{"id":1082233,"date":"2026-08-13T15:00:44","date_gmt":"2026-08-13T19:00:44","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1082233"},"modified":"2026-08-13T17:07:30","modified_gmt":"2026-08-13T21:07:30","slug":"wealthsimple-vs-interactive-brokers","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/stock-trading\/wealthsimple-vs-interactive-brokers","title":{"rendered":"Wealthsimple vs IBKR: Which platform is better?"},"content":{"rendered":"

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\u2019s compare Wealthsimple vs Interactive Brokers in detail to find your perfect match.<\/p>

Wealthsimple vs Interactive Brokers: An overview<\/h3>
<\/th>Wealthsimple<\/strong><\/th>Interactive Brokers<\/strong><\/th><\/tr><\/thead>
Founded in<\/strong><\/td>2014<\/td>1978<\/td><\/tr>
Best for<\/strong><\/td>Go with this platform if<\/strong> you\u2019re a beginner investor and you want commission-free stock and ETF trading.<\/td>Go with this platform if<\/strong> you want professional-grade tools and access to markets all around the world.<\/td><\/tr>
Stock and ETF trading fees<\/strong><\/td>
  • Stocks: $0<\/li>
  • ETFs: free<\/li><\/ul><\/td>
  • Stocks: Min $1.00, Max 0.5%<\/li>
  • ETFs: Min. $1.00, Max. 0.5%<\/li><\/ul><\/td><\/tr>
Minimum deposit<\/strong><\/td>$0<\/td>$0<\/td><\/tr>
Funding methods<\/strong><\/td>
  • Linking a bank account<\/li>
  • Interac e-Transfer<\/li>
  • Visa or Mastercard debit<\/li>
  • Direct deposit<\/li>
  • International transfer<\/li>
  • Wire transfer<\/li>
  • Transfer from another bank or broker<\/li><\/ul><\/td>
  • Electronic funds transfer<\/li>
  • Wire transfer<\/li>
  • Bill payment<\/li>
  • Transfer from another bank or broker<\/li><\/ul><\/td><\/tr>
Withdrawal methods<\/strong><\/td>
  • Visa or Mastercard debit<\/li>
  • Electronic funds transfer<\/li>
  • Wire transfer<\/li><\/ul><\/td>
  • Electronic funds transfer<\/li>
  • Wire transfer<\/li>
  • Cheque<\/li><\/ul><\/td><\/tr>
Fractional shares<\/strong><\/td>Yes for eligible Canadian and US stocks and ETFs<\/td>Yes for eligible Canadian, US and European stocks and ETFs<\/td><\/tr>
After-hours trading<\/strong><\/td>Yes, 24 hours a day 5 days a week for US-listed stocks and ETFs<\/td>Yes, 24 hours a day 5 days a week for US-listed stocks and ETFs<\/td><\/tr>
Customer support<\/strong><\/td>Available via live chat and phone<\/td>Available via live chat, email and phone<\/td><\/tr>
Get started<\/strong><\/td>
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What is Wealthsimple?<\/h3>

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.<\/p>

For investors, Wealthsimple is best known for commission-free stock and ETF trading and its user-friendly mobile app.<\/p>

Wealthsimple review<\/a><\/p>

What is Interactive Brokers?<\/h3>

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.<\/p>

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.<\/p>

Interactive Brokers review<\/a><\/p>

Wealthsimple vs Interactive Brokers: Investment products<\/h3>

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.<\/p>

But Interactive Brokers\u2019 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\u2019s plenty to explore if you\u2019re looking for investment options from all over the world.<\/p>

Here\u2019s a breakdown of everything you can trade on Wealthsimple and Interactive Brokers.<\/p>

Wealthsimple<\/h4>
  • Stocks<\/li>
  • ETFs<\/li>
  • Cryptocurrency<\/li>
  • Options<\/li>
  • Gold<\/li><\/ul>

    Interactive Brokers<\/h4>
    • Stocks<\/li>
    • ETFs<\/li>
    • Options<\/li>
    • Futures<\/li>
    • Spot currencies<\/li>
    • Bonds<\/li>
    • Prediction markets<\/li>
    • Warrants<\/li>
    • Hedge funds (for Accredited Investors and Qualified Purchasers)<\/li><\/ul>

      \"AwardWho\u2019s the winner?<\/h4>

      Interactive Brokers<\/strong> provides access to a much wider range of assets and global markets.<\/p>

      Wealthsimple vs Interactive Brokers: Fees<\/h3>
      Fee<\/strong><\/th>Wealthsimple<\/strong><\/th>Interactive Brokers<\/strong><\/th><\/tr><\/thead>
      Account fee<\/td>$0<\/td>$0<\/td><\/tr>
      Trading fees<\/td>
      • Stocks: $0<\/li>
      • ETFs: free<\/li>
      • Options: $0<\/li>
      • Gold: 1% on top of spot price<\/li>
      • No ECN fees<\/li>
      • Cryptocurrency: 0.05%\u20132%<\/li>
      • USD\/CAD account comes with a monthly fee for some clients<\/li><\/ul><\/td>
      • Stocks: Min $1.00, Max 0.5%<\/li>
      • ETFs: Min. $1.00, Max. 0.5%<\/li>
      • Options: $1.00\u2013$1.25 per contract (min. $1.50)<\/li>
      • Futures: Tiered USD $0.25 \u2013 $0.85 per contract, Fixed USD $0.85 per contract<\/li>
      • Spot currencies: 0.08\u20130.2 bps trade value, min $1.00\u2013$2.00 USD, spreads from 1\/10 pip<\/li>
      • Bonds: 10 bps x face value<\/li>
      • Prediction markets: USD $0.01 per contract<\/li><\/ul><\/td><\/tr>
      Management fee<\/td>
      • Core: 0.5%<\/li>
      • Premium 0.4%<\/li>
      • Generation 0.2% \u2013 0.4%<\/li><\/ul><\/td>
      		N\/A<\/td><\/tr>
      Currency conversion fee<\/td>1.50%<\/td>0.08\u20130.2 bps trade value, min $1.00\u2013$2.00 USD<\/td><\/tr>
      Deposit fee<\/td>$0<\/td>$0<\/td><\/tr>
      Withdrawal fee<\/td>
      • Standard withdrawals: $0<\/li>
      • Instant withdrawals: 2.5%<\/li><\/ul><\/td>
      		$2\u2013$12 per withdrawal (1 free\/month)<\/td><\/tr>
      Inactivity fee<\/td>$0<\/td>$0<\/td><\/tr>
      Account transfer fee<\/td>$0<\/td>$0<\/td><\/tr><\/tbody><\/table>

      \"AwardWho\u2019s the winner?<\/h4>

      Interactive Brokers<\/strong> has low trading fees and currency conversion costs, so it takes the win here. Yes, Wealthsimple offers $0 commission trading, but you\u2019ll need to watch out for the 1.50% currency conversion fee when trading US stocks.<\/p>

      Wealthsimple vs Interactive Brokers: Account types<\/h3>

      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.<\/p>

      Interactive Brokers only supports three registered account types\u2014RRSPs, TFSAs and FHSAs\u2014while joint and trust accounts are available too.<\/p>

      \"AwardWho\u2019s the winner?<\/h4>

      Wealthsimple<\/strong> offers a larger selection of account types.<\/p>

      Wealthsimple vs Interactive Brokers: Managed portfolios<\/h3>

      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.<\/p>

      Your options include:<\/p>

      • Summit:<\/strong> This high-growth portfolio features a mix of public equities and private market funds.<\/li>
      • Classic:<\/strong> This diversified portfolio of ETFs is curated based on your risk tolerance: aggressive, growth, balanced or conservative.<\/li>
      • Income:<\/strong> Designed for short- and medium-term goals, this selection of three low-risk portfolios focuses on dividend-paying ETFs.<\/li>
      • Private Market:<\/strong> This fund combines investments in private credit, private equity, and private infrastructure<\/li>
      • Direct Indexing:<\/strong> This option lets you buy individual securities within an index to utilize tax-loss harvesting benefits and customize your portfolio.<\/li><\/ul>

        Interactive Brokers does not offer a robo-advice service or managed portfolios in Canada.<\/p>

        \"AwardWho\u2019s the winner?<\/h4>

        Wealthsimple<\/strong> is the winner by knockout.<\/p>

        Wealthsimple vs Interactive Brokers: USD accounts<\/h3>

        If you want to trade US stocks and ETFs, Wealthsimple and Interactive Brokers both offer access to US markets.<\/p>

        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\u2019s when Wealthsimple\u2019s 1.50% currency conversion fee kicks in.<\/p>

        Meanwhile, Interactive Brokers has a low FX commission, with a minimum of 0.08\u20130.2 bps trade value, min $1.00\u2013$2.00 USD. You also have the option to open a USD account, helping you minimize your currency conversion costs.<\/p>

        \"AwardWho\u2019s the winner?<\/h4>

        Interactive Brokers<\/strong> is the more affordable option if you want to buy US stocks and ETFs.<\/p>

        Wealthsimple vs Interactive Brokers: Margin accounts<\/h3>

        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\u2019ll need to be a Generation client with at least $500,000 in assets with Wealthsimple.<\/p>

        Wealthsimple also allows you to link your TFSA to your margin account to further increase your buying power.<\/p>

        Check out the table below for each provider\u2019s current market interest rates.<\/p>
        <\/th>Wealthsimple<\/strong><\/th>Interactive Brokers<\/strong><\/th><\/tr><\/thead>
        CAD<\/strong><\/td>3.95% \u2013 4.95%<\/td>2.721% \u2013 3.721%<\/td><\/tr>
        USD<\/strong><\/td>6.25% \u2013 7.25%<\/td>4.130% \u2013 5.130%<\/td><\/tr><\/tbody><\/table>

        \"AwardWho\u2019s the winner?<\/h4>

        Interactive Brokers<\/strong> offers some of the lowest margin interest rates around, so it has the edge here.<\/p>

        Wealthsimple vs Interactive Brokers: Investor experience<\/h3>

        Both platforms offer an impressive user experience, but for different types of investors.<\/p>

        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\u2019t 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\u2019s no steep learning curve for beginners to worry about.<\/p>

        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.<\/p>

        But while Wealthsimple is skewed towards beginners, Interactive Brokers targets experienced traders. So while the user interfaces across its trading platforms aren\u2019t as clean and uncluttered as Wealthsimple\u2019s, they\u2019re 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\u2019ll feel right at home.<\/p>

        \"AwardWho\u2019s the winner?<\/h4>

        It depends on what you\u2019re looking for in a trading platform. If simplicity and commission-free trades are your top priorities, Wealthsimple<\/strong> is an easy choice. But if you want advanced features and access to a huge range of assets and global markets, Interactive Brokers<\/strong> offers a better investor experience.<\/p>

        Wealthsimple vs Interactive Brokers: Learning and research tools<\/h3>

        There can be a lot of new concepts and technical jargon to wrap your head around as a new investor. That\u2019s why both brokers offer learning resources to help build your investing knowledge.<\/p>

        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.<\/p>

        Research and analysis tools are another vital part of any investor\u2019s 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.<\/p>

        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.<\/p>

        \"AwardWho\u2019s the winner?<\/h4>

        Interactive Brokers<\/strong> offers a much broader range of educational resources and professional-grade trading tools.<\/p>

        Wealthsimple vs Interactive Brokers: Canadian regulatory bodies<\/h3>

        No matter what you\u2019re trading, it\u2019s essential to make sure you\u2019re dealing with a broker that is regulated in Canada. Happily, both Wealthsimple and Interactive Brokers tick this box.<\/p>

        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\u2019re covered to the tune of up to $1 million if either broker goes bust.<\/p>

        \"AwardWho\u2019s the winner?<\/h4>

        It\u2019s a tie.<\/strong> Both platforms are legit and properly regulated in Canada.<\/p>

        Wealthsimple vs Interactive Brokers: Security features<\/h3>

        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.<\/p>

        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.<\/p>

        \"AwardWho\u2019s the winner?<\/h4>

        It\u2019s a tie.<\/strong> Wealthsimple and Interactive Brokers are both safe and secure trading platforms.<\/p>

        Wealthsimple vs Interactive Brokers: Market data<\/h3>

        If you\u2019re buying and holding for the long-term, in-depth and up-to-date market data won\u2019t be your top priority when choosing a broker. But it\u2019s a key consideration for active traders, allowing them to trade on up-to-the-second information.<\/p>

        Wealthsimple offers real-time Level 1 market data for Canadian and US exchanges, but Level 2 data is not available.<\/p>

        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.<\/p>

        \"AwardWho\u2019s the winner?<\/h4>

        Interactive Brokers<\/strong>.<\/p>

        How do the mobile apps for Wealthsimple vs Interactive Brokers compare?<\/h3>

        As we\u2019ve already mentioned, Wealthsimple\u2019s mobile app is a slick bit of gear. The user interface is clean and simple to navigate, and it\u2019s 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.<\/p>

        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.<\/p>

        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.<\/p>

        Finally, IMPACT is Interactive Brokers\u2019 ESG-focused investing app. It\u2019s designed to help you find investments that match your environmental, social and governance values, and it\u2019s another beginner-friendly offering.<\/p>
        <\/th>Wealthsimple<\/th>IBKR Mobile<\/th>IBKR Global Trader<\/th>IMPACT by IBKR<\/th><\/tr><\/thead>
        Apple App Store rating<\/td>\n\n\n\n\n\n\n\n\n \n \n4.6<\/strong> \u2013 \n\u2605\u2605\u2605\u2605\u2605<\/span>
        \n\n129,000 reviews\n\n<\/span>\n\n