Wealthsimple vs Questrade Referral Bonus
Both Wealthsimple and Questrade offer sign-up incentives for new investors. Here’s how they compare if you’re planning to buy XEQT.
Side-by-side comparison
| Feature | Wealthsimple | Questrade |
|---|---|---|
| Referral bonus | $25 cash | $25-$50 in free trades (varies) |
| Bonus type | Cash deposited to account | Commission credits |
| Minimum to qualify | Fund your account (any amount) | Typically $1,000 deposit |
| ETF buy commissions | $0 (always free) | $0 (free ETF purchases) |
| ETF sell commissions | $0 | $4.95-$9.95 per trade |
| Fractional shares | Yes | No |
| Account minimum | $0 | $1,000 (for some promos) |
| Currency conversion fee | 1.5% (0% with Premium) | Varies (Norbert’s Gambit available) |
Why Wealthsimple’s bonus is better for XEQT investors
1. It’s actual cash
Wealthsimple gives you $25 in cash that you can invest in XEQT immediately. Questrade’s bonus is typically commission credits—but if you’re only buying Canadian ETFs like XEQT, those purchases are already free on Questrade. The credits only matter when selling or trading stocks.
2. No minimum deposit
Wealthsimple’s referral bonus triggers with any deposit amount. Questrade promos often require $1,000+. If you’re starting small, Wealthsimple has a lower barrier to entry.
3. Fractional shares
With Wealthsimple, your $25 bonus can immediately buy a fraction of XEQT. On Questrade, you need to buy whole shares—if XEQT is trading at ~$30, you’d need at least that much to make a purchase.
4. Simpler platform for beginners
If you’re opening your first investing account, Wealthsimple’s app is designed for beginners. Questrade has more features but also more complexity. For a simple XEQT-and-hold strategy, Wealthsimple’s simplicity is an advantage.
When Questrade might be better
- Large USD holdings: Questrade allows Norbert’s Gambit for cheaper currency conversion
- Active trading: Questrade offers more advanced tools, order types, and research
- Options trading: Available on Questrade, not on Wealthsimple basic
- Very large portfolios: Questrade’s fee structure may suit complex strategies
For most Canadians buying XEQT in a TFSA or RRSP, Wealthsimple’s simpler approach and cash bonus wins.
How to claim each bonus
Wealthsimple
- Use this referral link to sign up
- Complete verification
- Fund your account (any amount)
- $25 appears in your account
Questrade
- Find a valid referral or promo code
- Open an account with the code applied
- Fund with the minimum required amount (often $1,000)
- Commission credits are applied to your account
Can you use both?
Yes. There’s nothing stopping you from opening accounts at both brokerages, claiming both bonuses, and deciding which platform you prefer. Many investors keep their primary XEQT portfolio on Wealthsimple for simplicity and use Questrade for specific needs.
Get $25 Cash to Start
Open a commission-free Wealthsimple account and get $25 towards your first XEQT purchase
Get Your $25 Bonus