Questrade vs. Wealthsimple: Which investing platform is best for you?
Updated May 30, 2025
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Key takeaways
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- Questrade is ideal for experienced investors seeking advanced tools and a variety of account types, while Wealthsimple is perfect for beginners looking for simplicity
- Both Wealthsimple and Questrade now offer commission-free trading, making them budget-friendly for frequent traders.
- Your choice should match your investing style: Questrade offers control and advanced tools, while Wealthsimple provides simplicity and automation
Who should use Questrade vs. Wealthsimple
- Beginner investors → Wealthsimple’s simple app and $0 trading fees make it a great entry point for new investors.
- Cost-conscious traders → Wealthsimple is ideal for frequent small trades, while Questrade provides better value for large transactions
- Seasoned investors → Questrade provides more account types, lower forex fees and advanced trading features that serious investors need.
In this article, we’ll break down Questrade vs. Wealthsimple across key factors like fees, investment options, account types and user experience — helping you decide which platform is the best fit for your investing needs.
Understanding the fee structure is crucial when comparing Questrade and Wealthsimple. Both platforms now offer zero-commission trading1, but Questrade stands out with lower forex fees, making it a strong choice for those trading US stocks frequently.
Trading fees
- As of early February 2025, Questrade now offers commission-free trading on stocks and ETFs, making it an attractive option for cost-conscious investors. Previously, Questrade charged between $4.95 and $9.95 per trade for stocks and allowed free ETF purchases (with a fee for selling), but this change brings it in line with platforms such as Wealthsimple.
- Wealthsimple also offers $0 commissions on both stocks and ETFs, continuing to be a strong choice for frequent traders looking to minimize costs.
Currency conversion fees
- Questrade allows users to hold USD in registered accounts, reducing the need for conversions.
- Wealthsimple charges a 1.5% forex fee per transaction, which can add up for investors frequently trading US stocks.
- Wealthsimple now offers USD accounts, allowing US stock trading without a 1.5% forex fee per trade. The conversion fee applies only when funding the account.
Account fees and funding costs
- Neither platform charges inactivity fees, which is a win.
- Wealthsimple lets you start with $0, while Questrade used to require a $1,000 deposit to begin trading, but now there's no minimum deposit required.
- Wealthsimple also gives you instant deposits up to $5,000, whereas Questrade takes one business day to process funding.
- Questrade will reimburse transfer fees up to $150, while Wealthsimple covers transfers over $5,000.
Picking the right investment platform really comes down to what types of accounts you need. Questrade gives you more options, while Wealthsimple keeps it simple with a streamlined selection and the option for managed investing.
Account types offered by Questrade
- TFSA (Tax-Free Savings Account): Grow investments tax-free with no withdrawal penalties.
- RRSP (Registered Retirement Savings Plan): Defer taxes on contributions and grow investments tax-free until withdrawal.
- FHSA (First Home Savings Account): A tax-free savings account designed to help first-time homebuyers.
- RESP (Registered Education Savings Plan): Save for a child’s post-secondary education with government grants.
- Non-registered (personal) account for liquid investments without tax sheltering
- Margin accounts: Use leverage to trade stocks, ETFs and options.
- LIRA, RIF, LIF: Retirement-focused accounts for locked-in pension transfers and income withdrawals.
- Corporate accounts: Designed for business owners to invest retained earnings.
- Joint accounts: Shared investment accounts for spouses or partners.
Account types offered by Wealthsimple
- TFSA (Tax-Free Savings Account): Tax-free investing with no penalties on withdrawals.
- RRSP (Registered Retirement Savings Plan): Tax-deferred investing for retirement savings.
- FHSA (First Home Savings Account): Helps first-time homebuyers save tax-free.
- RESP (Registered Education Savings Plan): Wealthsimple now supports RESP investing.
- Non-registered (personal) account: A taxable investment account for those who have maxed out registered accounts.
- Margin accounts: Available for leveraged trading.
- LIRA & Spousal RRSP: Added flexibility for different retirement planning needs.
- Corporate accounts: Allows business owners to invest company funds.
Features and tools: Which platform stands out?
Both Questrade and Wealthsimple have their own unique set of tools designed for different types of investors. Questrade is built for hands-on traders who want advanced features and real-time market data, while Wealthsimple is all about simplicity and automation.
Questrade: Advanced trading and research tools
- Multiple trading platforms: Offers web, mobile, and pro-level tools for experienced investors.
- Real-time market data: Free live quotes, with advanced data available for a fee.
- Passiv integration: Automates portfolio rebalancing for self-directed investors.
- Supports options trading and IPOs: Ideal for active traders.
- Norbert’s gambit for lower forex fees: Useful for those investing in US stocks.
Wealthsimple: Simplicity and automation
- 24/5 trading: First in Canadian brokerage to offer nearly round the clock trading hours
- Automated drip (dividend reinvestment plan): Invest dividends automatically.
- User-friendly design: Mobile-first platform with an intuitive interface.
- Expanded investment offerings: Includes crypto (50+ coins), private equity, private credit, and bond portfolios.
- Instant deposits: Free users get $1,500, while USD account subscribers get $5,000.
Trading apps and desktop experience
- Questrade has a more advanced desktop experience, including customizable charts, stock screeners and detailed order types.
- Wealthsimple prioritizes mobile usability with a clean, beginner-friendly design but lacks advanced analytics.
Both Questwealth Portfolios and Wealthsimple managed investting (formerly WS Invest) provide automated investing solutions, but they differ in approach. Questwealth takes an active management approach, while Wealthsimple follows a passive investing strategy using diversified ETFs.
Questwealth Portfolios: Actively managed investing
- Actively managed portfolios designed to reduce risk and maximize gains.
- Lower fees than traditional mutual funds, at 0.20% for balances over $100K and 0.25% for smaller balances.
- Real-time portfolio monitoring and adjustments based on market conditions.
- Hybrid model: Human experts actively manage portfolios, supported by algorithmic tools.
- Socially Responsible Investing (SRI) available, including low-carbon ETFs and clean-tech investments.
Wealthsimple Invest: Passive, low-fee investing
- Fully automated, passive investing in diversified ETFs for long-term growth.
- Higher fees, at 0.40% for balances over $100K and 0.50% for smaller balances.
- Automatic rebalancing ensures portfolios stay aligned with investment goals.
- Fully algorithmic, but human advisors are available for guidance.
- Unique offerings such as halal investing and socially responsible investment (SRI) options.
Robo advisor fees comparison
- ETFs and US stocks: Now that Questrade offers commission-free trading, both platforms are strong choices for frequent traders. However, Wealthsimple remains slightly more streamlined for casual investors with its fully commission-free structure and simple interface.
- Forex costs: Wealthsimple charges a 1.5% currency conversion fee per transaction, with no way to bypass it. Questrade, on the other hand, allows you to hold USD in registered accounts and use Norbert’s Gambit to significantly reduce forex costs — an essential feature for those who invest in US stocks regularly.
- Forex trading: Questrade supports forex trading for those interested in speculating on currency movements, while Wealthsimple does not offer this feature.
- International stocks: Questrade gives access to markets beyond Canada and the US, whereas Wealthsimple is limited to North American stocks.
The verdict:
For active traders seeking a simple, commission-free experience, both platforms are solid choices. However, if you're investing in US stocks long-term, trading forex, or looking for international market access, Questrade is the better bet.
Success factors: Choosing based on your investing style
Your choice between Wealthsimple and Questrade comes down to how hands-on you want to be, your experience level and your long-term investing goals. Here’s how each platform stacks up for different types of investors.
For beginners: Wealthsimple’s simplicity
If you’re new to investing, Wealthsimple is the easiest way to get started.
- No trading fees: Invest as little as you want, as often as you want, without commissions eating into your returns.
- Fractional shares: Own a piece of high-priced stocks like Amazon or Tesla without needing big cash.
- Super simple mobile app: No clunky dashboards or complex trading interfaces.
For advanced investors: Questrade’s extra account types and trading tools
If you want more control and access to advanced investment options, Questrade is the better pick.
- Lower forex fees for USD stocks: Plus Norbert’s Gambit for cost-effective CDN-USD conversion.
- Advanced research tools: Better market data, detailed stock analysis, and custom order types.
If you’re not sure which path to take, a hybrid approach works too—start with Wealthsimple for simplicity and transition to Questrade when you’re ready for more control.
Tyler Wade, Money.ca Content Marketer
I use Wealthsimple for my robo advisor with automatic contributions and Questrade for my DIY investments and ETF purchases.
Final verdict: Which platform should you pick?
Both Questrade and Wealthsimple bring solid perks to the table, but the best choice really depends on your investing style, experience level, and what you’re looking to trade.
Choose Wealthsimple if:
- You're a beginner looking for a simple investing platform.
- You prefer a mobile-first experience.
- You want to trade fractional shares or invest in cryptocurrency.
Choose Questrade if:
- You need advanced trading tools and account options.
- You trade US stocks and want to minimize forex fees.
- You want more control over your investments.
The best approach in my opinion? Start small and scale up
If you're new to investing, both Wealthsimple and Questrade offer commission-free trades and user-friendly platforms, making them great starting points.
Wealthsimple is ideal for beginners due to its simple interface and automation features. However, as you gain confidence and require more advanced tools, a wider range of investment options, or lower forex fees, Questrade provides a more robust platform to support your growing needs.
Questrade offers a great user experience for both novice and experienced investors. Clients can open any account type and trade stocks, ETFs, mutual funds, options, and more from their desktop or mobile device. Questrade has easily accessible market research, and clients can find their transaction history, activity, and performance data with a couple of clicks.
More importantly, Questrade has a long history of stellar customer service where you can connect with an agent by phone or via secure online chat. We highly recommend starting with the online chat support, as it’s typically the fastest way to connect with an agent.
Wealthsimple Trade has a seamless sign-up process and the platform looks sexy. The mobile app and new desktop platform are incredibly well designed. Trading is an absolute breeze. However, the rest of the user experience falls short, when you consider there is no customer service support (not even a social media account), poor performance reporting, no way to transfer funds from the desktop version, and no way to set up automatic recurring deposits at all.
Market data
Questrade offers free one-click real-time data. Snap-quotes are available to all Wealthsimple Trade clients. This means that real-time, on-demand quotes are offered for free and there is no need to pay an additional fee to see updated quote prices.
FAQ
Noel Moffatt
Writer
Noel Moffatt is a Canadian fintech expert with a passion for simplifying personal finance. Based in St. John’s, NL, he draws on his background in finance, SEO, and writing to deliver clear explanations and actionable advice. Noel is dedicated to equipping readers with the knowledge and tools they need to make informed financial decisions, striving to make personal finance more accessible and understandable through his in-depth articles and reviews.
Robb Engen
Author
Robb Engen is a leading expert in the personal finance realm of Canada and is also the co-founder of Boomer & Echo, an award-winning personal finance blog.
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