Wealthsimple vs TD Direct Investing: Which Is Better for Buying XEQT?

A few years ago, I opened my first brokerage account at TD Direct Investing. It made sense at the time. I had banked with TD since I was a teenager, and the idea of keeping everything under one roof felt convenient and safe. I set up a TFSA, logged into WebBroker, and placed my first XEQT trade.

Then I saw the confirmation: $9.99 commission.

It stung. I was contributing $200 every two weeks, trying to build a disciplined dollar-cost averaging habit. That $9.99 meant nearly 5% of each purchase was gone before XEQT even had a chance to grow. After a few months of watching those commissions pile up, I started researching alternatives. That is when I found Wealthsimple, opened an account, and never looked back.

I still think TD Direct Investing is a perfectly solid brokerage. It is backed by one of Canada’s largest banks, it has a deep set of tools, and for certain types of investors it genuinely makes sense. But for the specific use case of buying and holding XEQT – which is what most readers of this site are here for – the two platforms are not even close.

This guide breaks down every meaningful difference so you can decide for yourself. I will be fair to both platforms, but I will also be honest about which one I use and why.

Disclosure: This page contains a Wealthsimple referral link. I use Wealthsimple personally and share my honest experience. I do not have a referral arrangement with TD Direct Investing.

1. Quick Overview of Both Platforms

Before we get into the details, here is a high-level look at what each platform is and who it is designed for.

Wealthsimple is a Canadian fintech company founded in 2014. It started as a robo-advisor and has since grown into a full-featured financial platform with self-directed investing, crypto trading, tax filing, and even a high-interest savings account. Wealthsimple is built mobile-first, meaning the smartphone app is the primary experience. It is designed to be approachable for beginners while still offering enough depth for intermediate investors. The self-directed trading platform charges $0 commissions on Canadian stocks and ETFs.

TD Direct Investing is the self-directed brokerage arm of TD Bank, which is Canada’s largest bank by total assets. It has been around for decades and is one of the most established discount brokerages in the country. TD Direct Investing uses the WebBroker platform for trading, which offers a wide range of research tools, screeners, and charting capabilities. The standard commission for stock and ETF trades is $9.99 per trade.

Both are legitimate, well-regulated platforms. But they serve different needs, and the differences matter a lot depending on how you invest.

2. Commission and Fee Comparison

This is where the conversation starts and, frankly, where it almost ends for XEQT investors.

Wealthsimple fees:

• $0 commission on all Canadian stock and ETF trades (including XEQT)
• $0 commission on US stock and ETF trades (but a 1.5% currency conversion fee applies)
• No account maintenance fees on the free tier
• No inactivity fees
• Optional Premium plan ($13/month) for perks like USD accounts and lower currency conversion fees
• Optional Generation plan for higher-net-worth investors

TD Direct Investing fees:

• $9.99 per trade for stocks and ETFs (standard pricing)
• Reduced commissions may be available with high account balances or frequent trading activity
• $25/quarter maintenance fee if your account balance is under $15,000 (waived if you set up a $100/month pre-authorized deposit or meet other conditions)
• No currency conversion fee when using a USD account
• Various other fees for options, mutual funds, and special services

Let me put those commission numbers in perspective. Say you are contributing $200 every two weeks to buy XEQT, which is a common dollar-cost averaging schedule for a working Canadian. Here is what you would pay in commissions over one year:

That $259.74 is money that could have been working for you inside XEQT. Over 10 years, that commission drag – compounded – adds up to well over $3,000 in lost growth. And that is just on a $200 biweekly contribution.

If you are making smaller, more frequent purchases – say $50 or $100 per week – the math gets even uglier at TD. The $9.99 commission on a $50 purchase is essentially a 20% fee. That is worse than the highest-fee mutual fund in Canada.

The bottom line: if you are buying XEQT regularly, TD Direct Investing’s commission structure is a serious drag on your returns.

3. The Big Comparison Table

Here is a side-by-side look at how the two platforms stack up across every major category:

If you count the wins, Wealthsimple takes the majority of categories that matter for XEQT investors. TD wins in areas that are more relevant to active traders, US stock investors, and people who want advanced research tools.

4. Account Types Available

Both platforms offer a solid range of registered and non-registered accounts. Here is the full breakdown:

Wealthsimple account types:

• TFSA (Tax-Free Savings Account)
• RRSP (Registered Retirement Savings Plan)
• FHSA (First Home Savings Account)
• RESP (Registered Education Savings Plan)
• Non-registered (personal taxable account)
• Corporate investment account
• Crypto account
• Cash account (high-interest savings)

TD Direct Investing account types:

• TFSA (Tax-Free Savings Account)
• RRSP (Registered Retirement Savings Plan)
• FHSA (First Home Savings Account)
• RESP (Registered Education Savings Plan)
• LIRA (Locked-In Retirement Account)
• RIF (Retirement Income Fund)
• RRIF (Registered Retirement Income Fund)
• Non-registered (personal taxable account)
• Corporate investment account

TD has a slight edge here with LIRA and RIF accounts, which matter if you have a locked-in pension or are in the decumulation phase of retirement. For most people in the accumulation phase – buying XEQT every payday and building wealth – both platforms cover the accounts you need.

One thing I really like about Wealthsimple is that opening multiple accounts is fast and painless. I have a TFSA, RRSP, FHSA, and non-registered account all under one login, and each one took about two minutes to set up. At TD, the process involves more paperwork and sometimes a visit to a branch.

5. Ease of Use and Mobile Experience

This is one of the biggest differentiators, and it is not particularly close.

Wealthsimple was designed from the ground up as a mobile-first experience. The app is clean, intuitive, and fast. Buying XEQT takes about three taps: search for the ETF, enter your dollar amount, confirm the purchase. The portfolio view is easy to read, performance tracking is clear, and everything just works.

The web interface mirrors the mobile experience and is perfectly adequate for managing your portfolio from a computer. For a buy-and-hold XEQT investor, it has everything you need.

TD Direct Investing uses the WebBroker platform, which has been around in various forms for years. WebBroker is powerful – it offers detailed charting, stock screeners, analyst reports, and a wide range of order types. If you are an active trader who needs Level 2 quotes and technical analysis tools, WebBroker delivers.

But if you are a regular person who just wants to buy XEQT on payday, WebBroker can feel overwhelming. The interface is dense, the navigation is not always intuitive, and simple tasks can take more clicks than they should. The mobile app exists but it is clearly a companion to the desktop experience rather than the primary product.

TD also offers Goal Assist, a planning tool that helps you set financial goals and track your progress.

My honest take: I used WebBroker for about eight months before switching to Wealthsimple. The difference in day-to-day usability is night and day. For someone who just wants to log in, buy XEQT, and get on with their life, Wealthsimple is far more pleasant to use.

6. Auto-Invest and Recurring Purchases

This is a category where Wealthsimple has a clear, decisive advantage – and for XEQT investors practicing dollar-cost averaging, it might be the single most important feature.

Wealthsimple offers a built-in auto-invest feature (also called recurring buys). You pick an ETF like XEQT, set a dollar amount, choose a frequency (weekly, biweekly, monthly), and Wealthsimple handles the rest. The money is pulled from your linked bank account, deposited into your brokerage account, and used to buy XEQT automatically. You do not have to log in, you do not have to place a trade, you do not have to think about it at all.

This is the holy grail for passive investors. Set it up once, and your XEQT purchases happen like clockwork. No emotional decisions about timing the market. No forgetting to invest on a busy week. Just consistent, automatic investing.

TD Direct Investing does not offer a native auto-invest feature for self-directed accounts. You can set up automatic deposits into your brokerage account (pre-authorized contributions), but you still have to log into WebBroker and manually place the trade yourself. Every single time.

This means every payday, you need to:

1. Log into WebBroker
2. Navigate to the trading screen
3. Search for XEQT
4. Enter your order details
5. Confirm the trade
6. Pay $9.99 for the privilege

It is not the end of the world, but it adds friction. And friction is the enemy of consistent investing. I know from personal experience that there were weeks when I was busy or distracted and just… did not get around to placing my TD trade. Those missed weeks add up over time.

With Wealthsimple’s auto-invest, I have not missed a single contribution since I set it up. That consistency alone is worth the switch.

7. Research Tools and Market Data

I want to be fair here: TD Direct Investing offers significantly better research and market data than Wealthsimple.

TD Direct Investing through WebBroker gives you access to:

• Analyst reports from Morningstar, Argus, and other research providers
• Stock and ETF screeners with dozens of filters
• Advanced charting with technical indicators
• Real-time streaming quotes (with certain account conditions)
• Market news feeds and economic calendars
• Goal Assist for financial planning
• Portfolio analytics with detailed performance attribution

Wealthsimple offers:

• Basic ETF and stock information pages
• Simple performance charts
• News headlines
• Analyst ratings (basic)
• Educational content and articles

For an active trader or someone who enjoys deep financial research, TD is the better platform. No question.

But here is my counterpoint: if your strategy is buying XEQT and holding it for decades, how much research do you actually need?

XEQT is a single all-in-one ETF that holds over 9,000 stocks across the entire world. The research has already been done. The allocation has already been decided by iShares. You do not need a stock screener to decide to buy XEQT – you just need to buy XEQT.

I have access to all kinds of research tools and I almost never use them for my XEQT holdings. I check the price occasionally out of curiosity, but it does not change my strategy. I buy on schedule regardless. For this style of investing, Wealthsimple’s simpler interface is actually a feature, not a bug. It keeps you focused on the one thing that matters: consistent contributions.

8. Fractional Shares

Wealthsimple supports fractional shares, meaning you can invest any dollar amount into XEQT regardless of the share price. If XEQT is trading at $28.50 and you want to invest exactly $200, Wealthsimple will buy you 7.0175 shares. Every dollar goes to work.

TD Direct Investing does not support fractional shares. You must buy whole shares only. With XEQT at $28.50 and $200 to invest, you can buy 7 shares for $199.50, and the remaining $0.50 sits as uninvested cash. (Plus you pay the $9.99 commission, so you actually can only buy 6 shares for $171.00, leaving $29.00 in cash.)

This matters more than most people think. That uninvested cash earns nothing. Over hundreds of transactions across years of investing, the cash drag from rounding down to whole shares adds up. With Wealthsimple, 100% of every contribution is invested from day one.

Fractional shares also make auto-invest possible. You can tell Wealthsimple to buy exactly $200 of XEQT every two weeks, and it executes perfectly every time. Without fractional shares, automatic dollar-amount investing simply does not work.

The difference is stark. On Wealthsimple, your full $200 is invested. On TD, only $171 makes it into XEQT, with $29 sitting idle (including the commission). That is a 14.5% efficiency gap on a single transaction.

9. Transfer Process and Fees

If you are currently with TD Direct Investing and considering a switch to Wealthsimple, here is what you need to know about the transfer process.

Transferring from TD to Wealthsimple:

• Wealthsimple handles most of the process through an in-kind transfer (your XEQT shares move directly without being sold)
• The transfer typically takes 5 to 15 business days
• TD may charge a transfer-out fee (often around $75-$150 per account – verify the current fee with TD before initiating)
• Wealthsimple may reimburse transfer fees on qualifying transfers above a certain threshold (check current terms on their site)
• Your XEQT shares maintain their original cost basis throughout the transfer

Important: Do not sell your XEQT at TD and rebuy at Wealthsimple, especially in a registered account. An in-kind transfer preserves your contribution room and avoids triggering any tax implications. In a TFSA, selling and withdrawing would reduce your contribution room until the following year. An in-kind transfer avoids this entirely.

Transferring from Wealthsimple to TD:

• Wealthsimple charges $0 for outgoing transfers
• TD may charge an incoming transfer fee (verify current terms)
• The process is similar but initiated from the TD side

10. Which Platform Wins for XEQT Specifically?

Let me break this down by investing style, because the right platform depends on how you plan to buy XEQT.

For dollar-cost averaging (regular small purchases): Wealthsimple wins decisively

This is the most common XEQT strategy, and it is how I invest. If you are contributing $100, $200, or $500 every payday, Wealthsimple’s combination of $0 commissions, fractional shares, and auto-invest is unbeatable. You set it up once and your XEQT portfolio grows on autopilot. At TD, every single one of those purchases costs you $9.99, requires manual execution, and leaves uninvested cash scraps from whole-share-only purchasing.

For lump-sum investing: Wealthsimple still wins

Even if you are making a single large purchase – say, putting $10,000 into XEQT all at once – Wealthsimple is still better. You save $9.99 on the commission (small in percentage terms on a large order, but still real money), and you get fractional shares so every cent is invested. The only scenario where this commission savings does not matter much is if you are investing a very large lump sum and plan to hold it indefinitely at TD.

For USD investments alongside XEQT: TD has advantages

If you want to hold US-listed ETFs or individual US stocks alongside your XEQT position, TD Direct Investing has a genuine advantage. TD offers USD-denominated accounts, which means you can convert currency once and hold US dollars without paying conversion fees on every trade. You can also use Norbert’s Gambit at TD to convert large amounts of CAD to USD at near-spot exchange rates, saving significantly on currency costs.

Wealthsimple charges a 1.5% currency conversion fee on USD trades on the free plan. The Premium plan ($13/month) reduces this, but for large USD portfolios, TD’s approach is more cost-effective.

That said, XEQT is a Canadian-listed ETF priced in Canadian dollars. If XEQT is your primary or only holding, the USD advantage at TD is irrelevant.

For advanced trading alongside XEQT: TD has more tools

If you want to trade options, use advanced order types, conduct deep technical analysis, or access professional-grade research alongside your XEQT core holding, TD Direct Investing offers tools that Wealthsimple simply does not have. WebBroker is a mature platform built for active traders.

But again, if your strategy is “buy XEQT and hold” – which is the strategy this site advocates – you do not need those tools.

11. The Verdict: For Most XEQT Investors, Wealthsimple Is the Clear Winner

I have tried to be fair throughout this comparison, and I genuinely believe TD Direct Investing is a fine brokerage for certain types of investors. If you are an active trader, if you need USD accounts for a large US stock portfolio, or if the peace of mind of having everything at one big bank matters to you, TD is a reasonable choice.

But if you are here because you want to buy XEQT consistently and build long-term wealth – which describes the vast majority of readers on this site – Wealthsimple is the better platform by a wide margin.

Here is why:

• $0 commissions vs. $9.99 per trade – This alone saves hundreds of dollars per year for a regular DCA investor. Over a decade, the savings are measured in thousands.
• Auto-invest – Set it and forget it. Your XEQT purchases happen automatically, removing the temptation to time the market and eliminating the risk of forgetting to invest.
• Fractional shares – Every dollar you contribute is fully invested from day one. No cash drag, no rounding down.
• Superior mobile experience – For a generation of investors who manage their money from their phones, Wealthsimple’s app is best-in-class.
• No account maintenance fees – No need to worry about quarterly fees if your balance is below a threshold.
• Faster, easier account setup – Open an account in minutes, not days.

The math is simple. If you are buying XEQT biweekly with $200 contributions:

• Wealthsimple cost per year: $0
• TD Direct Investing cost per year: $259.74

That is $259.74 every year that could be compounding inside XEQT instead of paying for the privilege of clicking a “Buy” button. Over 20 years of investing, assuming a 7% average annual return, those lost commissions could cost you over $10,000 in total portfolio value.

For a simple, passive XEQT strategy, there is no contest.

12. How to Switch from TD Direct Investing to Wealthsimple

If you are currently at TD and want to make the move, here is a quick step-by-step:

1. Download the Wealthsimple app (or visit wealthsimple.com) and create an account. Use a referral link to get a $25 bonus toward your first investment.

2. Open the same account type(s) you have at TD. If you have a TFSA at TD, open a TFSA at Wealthsimple. Same for RRSP, FHSA, or any other registered account.

3. Initiate an in-kind transfer from within the Wealthsimple app. You will need your TD account number. Wealthsimple walks you through the process – it takes about five minutes.

4. Wait for the transfer to complete. This typically takes 5 to 15 business days. During this time, you cannot trade the assets being transferred.

5. Verify your holdings. Once the transfer is complete, check that all your XEQT shares arrived and the cost basis looks correct.

6. Set up auto-invest. Now that you are on Wealthsimple, configure recurring buys for XEQT. Choose your amount, frequency, and funding source. This is the step that makes the whole switch worthwhile.

7. Close your TD Direct Investing account (optional). Once everything is transferred and confirmed, you can close the TD account to avoid any potential maintenance fees. You can still keep your TD bank accounts separately.

A note on transfer fees: TD may charge a transfer-out fee. Check with TD for the current amount. Wealthsimple has periodically offered to reimburse transfer fees for qualifying accounts, so look for any active promotions when you initiate the transfer.

13. When TD Direct Investing Actually Makes More Sense

In the interest of being genuinely helpful, here are the scenarios where I would actually recommend TD Direct Investing over Wealthsimple:

• You hold a large USD portfolio. If you have significant US stock holdings and want to avoid currency conversion fees, TD’s USD accounts and Norbert’s Gambit support are valuable.

• You trade options. Wealthsimple’s options offering is limited. TD Direct Investing provides a much more complete options trading experience through WebBroker.

• You need LIRA or RIF accounts. If you have a locked-in pension or are in the decumulation phase with a Retirement Income Fund, TD offers these account types while Wealthsimple does not.

• You value having everything at one bank. If you have your mortgage, chequing account, credit cards, and line of credit all at TD, there is something to be said for the convenience of seeing your investments in the same app. Moving money between TD accounts is instant.

• You want advanced research and charting tools. If you enjoy analyzing stocks, reading analyst reports, and using technical indicators, WebBroker’s research suite is far superior to anything Wealthsimple offers.

• You are a very high-frequency trader. If you are making dozens of trades per day (not typical for XEQT investors), TD may offer reduced commission rates through its active trader program.

These are all legitimate reasons. But notice that none of them apply to the typical XEQT buy-and-hold investor.

14. Frequently Asked Questions

Can I have accounts at both Wealthsimple and TD Direct Investing?

Yes. There is no rule against having brokerage accounts at multiple platforms. Some investors keep their TFSA at Wealthsimple for commission-free XEQT purchases and maintain a USD account at TD for US stock holdings. Just be aware of your total registered account contribution limits across all institutions.

Is my money safe at Wealthsimple compared to TD?

Both platforms are members of the Canadian Investor Protection Fund (CIPF), which protects your investments up to $1 million per account category if the brokerage becomes insolvent. Wealthsimple is also regulated by CIRO (the Canadian Investment Regulatory Organization). Your XEQT shares are held in your name regardless of which platform you use.

Does TD Direct Investing offer any commission-free ETFs?

TD offers a list of commission-free ETFs, but these are TD-branded ETFs, not third-party ETFs like XEQT. You will still pay $9.99 to buy XEQT at TD Direct Investing.

What about Wealthsimple’s 1.5% currency conversion fee?

This fee only applies to US-dollar trades. XEQT is a Canadian-listed ETF that trades in Canadian dollars, so the currency conversion fee is irrelevant for XEQT purchases.

Can I use Norbert’s Gambit at Wealthsimple?

No. Norbert’s Gambit requires a USD-denominated account. This technique is relevant for converting large amounts of CAD to USD cheaply, but it has nothing to do with buying XEQT (which is a CAD-denominated ETF).

What if I only invest once per month – does the $9.99 commission still matter?

If you invest $500 once per month, the $9.99 commission is about 2% of your purchase – still significant. At $2,000 per month, it drops to 0.5%, which is more tolerable. But even at 0.5%, you are paying for something that is completely free on Wealthsimple.

Final Thoughts

I switched from TD Direct Investing to Wealthsimple because I wanted to buy XEQT without friction and without fees. It was one of the best financial decisions I have made – not because TD was bad, but because Wealthsimple was simply better suited to my investing style.

If your strategy is to buy XEQT regularly, hold it for the long term, and let compound growth do the heavy lifting, Wealthsimple is the platform I recommend. Zero commissions, automatic investing, fractional shares, and a genuinely enjoyable app make it the ideal home for a passive XEQT portfolio.

TD Direct Investing has real strengths, and for certain investors it is the right choice. But for what most of us are trying to do here – build wealth slowly and steadily with XEQT – Wealthsimple is the better tool for the job.