Wealthsimple and Moomoo are two leading discount brokerages in Canada. They offer low- or no-fee trading, user-friendly apps, and easy access to Canadian and US exchanges.
But which is the best trading platform for you? Let’s compare Wealthsimple and Moomoo side-by-side to find out.
| Wealthsimple | Moomoo | |
|---|---|---|
| Founded in | 2014 | 2018 |
| Best for | Go with this platform if you want an easy-to-use platform where you can trade stocks and ETFs commission-free | Go with this platform if you’re an active trader who wants advanced tools and real-time market data |
| After-hours trading | Yes, 24 hours a day for 5 days a week for US-listed stocks and ETFs | Yes, for over 22 hours on trading days |
| Minimum deposit | $0 | $0 |
| Fractional shares | Yes, for Canadian and US stocks and ETFs | No |
| Customer support | Available via live chat and phone | Available via live chat (24/7), phone and email |
| Funding methods |
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| Withdrawal methods |
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| Get started |
Wealthsimple is a Canadian fintech that offers a variety of financial products and services to its customers. Founded in 2014 as a robo-advisor, it now also offers a chequing account, a credit card and an online investing platform known as Wealthsimple Trade.
In the investing world, Wealthsimple is best known for offering commission-free trading of US and Canadian stocks and ETFs. It also supports options, crypto and physical gold trading, all of which you can manage through a user-friendly mobile app.
Moomoo is a discount online broker that is owned by Hong Kong-based fintech Futu Holdings. Founded in 2018, it offers stock trading services in Canada, the United States, Japan and several other countries worldwide.
Canadians can use Moomoo to trade Canadian and US stocks and ETFs along with US options. You can trade via a browser-based platform, a mobile app or a desktop app.
When you’re choosing a trading platform, the best brokerage for you will provide access to all the assets and markets you want to trade. Here’s a breakdown of what you can trade with Wealthsimple and Moomoo.
Wealthsimple
Moomoo
Who’s the winner?Wealthsimple offers more investment options.
| Fee type | Wealthsimple | Moomoo |
|---|---|---|
| Account fee | $0 | $0 |
| Trading fees |
|
|
| Management fee |
| N/A |
| Currency conversion fee | 1.50% | 0% |
| Withdrawal fee | Instant withdrawals: 2.5% | Free withdrawals for both EFTs and $50 for wire transfers |
| Deposit fee | $0 | $0 |
| Inactivity fee | $0 | $0 |
| Account transfer fee | $0 | $75 |
Who’s the winner?Wealthsimple. Moomoo’s trading commissions are low, but Wealthsimple’s are lower.
Support for a wide range of trading accounts offers flexibility, allowing you to take advantage of tax benefits and trade on margin. As well as regular cash trading accounts, Wealthsimple also offers:
It provides access to a crypto trading account too, along with joint self-directed trading accounts.
Over at Moomoo, meanwhile, you can invest through cash and margin accounts, RRSPs, Spousal RRSPs or TFSAs. RESPs, FHSAs and other account types are not available.
Who’s the winner?Wealthsimple offers a wider range of account types.
Wealthsimple’s robo-advisor service is known as Wealthsimple Invest. Its ETF portfolios start with the Classic portfolio, which invests in ETFs across a range of sectors based on your risk tolerance and investment goals—Aggressive, Growth, Balanced or Conservative.
Income portfolios are designed with short-to-medium-term financial goals in mind, focusing on generating income through dividend-paying and high-yield ETFs. Summit invests in public equities and private market funds to target high growth, while private credit funds are also available.
Moomoo does not offer a robo-advisor service and managed portfolios.
Who’s the winner?Wealthsimple is the clear winner in this category.
If you want to invest in US stocks and ETFs, the ability to hold funds and place orders in USD can help you save on currency conversion costs.
Wealthsimple offers optional USD accounts for a $10 monthly fee, but this fee is waived for Premium or Generation clients. This means you can trade US stocks, ETFs and crypto without paying any foreign exchange fees. Wealthsimple also supports Norbert’s Gambit to help you save on conversion costs when exchanging large CAD/USDamounts, but a $9.95 fee applies each time.
Moomoo accounts come with dual-currency support for both CAD and USD. This means you can hold and manage funds plus execute trades in both currencies, avoiding currency conversion costs. And when you do need to exchange CAD with USD or vice versa, Moomoo doesn’t charge any currency conversion fee.
Who’s the winner?Moomoo offers dual-currency support and no conversion fees.
Wealthsimple users can access both individual and corporate margin accounts. This allows you to trade stocks and ETFs, plus execute options trading strategies like covered calls and long puts. Wealthsimple also offers the flexibility to link your TFSA or non-registered account to your margin account, so you can use the equity in your TFSA or non-registered account to boost your buying power.
Wealthsimple’s margin rates are displayed below.
| Core clients ($1 in assets) | Premium clients ($100,000 in assets) | Generation clients ($500,000 in assets) | |
|---|---|---|---|
| CAD | 4.95% | 4.45% | 3.95% |
| USD | 7.25% | 6.75% | 6.25% |
Moomoo also offers margin trading in Canada. This allows you to trade with leverage, engage in short selling, and put complex options trading strategies into action. However, there’s no option to link a TFSA to your margin account. Check out the table below for Moomoo’s margin interest rates.
| Currency | Tier |
|---|---|
| CAD | $0 – $100,000: 4.45% |
| > $100,000: 3.85% | |
| USD | $0 – $100,000: 6.75% |
| > $100,000: 6.15% |
Who’s the winner?Moomoo. While we like the fact that Wealthsimple lets you connect a TFSA to your margin account, Moomoo has lower interest rates.
Wealthsimple and Moomoo offer different tools and features to suit different types of investors. At Wealthsimple, the focus is on ease of use. Though the platform has added tools to suit more active traders in recent times, including advanced charting tools and options strategies, its main strength lies in making it quick and easy for everyday Canadians to buy stocks and ETFs.
Moomoo is built for active traders, and it offers an impressive user experience for its target audience. But many of the features of Moomoo that experienced traders will appreciate, like Level 2 data and pro-level charting tools, will be overkill for new and casual investors.
So whether Wealthsimple or Moomoo offers a better investor experience really depends on the type of investor you are and what you want in a trading platform.
Who’s the winner?Wealthsimple is the more user-friendly of the two brokers, but active traders might prefer the features and tools that Moomoo offers.
Looking to build your investing knowledge? You’ll find a host of handy guides and tutorials on everything from technical analysis to how the stock market works with the Wealthsimple Learn platform. You can also create watchlists to track specific stocks, access detailed portfolio analytics, and Wealthsimple has plans to roll out more AI stock research tools following its 2025 acquisition of investment research firm Fey. Advanced charting tools are also available through Wealthsimple’s Trade Plus platform.
Moomoo also offers its own Learn portal with lessons and tutorials on the basics of investing, how the market works, technical analysis and much more. And when you need to research your investments, you have a long list of tools at your disposal. These include pro-level charts with over 100 technical indicators and 50 drawing tools, a wide range of stock screeners, daily short sale analysis and an AI research assistant.
Who’s the winner?Moomoo offers a wider range of tools to help you research your investments
Wealthsimple and Moomoo are both members of the Canadian Investment Regulatory Organization (CIRO). Both brokerages are also members of the Canadian Investor Protection Fund (CIPF), which ensures that your assets will be covered by up to $1 million of insurance protection if either broker becomes insolvent.
Who’s the winner?It’s a tie. Both platforms are CIRO regulated and provide the security of CIPF coverage.
Safety is paramount when trading online, and Wealthsimple and Moomoo both have a raft of security measures in place to protect your funds and data.
Wealthsimple is compliant with the SOC 1 and SOC 2 industry standards and regularly undergoes third-party security assessments. It also supports two-factor authentication, data encryption and a full-time security team, and you can set up account alerts to help detect any suspicious activity.
Moomoo also implements a host of security protocols to safeguard your funds. It offers encrypted bank account integration, real-time fraud monitoring, and two-factor authentication for an extra layer of security. The platform also requires you to authenticate your identity when logging in from a new device and to provide a trading password before you can place an order.
Who’s the winner?It’s a tie. Wealthsimple and Moomoo are both safe and secure platforms with strong security measures in place.
The latest market data is a key component that impacts your investing decisions, especially if you’re an active trader. Wealthsimple provides real-time, live Level 1 market data for Canadian and US markets. Data is integrated into the Wealthsimple app and is easy to access when needed.
Moomoo provides free Level 2 data for US and Canadian stocks. Level 2 data. Level 2 data shows the complete orderbook rather than just the best bid and ask prices, with up to 60 price levels available. This gives a greater level of market insight, and it’s a feature that usually requires a paid subscription with most brokers.
Who’s the winner?With free Level 2 market data, Moomoo takes the win here.
Wealthsimple’s mobile app is one of the most user-friendly trading apps on the market. It offers a clean and intuitive user interface, making it easy to place orders, check your portfolio and review the performance of your investments. All of Wealthsimple’s other products are integrated into the app too, so you can take care of all your finances in one place.
Moomoo also offers its own Android and iOS app which, though it only has limited reviews, is highly rated by users. Its interface feels a little busier than Wealthsimple’s but it offers over 100 charting tools, advanced order types, analyst ratings and real-time data.
| Wealthsimple | Moomoo | |
|---|---|---|
| Apple App Store rating |
4.6 –
★★★★★ 130,020 reviews |
4.7 –
★★★★★ 1,178 reviews |
| Google Play rating |
4.1 –
★★★★★ 81.1K reviews |
4.1 –
★★★★★ 205 reviews |
Who’s the winner?Wealthsimple. With limited reviews for the Moomoo app, and with the slick user interface of Wealthsimple, the latter takes the win here.
Setting up automatic investments allows you to gradually build your portfolio, reducing the risks associated with trying to time the market. Happily, both brokers support recurring buys.
On Wealthsimple, you can set up automatic recurring purchases of stocks, ETFs and crypto. Choose from daily, weekly, bi-weekly or monthly investments.
Moomoo also supports dollar-cost averaging with its AutoBuy plans. There’s a minimum purchase of $10 a month, and you can invest on a daily, weekly or monthly basis.
Wealthsimple offers its own AI assistant, Willow, to users find their way around the platform, open an account and access customer support. In an October 2025 announcement, Wealthsimple also revealed plans to launch an AI-powered investment research dashboard to help users choose stocks, review performance and analyze the market.
Moomoo also provides access to a long list of AI tools. These include Moomoo AI, a 24/7 trading bot that can help you analyze the market and detect trade signals. The platform provides AI stock analysis and trend projection tools too, plus the convenience of AI summaries of important company announcements.
Wealthsimple offers its own tax filing software, Wealthsimple Tax, which is designed to make it easy to meet your obligations to the CRA at the end of each financial year. It automatically imports all the key data around investment income and capital gains from your Wealthsimple trading account, saving you time and reducing stress.
Moomoo doesn’t have tax filing software. It provides the necessary documents you need to report your investment income and capital gains, but you’ll need to do the heavy lifting.
While there’s always plenty of debate about which is the best trading platform, Reddit users generally agree that Wealthsimple and Moomoo excel in different areas. Wealthsimple wins praise for its user-friendly interface, its $0 commissions and for the bonuses and sign-up perks it offers to new customers. Moomoo receives positive feedback for its intuitive charting tools, real-time Level 2 data, and options trading tools, all of which make it a good choice for active traders.
The best platform for you depends on your trading needs.
If you’re investing for the long-term and you want a platform that makes it easy and cheap to buy stocks and ETFs, Wealthsimple is the winner.
If you’re an active trader who wants in-depth market data and professional-level charting tools, Moomoo is a better choice.
Still not sure if either Wealthsimple or Moomoo is the right choice for you? Check out these four alternatives.
Interactive Brokers is a feature-rich trading platform that provides access to over 170 global markets. You can trade stocks, ETFs, currencies, options, futures and much more with Interactive Brokers, and its trading commissions are competitive across the board. And with separate trading platforms to suit beginners as well as advanced traders, not to mention plenty of charting tools and advanced order types, Interactive Brokers has plenty to offer to Canadian investors.
Qtrade Direct Investing is a Canadian discount online brokerage that, like Wealthsimple, offers zero-commission stock and ETF trading. You can also trade options, bonds, GICs and more, while Qtrade also offers a Guided Portfolios robo-advisor service. We also like the many research and analysis tools Qtrade offers, including stock screeners, an ETF portfolio creator, and Morningstar analyst recommendations
Questrade is another Canadian broker that now offers commission-free trading of US and Canadian stocks and ETFs. You can also trade options, bonds, forex and more on the platform, and Questrade offers a robo-advisor service with its Questwealth ETF portfolios. It has separate trading platforms for casual investors as well as more advanced traders too, so Questrade is well worth a look if you’re searching for an alternative to Wealthsimple or Moomoo.
CIBC Investor’s Edge is an online trading platform for trading stocks, ETFs, options, precious metals and a whole lot more.
Registered accounts like RESPs and TFSAs are supported, while research reports, stock charting tools and screeners are provided to help you identify investment opportunities. Trading commissions apply, but students, active traders and young investors can take advantage of fee discounts.
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