In This Article
Wealthsimple Trade vs Questrade — two of Canada’s most popular self-directed brokerages. Both offer low-cost investing for Canadians, but they serve different types of investors. In this comparison, I will break down fees, features, and which platform is better for your situation.
Overview
Wealthsimple Trade: Commission-free stock and ETF trading. Mobile-first design. No account minimum. Best for beginners and casual investors who value simplicity. Offers fractional shares and crypto trading.
Questrade: Free ETF purchases, $4.95–$9.95 stock commissions. More advanced tools and order types. USD account support for US stocks. Best for serious investors and those who want Norbert’s Gambit access.
Fee Comparison
Canadian stock trades: Wealthsimple is free. Questrade charges $4.95–$9.95 per trade. Winner: Wealthsimple.
ETF purchases: Both are free. Questrade charges $4.95 to sell ETFs. Wealthsimple is free to sell. Winner: Wealthsimple.
US stock FX fees: Wealthsimple charges 1.5% (free with Plus at $10/month). Questrade supports USD accounts and Norbert’s Gambit (~0.10%). Winner: Questrade.
Account types: Both offer TFSA, RRSP, FHSA, RESP, non-registered. Questrade also offers margin accounts and corporate accounts. Winner: Questrade.
Who Should Choose Wealthsimple?
Beginners, mobile-first investors, people who only buy Canadian stocks and ETFs, those who want fractional shares, and anyone who values a clean simple interface over advanced features.
Who Should Choose Questrade?
Investors who buy US stocks frequently (USD accounts save on FX), anyone who wants Norbert’s Gambit access, investors who need advanced order types (stop-loss, trailing stops), and those with larger portfolios who want more tools.
Frequently Asked Questions
Is Wealthsimple better than Questrade?
For beginners buying Canadian stocks and ETFs, Wealthsimple is easier and cheaper. For US stock investors or those who want advanced tools, Questrade is better.
Can I have both Wealthsimple and Questrade?
Yes. Many Canadians use Wealthsimple for Canadian stock trading and Questrade for US stocks (to access USD accounts). You can have a TFSA at one and an RRSP at the other.
Which is safer — Wealthsimple or Questrade?
Both are regulated by CIRO (Canadian Investment Regulatory Organization) and member firms of CIPF, which protects up to $1 million per account type if the firm fails. Both are equally safe.
Does Questrade have an app?
Yes. Questrade has a mobile app for iOS and Android, plus a desktop platform (Questrade Edge). Wealthsimple’s mobile app is generally considered more polished and beginner-friendly.