Maybe you’re considering online investing or switching brokers or robo-advisors. If you’ve narrowed your choices to Wealthsimple and Questrade, you’ve picked two solid Canadian platforms that can help grow your investments.
Both platforms offer self-directed and managed investment options, but they differ in product range, fees and features. The right choice depends on your goals, whether you prefer hands-on investing or want a robo-advisor to build and manage your portfolio, and which account types and research tools you need.
Below is a clear comparison of Questrade and Wealthsimple to help you decide which investing platform suits you best.
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Online brokerage comparison: Questrade vs. Wealthsimple
Questrade and Wealthsimple are two popular Canadian investment platforms, but their branding and product structures differ. Questrade is both the company and the brokerage brand; its managed portfolio product is called Questwealth Portfolios. Wealthsimple consolidated its investing services into a single platform called Wealthsimple, which includes self-directed trading, a robo-advisor and other financial products.
With the naming clarified, here’s a detailed comparison of what each company offers and how they differ for Canadian investors.
What is Questrade? How does it work for Canadian investors?
Questrade became known in 1999 as a low-cost brokerage and now supports a wide range of investments: stocks, bonds, exchange-traded funds (ETFs), mutual funds, guaranteed investment certificates (GICs), options, initial public offerings (IPOs) and precious metals. It provides competitive trading fees compared with traditional brokerages and a suite of market-data and research tools.
Wealthsimple entered the brokerage market more recently and initially attracted users with zero-commission trades on stocks and ETFs. Wealthsimple’s app expanded to include stocks, ETFs, crypto and fractional shares, and it now provides both self-directed trading and a managed robo-advisor within one platform.
There are trade-offs between the two. Wealthsimple offers commission-free trading but historically relied on currency conversion fees for U.S. trades, which could increase costs for investors buying U.S. securities. Wealthsimple supports many cryptocurrencies and fractional shares, while Questrade provides a broader set of traditional investment products and account types but does not currently offer crypto trading.
Account availability is a key difference. Wealthsimple supports personal (non-registered) accounts, TFSAs and RRSPs. Questrade offers a wider selection of registered accounts, such as RRSPs, TFSAs, RESPs, LIRAs, RIFs, LIFs and FHSAs, in addition to taxable and margin accounts.
Questrade also provides real-time market data and optional paid data packages for advanced traders. Wealthsimple’s quotes can be delayed up to 15 minutes for some clients. Both platforms offer dividend reinvestment plans (DRIPs) and instant deposit features with differing limits.
How do Questrade and Wealthsimple compare?
Below is a concise comparison of the two brokerages across core account types, fees and key features.
| Online broker | Questrade | Wealthsimple |
| Account types | FHSA, TFSA, RRSP, RESP, LIRA, RIF, LIF, personal (non-registered), margin | TFSA, RRSP, personal (non-registered), including crypto |
| Minimum balance to invest | $250 for FHSA; $1,000 for most managed services | $0 |
| Platform | Browser, iOS and Android apps | Website, iOS and Android apps |
| ETFs | Purchases: $0; trading fees $4.95–$9.95 | Purchases/trades: $0 |
| Stocks | Trades: $4.95–$9.95 | Trades: $0 |
| Fractional shares | Not offered | Offered |
| Bonds / GICs | Minimum purchase $5,000 | Not offered |
| International equities | Offered (1% of trade value; $195 minimum) | Not offered |
| Precious metals | US$19.95 per trade | Not offered |
| Mutual funds | Trades: $9.95 | Not offered |
| Options | $9.95 + $1/contract | Not offered |
| IPOs | Free with minimum $5,000 purchase | Not offered |
| Cryptocurrency | Not offered | Available; operations fee ~1.5%–2% |
| Inactivity fee | None | None |
| Currency conversion | 1.5%–2% (not required in registered accounts if assets held in original currency) | 1.5% |
| Data / quotes | Free real-time data; paid packages available | Free with up to 15-minute delay |
| Instant deposit | Up to $10,000 | $1,500 to $50,000 (varies by user) |
| Dividend reinvestment (DRIP) | Yes | Yes |
| Automated transactions | Yes (via Passiv integration) | Automated deposits only |
| Transfer fee reimbursement | Up to $150 | For transfers ≥ $5,000 |
Bottom line: Should DIY investors choose Questrade or Wealthsimple?
For fee-conscious investors, Wealthsimple’s commission-free trades and easy-to-use platform are attractive. Its support for cryptocurrencies and fractional shares also appeals to newer investors and those with smaller accounts. Wealthsimple integrates banking-like services with investing, which can simplify managing cash and investments together.
Questrade is likely the better fit for self-directed investors who want a wider selection of investment options, more registered account types, and advanced market data. Consider Questrade if you:
- Trade U.S. stocks and ETFs frequently: Questrade’s approach to currency handling can be more cost-effective for investors holding U.S.-dollar assets long-term. Wealthsimple’s currency conversion fees can add costs unless you use a U.S. dollar account option.
- Need advanced account types: Questrade supports RIFs, LIFs, RESPs and FHSAs, which Wealthsimple does not yet fully support.
- Want a broader range of investments: Questrade offers mutual funds, bonds, international equities and precious metals that Wealthsimple does not.
- Prefer automation for DIY portfolios: Questrade’s free Passiv membership enables automated deposits and transactions that mimic a robo-advisor for hands-off investors.
- Value real-time data: Active or advanced traders will appreciate Questrade’s real-time quotes and research tools.
Robo-advisor comparison: Wealthsimple vs. Questwealth Portfolios
Wealthsimple launched its robo-advisor in 2014 and Questrade followed with Questwealth Portfolios the same year. Both services ask a few questions about age, goals and risk tolerance, then recommend a diversified portfolio of low-cost ETFs.
Key differences:
- Portfolio options: Wealthsimple offers growth, balanced and conservative portfolios, plus SRI and Halal options. Questwealth offers five core portfolios—aggressive, growth, balanced, income and conservative—and also provides SRI options.
- Human management: Questwealth includes actual human portfolio managers who oversee accounts in addition to algorithmic methods. Wealthsimple relies on algorithmic automation for rebalancing and monitoring.
- Savings tools: Wealthsimple provides features to automate saving and investing, such as investing Mastercard cashback and automated transfers from a cash account.
- Fees: Both charge a management fee plus the ETF providers’ management expense ratios (MERs). Questwealth’s management fees tend to be lower for many balances, while Wealthsimple’s tiered fee schedule can be competitive at higher balances.
| Robo-advisor | Wealthsimple | Questwealth Portfolios |
| Minimum balance | $0 | $1,000 |
| Portfolio options | Growth, balanced, conservative, SRI, Halal | Aggressive, growth, balanced, income, conservative, SRI |
| Account types | TFSA, RRSP, RESP, LIRA, RIF, LIF, personal, joint, corporate | FHSA, TFSA, RRSP, RESP, LIRA, RIF, LIF, personal, joint, corporate |
| Management fee | 0.5% (<$100K), 0.4% (≥$100K), lower tiers for very large balances | 0.25% (<$100K), 0.2% (≥$100K) |
| Estimated MERs | ~0.1%–0.2% (weighted average); slightly higher for SRI | ~0.2% average; SRI slightly higher |
| Approx. annual fee on $50K | ~$300–$350 | ~$225 |
| Approx. annual fee on $100K | ~$500–$600 | ~$400 |
Which robo-advisor should you choose?
Both robo-advisors suit Canadians who want to outsource portfolio decisions. If you have at least $1,000 to invest, Questwealth Portfolios offers more portfolio and account options and lower management fees at many balances. If you’re starting with smaller amounts or want Halal portfolio options, Wealthsimple is a simple, user-friendly choice with no minimum balance.
Other services: Wealthsimple Cash, Wealthsimple Tax and QuestMortgage
Wealthsimple Cash
Wealthsimple Cash is a no-fee cash account that combines a high-interest savings feature with a rewards Mastercard. It allows automatic investment of cashback rewards and supports direct deposits and bill payments in many accounts. Wealthsimple can hold customer cash in trust across multiple banks, which provides enhanced deposit protection in alignment with Canadian deposit insurance structures.
Questrade does not currently offer a comparable cash account product.
Wealthsimple Tax
Wealthsimple Tax (formerly SimpleTax) is a free tax preparation and filing service. Users can file returns at no cost with an optional paid upgrade for priority support and audit assistance. Questrade does not offer a similar tax filing service.
QuestMortgage
Questrade offers mortgage services through QuestMortgage, built in partnership with a mortgage provider. The service provides online mortgage applications, competitive rates and flexible prepayment options. Wealthsimple does not currently offer an equivalent mortgage product.
Both Questrade and Wealthsimple have strengths: Wealthsimple excels for low-cost, beginner-friendly trading and integrated cash features; Questrade is better suited for investors seeking broader product selection, advanced data and more account types. Choose the platform that best matches your investing style, the assets you want to hold and the accounts you need.