Questrade vs Wealthsimple Trade

Choosing the right online broker is one of the most important decisions for Canadian investors. Wealthsimple and Questrade are two of the most popular platforms, but they cater to slightly different types of investors. This review compares them across key factors — sign-up process, account types, product selection, fees, platform experience, and features — to help you decide which one fits your investing style.

Signing up

Both Questrade and Wealthsimple make it straightforward to open an account online, with no minimum balance required to create an account.

• Sign-up bonus: Both offer a $50 bonus with a qualifying deposit, but the minimum deposit differs — Wealthsimple requires $150, while Questrade requires $250 to qualify for the bonus.
• Rebates on transfers: Questrade will rebate up to $150 for transfers (no minimum), while Wealthsimple rebates $150 only for transfers of $115,000 or more.
• Approval time: Wealthsimple is faster — the sign-up process typically takes 5–10 minutes with instant approval in most cases. Questrade’s sign-up takes longer (15–20 minutes) and can take several business days to approve.

Winner for sign-up: Wealthsimple (faster and simpler onboarding).

Account types

Both platforms support the common registered and non-registered account types, but Questrade offers a broader selection for sophisticated account structures.

• Wealthsimple: RRSP, Spousal RRSP, TFSA, FHSA, Cash, Joint, Margin, RESP, LIRA/LIF/LLP, and corporate accounts. Managed RRSPs are available for Wealthsimple’s managed portfolios; self-directed RRSP has been promised but not universally available yet.
• Questrade: All of Wealthsimple’s accounts plus PR and family RESPs, formal and informal trusts, expanded joint account support and more advanced institutional account types.

Winner for account types: Questrade (more account variants and flexibility).

Investment products

Product selection is a major differentiator.

• Wealthsimple: Stocks and ETFs across main North American exchanges, a selection of over-the-counter U.S. securities, managed portfolios (robo-advisor), private credit and private equity (for those with large balances), and a cryptocurrency offering that includes 70+ coins.
• Questrade: Broader exchange access and more traditional investment products including GICs, limited IPOs, bonds, mutual funds, physical precious metals, forex and derivatives (global stocks, indices, commodities, currencies). Options trading has been available on Questrade since its early days. Questrade does not yet offer crypto trading directly but has indicated crypto support is likely coming.
• Robo-advisors: Both platforms offer managed portfolios. Questrade’s managed portfolios (Questrade Wealth portfolios) are positioned as lower-cost and, per Charlee’s observations, have offered competitive performance relative to Wealthsimple.

Winner for investment product range: Questrade (more traditional and institutional products).

Platforms (web, apps, and tools)

Platform experience matters depending on whether a user is passive or active.

• Wealthsimple: Two easy-to-use platforms — a mobile app and a web interface. The mobile app is widely praised for its simplicity and is ideal for passive or new investors who value a clean, intuitive experience.
• Questrade: Multiple platforms — two web-based interfaces (basic and advanced), three mobile apps (Questrade Mobile, Questrade Edge for active trading, and Questrade Global), plus downloadable software for advanced global trading. Questrade’s platforms are more feature-rich for active traders.

Winner for platform usability: Wealthsimple (best app experience for most investors; simplicity wins for long-term investors).

Fees and foreign exchange

Fees have shifted recently, and FX costs remain a key consideration for Canadians buying U.S. securities.

• Commissions: Both platforms offer zero commission on stocks and ETFs. Questrade eliminated its commission and ECN fees and reduced its options contract fee. Wealthsimple also offers zero commission and has tiered/discounted option contract pricing (as low as $0.75 per contract for high-balance clients).
• Options: Wealthsimple charges per-contract fees in USD (e.g., $2 standard; discounts apply for large balances). Questrade has significantly reduced its options fees — making options trading very affordable for active options traders.
• Foreign exchange: Both platforms historically charge a 1.5% currency conversion fee. Wealthsimple does not provide free USD accounts by default — converting to USD to buy U.S. stocks incurs FX fees on both buy and sell (double conversion unless you have a free USD account by meeting high-balance requirements or paying a monthly fee). Questrade supports dual-currency (USD) accounts meaning when you sell a U.S. holding that proceeds can remain in USD (avoiding an automatic reconversion), and Questrade supports Norbert’s Gambit (journaling) for a fixed fee of $9.95 + tax — a big cost saver for larger currency moves.

Practical note: If you plan to trade U.S. stocks regularly or hold U.S. ETFs, the ability to hold USD and use journal conversions (Norbert’s Gambit) can save you significant FX fees over time.

Winner for fees and FX flexibility: Questrade (better USD handling and journaling support).

Winner for deposit/withdrawal flexibility: Wealthsimple is great for quick, small deposits — super convenient for everyday use. Questrade is the better choice for bigger transfers and large withdrawals since it has less friction. For most retail investors, Wealthsimple feels more practical thanks to its instant deposit and withdrawal options.

Features

Features speak to the investor experience beyond price and product lists.

• Wealthsimple features that appeal to passive investors: interest on cash balances, stock lending, early pre-market trading, fractional shares, automatic recurring investing, 100% dividend reinvestment (full DRIP), a prepaid Mastercard, high-interest savings accounts, mortgage partnerships, tax filing tools, a forthcoming Visa Infinite credit card, ready-made portfolios, and premium perks for $100K+ or $500K+ accounts (lower fees, higher cash yields, free USD accounts, partner rewards, tax-loss harvesting, and free financial advice tiers for larger balances).
• Questrade features that appeal to active and sophisticated investors: advanced charting, multiple order entry types, customizable layouts, Level 2 market data, robust research tools, access to financial statements and analyst reports, four-leg option strategy capabilities, and third-party portfolio management tools (like Passive) which can automate rebalancing and order execution for self-directed portfolios.

Winner for investor-facing features: Wealthsimple (features are built around passive, long-term investors who want simplicity and integrated financial products).

Customer service

Service hours and responsiveness matter when problems arise.

• Wealthsimple: Support via Help Center, live chat, phone and email. Typical hours are 9:00 a.m. to 6:00 p.m. ET Monday–Friday; no standard weekend support.
• Questrade: Help Center, live chat, phone and email. Hours extend longer on weekdays (7:30 a.m. to 8:00 p.m. ET Monday–Friday) and include limited weekend hours (10:00 a.m. to 4:00 p.m.).

Reality check: Both platforms have room to improve response times and quality of support, especially during busy periods (tax season, promotions, or market turbulence).

Who should use Wealthsimple?

• Beginner investors who want a simple onboarding and a friendly mobile experience.
• Investors who prefer passive, hands-off investing via automatic portfolios, DRIP, and recurring contributions.
• People who value an integrated ecosystem (spending accounts, savings, tax tools and soon a credit card) and those who make smaller, frequent deposits.
• Clients who want instant deposit/withdrawal conveniences and fractional shares for dollar-cost-averaging.

Who should use Questrade?

• Experienced or active investors who want advanced trading tools, variety of account types, and broad product access (bonds, IPOs, global derivatives).
• Investors who trade U.S. securities regularly and want USD accounts to avoid repeated FX conversions.
• Those who plan to move larger sums and value lower friction and better UX for large transfers and withdrawals.
• Self-directed investors who want more control, lower-cost managed portfolios, and sophisticated order types.

Pros & cons

Wealthsimple

• Pros: Best-in-class mobile app, easy sign-up, instant deposit/withdraw options, strong passive investing features, crypto offering (70+ coins), integrated financial products.
• Cons: FX handling can be costly without a free USD account, some premium features gated behind high balance thresholds, fewer advanced trading tools and account types.

Questrade

• Pros: Broader product selection, advanced trading platforms, dual-currency (USD) accounts, support for journaling/Norbert’s Gambit (fixed fee), more account types and flexibility, cheaper managed portfolios in some cases.
• Cons: Slower signup, steeper learning curve for beginners, not as streamlined for passive/automatic investing, outgoing wire features and debit convenience lag Wealthsimple for small users.

Recommendation

Both platforms are excellent for Canadian investors, but the right choice depends on style and priorities:

• Choose Wealthsimple if you want simplicity, a great mobile-first experience, and a hands-off investing approach.
• Choose Questrade if you want more control, lower FX friction for U.S. trading, access to a wider range of products, and advanced trading tools.

Competition between these brokers is good for investors — it drives better features and lower costs. Investors should evaluate their typical trade frequency, desired products (crypto, private investments, bonds), and whether they prefer a managed or self-directed approach before deciding.