Wealthsimple vs Questrade (2025): Which Is Better for Canadian Investors?
Wealthsimple vs Questrade: The Complete Comparison
Both are solid Canadian brokers. But which one is right for you? A fair, honest comparison for 2025.
Quick Verdict: Wealthsimple Wins for Simple XEQT Investing
For buy-and-hold ETF investors who want zero commissions, fractional shares, and a beautiful mobile app, Wealthsimple is the clear choice. Questrade is better for active traders or those holding US stocks long-term.
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Claim Your $25 BonusQuick Comparison: Wealthsimple vs Questrade
| Feature | Wealthsimple | Questrade | Winner |
|---|---|---|---|
| Stock/ETF Commissions | $0 | $0 for ETF buys, $4.95+ sells | Wealthsimple |
| Fractional Shares | Yes | No | Wealthsimple |
| Mobile App | Excellent | Functional | Wealthsimple |
| Desktop Platform | Basic | Advanced | Questrade |
| USD Account (Norbert’s Gambit) | No | Yes | Questrade |
| Options Trading | No | Yes | Questrade |
| Registered Accounts | TFSA, RRSP, FHSA, RESP | TFSA, RRSP, LIRA, RESP | Tie |
| Crypto Trading | Yes | No | Wealthsimple |
| Automatic Investing | Yes | Limited | Wealthsimple |
| Minimum Deposit | $0 | $0 | Tie |
Category-by-Category Breakdown
Fees & Commissions
Wealthsimple:
- $0 commission on all stock and ETF trades
- 1.5% currency conversion fee on US stocks (or $13/month for Plus to reduce to 0%)
- No account fees, no inactivity fees
Questrade:
- $0 to BUY ETFs
- $4.95-$9.95 to SELL ETFs or trade stocks
- $0.01/share for stocks (min $4.95, max $9.95)
- ECN fees may apply (~$0.0035/share)
For XEQT investors: Wealthsimple wins decisively. Zero commissions means you can invest $50/week without fees eating your returns. On Questrade, you'd pay $4.95+ every time you sell.
Fractional Shares
Wealthsimple: Yes — Buy any dollar amount of stocks/ETFs
Questrade: No — Must buy whole shares only
Why this matters: If XEQT is $28 and you want to invest $100, Wealthsimple lets you buy exactly $100 worth. Questrade forces you to buy 3 shares ($84) with $16 sitting as cash. Over years, this uninvested cash adds up.
Mobile App Experience
Wealthsimple: Industry-leading mobile app. Clean, intuitive, fast. Everything is 2-3 taps away. Designed mobile-first.
Questrade: Functional but dated. Gets the job done but feels clunky. Better on desktop.
The reality: If you're investing from your phone (and most Canadians under 40 are), Wealthsimple's app is in a different league.
US Stock Investing
Wealthsimple: 1.5% currency conversion fee on every US stock purchase/sale. Plus subscription ($13/month) drops this to near-zero.
Questrade: Supports USD accounts. Can use Norbert's Gambit to convert CAD→USD cheaply (~0.2%). Hold US stocks in USD without conversion fees.
But here's the thing: If you're investing in XEQT (a Canadian-listed ETF), currency conversion doesn't matter. XEQT already holds US stocks internally—you buy and sell in CAD.
Automatic Investing
Wealthsimple: Set automatic deposits + auto-invest into specific stocks/ETFs. True "set and forget."
Questrade: Automatic deposits exist but no true auto-invest feature. You must manually place orders.
For dollar-cost averaging: Wealthsimple is perfect. Schedule $100/week to automatically buy XEQT. No logging in, no placing orders. Questrade requires you to manually buy after each deposit.
Automate Your XEQT Investing
Wealthsimple's automatic investing + fractional shares make building wealth effortless.
Get Started + $25 BonusWealthsimple Pros & Cons
Pros
- $0 commissions on all trades
- Fractional shares available
- Best mobile app in Canada
- Automatic investing feature
- Simple, clean interface
- Crypto trading available
- $25 referral bonus
- No minimum deposit
Cons
- 1.5% fee on US stocks (without Plus)
- No USD account option
- No options trading
- Basic charting tools
- Limited research tools
- No Norbert's Gambit
Questrade Pros & Cons
Pros
- Free ETF purchases
- USD account available
- Norbert's Gambit supported
- Options trading available
- Advanced desktop platform
- Good research tools
- Margin accounts available
- More account types (LIRA, etc.)
Cons
- Fees to sell ETFs ($4.95+)
- No fractional shares
- Outdated mobile app
- No automatic investing
- ECN fees add up
- Complex for beginners
Who Should Use Which?
XEQT Buy-and-Hold Investor
Zero commissions, fractional shares, and automatic investing make Wealthsimple perfect for simple ETF investing.
US Stock Investor
If you're buying individual US stocks like Apple or Amazon, Questrade's USD account saves significant money long-term.
Options Trader
Wealthsimple doesn't offer options. Questrade does. Simple choice for options traders.
Beginner Investor
The simplest interface, best app, and no-fee structure make it perfect for getting started.
Dividend Investor (CAD stocks)
Zero commissions mean you can DRIP without fees eating into your dividend returns.
Active Trader
Better charting, research tools, and desktop platform for those making frequent trades.
My Personal Setup
I use Wealthsimple for all my XEQT investing. The automatic weekly deposits + fractional shares + zero commissions combination is unbeatable for passive investing. I don't need Questrade's advanced features for a simple buy-and-hold strategy.
The Verdict: Wealthsimple for XEQT Investors
If you’re reading this site, you’re probably interested in simple, low-cost investing with XEQT. For that strategy:
Wealthsimple wins because:
- Zero commission on every trade (buy AND sell)
- Fractional shares let you invest every dollar
- Automatic investing = true “set and forget”
- The app makes investing actually enjoyable
- $25 sign-up bonus sweetens the deal
Questrade makes sense if:
- You’re buying individual US stocks
- You want to trade options
- You need advanced charting/research
- You prefer desktop over mobile
For 90% of Canadians building wealth with a simple ETF strategy, Wealthsimple is the better choice.
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Frequently Asked Questions
Can I have both Wealthsimple and Questrade accounts?
Yes! Many investors use both. You might use Wealthsimple for CAD ETF investing and Questrade for US stocks. There's no rule against having multiple brokerage accounts.
Is my money safe at Wealthsimple?
Yes. Wealthsimple is a member of CIPF (Canadian Investor Protection Fund), which protects accounts up to $1 million if the firm becomes insolvent. Same protection as Questrade and the big banks.
Which has better customer service?
Both have had mixed reviews. Wealthsimple offers in-app chat support. Questrade has phone and chat support. Neither is known for exceptional service, but both resolve issues eventually.
Can I transfer from Questrade to Wealthsimple?
Yes. Wealthsimple offers free incoming transfers and may reimburse Questrade's outgoing transfer fee (usually $150). The process takes 2-4 weeks.
What about Wealthsimple Plus vs regular?
Wealthsimple Plus ($13/month) reduces USD conversion fees and adds instant deposits up to $5,000. For pure XEQT investors trading in CAD, the free tier is all you need.
Which is better for RRSPs?
Both work well for RRSPs. Wealthsimple's automatic investing is great for regular RRSP contributions. Questrade's USD account is better if you're holding US dividend stocks in RRSP (to avoid withholding tax complications).
Don't Overthink It
Both Wealthsimple and Questrade are legitimate, safe platforms. The most important thing is to start investing. Picking the "perfect" broker matters far less than just getting started and staying consistent.
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