Questrade vs. Wealthsimple: Which Investing Platform is Best for You?

Understanding the fee structure is crucial when comparing Questrade and Wealthsimple. Both platforms now offer zero-commission trading [1], 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 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.
• 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.
• Non-registered (personal) account: A taxable investment account for those who have maxed out registered accounts.
• RESP (Registered Education Savings Plan): Wealthsimple now supports RESP investing.
• FHSA (First Home Savings Account): Helps first-time homebuyers save tax-free.
• 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.

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.

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.