Wealthsimple vs. Questrade: which is better for your investing

Wealthsimple started as a robo-advisor — you answer a few questions, deposit money, and a portfolio of ETFs is built and rebalanced for you. It later added Wealthsimple Trade, a self-directed app for buying stocks and ETFs, plus chequing-style cash accounts, crypto and tax filing. The whole experience is designed around a phone app and simplicity.

Questrade is a traditional discount brokerage first. You choose what to buy and when. It offers a far wider set of instruments — stocks, ETFs, options, bonds, GICs, mutual funds, FX and precious metals — plus a managed option called Questwealth Portfolios for people who do not want to pick anything.

Both are Canadian, both are members of CIRO, and eligible accounts at both are covered by CIPF protection up to $1,000,000 per account category. Neither is a safety concern.

Self-directed trading: Wealthsimple charges no commission on Canadian stock and ETF trades. Questrade charges no commission on ETF purchases but does charge commission on stock trades (a per-share fee with a minimum), so an active stock trader pays more there.

Managed portfolios: Wealthsimple's managed accounts charge roughly 0.4%–0.5% a year depending on your balance, plus the underlying ETF fees. Questwealth charges roughly 0.20%–0.25% plus ETF fees, which makes it cheaper on paper — Questwealth also uses an actively managed approach rather than pure index tracking.

US dollars: this is the quiet cost that matters most for many people. Questrade lets you hold US dollars in registered and non-registered accounts, so if you buy US-listed ETFs you can avoid repeated 1.5%-ish currency conversion. Wealthsimple charges a conversion fee on US trades unless you pay for its premium tier, which then includes USD holding.

Account fees: Questrade has no annual account fee but does charge for some transfers out and for certain data packages. Wealthsimple has no account fee and often reimburses transfer-in fees above a threshold.

Pros: the cleanest interface in Canada, genuinely commission-free Canadian stock and ETF trades, fractional shares so small amounts get fully invested, automatic deposits and round-ups, one app that also holds your cash, crypto and tax return, and a managed option that requires zero decisions.

Cons: fewer instrument types — no bonds, limited options support and a thinner research toolkit. Currency conversion on US trades is expensive unless you upgrade. Reporting and order types are basic, which frustrates anyone who wants limit ladders, detailed book depth or advanced tax-lot reporting.

Pros: a much broader product range, real USD accounts that remove repeated conversion costs, free ETF purchases, strong charting and research on its desktop platforms, options trading, and a cheaper managed product for hands-off investors with larger balances.

Cons: the interface is more cluttered and has a real learning curve. Stock trades cost commission. Some account and data services carry fees you need to read about before signing up. Support is competent but less friendly to a complete beginner.

Choose Wealthsimple if you are new to investing, you invest small regular amounts, you want fractional shares, you buy mostly Canadian-listed ETFs, or you want a managed portfolio with no effort at all. It is also the better choice if simplicity is what keeps you actually contributing.

Choose Questrade if you hold US-listed ETFs or US stocks in meaningful amounts, you trade options or bonds, your balance is large enough that a 0.2% management fee difference matters, or you want serious research tools and USD accounts.

A common middle path: keep a Wealthsimple TFSA for simple monthly ETF contributions, and a Questrade RRSP holding US-listed ETFs in a USD account where the currency savings compound. There is nothing wrong with using both.

Whichever you pick, the platform matters far less than the contribution rate and the fees inside your funds. A low-cost all-in-one ETF at either place will beat a badly chosen portfolio at the other.