Wealthsimple and Questrade are Canada's two most popular self-directed brokerages. For years, the comparison was simple: Wealthsimple had free trades, Questrade charged $4.95-$9.95 per stock. That changed in early 2025 when Questrade eliminated commissions entirely.
Now that both platforms trade at zero commission, the comparison comes down to something less obvious than a headline fee. It depends much more on how you actually invest.
This guide covers every meaningful difference in 2026: FX costs, account types, options pricing, robo-advisor quality, crypto access, and the real costs that don't show up in the headline numbers.
Quick answer
- Choose Wealthsimple if you want the simplest experience, an all-in-one financial platform, direct crypto trading, or cheaper options contracts
- Choose Questrade if you trade large amounts of US stocks (Norbert's Gambit cuts FX costs dramatically), need an RESP, or want more advanced tools and research
- Use both. Plenty of Canadians do, since neither has account minimums or annual fees
The fee landscape in 2026
Here's the most important thing going in: both platforms are commission-free on stocks and ETFs now. If you're reading an older article claiming Questrade still charges per trade, that's outdated.
| Fee | Wealthsimple | Questrade |
|---|---|---|
| Canadian stock trades | Free | Free |
| US stock trades | Free | Free |
| ETF purchases | Free | Free |
| ETF sales | Free | Free |
| Options (per contract) | $0 | $0 + ECN fees |
| FX conversion | 1.5% | ~0% via Norbert's Gambit |
| Native USD account | Premium tier only | Yes, all accounts |
| Account minimum | None | None |
| Annual fee | None | None |
| Inactivity fee | None | None |
The headline fees are identical now. The real cost difference lives in FX conversion, and it's significant if you hold US stocks.
The FX cost: where the real difference is
This is the biggest factor for Canadians who hold US-listed stocks or ETFs.
Wealthsimple charges a 1.5% currency conversion fee every time you buy or sell a US-listed security in a CAD account. On a $10,000 USD purchase, that's $150. On $50,000 in annual US trades, that's $750 a year quietly coming off your returns.
Wealthsimple does offer a USD account on its premium tier (Wealthsimple Plus, $3/month), which eliminates the per-trade FX fee. If you make frequent US trades, that subscription can pay for itself many times over.
Questrade supports native USD accounts on all tiers, no subscription needed. It also actively supports Norbert's Gambit: buying a stock listed on both the TSX (CAD) and NYSE (USD), then journalling the shares between accounts to convert currency at minimal cost. The round-trip cost usually runs $15-$20 regardless of the amount, compared to 1.5% per trade on Wealthsimple.
On a $10,000 conversion, that's roughly $15 on Questrade versus $150 on Wealthsimple.
Who this matters for: anyone building a US equity portfolio or buying US ETFs regularly. If your portfolio is mostly Canadian-listed ETFs like XEQT, VEQT, or XGRO, this difference doesn't apply to you. All three trade on the TSX in CAD.
Account types
| Account | Wealthsimple | Questrade |
|---|---|---|
| TFSA | Yes | Yes |
| RRSP | Yes | Yes |
| Spousal RRSP | Yes | Yes |
| FHSA | Yes | Yes |
| RESP | Yes | Yes |
| RRIF | Yes | Yes |
| Margin | Yes | Yes |
| USD account | Premium tier | All tiers |
| Corporate | No | Yes |
Both cover the full range of registered accounts most Canadians need. Questrade adds corporate accounts for business owners, Wealthsimple doesn't currently support corporate investing accounts.
Options trading
Both platforms offer options, and this is one spot where Wealthsimple has the clear edge in 2026.
Wealthsimple charges $0 per options contract, the cheapest options pricing at any Canadian brokerage, including complex multi-leg strategies.
Questrade charges $0 base plus ECN fees, which typically works out to roughly $0.35-$0.75 per contract depending on order type. For a small trade, that difference is nothing. For high-frequency options traders, Wealthsimple's flat $0 adds up to real savings.
On tools, Questrade has the more capable interface, with advanced screening and analytics. Wealthsimple's options interface works fine but stays simple. If options are central to your strategy, Questrade's tooling is stronger, but you'll pay a bit more per contract for it.
Robo-advisor and managed portfolios
Both companies run managed portfolio products alongside self-directed trading.
Wealthsimple Invest charges 0.4-0.5% annually depending on your balance. It includes automatic rebalancing, tax-loss harvesting, Halal portfolio options, and socially responsible investing portfolios. The interface is clean and easy for hands-off investors.
Questwealth charges 0.25% annually, meaningfully cheaper. It offers fewer customization options though, and no tax-loss harvesting.
For pure cost, Questwealth wins. For features and overall experience, Wealthsimple Invest is stronger.
Crypto
Clear Wealthsimple win here.
Wealthsimple offers direct crypto trading on 50+ coins, right inside the same app as your stocks, ETFs, and registered accounts. It's one of the only fully regulated crypto platforms in Canada.
Questrade doesn't offer direct crypto trading. If you want crypto exposure through Questrade, you're looking at crypto ETFs (like BTCC or ETHE), which only track price and don't give you actual ownership of the coin.
If you want to actually hold Bitcoin, Ethereum, or other digital assets, Wealthsimple is the only option of the two.
Platform experience
This part's subjective, but it matters. The platform you actually find easy to use is the one you'll open consistently, and consistency is the biggest variable in long-term investing.
Wealthsimple has the cleanest financial app in Canadian investing. Buying an ETF feels about as simple as sending an e-transfer. Recurring contributions, tax documents, and account switching all feel intuitive. For most Canadians, especially beginners, that low-friction design matters.
Questrade has a denser interface that rewards experienced investors but can feel like a lot for newcomers. IQ Edge, its desktop platform, is genuinely powerful for active traders. The mobile app works fine but isn't as polished as Wealthsimple's.
The all-in-one ecosystem
One of Wealthsimple's biggest advantages is that it's not just a brokerage, it's a full financial platform. From one app you can:
- Buy stocks, ETFs, and crypto
- Open a TFSA, RRSP, FHSA, and RESP
- Access a high-interest Chequing account (up to 2.25% interest, or 2.5% via the standalone Savings account)
- Get a credit card with cash back
- File your taxes through Wealthsimple Tax
- Enter the Monthly Millionaire draw with every dollar deposited
Questrade is a focused brokerage. It does investing well but doesn't offer a chequing account, credit card, or crypto, and doesn't touch your everyday banking.
For Canadians who want one app for everything financial, Wealthsimple wins by a wide margin.
Sign-up bonuses
| Platform | Bonus | Requirement |
|---|---|---|
| Wealthsimple | $25 cash | Sign up with code US0EBW, deposit $100 |
| Questrade | $50 cash | Open account, use promo code |
Both bonuses pay out in cash. Wealthsimple's $25 has a lower bar to clear, just a $100 deposit, while Questrade's $50 asks for a bigger initial deposit.
Who should choose Wealthsimple?
Wealthsimple is the stronger platform for:
- Most Canadian investors who want simplicity and a polished mobile experience
- Passive ETF investors buying Canadian-listed ETFs in a TFSA or RRSP
- Anyone who wants an all-in-one financial platform, investing, banking, crypto, and tax in one app
- Options traders chasing the lowest per-contract cost in Canada
- Crypto investors who want direct Bitcoin and Ethereum ownership
- First-time investors, where app simplicity is often the difference between investing and not investing
Who should choose Questrade?
Questrade is the stronger platform for:
- US stock investors minimizing FX costs through Norbert's Gambit
- Parents saving for education who need an RESP
- Business owners who need a corporate investment account
- Active traders who want more advanced research tools and IQ Edge
- Investors with large USD portfolios who want a native USD account without paying for a subscription
The dual-broker approach
Plenty of experienced Canadian investors just use both. A common setup:
- Wealthsimple TFSA for passive Canadian ETF investing, crypto, and the Monthly Millionaire draw
- Questrade RRSP or RESP for US equity exposure through Norbert's Gambit or registered education savings
Neither platform charges anything for holding an account, so there's no real cost to running both.
Summary
| Wealthsimple | Questrade | |
|---|---|---|
| Stock/ETF commissions | Free | Free |
| FX conversion | 1.5% (free on Premium) | ~$0 via Norbert's Gambit |
| Options cost | $0/contract | $0 + ECN fees |
| Crypto | Direct (50+ coins) | ETFs only |
| RESP | Yes | Yes |
| Corporate accounts | No | Yes |
| Robo-advisor fee | 0.4-0.5% | 0.25% |
| All-in-one ecosystem | Yes | No |
| Best for | Simplicity, crypto, options | US stocks, FX efficiency, RESP |
| Sign-up bonus | $25 cash (code US0EBW) | $50 cash |
🎁 Ready to start? Sign up with Wealthsimple using referral code US0EBW to claim your $25 sign-up bonus today.
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