Wealthsimple vs moomoo

1. Wealthsimple vs moomoo: Quick Verdict

Start with the account you need. If you want an FHSA for a first home, an RESP for a child, a RRIF in retirement, a LIRA from an old pension, or a joint or corporate account, moomoo does not offer or list it, and Wealthsimple does. That alone can settle the choice before price comes into it.

Then look at how you buy. Wealthsimple lets you invest exact dollar amounts in fractional shares, set recurring buys and reinvest dividends automatically, all at $0 commission. moomoo buys whole shares only, charges at least CA$1.49 or US$1.99 an order, and leaves dividends in cash. For someone investing $100 or $500 at a time, those differences matter more than any headline rate.

Where moomoo has an edge. Its TFSA and RRSP hold US dollars with no fee stated, and its CAD margin starts at 3.85%. Those earn moomoo the better sub-scores on US investing (4.5 against 3.5) and on cash and margin (2.5 against 2.0). These edges are not enough to outweigh its account list, its per-share pricing and its missing features.

Why moomoo’s better US sub-score does not win the US stocks score. Our US stocks score weighs US investing at 40%, cost at 25%, account types, platform and safety at 10% each, and cash and margin at 5%. moomoo’s 1-point lead on US investing adds 0.4 to its score and its margin lead adds 0.025, but its lower cost (4.52 against 5.0), account (2.0 against 5.0) and platform (3 against 4) scores take away 0.12, 0.3 and 0.1. The result: Wealthsimple 4.05, moomoo 3.955, both shown as 4.0 / 5. 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 prints every weight, and how WealthScale makes money explains why no broker can pay for a better one.

2. Commissions: $0 vs Per-Share Minimums

Wealthsimple. $0 commission on listed Canadian and US stocks and ETFs, on every tier. Pass-through exchange, ECN, TAF or ORF fees may apply to some US-listed orders. The main cost left is the USD account, $10 plus tax a month on Core, if you want to hold US dollars (section 3).

moomoo: a commission plus a platform fee. On Canadian stocks and ETFs moomoo charges CA$0.0049 a share in commission and CA$0.01 a share as a platform fee, CA$0.0149 a share combined, with a minimum of CA$1.49 an order. On US stocks priced at US$1 or more it charges US$0.0049 a share (minimum US$0.99) plus a US$0.005 platform fee (minimum US$1.00), so US$1.99 is the least you pay; the SEC fee applies on sales. There is no fixed maximum per order in the figures we checked.

What the table shows. moomoo is cheapest relative to the trade on large orders of higher-priced shares and dearest on small orders and on low-priced shares bought in volume. Below 100 Canadian shares (100 x CA$0.0149 = CA$1.49) you always pay the CA$1.49 minimum. At Wealthsimple every order above 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. moomoo charges US$0.65 a contract with a US$1 minimum an order, has waived its options platform fee until further notice and charges nothing on exercise or assignment. moomoo’s Canadian options pricing is not listed, and Wealthsimple’s is not published. moomoo also charges CA$50 for each RRSP withdrawal. See our best options trading platforms for the full ranking.

3. US Investing and US Dollars

US commissions. Wealthsimple charges $0 on US-listed stocks and ETFs, with pass-through exchange, ECN, TAF or ORF fees on some orders. moomoo charges US$0.0049 a share in commission (minimum US$0.99) plus a US$0.005 platform fee (minimum US$1.00), so every US order costs at least US$1.99, and the SEC fee applies on sales. 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.

Holding US dollars in a TFSA or RRSP. moomoo says TFSA and RRSP holders can hold both Canadian and US dollars, with no fee stated, which earns it the full 3 points. Wealthsimple earns 1.5 because its USD account costs $10 plus tax a month on Core; it is included on Premium and Generation. moomoo states this for the TFSA and RRSP only, and it does not offer or list an FHSA, RESP, RRIF or LIRA, while Wealthsimple’s USD account also works in an FHSA, spousal RRSP, LIRA or RESP. Our Wealthsimple USD accounts review covers the details.

Withholding tax. The broker does not change US tax on dividends. US-listed securities held directly in an RRSP are exempt from US dividend withholding under the Canada-US tax treaty once the account is documented; in a TFSA, 15% is withheld with a W-8BEN on file (30% without one) and cannot be recovered. Our guide to US stocks in a TFSA explains the trade-off, and our best TFSA for US stocks list, where Wealthsimple ranks fourth and moomoo fifth, both at 4.0 / 5, compares every broker for this use.

4. Account Types: The Biggest Gap

moomoo’s five accounts. moomoo Canada offers cash, margin, TFSA, RRSP and spousal RRSP accounts. Its own article says the FHSA, RESP, joint and corporate accounts are not available, and the RRIF, LIRA and LIF do not appear on its account list. On our account-types factor, which gives half a point for each of 10 types, moomoo scores 2.0.

Wealthsimple’s full set. Wealthsimple offers the TFSA, RRSP, spousal RRSP, FHSA, RESP, RRIF, LIRA, LIF, non-registered, joint and corporate accounts, plus margin and a separate crypto account. It scores the full 5.0.

Why it matters over time. By December 31 of the year you turn 71, an RRSP must be withdrawn, transferred to a RRIF or used to buy an annuity. At moomoo there is no RRIF on the list, so a retiree would need to move the account to another broker. The same goes for a first-time buyer who opens a TFSA at moomoo but would get a deduction from an FHSA, or for parents who want RESP grants. Spreading accounts across brokers is possible, but it costs time and, at moomoo, a transfer-out fee.

Rankings by account. Among brokers offering a TFSA or RRSP, Wealthsimple ranks fourth and moomoo eighth by overall score; see our best TFSA accounts. moomoo does not appear in our best FHSA accounts or best RESP providers lists, where Wealthsimple ranks fourth and third. Our guides to the FHSA and RESP explain each account’s rules.

5. Managed Portfolios

Only Wealthsimple has one in our data. Our register does not cover a moomoo managed portfolio service. moomoo offers an auto-invest feature for regular purchases, but you still pick what to buy. Wealthsimple runs Managed Investing, which ranks first of the four robo-advisors in our best robo-advisors in Canada ranking at 4.2 / 5, and a lower-cost Automated Investing service.

What Wealthsimple charges. Managed Investing costs 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, plus fund costs. Classic portfolios have fund costs between 0.12% and 0.15%; the socially responsible portfolio listed in its help centre between 0.21% and 0.23%. Automated Investing costs 0.25%, capped at $250 an account once the balance reaches $100,000.

What the fee pays for. Managed portfolios hold 8 to 10 ETFs, rebalance automatically when you deposit, withdraw or change goals, and reinvest dividends into the ETF that is most underweight. Income portfolios and a Summit range with a private markets sleeve are also offered. Tax-loss harvesting starts at Premium, and managed accounts can be a TFSA, RRSP, spousal RRSP, FHSA, RRIF, RESP, LIRA, corporate or non-registered account.

The do-it-yourself route at moomoo. If you would rather build an ETF portfolio yourself, moomoo’s per-share pricing means each purchase costs at least CA$1.49, and without fractional shares or DRIP you rebalance and reinvest in whole units by hand. Our Wealthsimple Managed Investing review covers every portfolio.

6. Fractional Shares, DRIP and Platforms

Fractional shares change how far small deposits go. Wealthsimple buys fractional shares from $1 on thousands of Canadian and US stocks and ETFs, in real time during market hours, at $0 commission. moomoo states it does not support fractional shares, so every order is for whole shares, and every order pays at least CA$1.49 or US$1.99.

A year of $100 deposits. This example is hypothetical. An investor adds $100 a month and buys a Canadian-listed ETF that stays at $40 a unit all year. At Wealthsimple each $100 buys 2.5 units at $0, so after 12 months they own 30 units ($1,200 ÷ $40). At moomoo they can buy only whole units after the CA$1.49 minimum, alternating between 2 and 3 units a month. After 12 months they own 29 units ($1,160 invested), have paid $17.88 in commissions (12 x $1.49) and hold $22.12 in uninvested cash ($1,200 – $1,160 – $17.88).

DRIP keeps dividends working. Wealthsimple lets you switch on dividend reinvestment, so a $12 dividend on a $40 ETF buys 0.3 of a unit straight away. moomoo says DRIP is not available, so the $12 stays in cash; buying with it later costs at least CA$1.49, or 12.4% of the dividend ($1.49 ÷ $12). In our best brokers for dividend investing list, which includes only brokers that offer DRIP, Wealthsimple ranks third at 4.2 / 5 and moomoo is not listed.

Apps and tools. moomoo runs a single moomoo app on mobile and desktop. Wealthsimple runs a mobile app and a web app, with recurring buys daily, weekly, every two weeks or monthly, and 24-hour trading five days a week in US-listed stocks and ETFs. On our platform factor (a point each for fractional shares, DRIP, options, an advanced platform and a mobile app), Wealthsimple scores 4 and moomoo 3: moomoo earns the advanced-platform point that Wealthsimple does not, but has neither fractional shares nor DRIP. On our beginner test, Wealthsimple scores 5.0 and moomoo 2.5.

Rankings. Wealthsimple is first and moomoo seventh in our best investing apps list, and first and ninth in our best brokers for beginners ranking.

7. Cash and Margin Rates

moomoo’s margin starts lower. moomoo quotes CAD margin from 3.85% and USD margin from 6.4%, as of November 3, 2025; “from” means some balances may pay more, and the date is almost a year old, so please confirm the rate before you borrow. Wealthsimple charges 4.95% CAD and 7.5% USD on Core, 4.45% and 7% on Premium, and 3.95% and 6.5% on Generation, based on prime of 4.45% (CAD) and 7% (USD) as of September 18, 2026. In our lowest margin rates ranking, moomoo is second and Wealthsimple third of 10.

Reading the gap. A Core client borrowing $20,000 for a year would pay ($20,000 x 4.95% = $990.00) at Wealthsimple against ($20,000 x 3.85% = $770.00) at moomoo if the “from” rate applies, a difference of $220.00. At Generation the gap shrinks to $20.00 ($790.00 against $770.00).

Cash interest. moomoo runs a Cash Sweep program; its welcome promotion cites 6% APY for 30 days after activation, but the standard rate is not published. Wealthsimple does not publish a rate for cash inside trading accounts, but its separate Savings account pays 2.5% to all clients and chequing pays 1.25%, 1.75% or 2.25% by tier. Neither earns points for trading-account cash in our rubric, so the cash and margin sub-scores (moomoo 2.5, Wealthsimple 2.0) reflect margin alone.

Margin rules at Wealthsimple. You can hold up to two personal margin accounts and one joint (in beta), and a TFSA can be linked to a margin account for buying power. Some clients get a restricted margin account with a $1,000 borrowing limit. Its portfolio line of credit charges the same tiered rates and lends up to 35% of eligible collateral.

8. Safety: CIRO and CIPF

Same safety score. Wealthsimple Investments Inc. is an investment dealer and a CIRO dealer member, and it is on CIPF’s member list. Moomoo Financial Canada Inc. states that it is regulated by CIRO and is on CIPF’s current member list. Both score 4.0 on our safety factor, which gives 4 when CIRO and CIPF membership are both stated.

CIPF by account. CIPF protects cash and securities held at 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 products. 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 use a passkey to sign in are reimbursed for all direct losses from unauthorized account activity. Read is Wealthsimple safe for each entity, and our moomoo Canada review for moomoo’s.

9. Wealthsimple vs moomoo: 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, and leaves out pass-through and regulatory fees and sales tax on Wealthsimple’s USD account fee.

Profile 1: the monthly ETF buyer. Each 20-unit buy at moomoo is 20 x CA$0.0149 = CA$0.30, raised to the CA$1.49 minimum, so 12 buys cost (12 x $1.49 = $17.88). At Wealthsimple the same buys cost $0.00, and with fractional shares the full $500 goes in each month.

Profile 2: the active US trader. Each 100-share US trade at moomoo is US$0.49 commission (raised to the US$0.99 minimum) plus a US$0.50 platform fee (raised to US$1.00), or US$1.99: (120 x US$1.99 = US$238.80). moomoo’s RRSP holds US dollars with no fee stated. At Wealthsimple Core the trades are $0 and the USD account costs ($10 x 12 = $120.00), so Wealthsimple is cheaper by $118.80 ($238.80 – $120.00). On Premium the USD account is included, and Wealthsimple’s cost is $0.00.

Profile 3: the options trader. At moomoo two contracts cost (2 x US$0.65 = US$1.30) a trade, above the US$1 minimum, so 48 trades cost (48 x US$1.30 = US$62.40). Wealthsimple charges $0 a contract on equity and ETF options. moomoo charges nothing on exercise or assignment, while Wealthsimple charges US$45 for an early exercise. One early exercise a year narrows the gap to US$17.40 (US$62.40 – US$45.00), and two would make Wealthsimple the dearer of the two for this trader (US$90.00 against US$62.40).

Profile 4: the $250,000 investor. At Wealthsimple this investor is Premium: all 24 buys are $0 and the USD account is included, so the year costs $0.00. At moomoo, 80 units x CA$0.0149 = CA$1.19, raised to CA$1.49, and 40 US shares x US$0.0099 = US$0.40, raised to US$1.99, so the year costs (12 x $1.49 + 12 x US$1.99 = $17.88 + $23.88 = $41.76). A $250,000 investor may also need an FHSA, RESP, RRIF or LIRA at some point, none of which moomoo offers or lists.

10. Who Should Choose Wealthsimple

Anyone who needs more than a TFSA and RRSP. First-time buyers with an FHSA, parents with an RESP, retirees with a RRIF or LIF, people with a LIRA from an old pension, couples who want a joint account and incorporated business owners all need Wealthsimple or another full-service broker, not moomoo.

Small and regular investors. Fractional shares from $1, recurring buys and DRIP put every dollar to work at $0 commission. That is why Wealthsimple ranks first of 13 for beginners and moomoo ninth.

Options traders who keep it simple. $0 a contract on equity and ETF options beats moomoo’s US$0.65, and Wealthsimple ranks second of 13 for options against moomoo’s fifth.

People who want investing, banking and advice together. Chequing, a 2.5% savings account, managed portfolios, crypto and tax software sit in the same app. Our Wealthsimple Trade review, Wealthsimple fees guide and Core vs Premium vs Generation comparison cover each part. If you will hold $100,000 or more, Premium includes the USD account and cuts margin to 4.45%.

11. Who Should Choose moomoo

Active traders who want US dollars in a TFSA or RRSP. moomoo says both accounts hold Canadian and US dollars with no fee stated, against $10 plus tax a month for a Wealthsimple USD account on Core. That suits US investing in those two accounts, though each US order pays at least US$1.99.

Margin borrowers on Wealthsimple’s Core tier. moomoo’s CAD margin from 3.85% is below Core’s 4.95%, though Wealthsimple Generation’s 3.95% comes within 0.10 percentage points.

Options traders who exercise. moomoo charges nothing on exercise or assignment and has waived its options platform fee until further notice, at US$0.65 a contract.

Investors whose needs stop at a TFSA, RRSP or margin account. If you buy whole shares in larger orders, moomoo’s per-share pricing stays a small share of each trade: 300 US shares at US$20 cost US$2.97, or about 0.05%. Our moomoo Canada review covers its platform and terms.

12. Using Both, and Switching Between Them

A practical split. Wealthsimple vs moomoo can be both: some investors keep their FHSA, RESP and long-term ETF buying at Wealthsimple, where fractional shares and DRIP do the work, and use a moomoo margin or TFSA account for active US trading. Assets at moomoo do not count toward Wealthsimple’s tiers, so splitting can keep you on Core.

Wealthsimple’s 1% match. New Wealthsimple clients who transfer $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.

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, and moomoo charges CA$50 for each RRSP withdrawal. Withdrawing and redepositing in a TFSA uses new room until the withdrawal is added back on January 1 of the next year. Our guide on how to transfer an investment account covers every step, and our editorial standards explain how we treat figures a broker does not publish, such as moomoo’s standard Cash Sweep rate. For other pairings see Wealthsimple vs Questrade, Wealthsimple vs Interactive Brokers and our broker comparison hub.

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
• Reader’s Choice Award 2025 Winner, Best Accountant (Toronto)

Read Sharad’s profile and verify his credentials

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

Read Neha’s profile and verify her credentials