Best Tax-Free Savings Accounts (TFSA) in Canada Compared

Is IBKR's GIA a Good Account?

IBKR’s GIA is its “universal account” that lets you invest in all asset classes via shares, CFDs, futures, options or funds.

The account is excellent for sophisticated investors who want to manage their own portfolios with complex order types. It’s ideal for active investors who need access to a wider range of investment products like derivatives, options, and futures. IBKR is also one of the cheapest investment platforms across all asset classes, as it was built on offering electronic discount brokerage.

Fees

There is no account charge for general investment accounts at IBKR. When you buy and sell shares minimum dealing commissions are £1 in the UK or 0.05% of the deal size.

Special Offers

IBKR clients can earn $200 for each qualified referral while giving their friend the opportunity to earn up to $1000 of IBKR stock.

What is IBKR’s Platform Like to Use?

The investment platform is a slimmed-down version of its exceptional desktop trader station. For investing it gives you a good overview of shares and funds.

Is Moomoo any good?

Moomoo is available in Canada, Australian Singapore and the US and has a robust platform that caters to both retail and more sophisticated traders. Compared to platforms like Robinhood and Webull it’s got better data, DMA and global market access. However, for active traders it’s not as institutional grade as Interactive Brokers or more established platforms like TD Ameritrade’s thinkorswim.

There are a few key features to Moomoo like real-time market data and advanced charting where you can trade DMA, with good technical indicators for advanced traders. There is also a good demo trading account so you can practice before you deposit real funds. You can also make a automatic buy sell order on Moomoo with OCO stop and limit orders for effective risk management of positions.

We consider Moomoo a safe trading platform as they are regulated by the SEC in the US, the MAS in Singapore and ASIC in Australia.

Is Wealthsimple a good way to invest?

Yes, we rate Wealthsimple as a good way to invest for beginner investors looking for a simple, low-cost way to buy and hold stocks or ETFs, rather than active traders who require sophisticated tools. Wealthsimple’s DIY brokerage designed for investors who want to buy and sell their own stocks and ETFs.

How much does Wealthsimple cost?

There is also no minimum deposit or annual account fee, which lowers the barrier for first-time investors.

Canadian stocks, options and ETFs can be traded commission free, making it one of the lowest-cost ways for Canadians to build a portfolio.

However, “free trading” comes with a caveat. When trading US stocks, Wealthsimple charges around 1.5% currency conversion each time funds are exchanged between CAD and USD, which can add up if you frequently trade American stocks. This is quite high compared to IBKR’s 0.02%.

What can you trade on Wealthsimple?

Wealthsimple lets you trade over 14,000 stocks, ETFs, options as well as fractional shares, allowing investors to buy portions of expensive companies rather than whole shares. This makes it particularly appealing to investors who contribute small amounts regularly.

Is it easy to use?

Wealthsimple is primarily mobile-first, with a clean interface designed for simplicity rather than professional-grade analysis. While this makes the app easy to use, more advanced traders may find the research tools and order types limited compared with full-service brokerages.

Is Wealthsimple safe?

For safety, in Canada Wealthsimple is a member of CIRO and customer accounts are protected by the Canadian Investor Protection Fund (CIPF) within specified limits.