Why This Comparison Matters
Wealthsimple and Questrade are the two dominant online investing platforms in Canada. Together, they manage billions of dollars in Canadian assets and serve millions of investors. Both offer self-directed trading accounts, registered accounts (TFSA, RRSP, RESP), and robo-advisor services. Both have dramatically lower fees than traditional bank-owned brokerages. But they take meaningfully different approaches to pricing, features, and user experience.
Choosing the right platform can save you hundreds or thousands of dollars in fees over time and significantly impact your investing experience. This comparison examines every major difference to help you make the right choice for your situation in 2026.
Quick Comparison Table
| Feature | Wealthsimple | Questrade |
|---|---|---|
| Canadian Stock Trades | $0 commission | $4.95 - $9.95 |
| Canadian ETF Purchases | $0 commission | $0 commission |
| Canadian ETF Sells | $0 commission | $4.95 - $9.95 |
| US Stock Trades | $0 + 1.5% FX fee | $4.95 - $9.95 + FX spread |
| Options Trading | Available | $9.95 + $1/contract |
| Robo-Advisor | 0.4% - 0.5% MER | 0.25% MER |
| Crypto Trading | 50+ coins | Limited |
| Account Types | TFSA, RRSP, RESP, Personal | TFSA, RRSP, RESP, LIRA, margin, corporate |
| USD Account | Premium only | Yes (free) |
| Research Tools | Basic | Advanced |
| Mobile App | Excellent | Good |
| Minimum Deposit | $0 | $1,000 (self-directed) |
| Fractional Shares | Yes | No |
Fees and Commissions
Fees are the most important factor in choosing an investing platform because they directly reduce your returns. Even small differences in fees compound significantly over decades of investing.
Wealthsimple Fees
Wealthsimple Trade offers commission-free buying and selling of Canadian-listed stocks and ETFs. There is no per-trade charge, no account maintenance fee, and no minimum balance requirement for the basic account. The catch comes with US-listed securities: each US trade incurs a 1.5% currency conversion fee, which can be substantial for large trades. Wealthsimple Premium ($10 per month) reduces the US conversion fee and adds additional features like real-time market data and a USD account for holding US dollars.
For the Wealthsimple robo-advisor (Wealthsimple Invest), the management fee is 0.4% to 0.5% per year depending on account balance, plus the underlying ETF fees (approximately 0.15% to 0.25%). This is competitive but not the cheapest robo-advisor option in Canada.
Questrade Fees
Questrade offers free purchases of ETFs, which is its marquee feature for passive investors. Selling ETFs and all stock trades cost between $4.95 and $9.95 per trade. Options trades cost $9.95 plus $1 per contract. For buy-and-hold ETF investors, Questrade is effectively free: you purchase your ETFs at no cost and only pay a commission if you sell, which long-term investors do rarely.
Questrade also offers free USD accounts, which is a significant advantage for investors who trade US-listed securities frequently. By holding USD in a Questrade USD account, you avoid repeated currency conversions. Combined with Norbert's Gambit (a currency exchange technique), Questrade users can convert CAD to USD at near-interbank rates, saving hundreds or thousands compared to Wealthsimple's 1.5% FX fee on large US trades.
Fee Winner
For Canadian-only investors who buy and sell individual stocks, Wealthsimple wins with $0 commissions. For ETF-focused buy-and-hold investors, both are essentially free (Questrade charges nothing to buy ETFs). For investors who trade US securities, Questrade wins due to its USD account and lower effective currency conversion costs. For active traders who execute many trades, Questrade's per-trade commissions add up, making Wealthsimple's free model more attractive for Canadian securities.
Account Types
Both platforms offer the core registered accounts that most Canadians need: TFSA, RRSP, and RESP. Questrade has an edge in account variety, also offering LIRA (Locked-In Retirement Account), RIF, LIF, margin accounts, and corporate accounts. Wealthsimple covers the needs of most individual investors but lacks some of the more specialized account types that active traders or business owners might require.
For the majority of Canadians who simply need a TFSA and RRSP for long-term investing, both platforms are equally capable. If you need a margin account, corporate account, or LIRA, Questrade is the better choice. For more on tax-efficient investing with these account types, visit the Bremo investing hub.
Trading Experience and Tools
Wealthsimple's mobile app is widely considered the best-designed investing app in Canada. It is clean, intuitive, and makes buying and selling straightforward even for complete beginners. The simplicity comes at the expense of advanced features: charting tools are basic, research capabilities are limited, and order types are restricted compared to Questrade. For investors who want to open the app, buy an ETF, and close it without overthinking, Wealthsimple is ideal.
Questrade offers a more comprehensive trading platform with advanced charting, multiple order types (limit, stop, stop-limit, trailing stop), detailed market data, and research tools. Questrade Edge, the desktop platform, provides professional-grade features for active traders. The mobile app is functional but less polished than Wealthsimple's. For investors who want to analyze charts, set complex orders, or trade options, Questrade provides the tools that Wealthsimple lacks.
Robo-Advisor Services
Both platforms offer robo-advisor services for investors who prefer a hands-off approach. A robo-advisor automatically builds and rebalances a diversified ETF portfolio based on your risk tolerance and time horizon.
Wealthsimple Invest charges 0.4% to 0.5% per year on managed assets, with the lower rate applying to accounts over $100,000. The service uses a portfolio of low-cost ETFs and includes automatic rebalancing, dividend reinvestment, and tax-loss harvesting on eligible accounts.
Questrade's robo-advisor service (Questwealth) charges 0.25% per year, which is among the lowest robo-advisor fees in Canada. The portfolio construction and rebalancing methodology is similar to Wealthsimple's, using diversified ETF portfolios. For investors who want a managed portfolio at the lowest possible cost, Questwealth has a meaningful fee advantage.
Cryptocurrency Trading
Wealthsimple Crypto allows trading of over 50 cryptocurrencies directly within the Wealthsimple app. This integrated experience makes it easy for investors who want both traditional and crypto investments in one place. Trading fees for crypto are built into the spread.
Questrade has expanded its crypto offerings but remains more limited than Wealthsimple in this area. For investors who want a comprehensive crypto trading experience alongside their stock portfolio, Wealthsimple is the better choice.
Fractional Shares
Wealthsimple supports fractional share trading, allowing investors to buy portions of expensive stocks with as little as $1. This is particularly useful for investors with smaller portfolios who want to own shares of high-priced stocks without needing thousands of dollars. Questrade does not offer fractional shares, requiring investors to purchase whole shares only. For investors starting with smaller amounts, Wealthsimple's fractional shares make it easier to build a diversified portfolio from day one.
Who Should Choose Wealthsimple
Best For
- Beginners who want a simple, clean investing experience
- Canadian stock and ETF traders who want $0 commissions
- Investors starting with small amounts (no minimum, fractional shares)
- Crypto investors who want 50+ coins in one app
- Passive investors who buy and hold Canadian ETFs
- Those who value an excellent mobile app experience
Limitations
- 1.5% currency conversion fee on US trades hurts active US traders
- Limited research and charting tools
- Basic order types compared to Questrade
- Fewer account types (no margin, LIRA, or corporate)
- Higher robo-advisor fee than Questwealth
Who Should Choose Questrade
Best For
- ETF-focused buy-and-hold investors (free ETF purchases)
- Active US stock traders (USD account avoids repeated FX fees)
- Options traders who need a reliable Canadian platform
- Experienced investors who want advanced charting and order types
- Those who need specialized accounts (margin, LIRA, corporate)
- Robo-advisor clients who want the lowest fee (0.25%)
Limitations
- $4.95 - $9.95 commissions on stock trades
- $1,000 minimum for self-directed accounts
- No fractional shares
- Mobile app less polished than Wealthsimple
- ETF sells incur commissions
Can You Use Both?
Yes, and many Canadian investors do. A common strategy is to use Wealthsimple for Canadian stock and ETF trading (taking advantage of $0 commissions and the clean app) while using Questrade for US-listed ETF purchases (using the USD account to avoid currency conversion fees). This approach takes the best features of each platform and minimizes the limitations of both.
Another popular approach is to use Questrade's free ETF purchases for long-term TFSA and RRSP contributions, while using Wealthsimple for more active Canadian stock trading and crypto. Since both platforms offer free account opening, there is no cost to maintaining accounts on both.
How to Get Started Investing
Regardless of which platform you choose, the most important step is to start. Here is a practical approach for new Canadian investors:
- Open a TFSA on your chosen platform -- this should be your first investment account due to its tax-free growth
- Set up automatic contributions from your bank account (even $50 per month adds up over time)
- Invest in a diversified all-in-one ETF (like XEQT, VEQT, or VGRO) to keep things simple
- Do not check your portfolio daily -- long-term investing rewards patience, not frequent trading
- Maximize your TFSA contribution room before opening an RRSP
- While your investments grow, earn cashback on everyday spending with KOHO (code 45ET55JSYA) to put more money toward investing
For a deeper guide on building an investment portfolio, visit the Bremo investing hub. For the best ETFs to hold in your TFSA or RRSP, see the best ETFs guide.
Bottom Line
Both Wealthsimple and Questrade are excellent investing platforms for Canadians in 2026. Wealthsimple wins for beginners, commission-free Canadian trading, fractional shares, and crypto. Questrade wins for free ETF purchases, US trading with a USD account, options, advanced tools, and the lowest robo-advisor fee. Many investors use both to get the best of each platform. The most important decision is to start investing consistently -- the platform you choose matters far less than the habit of regular contributions over time. While your investments compound, put your everyday spending to work with no fee cashback accounts like KOHO (code 45ET55JSYA) and Neo Financial to maximize every dollar.