Scotia iTrade vs Wealthsimple Comparison: 2024

About Scotia iTrade

Scotia iTrade is one of the leading Canadian discount brokers which now comes under the umbrella of Scotiabank, which is among the top 5 banks in Canada. It emerged after Scotiabank purchased E*TRADE Canada in the year 2008.

Focusing on active traders, they invest in cutting-edge technology to build powerful platforms. On the other hand, iTrade also offers great educational tools for novice traders.

Scotia iTrade

If you plan to open a registered account with Scotia iTRADE, you have the following options: • Tax-free savings accounts (TFSAs) • Registered education savings plans (RESPs) • Registered retirement savings plans (RRSPs) • Locked-in retirement accounts (LIRAs) • Registered retirement income funds (RRIFs) • Locked-in retirement savings plans (LRSPs)

Features of Scotia iTrade

• Low commissions: You can trade for as low as $4.99 • In-depth research by Scotiabank. • Powerful Trading Platforms: iTRADE offers 3 trading platforms: OnLine, TradingDesk, and FlightDesk. All the three are intuitive, customizable, and loaded with great tools. •

About Wealthsimple

Canadians have got more new and better platforms for trading in recent years where the cost is lower and the interface and navigation becomes much more user-friendly. And the credit goes to rise in online brokers and robo advisors.

Let’s move on to the review of such an online broker Wealthsimple.

About Wealthsimple

Launched in September 2014 by Michael Katchen, Wealthsimple is an online Canadian broker offering you thousands of stocks and ETFs on the major Canadian and U.S. exchanges. A leading robo advisor is a fast growing fintech company in Canada.

The broker focuses largely on zero-commissions, no-account minimums, user-friendly interface and great mobile-trading experience. Therefore, you can make as many trades you want at just $0 as a commission.

Wealthsimple Trade is a part of Canadian ShareOwner Investments, a member of IIROC, CIPF, and is also a registered investment dealer. Therefore, Customer accounts are protected by CIPF in case the ShareOwner becomes