive Brokers, a host of free AI-powered tools are built into the platform. These include AI-powered investment screeners, Investment Themes to research different trends, AI news summaries, and the Ask IBKR tool to get answers to questions about your portfolio performance and balance.
Supported currencies
Brokers that offer foreign currency accounts allow you to trade internationally without converting from and to CAD each time you trade. Wealthsimple supports CAD and USD accounts, but it’s worth noting that USD accounts come with a $10 monthly fee for Core clients. Interactive Brokers, meanwhile, supports trading in 29 currencies, making it easier to access international markets and keep your currency conversion costs down.
Fractional shares
Don’t have enough funds to cover the full price of a stock? Don’t worry—both brokers support fractional share trading. You can trade fractional shares of eligible Canadian and US stocks and ETFs with both brokers, while Interactive Brokers adds support for fractional European shares.
OTC stocks
Wealthsimple supports OTC trading of a limited range of US stocks. You can find these stocks with an “OTC” label in the Wealthsimple app.
Interactive Brokers also offers trading on Pink Sheets and OTC stocks that are registered with the SEC. You’ll need to log into your account and enable OTC or penny stock trading permissions to get started.
Auto investing
If you want to adopt a dollar-cost averaging strategy, both brokers support automatic investments. You can set up a repeat buy order with Interactive Brokers’ Recurring Investments feature, which lets you buy US, Canadian and European stocks on a daily, weekly or monthly basis. Wealthsimple supports recurring stock, ETF and crypto purchases daily, weekly, bi-weekly or monthly.
Earning interest
When you’ve got uninvested cash sitting in your account while you wait for an investment opportunity to arise, it makes sense to put that cash to work.
If you have a net asset value (NAV) of more than USD$100,000, Interactive Brokers pays an annual interest rate of 1.706% on your balances above $13,000, or 3.13% on USD balances above USD$10,000. If you have a lower NAV, you get a lower rate.
Wealthsimple Trade accounts don’t pay interest, but you can easily move uninvested funds over to your Wealthsimple Chequing Account. This account pays interest of up to 2.25% depending on your client tier, and you can instantly transfer the funds to your Trade account when needed.
What does Reddit think of the Wealthsimple vs Interactive Brokers debate?
User opinions across the r/fican and r/PersonalFinanceCanada Subreddits generally agree that Wealthsimple and Interactive Brokers are suited to different types of investors. Wealthsimple is good for new investors and those taking a long-term buy-and-hold approach to Canadian stocks and ETFs. Meanwhile, Interactive Brokers is better for active traders, margin trading and anyone who wants to trade global markets.
Who’s the final winner?
So is Wealthsimple or Interactive Brokers better? Well, it all comes down to you.
If you’re a beginner, commission-free trades and a streamline mobile app mean Wealthsimple is the winner.
If you want access to a huge range of global markets and a suite of advanced trading tools—not to mention low commissions—Interactive Brokers is a better choice.
Alternatives to Wealthsimple and Interactive Brokers
Still not sure whether Wealthsimple or Interactive Brokers is right for you? Check out these other leading trading platforms.
Questrade
Questrade is a Canadian discount brokerage with plenty to suit beginners as well as experienced investors. It supports commission-free stock and ETF trading, offers separate platforms for new investors and advanced traders, and also offers a range of managed Questwealth Portfolios.
Qtrade Direct Investing is a discount brokerage that now also offers commission-free trading. It excels with the range of research and analysis tools it provides, making it easy for you to choose investment opportunities and analyze the health and performance of your portfolio.
Moomoo is an online trading platform for tech-savvy and active traders. You can use it to trade US and Canadian stocks and ETFs as well as US options, while free Level 2 market data and advanced charting tools make it a good choice for experienced traders.
CIBC Investor's Edge is a competitive online and mobile trading platform for self-directed investors. It lets you trade stocks, ETFs, options and a range of other assets, and you can access an impressive suite of research and analysis tools to help inform your investing decisions.
Frequently asked questions about Wealthsimple vs Interactive Brokers
Wealthsimple is only available in Canada, but Interactive Brokers operates in over 200 countries and territories around the world.
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.
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.
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.
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.
Sources
Important information: Powered by Finder.com. This information is general in nature and is no substitute for professional advice. It does not take into account your personal situation. This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for most investors. You do not own or have any interest in the underlying asset. Capital is at risk, including the risk of losing more than the amount originally put in, market volatility and liquidity risks. Past performance is no guarantee of future results. Tax on profits may apply. Consider the Product Disclosure Statement and Target Market Determination for the product on the provider's website. Consider your own circumstances, including whether you can afford to take the high risk of losing your money and possess the relevant experience and knowledge. We recommend that you obtain independent advice from a suitably licensed financial advisor before making any trades.
Tim Falk is a freelance writer for Finder. Over the course of his 20-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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Questrade is a leader among Canadian discount brokerages, but is it right for you? Compare fees, features and alternatives here.
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Who’s the winner?
What does Reddit think of the Wealthsimple vs Interactive Brokers debate?
