Wealthsimple vs Interactive Brokers

1. Wealthsimple vs Interactive Brokers: Quick Verdict

Two opposite pricing models. Wealthsimple removes the commission on stocks, ETFs and US equity options. IBKR charges a small commission on almost every trade, but has the lowest margin rate of the brokers we rank and pays interest on larger cash balances. Which one is cheaper depends on how often you trade, how small your orders are and whether you borrow, which is why we work through four investor profiles in section 9.

IBKR edges the overall score. Both round to 4.2 / 5, and IBKR is ahead by less than 0.01 before rounding (4.232 against 4.225). It scores full marks on cash and margin (5.0) and platform features (5), which outweigh Wealthsimple’s leads on cost (5.0 against 4.7), account types (5.0 against 4.0) and US investing (3.5 against 2.25).

Wealthsimple wins for small, regular investors. If you buy Canadian ETFs every month, $0 commissions beat IBKR’s $1 minimum, and Wealthsimple’s app, fractional shares from $1 and automatic recurring buys suit small deposits. It also ranks first of 13 in our beginners ranking.

Why Wealthsimple wins the beginners score. Both score 5.0 on our beginner platform test, which checks fractional shares, a mobile app, DRIP and no account minimum. The beginners score weighs cost at 35% and account types at 15%, so Wealthsimple’s leads on cost (5.0 against 4.7) and account types (5.0 against 4.0) put it ahead, 4.725 against 4.407. Our cost factor adds up commissions and account fees for two trading profiles, and our US factor looks at US dollars in registered accounts and US commissions. Our broker rating methodology lists every weight, and how WealthScale makes money explains why rankings cannot be bought.

2. Commissions: $0 vs Per-Share Pricing

Wealthsimple: $0 on listed stocks and ETFs. Every online trade of a listed Canadian or US stock or ETF is commission-free, on every tier. Pass-through exchange, ECN, TAF or ORF fees may apply to some US-listed orders and show on the trade confirmation. The other cost to know is the USD account, $10 plus tax a month on Core if you want to hold US dollars (section 3).

IBKR: fixed pricing. Canadian stocks and ETFs cost CAD 0.01 a share, with a minimum of CAD 1 and a maximum of 0.5% of the trade value. US stocks and ETFs cost USD 0.005 a share, with a minimum of USD 1 and a maximum of 1%. For most trades under 100 Canadian shares or 200 US shares, you pay the minimum.

IBKR: tiered pricing. The alternative tiered plan charges CAD 0.008 a share on Canadian stocks at volumes of 300,000 shares a month or fewer (minimum CAD 1, maximum 0.5%) and USD 0.0035 a share on US stocks (minimum USD 0.35, maximum 1%), plus exchange and regulatory fees. Because those added fees vary by order, our worked numbers use fixed pricing.

What the numbers show. IBKR’s commission is tiny on large, high-priced orders and noticeable on small ones: a $500 buy pays 0.2% (CAD 1 ÷ $500), while a US$5,000 order pays 0.02%. Low-priced shares bought in volume cost the most: 2,000 shares at $5 is CAD 20.00 (2,000 x CAD 0.01). At Wealthsimple every one of these trades is $0.

Options and other fees. Wealthsimple charges $0 a contract on equity and ETF options and US$45 for an early exercise or a do-not-exercise instruction. IBKR charges US$0.65 a contract on US options with premiums of US$0.10 or more, for up to 10,000 contracts a month (US$0.50 from US$0.05 to US$0.10, US$0.25 under US$0.05), with a US$1 minimum per order, and CAD 1.25 a contract on Canadian options with a CAD 1.50 minimum; exchange and clearing fees are extra. A one-contract US order costs US$1.00 at IBKR (the minimum, since US$0.65 is below it). See our best options trading platforms for the full field.

3. US Investing and USD Accounts

US commissions. Wealthsimple charges $0 on US-listed stocks and ETFs, with pass-through exchange, ECN, TAF or ORF fees on some orders. IBKR’s fixed pricing is USD 0.005 a share, with a minimum of USD 1 and a maximum of 1% of the trade value, so most orders under 200 shares pay USD 1.00. In our US investing test, a $0 US commission earns 2 points and a commission of $2 or less earns 1.5.

Wealthsimple: a USD account with a monthly fee on Core. A USD account costs $10 plus tax a month on Core after a 30-day trial, with no pro-rated refund if you cancel, and is included for Premium and Generation. Wealthsimple’s help centre says a USD account can be added to a TFSA, FHSA, RRSP, spousal RRSP, LIRA, RESP or non-registered account, but not to a RRIF, spousal RRIF or LIF. Our Wealthsimple USD accounts review covers the rules.

IBKR: registered accounts not stated. Interactive Brokers does not state on the pages we checked whether its TFSA, RRSP or FHSA can hold US dollars, and it lists no separate fee for holding them. If you plan to hold US-listed stocks in a registered account, please confirm IBKR’s rules before you open one; our Interactive Brokers Canada review will carry IBKR’s answer when confirmed. Questrade, by comparison, holds US dollars in registered accounts at no extra cost and scores 5.0.

Where each ranks for US stocks. Our US stocks score weighs US investing at 40%. Wealthsimple scores 4.0 / 5 and ranks fourth of 13. IBKR scores 3.6 / 5 and ranks eighth, level on the exact score with BMO InvestorLine, which is listed first because ties are ordered by name.

Withholding tax is the same at both. US-listed securities held directly in an RRSP, RRIF, LIRA or LIF are exempt from US dividend withholding under the Canada-US tax treaty once the account is documented. In a TFSA, FHSA, RESP or non-registered account, 15% is withheld with a W-8BEN on file (30% without one). Our guide on how to buy US stocks in Canada covers the order of steps.

4. Account Types

Wealthsimple covers more registered accounts. It offers the TFSA, RRSP, spousal RRSP, FHSA, RESP, RRIF, LIRA, LIF, non-registered, joint and corporate accounts, which earns the full 5.0 on our account-types factor. If you have a pension to move into a LIRA, or you are saving for a child’s education in an RESP, Wealthsimple has the account and IBKR’s pages do not describe one.

IBKR covers the core accounts and adds margin depth. IBKR offers individual cash, Reg T margin and portfolio margin accounts, joint, trust, RRSP, spousal RRSP, TFSA, FHSA and small-business or corporate accounts. It launched the RRIF on February 3, 2026. It scores 4.0 on account types because RESP, LIRA and LIF accounts are not described on the pages we checked. Portfolio margin, which IBKR names and Wealthsimple does not, bases borrowing limits on the risk of the whole portfolio rather than on each position, and suits experienced traders.

Rankings by account. Among brokers offering a TFSA, FHSA or RRIF, IBKR ranks third and Wealthsimple fourth, both at 4.2 / 5 by overall score; see our best TFSA accounts and best FHSA accounts. For RESPs and LIRAs, Wealthsimple ranks third, behind Questrade and Desjardins Online Brokerage, and IBKR does not appear; see best RESP providers and best LIRA accounts.

Options in registered accounts. At Wealthsimple, a TFSA or RRSP can hold long calls, long puts, cash-secured puts and covered calls; other strategies need margin. IBKR’s registered-account options rules were not part of the figures we checked, so please confirm them before you open an account for options.

5. Managed Portfolios vs Doing It Yourself

Only one side has a robo-advisor in our data. Wealthsimple runs Managed Investing, which ranks first of the four robo-advisors in our best robo-advisors in Canada ranking at 4.2 / 5. Our register does not cover an Interactive Brokers managed service, so this section compares Wealthsimple’s managed options with building the same kind of ETF portfolio yourself at either broker.

Wealthsimple Managed Investing. The fee is 0.5% a year on Core, 0.4% on Premium (from $100,000 in total Wealthsimple assets) and 0.4% on Generation, falling to 0.2% at $10,000,000. Classic portfolios hold 8 to 10 ETFs with fund costs (MER) between 0.12% and 0.15%, are rebalanced automatically, and reinvest dividends into whichever ETF is underweight. About 0.3% to 0.5% of the account is held in cash, and deposits are invested within 5 business days. Tax-loss harvesting comes with Premium and Generation.

Wealthsimple Automated Investing. A lower-cost option at 0.25% a year, capped at $250 an account once the balance reaches $100,000. It is offered in the TFSA, RRSP, FHSA, LIRA, LIF, RRIF and individual and joint non-registered accounts. In non-registered accounts its direct indexing includes tax-loss harvesting.

Reading the table. A self-directed portfolio costs far less in fees at either broker, but you take on the choices, the rebalancing and the discipline. The managed fee buys automation and, from Premium, tax-loss harvesting; Generation adds asset location and custom portfolios, and $1,000,000 clients get a dedicated advisor team. The Premium row applies only if your total Wealthsimple assets reach $100,000, for example $50,000 managed plus $50,000 in a self-directed account.

The fee drag adds up. On $50,000, the gap between $325.00 a year (Wealthsimple Core managed, at the 0.15% fund cost) and $12.00 a year in IBKR commissions is $313.00 before your own ETFs’ costs. Read our Wealthsimple Managed Investing review before choosing, and please weigh the value of the service against the fee rather than the fee alone.

6. Platforms and Features

IBKR gives you four platforms. Trader Workstation (TWS) is the advanced desktop platform, IBKR Desktop a second desktop app, IBKR Mobile the phone app and the Client Portal the web login. That range is why IBKR gets full marks (5) on our platform factor, which awards a point each for fractional shares, DRIP, options, an advanced trading platform and a mobile app.

Wealthsimple keeps it to one app. The Wealthsimple mobile app and web app cover more than 14,000 stocks and ETFs, options, crypto in a separate account, and banking. It scores 4 on platform features because it has no separate advanced platform; its Trade Plus charting and execution tool is tied to Active Trader status (50 or more manual trades in a calendar month). US-listed stocks and ETFs trade 24 hours a day, five days a week, from 8 pm ET Sunday to 8 pm ET Friday, with limit orders only outside regular hours.

Fractional shares cost differently. At Wealthsimple a $1 fractional buy is commission-free. At IBKR, fractional trades follow the whole-share schedule, so a small purchase still pays the CAD 1 or USD 1 minimum, subject to the maximum of 0.5% (Canadian) or 1% (US) of the trade value. Wealthsimple’s fractional shares cannot be transferred to another institution; IBKR’s fractional transfer rules were not in the figures we checked.

DRIP costs differ too. IBKR reinvests cash dividends on US- and Canada-listed common and preferred stocks for Canadian clients, with standard commissions and fractional reinvestment if you have fractional permissions. Wealthsimple lists no reinvestment fee. In our best brokers for dividend investing list, IBKR ranks second and Wealthsimple third, both at 4.2 / 5. Both rank near the top of our best investing apps list: Wealthsimple first at 4.7 / 5 and IBKR second at 4.4 / 5.

7. Cash and Margin Rates

IBKR has the lowest published margin rate of the 10 brokers we rank. IBKR Pro charges 3.675% (its benchmark rate plus 1.5%) on CAD balances up to CAD 130,000 and 3.175% from CAD 130,000 to CAD 1,300,000. USD margin is 5.38% up to USD 100,000 and 4.88% from USD 100,000 to USD 1,000,000. IBKR’s rate table is not dated, so please check the rate on the day you borrow. In our lowest margin rates ranking, IBKR ranks first and Wealthsimple third.

Wealthsimple sets margin by tier. CAD margin is 4.95% on Core (prime plus 0.5%), 4.45% on Premium (prime) and 3.95% on Generation (prime minus 0.5%), with prime at 4.45% as of September 18, 2026. USD margin is 7.5%, 7% and 6.5%. A Generation client pays 0.275 percentage points more than IBKR’s first tier on CAD (3.95% against 3.675%).

The arithmetic. This example is hypothetical. A Core client borrowing $20,000 for a year pays ($20,000 x 4.95% = $990.00) at Wealthsimple and ($20,000 x 3.675% = $735.00) at IBKR, a difference of $255.00. On US$10,000, the gap is US$212.00 (US$750.00 – US$538.00). Wealthsimple accrues margin interest daily, so a loan repaid sooner costs proportionally less there; IBKR’s accrual method was not part of the figures we checked.

Interest on cash: IBKR. IBKR pays 1.675% on CAD balances above CAD 13,000 and 3.38% on USD balances above USD 10,000, but the full rates need a net asset value above USD 100,000; smaller accounts get less. Wealthsimple does not publish a rate for cash in trading accounts. Its Savings account pays 2.5% to all clients and its chequing account 1.25% to 2.25% by tier, but those are separate accounts outside the trading account. That gap is why IBKR scores 5.0 on cash and margin and Wealthsimple 2.0.

Other ways to borrow at Wealthsimple. Wealthsimple’s portfolio line of credit charges the same tiered rates, lends up to 35% of eligible collateral with no credit check and no minimum payment, and cannot use an FHSA, RRSP, RESP, LIRA or joint account as collateral. Some clients get a restricted margin account with a $1,000 borrowing limit.

8. Safety: CIRO and CIPF

Equal safety scores. Both brokers state their CIRO membership and are on CIPF’s current member list, so both score 4.0 on our safety factor. Wealthsimple Investments Inc. is an investment dealer and CIRO dealer member. Interactive Brokers Canada Inc. states that it is a member of the Canadian Investment Regulatory Organization and a member of the Canadian Investor Protection Fund. Neither gets the extra point our rubric gives to firms owned by a bank or a financial cooperative group.

How CIPF protection applies to each account. CIPF covers cash and securities held by a member firm that becomes insolvent, up to $1,000,000 per client in each category. It does not cover market losses, unsuitable advice, an issuer’s insolvency or crypto assets.

Wealthsimple’s other protections. Crypto at Wealthsimple is not covered by CIPF or CDIC, though cash in the crypto account is. Wealthsimple Chequing is covered by CDIC through trust deposits at partner banks, up to $1,000,000 combined. Clients who sign in with a passkey are reimbursed for all direct losses from unauthorized account activity. Our guide is Wealthsimple safe explains each entity.

Moving money out. IBKR allows two free withdrawals a month; after that each costs CAD 2 by EFT or CAD 12 by wire. Wealthsimple’s fee schedule lists a $30 manual wire and an instant withdrawal fee of 2.5% to a debit card, so please choose your withdrawal method with those fees in mind.

9. Wealthsimple vs Interactive Brokers: Costs for Four Investor Profiles

How we calculated this. This example is hypothetical. It adds up published commissions, account fees and options prices as of October 22, 2026, using IBKR fixed pricing. Exchange, regulatory and pass-through fees, and sales tax on Wealthsimple’s USD account fee, are left out.

Profile 1: the monthly ETF buyer. Twelve $500 buys cost $0.00 at Wealthsimple. At IBKR each buy is 20 units x CAD 0.01 = CAD 0.20, below the CAD 1 minimum (and under the 0.5% maximum of $2.50), so each costs CAD 1.00: (12 x $1.00 = $12.00). Small, but it is the only cost this investor would pay at either broker.

Profile 2: the active US trader. At IBKR, each 100-share US trade is 100 x USD 0.005 = USD 0.50, raised to the USD 1 minimum: (120 x US$1.00 = US$120.00). IBKR lists no separate fee for holding US dollars, though it does not state whether its RRSP can hold them. At Wealthsimple Core the trades are $0 and the USD account costs ($10 x 12 = $120.00), so the two tie at $120.00. On Premium, from $100,000 in Wealthsimple assets, the USD account is included and Wealthsimple’s cost falls to $0.00.

Profile 3: the options trader. Two contracts a trade at IBKR cost (2 x US$0.65 = US$1.30), above the US$1 minimum, so 48 trades cost (48 x US$1.30 = US$62.40). At Wealthsimple equity and ETF options are $0 a contract. This is a profile where Wealthsimple’s price wins even though IBKR has the higher options score, because that score also weighs platforms (25%), margin (10%), safety (10%) and accounts (5%).

Profile 4: the $250,000 investor. At Wealthsimple this investor is Premium, so the USD account is included and all 24 buys are $0: $0.00. At IBKR, each Canadian buy is 80 units x CAD 0.01 = CAD 0.80 and each US buy is 40 shares x USD 0.005 = USD 0.20, both under the minimum, so the year costs (12 x $1.00 + 12 x US$1.00 = $24.00). If this investor also borrowed $20,000 for a year, Premium margin would cost $890.00 against $735.00 at IBKR, which more than reverses the result: IBKR’s $155.00 saving on interest ($890.00 – $735.00) beats Wealthsimple’s $24.00 saving on commissions.

What would change the answer. Borrowing is what tips the result to IBKR: on a $20,000 loan, Wealthsimple Core margin costs $255.00 a year more than IBKR’s ($990.00 – $735.00). Large cash balances also earn interest at IBKR above CAD 13,000. Trade only Canadian ETFs in small amounts and Wealthsimple is always cheaper. Price your own mix in the broker cost calculator, or add fund costs with our investment fee calculator.

10. Who Should Choose Wealthsimple

Regular savers buying Canadian ETFs. If you invest a few hundred dollars a month, $0 commissions, fractional shares from $1 and automatic recurring buys beat IBKR’s $1 minimum. It ranks first of 13 in our best brokers for beginners ranking.

Families and pension holders. Wealthsimple offers the RESP, LIRA and LIF, none of which IBKR describes. One app can hold a child’s RESP, your TFSA and RRSP, and a LIRA from a former employer.

Small options traders. At $0 a contract on equity and ETF options, Wealthsimple is cheaper than IBKR’s US$0.65 for anyone who trades simple strategies a few times a month.

People who want managed portfolios or banking in one place. Managed Investing, Automated Investing, chequing, a 2.5% savings account, a credit card and tax software sit next to the trading account. Our Wealthsimple Trade review and Wealthsimple fees guide list what each costs.

Clients who will hold $100,000 or more. Premium includes the USD account, lowers margin to 4.45% and adds tax-loss harvesting to managed accounts. See Wealthsimple Core vs Premium vs Generation.

11. Who Should Choose Interactive Brokers

Large orders of higher-priced shares. IBKR’s per-share pricing is tiny on big orders: 100 US shares at US$50 cost USD 1.00, or 0.02% of the trade, and 1,000 US shares at US$10 cost USD 5.00, or 0.05%. For investors who trade in size, the commission hardly matters next to IBKR’s margin and cash rates.

Active traders on margin. Profile 2 shows an active US trader paying $120.00 a year at either broker on Wealthsimple Core. Add a $20,000 margin loan and IBKR saves $255.00 a year against Core ($990.00 – $735.00). IBKR still ranks eighth of 13 in our best brokers for US stocks ranking, behind Wealthsimple in fourth, because our US score weighs US dollars in registered accounts and US commissions, not margin.

Margin borrowers and large cash holders. CAD margin at 3.675% and interest on CAD cash above CAD 13,000 (the full rate needs more than USD 100,000 in net assets) make IBKR the only broker with full marks on our cash and margin factor.

Experienced traders. Trader Workstation, portfolio margin and tiered pricing are built for people who trade often or in size. IBKR has the top options score of 13 (4.6 / 5) for this reason.

Larger accounts that borrow or hold cash. For the $250,000 investor in profile 4, IBKR’s $24.00 a year in commissions is small next to its margin and cash rates: at Premium, a $20,000 loan costs $890.00 at Wealthsimple and $735.00 at IBKR. Our Interactive Brokers Canada review covers the platforms and pricing in depth.

12. Using Both, and Switching Between Them

A split that plays to each side. Wealthsimple vs Interactive Brokers does not have to be either-or. Some investors hold an RESP, LIRA or managed portfolio at Wealthsimple, where IBKR does not describe those accounts, and run a non-registered or margin account at IBKR for active trading and margin borrowing. Wealthsimple Chequing or Savings can hold everyday cash. Assets at IBKR do not count toward Wealthsimple’s tiers, so a split can keep you on Core.

Wealthsimple’s 1% match. New Wealthsimple clients who transfer in $25,000 or more within 30 days of registering get 1% of net qualifying transfers, up to $20,000 on the first $2,000,000, paid in 24 monthly instalments, with a 730-day hold. It has no fixed end date. IBKR had no Canadian sign-up offer on the pages we checked.

Use a direct transfer. Ask the receiving broker to pull the account. Withdrawing from an RRSP yourself is taxable, with 10%, 20% or 30% withheld outside Quebec depending on the amount, and withdrawing and redepositing in a TFSA uses new contribution room until the withdrawal is added back on January 1 of the next year. Our guide on how to transfer an investment account covers each step, and our editorial standards explain how we handle fees a broker does not publish. Compare other pairings in Wealthsimple vs Questrade, Wealthsimple vs moomoo or our broker comparison hub.

Use the transfer fee calculator below to see what each broker charges to move an account out and which brokers cover that fee when you move in.

Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

• Chartered Professional Accountant, CPA Ontario
• Certified Public Accountant, Washington (No. 57629) and Montana (No. PAC-CPAP-LIC-033176)
• Writing on tax and registered accounts since 2021
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Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
• Post Graduate Diploma in Business Administration (Finance), 2008
• In financial markets since December 2005
• More than 2,600 published investment articles

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