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Wealthsimple vs TD Ameritrade

Wealthsimple vs TD Ameritrade Comparison Table 2023
Wealthsimple Review 2023 TD Ameritrade Review 2023
Review
3.1
Review
4

TD Ameritrade is #36 in our broker rankings.

United States Flag Traders from US not accepted
United States Flag Traders from US accepted

Wealthsimple offers managed investment portfolios to Canadian residents. Clients can build a trading solution based on their financial goals and risk tolerance. Buy and sell stocks, ETFs, and cryptocurrencies. 2 million+ accounts have already been opened.

TD Ameritrade is a leading discount brokerage offering a vast range of instruments including forex, stocks, futures, options and crypto. The company has nearly 40 years of experience and authorization from the SEC, FINRA and CFTC. Trading takes place via its well-known thinkorswim platform, which offers sophisticated tools and features including stock screeners and calculators.

Comment by Reviewer
"Canadian traders looking for passive income opportunities will be well served by Wealthsimple. The quick and easy joining process also means you can sign up and start trading in a few minutes." "Traders who want access to a huge range of stocks from a reputable broker with low fees should consider TD Ameritrade. On the downside, we miss access to the familiar MetaTrader 4 software."
Pros
  • Simple and secure onboarding process through an intuitive and well-reviewed mobile app - start investing in 5 minutes
  • Trade stocks from as little as $1 with zero commissions, plus Canadian fractional shares including Shopify and Royal Bank of Canada
  • Attractive perks available for Premium and Generation clients, including airport lounge access, 15% off your will, and health plans
  • Trade and stake digital coins on Canada's first regulated crypto platform and earn decent rewards of up to 4.6% per year
  • Accessible educational resources, including Personal Finance 101 and an engaging proprietary online magazine
  • Options trading available with flat $2 per contract pricing using any of the stocks and ETFs accounts
  • Advanced order types, including OCO and brackets
  • Automated trading capabilities, including robo-advisors
  • Several trading platforms including proprietary award-winning software
  • TD Ameritrade provides rich in-depth research and educational resources
  • Extended 24/7 trading hours allow for international access to the markets
  • The broker facilitates automatic syncing between desktop and mobile trading platforms
  • There is access to over 350 technical studies, 20 drawing tools and 8 Fibonacci tools
  • Active chat rooms to share ideas and communicate with thousands of experienced traders
  • The Economic Data tool allows access to a range of data about the health of global economies
  • Management Services and Essential Portfolios. Reviews of which show high levels of customer satisfaction
  • Portfolio margin gives some users increased leverage by basing margin requirements on total portfolio risk
Cons
  • Only Canadian residents can join after operations ceased in the USA and the UK
  • Limited to investing only in stocks, ETFs and cryptos
  • High management fees compared to competition
  • Long waiting time for non-instant deposits
  • CFD trading not available
  • No MT4 or MT5 integration
  • Fractional shares are not offered
  • No direct cryptocurrency trading
  • Broker-assisted trade commissions are around $25
  • Stringent margin maintenance requirements and high fees
  • New traders may be overwhelmed by the vast amount of information and tools available
Awards
  • Best Financial Services Website - Webby Awards
  • Top 100 Global Financial Technology Companies - Fintech 100
  • Best Broker for Beginners 2022 - Investopedia Best Online Broker Awards
  • Best Online Broker for Stock Trading Platform and Research 2022 - NerdWallet's Best-Of Awards
  • #1 Platform & Tools, #1 Active Trading, #1 Options Trading, #1 Customer Service, and #1 Phone Support 2022 - StockBrokers.com Online Broker Review
Instruments
Stocks, ETFs, Cryptocurrencies Stocks, Futures, E-minis, Options, Forex, Crypto, ETFs, Volatility Index
Demo Account
No Yes
Minimum Deposit
$1 $0
Trading Platforms
  • Own
  • eSignal
  • AutoChartist
Payment Methods
Minimum Trade
$1 $0
Regulator
CIRO SEC, FINRA, CFTC
Margin Trading
No Yes
STP Account
No No
ECN Account
No No
DMA Account
No Yes
MAM Account
No Yes
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
Yes Yes
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
Yes No
Mobile Apps
iOS & Android iOS & Android
Auto Trading
Yes via robo advisor Yes - Auto trading available via bots
Copy Trading
No No
Social Trading
No No
Trade Signals
Yes
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
Yes Yes
Custodial Account
No Yes
Guaranteed Stop Loss
No No
Inactivity Fee
$0
Islamic Account
Yes No
Account Currencies
  • USD
  • CAD
  • USD
Stock Exchanges
Commodities
Forex Trading
Forex trading not offered Trade 70+ forex pairs including majors, minors or exotics via the desktop, mobile or webtrader app with no commission and 1:2 leverage. The choice of currencies is wider than most forex brokers.
Forex App

TD Ameritrade offers currency trading via Android and iOS mobile and tablet apps. Users can speculate on over 75 currency pairs with low fees and advanced trading tools. Deposit funds and manage accounts in a few clicks.
GBPUSD Spread
Variable
EURUSD Spread
Variable
EURGBP Spread
Variable
Assets
75+
Cryptocurrency
Trade 50+ cryptocurrencies including Bitcoin and Ethereum with a competitive 1.5-2% fee per transaction. Investors also enjoy fast crypto transfers to and from Wealthsimple. Gain exposure to cryptocurrency markets through OTC crypto trusts, mutual funds and ETFs and Bitcoin futures. This offers portfolio diversification opportunities and trading vehicles beyond standard crypto CFDs.
Spread
1.5 – 2% operational fee Commission fees apply
Coins
  • ZRX
  • 1INCH
  • AAVE
  • APE
  • AMP
  • ANKR
  • AVAX
  • AXS
  • BAL
  • BNT
  • BAND
  • BAT
  • BTC
  • BCH
  • ADA
  • CTSI
  • CELO
  • LINK
  • CHZ
  • CHR
  • COMP
  • ATOM
  • COTI
  • CRV
  • DAI
  • MANA
  • DOGE
  • DYDX
  • ENJ
  • ETH
  • FTM
  • FIL
  • GALA
  • GRT
  • KNC
  • LTC
  • LRC
  • LUNC
  • MKR
  • PAXG
  • DOT
  • MATIC
  • QNT
  • REN
  • SAND
  • SHIB
  • SKL
  • SOL
  • XLM
  • STORJ
  • SUSHI
  • SNX
  • XTZ
  • UMA
  • UNI
  • USDC
  • YFI
  • BTC
  • ETH
  • MBT
  • MET
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
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