Wealthsimple vs Questrade 2026: Which Canadian Broker Wins?
TL;DR
Wealthsimple Trade wins for beginners, fractional shares, and CAD ETF investors. Questrade wins for serious long-term ETF portfolios with USD dividends, RESP/LIRA/corporate accounts, and anyone who hates platform fees creeping into their returns.
The 30-second answer
If you have under $25,000 invested, mostly in Canadian-listed ETFs, and want a clean app experience — pick Wealthsimple Trade. If you're building a long-term USD-yielding portfolio, want RESP / LIRA / corporate accounts, or care about not paying 1.5% FX every trade — pick Questrade.
Fees side by side
| Fee | Wealthsimple Trade | Questrade |
|---|---|---|
| Equity commission | $0 | $0 |
| ETF buy | $0 | $0 |
| ETF sell | $0 | $0 |
| FX margin | 1.5% (or 0% on Premium / Generation) | ~1.5–2.0% on auto-conversion (Norbert's Gambit available) |
| Account minimum | $1 | None |
| USD registered (no upgrade) | No (Premium only) | Yes |
The real cost: FX margin on US trades
The "$0 commission" headline hides the actual cost most Canadians pay: foreign-exchange margin. Wealthsimple's standard tier converts CAD ↔ USD at 1.5% above the interbank rate on every US-listed trade. On a $10,000 round-trip in VOO or AAPL, that's roughly $300 in FX cost. Questrade does not charge an FX margin on USD-side accounts — you fund USD, hold USD, sell back to USD with zero conversion.
Want the exact number for your portfolio? Run it through our Wealthsimple fee calculator.
Account types — Questrade wins on coverage
- TFSA, RRSP, FHSA, Cash: both ✅
- USD TFSA / RRSP / FHSA: Questrade ✅ (free) / Wealthsimple ✅ (Premium $10/mo)
- RESP: Questrade ✅ / Wealthsimple ❌
- LIRA / LIF: Questrade ✅ / Wealthsimple ❌
- Corporate / Incorporated business: Questrade ✅ / Wealthsimple ❌
- Margin accounts: Questrade ✅ / Wealthsimple ❌
App and platform
Wealthsimple's mobile app is the cleanest in Canada — minimal, fast, fractional shares as a first-class feature. Questrade has two interfaces: a passable web/mobile app and the more advanced Questrade Trading Platform (QTP) for active traders, plus the legacy IQ Edge desktop. If you intend to place market orders from your phone twice a year, Wealthsimple is more pleasant. If you want depth-of-book, conditional orders, or options chains, Questrade has them.
Promotions and account transfers
Both reimburse transfer fees from your old broker (typically up to $150). Wealthsimple frequently offers cash bonuses tied to net deposits — see our Wealthsimple transfer bonus guide. Questrade promotions are typically free trades or platform-fee waivers rather than cash.
Safety and protection
Both are CIRO-regulated and CIPF-protected up to $1M per separate account. Both hold client assets in segregated accounts. Neither is a "riskier" choice from a custody standpoint — see our Is Wealthsimple safe? deep-dive for the regulatory details.
Who should pick which
Pick Wealthsimple Trade if you…
- Have under $25K invested or just starting out
- Buy mostly Canadian-listed ETFs (XEQT, VFV, ZSP)
- Want fractional shares and instant deposits
- Are a newcomer with no Canadian credit history (no minimum, fast onboarding)
Pick Questrade if you…
- Hold US-listed securities long-term (USD dividends without FX drag)
- Need RESP, LIRA, or corporate accounts
- Want options or margin trading
- Have a portfolio above ~$50K where free ETF buys + free USD-side dividends compound
Related guides
Not investment advice. Pricing changes — verify on official sites before opening. We do not accept referral commissions from any broker mentioned. Last reviewed: April 22, 2026.
Editorial disclaimer
This article is published by LoonieLabs for general information only. It is not financial, tax, legal, accounting, or immigration advice and must not be relied on as such. Rules, dollar figures, interest rates, and program eligibility change — always verify with the Canada Revenue Agency, IRCC, or a qualified professional before acting. Spotted an error? See our corrections policy. Last reviewed: April 22, 2026.
Frequently Asked Questions
Written and reviewed by Shrey Patel — Founder & Editor-in-Chief
Winnipeg, MB · Figures cross-checked against official banking & credit sources · Last reviewed April 22, 2026 · LinkedIn
Founder of LoonieLabs · based in Winnipeg, MB · writes and reviews every page on the site I oversee every figure on this page personally — verified against primary sources (CRA, IRCC, Statistics Canada, the Bank of Canada, or the originating provincial ministry). LoonieLabs has no affiliate relationships with any bank, credit card, or immigration consultant featured on this site. Spotted a mistake? Tell us.
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