Best Broker to Buy XEQT in Canada (2026): Wealthsimple vs Questrade vs IBKR

Best Broker to Buy XEQT in Canada (2026)

Choosing the right brokerage can save you hundreds of dollars in fees every year. We've compared the three most popular platforms for Canadian ETF investors: Wealthsimple, Questrade, and Interactive Brokers.

Here's an honest, factual comparison to help you pick the best platform for your needs.

Our Top Pick: Wealthsimple

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Disclosure: This page contains a referral link for Wealthsimple. When you sign up using our link, both you and the referrer receive $25. This helps support JustBuyXEQT.com at no extra cost to you. We've done our best to provide accurate, unbiased information about all platforms.

Quick Comparison: Wealthsimple vs Questrade vs IBKR

Key features that matter most for XEQT investors:

Feature Wealthsimple Questrade Interactive Brokers
Commission (ETF Buy) $0 $0 $0 (IBKR Lite) / ~$1 (Pro)
Commission (ETF Sell) $0 $4.95-$9.95 $0 (Lite) / ~$1 (Pro)
Account Minimum $0 $1,000 (recommended) $0
Fractional Shares Yes No Yes (US only)
USD FX Fee 1.5% (0% with Plus) ~2% (or use Norbert's) ~0.002%
Account Types TFSA, RRSP, FHSA, Personal, Joint TFSA, RRSP, FHSA, Personal, Joint, RESP TFSA, RRSP, Personal, Joint
Auto-Invest Yes Limited (PACC) No
Mobile App Excellent Good Complex
Best For Beginners, simplicity Cost-conscious, RESP Advanced, USD trading

Last updated: January 2026

Detailed Broker Reviews

Wealthsimple

Best for: Beginners and hands-off investors

Wealthsimple has become Canada's most popular investing platform for good reason. It offers truly commission-free trading on all Canadian stocks and ETFs, with no account minimums and a beautifully simple app.

For XEQT investors, Wealthsimple is hard to beat. You can buy and sell XEQT with zero fees, invest any dollar amount thanks to fractional shares, and set up automatic investments to build wealth on autopilot.

Pros

  • $0 commissions on all trades
  • Fractional shares (invest any amount)
  • No account minimum
  • Excellent mobile app
  • Easy auto-invest setup
  • Instant deposits up to $5,000
  • All account types (TFSA, RRSP, FHSA)
  • $25 referral bonus

Cons

  • 1.5% FX fee for US stocks (reduced with Plus subscription)
  • No RESP accounts
  • Limited research tools
  • No options trading
  • Canadian-listed securities only (no direct US exchange access)

Our Verdict

Wealthsimple is the best choice for most Canadians buying XEQT. The combination of zero commissions, fractional shares, and an intuitive app makes it perfect for beginner and intermediate investors. The 1.5% FX fee only matters if you buy US-listed stocks—XEQT is Canadian-listed, so you pay nothing.

Questrade

Best for: Cost-conscious investors who want RESP

Questrade pioneered low-cost investing in Canada and remains a solid choice. They offer free ETF purchases (including XEQT), though you'll pay a commission when selling. They also offer RESP accounts, which Wealthsimple doesn't.

The platform is more complex than Wealthsimple, with more features and tools—but also a steeper learning curve. For investors who want more control and don't mind a less polished interface, Questrade works well.

Pros

  • $0 commission to buy ETFs
  • RESP accounts available
  • More advanced trading tools
  • Norbert's Gambit for cheap USD conversion
  • Options and margin accounts
  • Longer track record (since 1999)

Cons

  • $4.95-$9.95 commission to sell ETFs
  • No fractional shares
  • $1,000 recommended minimum
  • More complex interface
  • No easy auto-invest feature
  • FX fees unless you use Norbert's Gambit

Our Verdict

Questrade is best if you need an RESP or plan to do more advanced trading (options, margin). For simple XEQT investing, the selling commission and lack of fractional shares make it less appealing than Wealthsimple. However, it's still a good choice if you're comfortable with the platform.

Interactive Brokers (IBKR)

Best for: Advanced traders and frequent USD traders

Interactive Brokers is a global powerhouse built for serious investors. Their currency exchange rates are unbeatable (~0.002%), making them ideal for US stock trading. However, the platform is complex and intimidating for beginners.

For simple XEQT investing, IBKR is overkill. But if you plan to buy US-listed ETFs or individual US stocks frequently, the FX savings can be significant over time.

Pros

  • Best FX rates in Canada (~0.002%)
  • Access to global markets
  • Advanced trading tools
  • Low margin rates
  • No account minimum (IBKR Lite)
  • Professional-grade platform

Cons

  • Very complex interface
  • Steep learning curve
  • Confusing fee structure
  • No FHSA accounts
  • No fractional shares for Canadian ETFs
  • Customer service can be slow
  • No referral bonus

Our Verdict

IBKR is best for advanced traders who frequently buy US stocks and want the lowest possible FX costs. For buying Canadian-listed XEQT, the complexity isn't worth it. Stick with Wealthsimple or Questrade unless you have specific needs that IBKR addresses.

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Who Should Pick What?

Choose Wealthsimple If:

You want the simplest experience, you're investing in Canadian ETFs like XEQT, you want to invest any amount (fractional shares), you value a great mobile app, or you're just getting started with investing.

Choose Questrade If:

You need an RESP for education savings, you want options or margin trading, you're comfortable with a more complex platform, or you plan to use Norbert's Gambit for US currency conversion.

Choose IBKR If:

You frequently trade US stocks and want the lowest FX fees, you need access to international markets, you're an experienced trader comfortable with complex platforms, or you have a large portfolio where small fee differences add up.

Special Considerations

For XEQT Specifically

XEQT is a Canadian-listed ETF, which means:

For XEQT investing specifically, Wealthsimple’s zero-commission, fractional-share approach is ideal. You can invest any amount, as often as you want, with zero friction.

If You Also Want US Stocks

If you plan to buy US stocks (Apple, Amazon, etc.) in addition to XEQT:

For occasional US stock purchases, Wealthsimple’s simplicity is worth the small FX fee. For frequent US trading, consider IBKR or learn Norbert’s Gambit on Questrade.

Pro tip: Since XEQT already includes ~45% US stocks within the ETF, you get US market exposure without paying any FX fees. You don't need to buy US stocks separately to be diversified.

Account Transfer Fees

Switching brokers? Here’s what you need to know:

The Bottom Line

For most Canadians buying XEQT:

  • Wealthsimple is the best choice — Zero commissions, fractional shares, easy auto-invest, and a great app. Perfect for beginners and hands-off investors.
  • Questrade is good if you need RESP accounts or want more advanced trading features.
  • IBKR is overkill for simple XEQT investing but unbeatable for advanced traders with significant US holdings.

The best broker is the one you'll actually use consistently. For most people, that means choosing simplicity over minor fee differences.

Our recommendation: Start with Wealthsimple, get your $25 bonus, and buy XEQT.

Frequently Asked Questions

Can I switch brokers later?

Yes. You can transfer your investments between brokers without selling (called an "in-kind transfer"). Most brokers charge $50-$150 for outgoing transfers, but many will reimburse this fee if you're bringing in a larger account.

Do any of these brokers charge account fees?

None of these brokers charge ongoing account maintenance fees for standard accounts. Wealthsimple has an optional Plus subscription ($10/month) for premium features like reduced FX fees. Questrade may charge inactivity fees if you have a small account with no trades.

Is my money safe with these brokers?

Yes. All three are members of CIPF (Canadian Investor Protection Fund), which protects your investments up to $1 million per account type if the broker fails. This is the same protection you'd have at a big bank.

Which broker has the best customer support?

Wealthsimple has responsive in-app support and good help documentation. Questrade has phone support and live chat. IBKR's support is adequate but can be slow. For beginner-friendly support, Wealthsimple generally wins.

Can I use multiple brokers?

Yes, you can have accounts at multiple brokers. Some investors keep their TFSA at one broker and RRSP at another. However, this adds complexity—for most people, consolidating at one broker is simpler.

Which broker is best for automatic investing?

Wealthsimple is the best for automatic investing. You can set up recurring deposits and automatic purchases of XEQT with just a few taps. Questrade has a more limited "PACC" feature. IBKR doesn't have built-in auto-invest.

What about robo-advisors?

Both Wealthsimple and Questrade offer robo-advisor services (Wealthsimple Invest and Questwealth) that manage your portfolio for you for a fee (~0.4-0.5%). However, if you're buying XEQT yourself, you don't need a robo-advisor—XEQT is already an all-in-one solution.

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The best broker is the one you’ll actually use. Pick one and start investing today.