TD is Canada's largest bank and TD Direct Investing is one of the most widely used brokerage platforms in the country. Most people who use it do so because they already bank with TD and it was the path of least resistance. Here is what it actually costs compared to Wealthsimple.
| Feature | Wealthsimple | TD Direct Investing |
|---|---|---|
| Stock trades | $0 commission | $9.99 per trade |
| ETF trades | $0 commission | $9.99 per trade |
| Quarterly account fee | $0 | $25 if under $15,000 |
| Minimum balance | $0 | $15,000 to waive fee |
| TFSA / RRSP / FHSA | All supported | All supported |
| Options trading | No | Yes |
| Signup bonus | $25 cash (code 7-MDUG) | None |
If you make 20 trades per year at TD that is $199.80 in commissions. At Wealthsimple it is $0. If your balance is under $15,000, add another $100 in quarterly fees annually. Many people who are just starting out don't realize they are paying $300 per year before their investments have even had a chance to compound.
I know someone who had $8,000 in a TD TFSA for three years, made a handful of trades, and when they finally looked at the statement closely had paid over $400 in fees on an account that had barely grown. That story is not unusual and it is exactly the situation Wealthsimple was built to solve.
Options trading — TD supports it, Wealthsimple doesn't. If options are part of your strategy this matters.
Mutual funds — TD offers TD e-Series funds which are among the lowest-cost mutual funds in Canada. If you specifically want mutual funds rather than ETFs, TD is the better home.
Instant transfers — if you bank with TD, moving money between accounts is instant. Wealthsimple external transfers take 1–3 business days.
Branch support — TD has thousands of branches. Wealthsimple is app and chat only.
If you invest in stocks or ETFs and don't trade options, the math strongly favours Wealthsimple. I made this switch myself in 2018 and the fee difference has been meaningful over eight years of investing.
A practical approach if you're unsure: keep your TD account open, open a Wealthsimple TFSA, and contribute new money there. You will quickly see the difference in how the platforms feel to use and what things cost. No irreversible decisions required.
For most investors, yes. Zero commissions and no account fees versus $9.99 per trade and quarterly fees at TD is a significant difference. Unless you need options, mutual funds, or in-person branch support, Wealthsimple saves most people real money.
Yes. Many people keep TD for banking and use Wealthsimple for investing. There is no rule against both and it is a low-risk way to try Wealthsimple before committing to a full transfer.
TD may charge a transfer-out fee. Wealthsimple may reimburse it on qualifying transfers — check the Wealthsimple promotions page for current terms before initiating.
Yes. Use referral code 7-MDUG and deposit $100 or more to get $25 cash within 24 hours.
Related: Wealthsimple vs RBC Direct Investing · Wealthsimple vs Questrade · Get the $25 referral code
Use code 7-MDUG, deposit $100+, get $25 cash within 24 hours. Verified October 2026.