Wealthsimple vs Questrade: Which Canadian Brokerage Is Right for You?

If you're opening a TFSA, RRSP, or non-registered account in Canada, Wealthsimple and Questrade are the names you'll hear most often. Both are well-established, CIRO-regulated, and CIPF-insured. But they're built for different investors. Choosing the wrong one won't ruin your portfolio, but choosing the right one saves you money on fees and frustration on the platform.

Quick Comparison

Fee Breakdown: The Real Cost

Buying ETFs

Both platforms let you buy ETFs for free. This is where most passive investors spend their time — and neither charges for it.

Selling ETFs

Here's where the gap appears. Wealthsimple charges $0 to sell ETFs. Questrade charges $4.95-$9.95 per sale. If you rebalance your portfolio quarterly and sell ETF positions four times a year, that's $20-$40/year at Questrade vs $0 at Wealthsimple.

Trading Stocks

Wealthsimple: $0. Questrade: $4.95-$9.95/trade. If you trade individual stocks more than occasionally, Wealthsimple saves real money. With Questrade's active trader pricing ($4.95/trade with 150+ trades/quarter), active traders get a discount — but they're still paying per trade.

USD Conversion

This is Questrade's biggest edge for serious investors. With Questrade, you can hold USD in registered accounts (TFSA, RRSP) for free and use Norbert's Gambit to convert CAD to USD at near-spot rates. Wealthsimple charges 1.5% on currency conversion unless you pay $10/month for a USD account (free with Premium at $100K+ assets). On a $20,000 USD investment, Wealthsimple's 1.5% fee costs $300 — Questrade with Norbert's Gambit costs roughly $20 in trading commissions.

Who Should Choose Wealthsimple?

Wealthsimple is best for:

• Beginners — no minimum deposit, simple interface, fractional shares let you start with pocket change
• ETF-only investors — buy-and-hold ETF portfolios with zero commissions
• Mobile-first users — the app is genuinely excellent
• Small accounts — no minimum balance requirements
• Investors who want simplicity — set up recurring buys and forget about it

When Wealthsimple isn't ideal:

• You trade US stocks frequently (1.5% FX fee adds up fast)
• You need advanced charting or level 2 data
• You want to trade options seriously
• You need an RESP, LIRA, or margin account

Who Should Choose Questrade?

Questrade is best for:

• DIY investors who want tools — IQ Edge platform, advanced charting, Morningstar research
• USD investors — free USD registered accounts + Norbert's Gambit saves hundreds on FX
• Active traders — lower commissions at higher volumes, full options suite
• Investors who need more account types — RESP for kids, LIRA for pension transfers, margin accounts
• Those who value phone support — call a human when you need one

When Questrade isn't ideal:

• You make small, frequent trades (commissions add up)
• You want fractional shares
• You're brand new to investing and want the simplest possible experience
• You never sell — just buy and hold (then Wealthsimple's $0 selling doesn't matter)

The Bottom Line

Can't decide? Many Canadian investors use both: Wealthsimple for regular CAD ETF contributions (automated, zero-fee) and Questrade for USD holdings or when they need advanced tools. There's no rule that says you have to pick one.

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