MogoTrade vs. Wealthsimple Trade

MogoTrade vs. Wealthsimple Trade

Written by Bryan Daly
Fact-checked by Caitlin Wood
Last Updated May 12, 2022

Luckily, whether you’re an amateur or experienced investor, there are a ton of different online investing platforms available in Canada, from new companies like MogoTrade to reputable ones like Wealthsimple Trade.

Are you interested in making affordable and convenient investments? If so, MogoTrade or Wealthsimple Trade might be the perfect platform for your personal and financial needs. Keep reading to learn how MogoTrade compares to Wealthsimple Trade.

What Is MogoTrade?

MogoTrade is a commission-free stock trading app that was recently introduced by the financial technology company Mogo, which is based in Toronto, Winnipeg and Vancouver. The platform is advertised as a new way to invest and go green. Today, MogoTrade is one of the few online investment tools in Canada that offers free trading. 

MogoTrade Features

Here are some of the other noteworthy things you can do with the MogoTrade app:

  • Receive Free Live-Streaming Stock Prices – With your MogoTrade account, you get access to real-time trading quotes on your computer or mobile device. This allows you to view live-streamed (rather than delayed) stock market data.     
  • Build Your Own Stock Watchlist – Once you enter the MogoTrade market, you can buy, sell, trade and monitor a range of stocks. Additionally, MogoTrade will soon accept other assets, like cryptocurrencies and non-fungible tokens (NFTs).    
  • Turn Every Investment Into a Climate Action – When you perform actions with your app, such as creating an account or trading, Mogo promises to plant trees, which can help restore Canadian forests that have been damaged by wildfires.

What Is Wealthsimple Trade?

Founded in 2014, Wealthsimple is a Toronto-based digital investment brokerage that’s recently become popular among self-directed traders. Wealthsimple Trade (not to be confused with Wealthsimple Invest) is their automated trading app, which allows you to make registered or non-registered investments and manage your own stock portfolio.  

Wealthsimple Trade Features

Some investors prefer Wealthsimple Trade due to its more extensive list of features:

  • No-Commission Trading – With Wealthsimple Trade installed on your computer or mobile device, you’ll have the ability to buy or sell stocks, exchange-traded funds (ETFs) and cryptocurrencies on Canadian or U.S. exchanges for zero fees.
  • Cryptocurrency Trading – Wealthsimple Trade also stands out because it lets you trade cryptocurrencies through the Wealthsimple Crypto network. There are over 30 coins and tokens accepted, such as Bitcoin, Ethereum, and DogeCoin.
  • Easy Signup & No Minimum Limits – To create a Wealthsimple Trade account, you just need to download the app, click “Get Started” and follow the instructions. As soon as the account is approved, you can start investing with as little as $1.    
  • Multiple Types of Accounts – As mentioned, Wealthsimple Trade supports a variety of registered and non-registered investment accounts, including TFSAs and RRSPs. Other types of accounts should be available in the future too. 
  • Convenient Mobile App & Transfer Fee Reimbursement – The Wealthsimple Trade mobile app lets you make and track watchlists from anywhere in the world. On top of that, they’ll reimburse you for any fees on transfers larger than $5,000.  

Overview: MogoTrade vs. Wealthsimple Trade

MogoTradeWealthsimple Trade
Accounts Offered– Tax-free savings account (TFSA)
– Registered retirement savings plan (RRSP)
– Non-registered cash account
– Tax-free savings account (TFSA)
– Registered retirement savings plan (RRSP)
– Non-registered investment account
Types of InvestmentsToronto Stock Exchange (TSX):
– Stocks 
– Exchange-Traded Funds (ETFs) 
New York Stock Exchange (NYSE):
– NASDAQ
– NEO
– CSE
Canadian & U.S. Exchanges:
– Stocks
– Exchange-Traded Funds (ETFs)
Cryptocurrency (30+ Coins & Tokens Available) 
Fees– $0 commission trading
– Varied forex (FX) fees 
– $0 commission Ttading
– Various transactional fees
Main Features– Free live streaming stock prices
– Stock watchlists
– Trees planted following actions
– User friendly platform
– Cryptocurrency trading 
– No minimum account limits
– Free transfers of $5,000 or more 
– $50 bonus for first trade over $150
– CIPF protection (up to $1 Million) 
Compatibility – iOS
– Android
– iOS
– Android
– Web App

How It Works: MogoTrade vs. Wealthsimple Trade

Although the Wealthsimple Trade app is more known for its user-friendliness than MogoTrade (MogoTrade is still new and this will likely change soon), both of these trading platforms have relatively simple signup processes that make them perfect for new and seasoned investors alike:  

MogoTrade

  1. Request an Account – Start by downloading the MogoTrade app on your device, then fill in a few personal details and send a request for a MogoTrade account.
  1. Waitlist – You’ll be placed on a commission-free trading waitlist, where you can move up quicker on by getting friends to join and using special referral codes. 
  1. Create Your Watchlist – While you wait for your invite, you can create watchlists and live-stream stock prices or see the latest market news (wait times may vary).

Wealthsimple Trade

  1. Open Your Account – Go to the Wealthsimple Trade website to register for an account. Here, you’ll also get a link for your $50 bonus (following a $150 trade)
  1. Choose an Account – Next, download the Wealthsimple Trade app, log in with your credentials and pick your account type (TFSA, RRSP or non-registered).  
  1. Fund Your Account & Start Trading – The last steps are to link up your bank account, then deposit funds into your trade account to start buying and selling. 

Cost Of MogoTrade vs. Wealthsimple Trade

When choosing a trading platform, it’s important to read the fine print before you sign up for any sort of account or product. After all, even a company that supposedly offers “free trades” could tack on small fees for various transactions without you realizing it. Here’s what we know about the fees for using MogoTrade and Wealthsimple Trade:

MogoTrade

  • Commission-Free Trades & Zero Account Fees – Thankfully, MogoTrade really doesn’t charge fees to open an account or perform trades in Canada.
  • Forex (FX) Fees – That said, it’s possible that MogoTrade will charge you a foreign currency conversion fee of up to 2% when you buy or sell U.S. stocks.     

Wealthsimple Trade

  • Commission-Free Trades & Zero Fees – There are zero fees to open an account, withdraw funds, get electronic statements or have an inactive account.
  • Transaction Fees – On the other hand, Wealthsimple Trade may charge certain fees for specific kinds of transactions, including but not restricted to: 
  • Paper Account Statements = $20
  • Currency Conversions = 1.50% + conversion fee for USD Trades
  • Service Upgrades = Extra $3/month for Wealthsimple Trade Premium

MogoTrade vs. Wealthsimple Trade: FAQs

Can you trade crypto with MogoTrade?

At the moment, MogoTrade doesn’t offer crypto services but Mogo has a separate program called “MogoCrypto”, which is FINTRAC regulated and publicly traded on the TSX and NASDAQ. The platform has more than 1.6 million users and is available in:
  • Alberta
  • British Columbia
  • Manitoba
  • Ontario
  • Newfoundland & Labrador
  • Nova Scotia
  • Prince Edward Island   

Is MogoTrade safe to use?

Yes, MogoTrade Inc. is a recognized company and a member of the Investment Industry Regulatory Organization of Canada (IIROC), as well as the Canadian Investor Protection Fund (CIPF). This means their accounts provide up to $1 million of protection for your assets in the event that the firm holding your investment becomes insolvent.

Is Wealthsimple Trade safe to use?

Yes, Wealthsimple Trade is also a legitimate business and a division of Canadian ShareOwner Investments Inc., which is a member of both the IIROC and CIPF, so their customers get the same level of financial protection against film insolvencies. Plus, they were created by Wealthsimple, one of Canada’s most widely used investment platforms.  

Looking For A Secure And Affordable Way To Invest?

If that’s your goal, make sure to do it through a reputable and cost-effective company, like MogoTrade or Wealthsimple Trade. Although online investment platforms can have a few costs and restrictions, there are plenty of ways you can use them responsibly and come out on top.


Rating of 5/5 based on 1 vote.

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and traveling the world in search of the coolest sights our planet has to offer. Bryan uses the BMO Cash Back Mastercard to earn cash back on everything from boring bill payments to exciting excursions. He is also a strong saver, holding both a TFSA and an RRSP account in order to prepare for his future while taking full advantage of tax benefits.

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