Four platforms. Two "TDs." One "Wealthsimple" (that's actually three products). Here's a plain-English breakdown for first-time Canadian investors who just want to know where to open their TFSA, RRSP, or FHSA.
New investors face a genuinely confusing landscape. Ask someone where to open a TFSA and they'll say "TD" — but TD has two completely different investing platforms, and one of them doesn't even support the FHSA. Ask about "Wealthsimple" and your friend might mean the robo-advisor, the self-directed app, or the cash account.
This page is specifically for people who are either:
The existing Questrade vs Wealthsimple deep dive covers those two platforms head-to-head for experienced investors. This page adds TD and frames everything for day-one investors who've never bought a fund in their lives.
The TD confusion, explained: "TD" for investing means two different things — TD Easy Trade (app-only, zero friction, beginner-focused) and TD Direct Investing (full-featured brokerage, online and desktop, access to TD e-Series mutual funds). They share a bank but are genuinely different platforms with different product access.
App-only platform from TD Bank designed for new investors. Dead-simple onboarding. Free ETF trades (up to 50/year). Very limited product range — no mutual funds, no FHSA.
Free ETF and stock trading. FHSA, RRSP, TFSA, and cash accounts all supported. Fractional shares (invest any dollar amount). Clean mobile-first interface. Does not offer mutual funds — ETFs only.
Free ETF buys (sells cost $4.95–$9.95). Access to ETFs, stocks, mutual funds, bonds, and options. FHSA supported. Solid research tools. More complex interface but more powerful.
Full brokerage platform (web + desktop + mobile). $9.99/trade for ETFs and stocks (or $7.99 with 150+ trades/quarter). The only place to buy TD e-Series funds — Canada's best low-cost mutual fund series. FHSA supported.
If you're a first-time buyer, FHSA access should heavily influence your platform choice. The FHSA combines RRSP tax deductions with TFSA-style tax-free withdrawals for a home purchase. It's the highest-value account a first-time buyer can open.
| Platform | FHSA Available? | TFSA | RRSP | Mutual Funds | Free ETF Trades |
|---|---|---|---|---|---|
| TD Easy Trade | ❌ No | ✅ | ✅ | ❌ | 50 free/year |
| Wealthsimple Trade | ✅ Yes | ✅ | ✅ | ❌ | Unlimited free |
| Questrade | ✅ Yes | ✅ | ✅ | ✅ | Buys free, sells $4.95+ |
| TD Direct Investing | ✅ Yes | ✅ | ✅ | ✅ (e-Series) | $9.99/trade |
If you're a first-time buyer: Cross TD Easy Trade off your list as your primary account. It doesn't support the FHSA, which means you're leaving a significant tax advantage on the table. Use Wealthsimple, Questrade, or TD Direct Investing instead.
| Feature | TD Easy Trade | Wealthsimple | Questrade | TD Direct |
|---|---|---|---|---|
| ETF trading cost | Free (50/yr) | Free | Buys free, sells $4.95+ | $9.99/trade |
| Mutual funds | ❌ | ❌ | ✅ | ✅ (e-Series) |
| FHSA | ❌ | ✅ | ✅ | ✅ |
| RRSP | ✅ | ✅ | ✅ | ✅ |
| TFSA | ✅ | ✅ | ✅ | ✅ |
| RESP | ❌ | ✅ | ✅ | ✅ |
| Fractional shares | ❌ | ✅ | ❌ | ❌ |
| Robo-advisor option | ❌ | ✅ Invest | ✅ Questwealth | ✅ TD Wealth |
| Interface | App only | App-first | App + web | Web + desktop + app |
| Crypto trading | ❌ | ✅ (caution) | ❌ | ❌ |
| US equities FX cost | Standard spread | 1.5% (free on Premium) | 1.5% | Standard spread |
| Best for beginners? | First $1K only | ✅ Best overall | Good — more complex | e-Series fans |
Many investors start simple and upgrade platforms as their needs grow. Here's a natural progression path:
Great for your literal first investment. Zero-friction, instant TD bank integration, free ETF trades. Fine for a starter TFSA with one or two broad-market ETFs (like XEQT or VEQT). Graduate when: you want to open an FHSA (TD Easy Trade doesn't support it), you want a wider ETF selection, or you want mutual fund access.
Once you've outgrown Easy Trade, Wealthsimple is the natural next step for most DIY investors. Add your FHSA here if you're a prospective home buyer. Unlimited free ETF trades, fractional shares, clean interface. Keep TD Easy Trade or close it once you've moved everything. Graduate when: you want mutual fund access (including index fund series like TD e-Series or Investors Group index funds), or you want better research tools.
Add Questrade alongside Wealthsimple if you want mutual fund access or more sophisticated tools. Or use Questrade as your primary platform from the start if you already know you want mutual funds. Questrade's Questwealth robo-advisor is now better integrated and is a solid option if you want managed portfolios alongside self-directed accounts. Stay here if: you want one platform that covers ETFs, stocks, mutual funds, and FHSAs under one roof.
If you're a Canadian Couch Potato devotee, the TD e-Series funds (MERs from 0.20%) are exclusively available through TD Direct Investing. They're some of the lowest-cost mutual funds in Canada and are excellent for automated monthly contributions with no trade costs. Open TD Direct Investing directly — skip Easy Trade if e-Series is your plan. Stay here if: you want the simplicity of e-Series auto-contributions with full bank integration.
Wealthsimple (2025–2026): Expanded fractional shares to more securities. Crypto trading integrated (Bitcoin, Ethereum, others) — useful to know exists, but treat it as high-risk speculation, not investing. Premium tier ($10/month) eliminates US equity FX fees and provides higher interest on cash. Wealthsimple Invest (robo-advisor) is now better integrated with Trade accounts for a unified view.
Questrade (2025–2026): Questwealth (robo-advisor) is more fully integrated into the main platform — you can now hold both self-directed and managed portfolios under one login. ETF buy commissions remain free. Questrade continues to improve its mobile app, which lagged Wealthsimple historically.
TD Easy Trade (2025–2026): Still app-only. Still no FHSA (verify current status at td.com — this may change). The 50 free ETF trade limit per year remains. For most active investors, this limit is rarely reached with passive ETF strategies.
TD Direct Investing (2025–2026): Maintains access to TD e-Series funds. FHSA available. The $9.99/trade cost for ETFs and stocks is a meaningful disadvantage vs free platforms — only justified if you're specifically using e-Series mutual funds (which have no per-trade cost when buying through TD).
Many first-time investors already have a group RRSP at work — usually through Sun Life, Great-West Life, Manulife, or Canada Life. These platforms (TD, Wealthsimple, Questrade) are for self-directed personal accounts.
Never transfer out of a group RRSP with active employer matching. If your employer matches 50% or 100% of your contributions, that's free money with an instant guaranteed return. Maximize employer matching before contributing to a self-directed account. Only consider moving funds after they've vested and you're no longer getting matching contributions.
The right strategy for most people with a group RRSP:
Platform choice and account choice are two different questions. If you know which platform but don't know whether to open a TFSA, RRSP, or FHSA first — that guide covers it.
This content is for educational and informational purposes only and does not constitute personalized financial or investment advice. Platform features, fees, and account type availability are subject to change — verify current details directly with each provider. This page may contain affiliate links. All figures are in Canadian dollars.