Wealthsimple Trade vs Competitors: Fees and Investment Pairs Compared

Fee Schedules: Zero Commissions vs Hidden Costs

The Wealthsimple trade app offers commission-free trading on stocks and ETFs listed on Canadian and US exchanges. Unlike many US brokers, Wealthsimple does not charge per-trade fees for buying or selling standard securities. However, it applies a 1.5% currency conversion fee on US-dollar trades, which increases costs for frequent cross-border traders. For comparison, Questrade charges $0.01 per share (min $4.95, max $9.95) for equities but offers a much lower 0.5% conversion fee through its Norbert’s Gambit option. Robinhood, a US-only competitor, provides zero commissions and zero conversion fees for US stocks but does not support Canadian exchanges. eToro, a global platform, charges zero commissions on stocks but applies spreads on crypto and forex trades, typically 1–2% per transaction. Wealthsimple’s fee structure is ideal for passive Canadian investors trading in CAD, but active US-dollar traders may find Questrade cheaper overall due to lower conversion costs.

Wealthsimple also charges no account maintenance fees and no inactivity fees, which is a clear advantage over platforms like Interactive Brokers that require a minimum monthly activity or charge $10 per month for accounts under $100,000. For options trading, Wealthsimple charges a flat $1 per contract plus $0.50 per contract for closing, while Robinhood charges $0 per contract and Questrade charges $9.95 + $1 per contract. This makes Wealthsimple competitive for options beginners but less appealing for high-volume options traders.

Available Investment Pairs: Stocks, ETFs, Crypto, and Forex

Stocks and ETFs

Wealthsimple Trade supports over 12,000 stocks and ETFs across US and Canadian exchanges, including NYSE, NASDAQ, and TSX. This covers major blue-chip companies like Apple, Microsoft, and Shopify, as well as popular ETFs like VGRO and XEQT. However, it does not provide access to international exchanges (e.g., London, Tokyo) or OTC markets. Questrade offers a broader range with over 15,000 securities plus access to 50 global exchanges via its premium accounts. Robinhood limits users to US-listed stocks and ETFs only, with no Canadian or international stocks. eToro provides 3,000+ stocks from 17 exchanges, including European and Asian markets, plus fractional shares on major US stocks.

Crypto and Forex

Wealthsimple Trade now offers 60+ cryptocurrencies, including Bitcoin, Ethereum, Solana, and Cardano, with spreads of 1–2% per trade. This competes directly with eToro’s 75+ crypto assets and Robinhood’s 20+ cryptos, though Wealthsimple lacks advanced features like staking or margin trading. For forex, Wealthsimple does not offer currency pairs directly; investors must trade forex ETFs or use US-dollar stocks. eToro provides 50+ forex pairs with spreads from 1 pip, while Questrade offers 80+ pairs via its Forex platform. Robinhood has no forex trading at all. For crypto-focused investors, Wealthsimple provides a balanced mix of popular coins with reasonable spreads, but lacks the depth of dedicated crypto exchanges like Binance or Coinbase.

User Experience and Account Types

Wealthsimple Trade supports personal, joint, TFSA, RRSP, and margin accounts, making it tax-efficient for Canadian residents. The app interface is minimalist and mobile-first, with real-time quotes and basic charting tools. Competitors like Questrade offer more advanced desktop platforms (e.g., IQ Edge) with Level 2 data and technical indicators, but require a steeper learning curve. Robinhood’s app is similarly streamlined but lacks retirement account options for Canadians. eToro excels in social trading, allowing users to copy top traders, but its interface is cluttered for serious investors. Wealthsimple’s simplicity appeals to beginners, but professional traders may find the lack of stop-loss orders (except for crypto) and limited order types (only market and limit orders) restrictive.

FAQ:

Does Wealthsimple Trade charge for deposits or withdrawals?

No, deposits via bank transfer and withdrawals are free. However, instant deposits incur a 0.5% fee.

Can I trade fractional shares on Wealthsimple?

No, Wealthsimple does not currently offer fractional shares. Competitors like Robinhood and eToro do.

What is the minimum deposit to start trading?

Wealthsimple has no minimum deposit. Questrade requires $1,000 for margin accounts, and eToro requires $200.

Are there any hidden fees for US stocks?

Yes, a 1.5% currency conversion fee applies when buying or selling US-listed stocks in a non-US-dollar account.

Does Wealthsimple support option spreads or margin trading?

Yes, margin accounts are available, and options trading includes calls and puts but not complex spreads like iron condors.

Reviews

Mike T.

Perfect for my TFSA. No fees, easy to buy VGRO. Conversion fee stings on US stocks, but I just stick to CAD ETFs.

Sarah L.

Switched from Questrade. Wealthsimple is simpler, but I miss the advanced charts and stop-losses. Good for buy-and-hold.

Daniel K.

Crypto selection is decent, but spreads are higher than Binance. For stocks, it’s unbeatable for Canadian beginners.