Best Canadian Brokerage for 2025

Choosing the right investment platform in Canada can feel overwhelming—especially when two popular names like Questrade and Wealthsimple dominate the conversation. 

While both aim to empower Canadian investors, they take very different approaches to how you grow your money.

This comparison breaks down Wealthsimple vs Questrade fees, trading tools, investment options, and overall experience to help you decide which fits your financial goals best: hands-on control or automated simplicity. 

Keep reading to figure out which is the best discount Canadian brokerage for you!

What Is Questrade?

Questrade (read: QUESTRADE REVIEW) is one of Canada’s most established online brokers. Founded in 1999, it operates as a discount brokerage with a strong focus on flexibility, cost-efficiency, and advanced tools for self-directed investors.

The platform offers access to Canadian and U.S. equities, ETFs, mutual funds, options, and foreign exchange trading. Its desktop platform, Questrade Edge, is popular among active traders for its real-time market data, customizable charts, and technical analysis features.

There’s also Questrade Mobile, its mobile app, which is available for both Android and iPhone users.

Registered accounts such as TFSAs, RRSPs, RESPs, and LIRAs are fully supported. 

A key advantage of Questrade is the ability to hold USD in registered accounts—ideal for reducing foreign exchange (FX) fees when trading U.S. assets.

Pro Tip:

Want to take back control of your finances? Get started today with Wealthsimple or Questrade!

What Is Wealthsimple?

Wealthsimple (read: WEALTHSIMPLE REVIEW) is a fintech-driven investment platform designed for ease of use and automated wealth building. Launched in 2014, it appeals to new investors and those looking for a simplified experience.

With Wealthsimple Invest, users can access robo-advised portfolios tailored to their goals and risk levels. Portfolios are automatically rebalanced and can include socially responsible or halal investing options.

For self-directed trading, Wealthsimple Trade offers commission-free trading of stocks and ETFs. 

The platform is minimal by design. While it’s easy to use, it lacks more advanced features like real-time quotes, in-depth charting, and diverse asset selection unless users upgrade to the Premium plan.

Fees and Pricing Comparison

When it comes to cost, Questrade and Wealthsimple operate on similar but not identical models.

Both offer commission-free trading, but there are some key differences.

Trading Fees & Account Minimums

Questrade used to charge commission for trading stocks and ETFs, but they have switched to a more competitive, commission-free model. 

The platform charges $9.95 per mutual fund transaction.

Questrade used to have a $1,000 minimum to open an account. Today, there’s no minimum for self-directed accounts and a $250 minimum to invest with Questwealth Portfolios.

Wealthsimple Trade offers zero-commission trading for both Canadian and U.S. stocks and ETFs. There are no fees for buying or selling ETFs and no minimum deposit is required to begin investing.

This difference in pricing structure makes Questrade more appealing for experienced investors who value full access to tools and products, while Wealthsimple’s no-cost entry point is ideal for beginners testing the waters.

Currency Conversion Fees

Currency exchange fees impact cross-border investing. Here’s how they stack up:

Questrade charges a 1.5% FX fee on USD trades and supports true USD-registered accounts like RRSPs and TFSAs. This allows frequent U.S. equity traders to avoid repeated currency conversions.

Wealthsimple also charges a 1.5% FX fee. They also support USD-registered accounts, but these are available only to Premium or Generation clients.

Subscription Fees

One thing that’s interesting about both Questrade and Wealthsimple is that neither charges any account subscription fees.

Questrade doesn’t currently offer any tiered plans based on total investments.

Wealthsimple has its basic plan, with no minimum account balance required. There’s a 0.5% fee if you opt for managed investments. For investors with larger portfolios, there are two options.

The Premium plan requires a total balance (cash and/or investments) of $100,000. The fee for managed investments is 0.4% and you’ll earn 2.25% APY on uninvested cash balances.

The Generation plan requires a total balance (cash and/or investments) of $500,000. Managed investment fees range from 0.2% to 0.4%, and you’ll earn 2.75% APY on invested cash balances.

Wealthsimple automatically upgrades plans when investors reach a new threshold.

As you can see, Wealthsimple fees and Questrade fees have a lot in common, but for high-volume investors, Wealthsimple has some advantages (and disadvantages, as we’ll see in the next section).

Pro Tip:

In it for the long run? Check out Questrade and Wealthsimple’s automated portfolio options today!

Investment Products and Access

Questrade stands out for its diverse investment offerings, including Canadian and U.S. stocks, ETFs, mutual funds, options contracts, foreign exchange trading, and even precious metals through ETFs. 

This extensive product lineup enables investors to build highly tailored portfolios across asset classes and regions.

Wealthsimple, on the other hand, keeps its investment catalog simple. Investors can trade Canadian and U.S. stocks and ETFs or opt for professionally managed portfolios through Wealthsimple Invest. The platform also allows users to buy and sell cryptocurrencies directly, which is a key differentiator.

Ultimately, Questrade supports more sophisticated investment strategies, while Wealthsimple prioritizes ease and accessibility for those who prefer a more passive or streamlined approach.

Platform Experience and Features

Questrade caters to experienced investors with a platform that emphasizes flexibility and real-time market access. Its Questrade Edge platform delivers highly customizable charts, streaming data, and advanced order types such as bracket and conditional trades. 

These features allow active traders to fine-tune their strategies and make timely decisions with precision.

On the other hand, Wealthsimple is built for simplicity. The interface is minimal and intuitive, allowing new investors to place trades with ease. While it lacks advanced tools, the experience is clean and efficient. 

For users who want enhanced performance, Wealthsimple Plus unlocks lower fees and some additional tools that may be useful.

Both platforms serve their respective audiences well, with Questrade leaning into power and Wealthsimple focusing on usability.

Mobile Experience and Educational Resources

Questrade’s mobile app mirrors the desktop experience. It delivers live quotes, custom alerts, account access, and research tools, making it a strong choice for investors on the go.

Wealthsimple’s mobile app is designed with simplicity in mind. It’s perfect for checking balances and making basic trades. Some users have noted that there are price lags and wish there were more trading options available.

In terms of education, Questrade offers a robust library of webinars, how-to guides, and research powered by Morningstar. 

Wealthsimple’s education resources are more entry-level, including blog posts and FAQs written in a beginner-friendly tone. They also have some useful calculators for figuring out financial goals.

User Reviews and Community Feedback

User feedback highlights the distinct strengths of each platform. 

Questrade often receives praise for its low trading fees, broad asset access, and advanced customization tools. Many seasoned investors appreciate the flexibility it offers, though some have reported long wait times for support during peak hours.

Wealthsimple earns high ratings for its intuitive design and beginner-friendly onboarding process. Users frequently commend the platform’s commission-free model and mobile experience. However, more experienced traders sometimes express frustration over the lack of real-time data and limited asset variety.

Overall, reviews reinforce each platform’s niche: Questrade appeals to experienced investors looking for flexibility and depth, while Wealthsimple is favored by newcomers seeking simplicity and automation.

Customer Support and Security

Is Questrade legit? What can you expect if you open an account in terms of support and security?

Questrade offers customer support through multiple channels including phone, live chat, and email. Users can also access a robust help center with detailed documentation, FAQs, and platform tutorials. As a regulated firm under the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF), Questrade provides insurance coverage for up to $1 million per account in case of insolvency.

Same question: Is Wealthsimple legit?

Wealthsimple matches Questrade’s support options, also providing phone support and chat support during business hours. There’s also an option to get tax support, something that Questrade doesn’t offer.

The platform is geared more toward onboarding and basic account management, making it easy for newer investors to get quick assistance. Like Questrade, Wealthsimple is regulated by CIRO and is also a CIPF member, ensuring similar protections for client accounts.

Investing Style and Account Types

Questrade supports a wide variety of account types, including TFSAs, RRSPs, RESPs, LIRAs, margin accounts, and corporate accounts. These options give investors significant flexibility in building a personalized investment strategy. 

Questrade also allows for multiple currency holdings, such as USD within registered accounts—an appealing feature for cross-border traders.

Wealthsimple keeps things simple by offering personal, TFSA, individual and spousal RRSPs, LIRA, RESP, and corporate accounts. They don’t have as many account types as Questrade, but they have expanded their offerings.

If you’re looking for flexibility and control, Questrade offers a wider range of options. For those who prefer an easy-to-navigate platform and streamlined account offerings, Wealthsimple gets the job done with minimal friction.

Additional Features

Beyond standard trading capabilities, each platform offers unique extras that can enhance the overall experience.

Questrade supports instant deposits, allowing users to act quickly on market opportunities without waiting for bank transfers. Its Dividend Reinvestment Plan (DRIP) feature makes it easy to automatically reinvest earnings, and advanced screeners help uncover trade ideas aligned with an investor’s strategy.

Wealthsimple leans into financial accessibility. Investors can buy fractional shares, making it easy to build diversified portfolios even with smaller amounts of capital. Wealthsimple Cash integrates banking and investing features, and the platform also offers direct access to cryptocurrency trading—something Questrade doesn’t provide directly.

These additions reflect each company’s target demographic: Questrade for hands-on, data-driven investors, and Wealthsimple for modern users looking for a seamless, all-in-one financial experience.

Pro Tip:

Get $25 for referring a friend to Wealthsimple, or get your first month of options trading free with Questrade today!

Advanced Trading Tools and Platform Features

When evaluating online investing platforms, the availability of advanced trading tools can significantly influence an investor’s experience, especially for those who are more active in the markets.

Questrade stands out in this regard by offering a comprehensive suite of advanced trading tools. Their platform provides real-time market data, customizable charting options, and a variety of technical indicators. For traders who rely on in-depth analysis, Questrade’s tools facilitate detailed market assessments, aiding in making informed decisions. Additionally, Questrade supports multiple order types, including stop-loss and limit orders, catering to diverse trading strategies.

On the other hand, Wealthsimple Trade adopts a more streamlined approach. While it offers a user-friendly interface suitable for beginners, it lacks some of the advanced features found in Questrade. For instance, Wealthsimple Trade provides delayed market data and has limited charting capabilities. This simplicity can be advantageous for new investors but might be restrictive for those seeking more sophisticated tools.

In summary, investors who prioritize advanced trading tools and a feature-rich platform may find Questrade more aligned with their needs, while those preferring simplicity might lean towards Wealthsimple Trade.

Actively Managed Portfolios and Robo Advisor Services

For investors interested in a more hands-off approach, both Questrade and Wealthsimple offer solutions through robo advisor services and actively managed portfolios.

Wealthsimple has established itself as a leader in the robo advisor space in Canada. Their platform provides a range of portfolios tailored to different risk tolerances and investment goals. Notably, Wealthsimple offers options for socially responsible investing, allowing clients to align their investments with personal values. Their portfolios are automatically rebalanced, ensuring that asset allocations remain consistent over time.

Questrade, through its Questwealth Portfolios, also offers robo advisor services. These portfolios are actively managed, meaning investment professionals make adjustments based on market conditions. This active management approach aims to capitalize on market opportunities, potentially enhancing returns. Additionally, Questrade’s robo advisor service typically charges lower management fees compared to Wealthsimple, making it an attractive option for cost-conscious investors.

Both platforms provide access to Canadian investments and allow contributions in Canadian dollars, simplifying the process for domestic investors. However, the choice between them may hinge on preferences for active versus passive management and considerations around fees and investment philosophies.

Conclusion

When we compare Questrade vs Wealthsimple, both are solid Canadian robo advisors—but for different types of investors.

Choose Questrade if you:

Prefer DIY investing

Want access to a wide range of assets

Are comfortable navigating more complex tools

Choose Wealthsimple if you:

Want a no-hassle, automated experience

Value simplicity and clean design

Are starting with smaller amounts or want passive investing

Have a large portfolio and want to take advantage of lower management fees

Ultimately, it comes down to your level of involvement. Questrade is for builders and strategists. Wealthsimple is for hands-off growers. Either way, you’re choosing a trusted Canadian platform to support your financial goals.

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