There are various online brokerage platforms in Canada. We believe that Questrade, Scotia iTrade and CIBC investor's edge are the best alternatives to Wealthsimple.
Wealthsimple is an online brokerage account that offers both robot-advisory and manual trading. You can open a Tax-Free savings account, Registered Retirement Savings Plan, Registered Educational Savings Plan, LIRA, cash account etc., with Wealthsimple. You can also open an account in your personal name, joint name or a corporate name.
Questrade is one of the best alternatives of Wealthsimple as it offers both self-directed trading and default portfolios just like Wealthsimple does. It charges commissions on equity trading between $4.95 and $9.95. However, it is free of cost to purchase ETFs with Questrade. You can open TFSA, RESP, RRSP, margin accounts, LIRA, cash accounts etc., You get access to socially responsible investing and ETF portfolios. You need to have a minimum balance of $1,000. Similar to Wealthsimple, the platform does not charge account opening, closing or inactivity fees. You can trade in the web, desktop, laptop and in your mobile. The platform is also well known for its real time market data, notifications, news, technical analysis, charting and trading tools that are better than the ones offered by Wealthsimple.
If you are mainly looking for a self-trading platform that relates to big five banks, you can go for CIBC. The bank is a part of one of the big 5 banks of Canada – Canadian Imperial Bank of Commerce. You can open TFSA, RRSP, RESP, RRIF, LIRA, LRSP, LRIF, PRIF, margin account and cash account with CIBC. In addition to this, you can open non-personal accounts such as a corporate account, partnership account, investment club account, a formal trust account and an estate account. It offers research tools, screening, technical analysis and advanced charts. You can own fractional shares and keep $0 balance, just like in Wealthsimple. Although you can buy free ETFs, for other transactions you need to pay between $1.99 to $7.99 based on your transaction amount.
If you want to have all your funds in one place, you can opt for Scotia itrade as you can borrow, save, invest and trade within this single platform. On using Scotia iTrade your funds will be under the secure roof of a bank. You can integrate your bank account and trading account to get a complete picture of your investments. Additionally, you have the option to pay your monthly bills using your trading account. It offers real-time information, news, technical analysis, charting, notifications etc.. You can have non-registered accounts denominated in CAD and USD, TFSA, RRSP, RESP, locked in accounts, cash and margin accounts. Similarly, you can open an account in your name, joint names, business name, informal trust, investment club, trust, estate, or a Canadian Controlled private corporation.
Thus, a number of online brokerage platforms are emerging in Canada that exhibit healthy competition in the industry.