If you want the broader shortlist before comparing bank brokers against Wealthsimple, start with best online brokers in Canada and best free trading platforms in Canada.
Side-by-Side Comparison
| Feature | Wealthsimple | RBC Direct | TD Direct | BMO InvestorLine | Scotia iTRADE | CIBC Investor’s Edge |
|---|---|---|---|---|---|---|
| Stock trades | $0 | $9.95 | $9.99 | $9.95 | $9.99 | $6.95 |
| ETF buys | $0 | $9.95 | $9.99 | $9.95 | $9.99 | $6.95 |
| ETF sells | $0 | $9.95 | $9.99 | $9.95 | $9.99 | $6.95 |
| Fractional shares | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ |
| Account minimum | $0 | $0 | $0 | $0 | $0 | $0 |
| Inactivity fee | None | None | $25/qtr (under $15K) | None | $25/qtr (under $25K) | None |
| Mobile app rating | 4.7/5 | 3.5/5 | 4.0/5 | 3.7/5 | 3.2/5 | 3.5/5 |
Fee Comparison: Real Cost of Bank Investing
Cost of 10 Stock Trades Per Month
| Platform | Monthly Cost | Annual Cost | 5-Year Cost |
|---|---|---|---|
| Wealthsimple | $0 | $0 | $0 |
| CIBC Investor’s Edge | $69.50 | $834 | $4,170 |
| RBC Direct | $99.50 | $1,194 | $5,970 |
| TD Direct | $99.90 | $1,199 | $5,994 |
| BMO InvestorLine | $99.50 | $1,194 | $5,970 |
| Scotia iTRADE | $99.90 | $1,199 | $5,994 |
Cost of Monthly ETF Purchases (Buy-and-Hold)
| Scenario | Wealthsimple | Bank Brokerage |
|---|---|---|
| Buy 1 ETF monthly | $0/year | $120/year |
| Buy 3 ETFs monthly | $0/year | $360/year |
| Buy 1 ETF biweekly | $0/year | $260/year |
| Over 10 years | $0 | $1,200–$3,600 |
That difference matters most if you are actually following an ETF-first plan like best all-in-one ETFs in Canada or best ETF portfolio for $100 per month.
Features Comparison
Trading Features
| Feature | Wealthsimple | Banks (Typical) |
|---|---|---|
| Commission-free trades | ✅ All trades | ❌ ($6.95–$9.99/trade) |
| Fractional shares | ✅ ($1 minimum) | ❌ (must buy full shares) |
| Real-time quotes | ✅ Free | ⚠️ Often delayed or paid add-on |
| Options trading | ✅ | ✅ |
| Crypto trading | ✅ | ❌ |
| USD account | ✅ (Premium, $3/month) | ✅ (free) |
| After-hours trading | ❌ | ❌ |
| Short selling | ❌ | ✅ |
| Margin account | ❌ | ✅ |
Research and Tools
| Feature | Wealthsimple | Banks |
|---|---|---|
| Stock screener | Basic | Moderate to advanced |
| Charting tools | Basic | Moderate to advanced |
| Analyst reports | Basic consensus | Morningstar, in-house research |
| News feed | Basic | Comprehensive |
| Tax reports | ✅ (integrated with Wealthsimple Tax) | ✅ (downloadable) |
| Portfolio analysis | Basic | Moderate |
Account Types
| Account | Wealthsimple | Banks |
|---|---|---|
| TFSA | ✅ | ✅ |
| RRSP | ✅ | ✅ |
| FHSA | ✅ | ✅ |
| RESP | ✅ | ✅ |
| LIRA | ✅ | ✅ |
| RRIF | ✅ | ✅ |
| Non-registered | ✅ | ✅ |
| Margin | ❌ | ✅ |
| Corporate | ✅ | ✅ (some) |
| Joint non-reg | ✅ | ✅ |
| In-trust | ❌ | ✅ |
The Wealthsimple Ecosystem vs. Bank Ecosystem
Wealthsimple: All-in-One Platform
| Service | Included | Cost |
|---|---|---|
| Self-directed investing | ✅ | $0 trades |
| Robo-advisor (Invest) | ✅ | 0.4–0.5% management fee |
| Cash account (banking) | ✅ | $0, earns 3.5–4% interest |
| Crypto trading | ✅ | $0 commissions |
| Tax filing (Wealthsimple Tax) | ✅ | Free |
| Peer-to-peer payments | ✅ | $0 |
Big 5 Banks: Bundled Services
| Service | Included | Cost |
|---|---|---|
| Brokerage | ✅ | $6.95–$9.99/trade |
| Banking (chequing/savings) | ✅ | $0–$30/month |
| Credit cards | ✅ | Annual fees vary |
| Mortgage | ✅ | Competitive rates |
| In-person branches | ✅ | Free |
| Financial advisor | ✅ | Often commission-based/product-driven |
| Multi-product discounts | ✅ | Fee waivers with multiple products |
When Wealthsimple Is Better
| Situation | Why Wealthsimple Wins |
|---|---|
| Buy-and-hold ETF investor | $0 commissions save hundreds/year |
| Beginner investor | Best mobile app, simplest interface |
| Small/frequent purchases | Fractional shares mean every dollar is invested |
| TFSA/RRSP auto-investing | Auto-deposit + auto-invest is fully automated |
| Want banking + investing in one | Cash account + trading + tax filing all integrated |
| Cost-conscious investor | No commissions, no account fees, no minimum |
When Banks Are Better
| Situation | Why Banks Win |
|---|---|
| Need margin account | Wealthsimple doesn’t offer margin |
| Prefer in-person advice | Banks have branches and advisors |
| Need advanced research/charting | Banks have more robust tools |
| Short selling | Not available on Wealthsimple |
| Bundle discount (mortgage + banking) | Multi-product relationships can reduce banking fees |
| Large portfolios wanting dedicated advisor | Banks offer wealth management for $500K+ |
| In-trust accounts | Banks support these; Wealthsimple currently doesn’t |
If you want the middle ground between app-first and bank-first, best trading platforms in Canada is the better next step.
Transferring from a Bank to Wealthsimple
| Step | Action |
|---|---|
| 1 | Open same account type(s) on Wealthsimple |
| 2 | In Wealthsimple app: Funding → Transfer from another institution |
| 3 | Select your bank, enter account number |
| 4 | Choose in-kind transfer (keep your investments) |
| 5 | Submit — Wealthsimple handles the rest |
| 6 | Wait 7–20 business days |
| 7 | Wealthsimple reimburses transfer-out fee ($150) if you transfer $5,000+ |
Annual Savings: Switching from Bank to Wealthsimple
| Trading Frequency | Annual Bank Cost | Annual Wealthsimple Cost | Annual Savings |
|---|---|---|---|
| 2 trades/month | $240 | $0 | $240 |
| 5 trades/month | $600 | $0 | $600 |
| 10 trades/month | $1,200 | $0 | $1,200 |
| 20 trades/month | $2,400 | $0 | $2,400 |
Over 10 years, even a modest trader saves $2,400–$12,000+ by switching.
Verdict
| Investor Profile | Best Choice |
|---|---|
| Beginner (just starting) | Wealthsimple |
| Passive ETF investor | Wealthsimple |
| Active stock trader (moderate volume) | Wealthsimple |
| Advanced trader (margin, short selling) | Bank brokerage or Interactive Brokers |
| Want everything in one app | Wealthsimple |
| Want in-person financial advice | Bank |
| Cost-conscious | Wealthsimple |