Wealthsimple and Questrade are the two most popular investing platforms in Canada, and for good reason — both have eliminated commissions on ETF trades, support TFSA and RRSP accounts, and have attracted millions of Canadian investors away from the big banks.
But they're built around very different philosophies, and choosing the wrong one for your needs will cost you in either fees or frustration. Here's a straight comparison.
The Short Answer
Choose Wealthsimple if you want a clean, simple app for buying stocks and ETFs commission-free, or you want a robo-advisor to manage a portfolio for you.
Choose Questrade if you're a more active investor who wants lower US trading costs, options trading, or the ability to hold US dollars without forced currency conversion.
Most Canadians who invest regularly end up with both — and right now, you can collect a sign-up bonus from each.
Commissions and Fees
This is where the platforms diverge most meaningfully.
Wealthsimple charges zero commissions on Canadian and US stocks and ETFs — no asterisks. Every trade is free on the base plan. The catch is currency conversion: when you buy US-listed stocks, Wealthsimple converts your CAD to USD at a 1.5% spread (reduced to 0.5% on the Premium plan at $10/month).
Questrade charges $0 to buy ETFs but $4.95–$9.95 to sell them, and $4.95–$9.95 per stock trade on both sides. The advantage: Questrade lets you hold a USD account, so you can fund it in US dollars directly and avoid conversion fees entirely on US trades. For investors who trade US stocks frequently or in large amounts, this saves real money.
For a casual investor buying Canadian ETFs in a TFSA — Wealthsimple is cheaper. For an active trader dealing in US equities — Questrade's USD account wins.
Platform and User Experience
Wealthsimple has one of the best-designed investing apps in Canada. It's intuitive, fast, and genuinely pleasant to use. The mobile app is the primary experience, and it shows — everything from opening an account to executing a trade takes minutes. Research tools are minimal by design.
Questrade is more utilitarian. The web platform (Questrade Trading) is functional but dated. The advanced platform (Questrade Edge) offers more depth — real-time quotes, watchlists, better charting — but has a steeper learning curve. Questrade is built for people who want more control, not simplicity.
If you're new to investing or just want to set up a portfolio and leave it alone, Wealthsimple's experience is meaningfully better. If you want to dig into charts and screeners, Questrade Edge holds its own.
Robo-Advisor / Managed Investing
Wealthsimple offers a fully managed investing service called Managed Investing. You answer a risk questionnaire, pick a portfolio, and Wealthsimple handles everything — ETF selection, rebalancing, dividend reinvestment — for a 0.4–0.5% annual management fee. It's one of the best robo-advisor products in Canada.
Questrade offers Questrade Wealth Management (formerly Portfolio IQ), a similar managed service at comparable fees. It's competent but less polished than Wealthsimple's equivalent, and the self-directed platform is clearly Questrade's priority.
If managed investing is your main interest, Wealthsimple is the stronger choice.
Account Types
Both platforms support the full range of Canadian registered and non-registered accounts:
- TFSA
- RRSP
- FHSA
- RESP
- RRIF
- Personal (non-registered)
- Corporate accounts (Questrade only)
- Margin accounts
Questrade has a slight edge for business investors and active traders who need corporate accounts or margin. For the vast majority of Canadians, the account selection is effectively identical.
Options Trading
Questrade supports options trading — buying and selling calls and puts on US and Canadian equities. For investors who use options as part of their strategy, Questrade is the clear choice.
Wealthsimple does not offer options trading. Full stop.
Crypto
Wealthsimple supports crypto trading directly within the app — Bitcoin, Ethereum, and other major coins. It's integrated seamlessly alongside your investment accounts.
Questrade does not offer crypto trading.
Sign-Up Bonuses
Both platforms have active referral programs right now, which means you can collect a bonus from each when opening new accounts.
Wealthsimple — $25 cash when you deposit at least $100. Use code US0EBW at sign-up or enter it in the app within 7 days of funding.
Questrade — $50 cash when you open a self-directed account and fund it with at least $250. Use code 645729798488332 at sign-up.
Opening both and collecting $75 in combined bonuses is a reasonable approach if you're evaluating both platforms anyway — there's no conflict between holding accounts at both.
Which Should You Choose?
| Wealthsimple | Questrade | |
|---|---|---|
| Commission-free ETFs | ✅ Buy & sell | ✅ Buy only |
| US stocks | ✅ Free, 1.5% FX | ✅ From $4.95, USD account |
| Robo-advisor | ✅ Best in class | ✅ Available |
| Options trading | ❌ | ✅ |
| Crypto | ✅ | ❌ |
| Mobile app | ✅ Excellent | ⚠️ Functional |
| USD account | ❌ | ✅ |
| Sign-up bonus | $25 | $50 |
Go with Wealthsimple if you're a beginner, want a managed portfolio, trade Canadian ETFs, or want crypto in the same app.
Go with Questrade if you trade US stocks actively, want options, need a corporate account, or want to avoid currency conversion fees entirely.
Open both if you want to cover all bases — they serve different enough purposes that having accounts at both is a common and sensible setup for Canadian investors.
Ready to claim your sign-up bonus? Browse all current Canadian referral codes and collect yours today.