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Wealthsimple vs Interactive Brokers Canada 2026

Updated

Wealthsimple vs Interactive Brokers 2026

Side-by-Side Comparison

Feature Wealthsimple Interactive Brokers
Best for Beginners, simple investing Active traders, US stocks
Stock commission (CAD) $0 $1 minimum
Stock commission (US) $0 + 1.5% FX $1 minimum + 0.002% FX
ETF purchases $0 $0 (select ETFs)
Currency conversion 1.5% (free on Premium) 0.002%
Options ❌ ✅
Futures/Forex ❌ ✅
Account minimum $0 $0
Fractional shares ✅ ✅ (US only)
Margin account ❌ ✅
Mobile app ★★★★★ ★★★
Research tools ★★★ ★★★★★
Global markets Canada + US 150+ markets
Crypto ✅ Limited
RESP ✅ ❌
Regulation CIRO, CIPF CIRO, CIPF

Fee Comparison — Real Scenarios

Scenario 1: Buy-and-Hold, Canadian ETFs Only

Monthly purchase of $500 in XEQT (Canadian-listed):

Wealthsimple Interactive Brokers
Commission $0 $1
Annual cost $0 $12
Winner Wealthsimple

Scenario 2: Monthly US ETF Purchases

Monthly purchase of $500 USD in VTI:

Wealthsimple (Free) Wealthsimple (Premium) Interactive Brokers
Commission $0 $0 $1
FX conversion $7.50 (1.5%) $0 $0.01 (0.002%)
Annual cost $90 $36 $12.12
Winner Interactive Brokers

Scenario 3: Active US Stock Trading

50 trades/month, average $2,000 per trade:

Wealthsimple (Free) Wealthsimple (Premium) Interactive Brokers
Commissions $0 $0 ~$50
FX costs (monthly) $1,500 $0 $2
Annual cost $18,000 $432 $624
Winner Interactive Brokers

Scenario 4: Options Trading

Wealthsimple Interactive Brokers
Available ❌ No ✅ Yes
Cost per contract N/A $1.50
Winner IBKR (only option)

Ease of Use

Wealthsimple

Aspect Rating
Account opening ★★★★★ (minutes)
First trade ★★★★★ (tap, buy)
Mobile experience ★★★★★
Learning curve Very low
Funding ★★★★★ (instant e-transfer)

Interactive Brokers

Aspect Rating
Account opening ★★★ (detailed application)
First trade ★★★ (multiple platforms, confusing)
Mobile experience ★★★
Learning curve Steep
Funding ★★★ (wire/EFT, slower)

Account Types

Account Wealthsimple Interactive Brokers
TFSA ✅ ✅
RRSP ✅ ✅
FHSA ✅ ✅
RESP ✅ ❌
RRIF ✅ ✅
LIRA ❌ ✅
Margin ❌ ✅
Corporate ❌ ✅
Joint ✅ ✅

Investment Selection

Asset Wealthsimple Interactive Brokers
Canadian stocks ✅ ✅
US stocks ✅ ✅
International stocks ❌ ✅ (150+ markets)
ETFs ✅ ✅
Options ❌ ✅
Futures ❌ ✅
Forex ❌ ✅
Bonds ❌ ✅
Crypto ✅ (50+) Limited
Fractional shares ✅ ✅ (US)

Features Comparison

Feature Wealthsimple Interactive Brokers
Auto-invest ✅ ❌
Round-ups ✅ ❌
Recurring deposits ✅ ✅
Real-time quotes Premium only ✅
Advanced charting ❌ ✅ (TWS)
Stock screeners ❌ ✅
Research reports Basic Comprehensive
Tax-loss harvesting Robo-advisor only Manual
API access ❌ ✅

Who Should Choose Which

Choose Wealthsimple If:

  • ✅ You’re a beginner investor
  • ✅ You invest primarily in Canadian ETFs (XEQT, VGRO, etc.)
  • ✅ You want the simplest possible experience
  • ✅ You invest small amounts regularly (fractional shares)
  • ✅ You want crypto in the same app
  • ✅ You need an RESP
  • ✅ You don’t trade US stocks frequently

Choose Interactive Brokers If:

  • ✅ You actively trade stocks and options
  • ✅ You buy US stocks regularly (save on FX fees)
  • ✅ You want access to global markets
  • ✅ You need margin trading
  • ✅ You want professional-grade tools
  • ✅ You have a corporate investment account
  • ✅ You need the lowest possible trading costs at scale
Account Broker Why
TFSA (Canadian ETFs) Wealthsimple $0 commissions, easy auto-invest
RRSP (US stocks) Interactive Brokers Lowest FX fees, tax treaty benefits
Margin/trading account Interactive Brokers Options, lowest margin rates

Switching From One to the Other

Wealthsimple → Interactive Brokers

Step Details
1 Open IBKR account
2 Initiate transfer from IBKR side
3 Wealthsimple charges $0 to transfer out
4 Transfer takes 1-3 weeks (in-kind)
5 Note: IBKR may reimburse transfer fees

Interactive Brokers → Wealthsimple

Step Details
1 Open Wealthsimple account
2 Initiate transfer from Wealthsimple side
3 IBKR charges no transfer-out fee
4 Transfer takes 1-3 weeks
5 Note: Check for IBKR exit fees on specific assets

The Verdict

Your Priority Winner
Simplicity Wealthsimple
Lowest Canadian trading costs Wealthsimple
Lowest US trading costs Interactive Brokers
Best mobile app Wealthsimple
Best trading tools Interactive Brokers
Options trading Interactive Brokers
Beginners Wealthsimple
Advanced traders Interactive Brokers
Overall (most Canadians) Wealthsimple