Wealthsimple and Questrade are Canada’s two most popular online brokerages. Both offer low fees and commission-free ETF options, but they have key differences that matter depending on how you invest.
Quick answer: Wealthsimple is better for most people — free trades, great app, simple experience. Questrade is better if you frequently buy US stocks/ETFs (use Norbert’s Gambit to save on currency conversion) or want more advanced trading tools. Both are excellent choices.
Wealthsimple vs Questrade: Full Comparison
| Feature | Wealthsimple Trade | Questrade |
|---|---|---|
| Canadian stock trades | $0 | $4.95–$9.95 |
| US stock trades | $0 | $4.95–$9.95 |
| ETF purchases | $0 | $0 |
| ETF sales | $0 | $4.95–$9.95 |
| Options | Not available | $9.95 + $1/contract |
| USD conversion fee | 1.5% (free with Premium) | ~2% (or free via Norbert’s Gambit) |
| Account minimum | $0 | $0 ($1,000 for margin) |
| TFSA/RRSP/FHSA | Yes | Yes |
| RESP | No | Yes |
| Margin accounts | No | Yes |
| Fractional shares | Yes | No |
| Mobile app | Excellent | Good |
| Desktop platform | Web only | IQ Edge (advanced) |
| Robo-advisor | Yes (Wealthsimple Invest) | Yes (Questwealth) |
| Crypto trading | Yes | No |
| Real-time quotes | With subscription | Snap quotes (15-min delay free) |
Fee Comparison: $50K Portfolio
| Scenario | Wealthsimple (Free) | Wealthsimple (Premium $10/mo) | Questrade |
|---|---|---|---|
| Buy 12 Canadian ETFs/year | $0 | $120/year | $0 (buy free) |
| Buy 12 US ETFs/year | $0 + $375 FX fee | $120/year | $0 + ~$15 (Norbert’s Gambit) |
| Sell 6 ETFs/year | $0 | $120/year | ~$45 |
| Total annual cost | $375 (with US) or $0 (CAD only) | $120 | ~$60 (with Norbert’s Gambit) |
Which Is Better for Each Situation
| Investor Type | Better Choice | Why |
|---|---|---|
| Beginner investor | Wealthsimple | Simpler interface, no commissions |
| Canadian-only ETF investor | Wealthsimple | $0 everything |
| US stock/ETF investor (small amounts) | Wealthsimple Premium | $10/mo beats Questrade commissions |
| US stock/ETF investor (large amounts) | Questrade | Norbert’s Gambit = cheapest USD conversion |
| Active trader | Questrade | Better platform, margin accounts |
| Options trader | Questrade | Wealthsimple doesn’t offer options |
| RESP saver | Questrade | Wealthsimple doesn’t offer RESPs |
| Crypto interested | Wealthsimple | Built-in crypto trading |
| Hands-off investor | Wealthsimple Invest | Better robo-advisor experience |
Robo-Advisor: Wealthsimple Invest vs Questwealth
| Feature | Wealthsimple Invest | Questwealth |
|---|---|---|
| Management fee | 0.40–0.50% | 0.20–0.25% |
| Minimum investment | $1 | $1,000 |
| Tax-loss harvesting | Yes (at $100K+) | No |
| Halal investing | Yes | No |
| Socially responsible | Yes | Yes |
| Number of portfolios | 5+ | 5 |
| Better for | Features, ease of use | Lower fees |
Currency Conversion: The Hidden Cost
| Method | Cost to Convert $10,000 CAD to USD |
|---|---|
| Wealthsimple (Free tier) | $150 (1.5%) |
| Wealthsimple Premium | $0 ($10/month subscription) |
| Questrade (auto-conversion) | ~$200 (~2%) |
| Questrade (Norbert’s Gambit) | ~$15 (two commissions) |
| Interactive Brokers | ~$2 (0.002%) |
Bottom Line
Choose Wealthsimple if you’re a beginner, invest mainly in Canadian stocks/ETFs, or want the simplest experience. With Premium ($10/month), you eliminate the currency conversion fee for US stocks too.
Choose Questrade if you’re a more active investor, want options or margin trading, need an RESP, or trade large amounts of US stocks/ETFs and can do Norbert’s Gambit.
Both are safe (CIPF-protected), well-regulated, and far cheaper than any bank brokerage. You really can’t go wrong with either one.
For related guides, see best online brokerages in Canada, how to start investing, and TFSA vs RRSP.