Wealthsimple Trade and Questrade are Canada's two most popular self-directed investing platforms. Together they've attracted millions of investors away from the big banks' expensive, limited offerings. Both are excellent — but they serve different needs. Here's how they compare in 2026.
Wealthsimple Trade
- Commission-free trading
- Fractional shares
- Crypto trading
- No account minimum
- Excellent mobile app
- 1.5% FX fee on US trades
- No USD account
- Less research tools
Questrade
- Free ETF purchases
- USD account available
- Lower FX fees
- More account types
- Better for Norbert's Gambit
- $4.95–$9.95 stock trades
- $1,000 minimum to open
- Older interface
Fee Comparison
| Fee Type | Wealthsimple Trade | Questrade |
|---|---|---|
| Canadian stock trades | Free | $4.95–$9.95 |
| US stock trades | Free (+ 1.5% FX) | $4.95–$9.95 USD (+ FX) |
| ETF purchases | Free | Free |
| ETF sales | Free | $4.95–$9.95 |
| FX conversion | 1.5% | ~1.5% (or Norbert's Gambit) |
| Annual account fee | Free (Premium: $3/mo) | Free ($4.95/mo if <$5K) |
| Inactivity fee | None | None |
Account Types Available
| Account Type | Wealthsimple | Questrade |
|---|---|---|
| TFSA | Yes | Yes |
| RRSP | Yes | Yes |
| RRIF | Yes | Yes |
| RESP | Yes | Yes |
| Taxable | Yes | Yes |
| Corporate/Business | Limited | Yes |
| LIRA / LIF | No | Yes |
| Margin account | No | Yes |
Who Should Use Wealthsimple Trade?
- Beginners who want the simplest, most polished experience
- Investors who trade primarily Canadian stocks and ETFs
- Those who want fractional shares (invest any dollar amount)
- Crypto traders who want everything in one app
- Investors with less than $1,000 to start (no minimum)
Who Should Use Questrade?
- Investors who regularly buy US stocks or ETFs (lower FX cost with Norbert's Gambit)
- Those who need a USD account for their RRSP (US-listed ETFs, withholding tax benefit)
- More experienced investors who want margin, options, or LIRA accounts
- Investors with $5,000+ who qualify for free account maintenance
- Businesses looking to invest corporate retained earnings
Platform Experience
Wealthsimple's mobile app is best-in-class for Canadian retail investing — clean, intuitive, and fast. Questrade's Edge platform is more powerful but has a steeper learning curve. Questrade's mobile app has improved significantly but still lags Wealthsimple for everyday use.
Our Verdict
For beginners and ETF investors: Start with Wealthsimple Trade. Free stock and ETF trades, no minimum, excellent app. Buy XGRO or VGRO and you're set.
For advanced investors and US exposure: Use Questrade, especially if you need a USD account for your RRSP or want to avoid FX fees with Norbert's Gambit. The fee savings on US trades are meaningful for larger portfolios.
The real answer: Many Canadian investors use both — Wealthsimple for their TFSA (Canadian ETFs, no commissions) and Questrade for their RRSP (USD account, US-listed ETFs, 0% withholding tax).
Before You Open a Brokerage Account
Make sure you have an emergency fund in place. KOHO is perfect for high-interest savings alongside your investments.