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 is more nuanced — and the right answer depends much more on how you invest than on a single headline fee.
This guide covers every meaningful difference between the two platforms 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 fees.
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 — many Canadians do, since both have no account minimums and no annual fees
The Fee Landscape in 2026
The most important thing to know going into this comparison: both platforms are now commission-free on stocks and ETFs. If you're reading an older article that says Questrade charges per trade, that information is outdated.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 now identical. The real cost difference lives in FX conversion — and it's significant for US stock investors.
The FX Cost: Where the Real Difference Is
This is the most important factor for Canadian investors 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 per year — quietly eroding your returns.
Wealthsimple does offer a USD account on its premium tier (Wealthsimple Plus, $3/month), which eliminates per-trade FX. For investors making frequent US trades, this subscription can pay for itself many times over.
Questrade supports native USD accounts on all tiers — no subscription required. More importantly, Questrade actively supports Norbert's Gambit: buying a stock listed on both TSX (CAD) and NYSE (USD), then journalling the shares between accounts to convert currency at minimal cost. The round-trip cost is typically $15–$20 regardless of the conversion amount — vs. 1.5% per trade on Wealthsimple.
On a $10,000 conversion: Questrade ~$15 vs. Wealthsimple ~$150.
Who this matters for: anyone building a US equity portfolio or making regular US ETF purchases. If your portfolio is primarily Canadian-listed ETFs (XEQT, VEQT, XGRO, etc.), this difference is irrelevant — all three are listed on the TSX and trade 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 platforms cover the full range of registered accounts Canadians need. Questrade adds corporate accounts for business owners — Wealthsimple does not currently support corporate investing accounts.
Options Trading
Both platforms offer options trading, and this is one area where Wealthsimple has the clear advantage in 2026.
Wealthsimple charges $0 per options contract — the cheapest options pricing available at any Canadian brokerage. This includes complex multi-leg strategies.
Questrade charges $0 base + ECN fees per contract, which typically adds up to roughly $0.35–$0.75 per contract depending on order type. For a small options trade, the difference is minimal. For high-frequency options traders, Wealthsimple's $0 structure is meaningfully cheaper.
On tools, Questrade has a more capable options interface with advanced screening and analytics. Wealthsimple's options interface is functional but simpler. If options are central to your strategy, Questrade's tooling is more powerful — but you'll pay slightly more per contract.
Robo-Advisor / Managed Portfolios
Both companies offer managed portfolio products alongside their self-directed trading platforms.
Wealthsimple Invest charges 0.4–0.5% annually depending on account balance. It includes automatic rebalancing, tax-loss harvesting, Halal portfolio options, and socially responsible investing portfolios. The interface is exceptionally clean and easy for hands-off investors.
Questwealth charges 0.25% annually — meaningfully cheaper than Wealthsimple. However, it offers fewer portfolio customization options and lacks tax-loss harvesting.
For pure cost-efficiency in a managed portfolio, Questwealth wins. For features and the overall experience, Wealthsimple Invest is stronger.
Crypto
This is a clear Wealthsimple win.
Wealthsimple offers direct cryptocurrency trading on 50+ coins, integrated into the same app as your stocks, ETFs, and registered accounts. It is one of the only fully regulated crypto platforms in Canada.
Questrade does not offer direct crypto trading. Canadian investors who want crypto exposure through Questrade must use crypto ETFs (like BTCC or ETHE), which only tracks price but doesn't give you actual crypto ownership.
For anyone who wants to hold actual Bitcoin, Ethereum, or other digital assets, Wealthsimple is the only option between the two.
Platform Experience
This is subjective, but it matters. The platform you actually find easy to use is the one you'll open consistently — and consistency is the most important variable in long-term investing.
Wealthsimple has the cleanest financial app in Canadian investing. Buying an ETF is as simple as sending an e-transfer. Recurring contributions, tax documents, and account switching are all intuitive. For most Canadians, especially beginners, Wealthsimple's app reduces friction to near zero.
Questrade has a more feature-dense interface that rewards experienced investors but can be overwhelming for newcomers. IQ Edge (its desktop platform) is genuinely powerful for active traders. The mobile app is functional but not 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 complete financial platform. From a single app you can:
- Buy stocks, ETFs, and crypto
- Open a TFSA, RRSP, FHSA, and RESP
- Access a high-interest Cash account (up to 5% interest)
- Get a credit card with 1% cashback
- File your taxes (Wealthsimple Tax)
- Enter the Monthly Millionaire draw with every dollar deposited
Questrade is a focused brokerage — it does investing very well but doesn't offer a cash account, credit card, or crypto, and doesn't integrate 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 are cash. Wealthsimple's $25 has a lower barrier — just $100 deposit — while Questrade's $50 requires a slightly higher initial funding threshold.
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 who want the lowest per-contract cost in Canada ($0)
- Crypto investors who want direct Bitcoin and Ethereum ownership
- First-time investors for whom app simplicity is the difference between investing and not investing
Who Should Choose Questrade?
Questrade is the stronger platform for:
- US stock investors who want to minimize FX costs via 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 a subscription
The Dual-Broker Approach
Many experienced Canadian investors use both. A common setup:
- Wealthsimple TFSA — for passive Canadian ETF investing, crypto, and taking advantage of the Monthly Millionaire draw
- Questrade RRSP or RESP — for US equity exposure using Norbert's Gambit or for registered education savings
Both platforms have no minimums and no fees for holding an account, so there's no cost to maintaining 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 at Wealthsimple with referral code US0EBW to claim your $25 sign-up bonus today.