Questrade vs Wealthsimple vs Interactive Brokers Canada 2026
Updated
Canada’s three most popular discount brokerages each dominate a different niche. Wealthsimple wins on simplicity and commission-free trading, making it the default choice for beginners buying Canadian ETFs like XEQT or VGRO. Questrade offers a middle ground with free ETF purchases, Norbert’s Gambit for cheap USD conversion, and margin and options trading. Interactive Brokers is the clear winner for active traders, anyone holding significant US-dollar investments, and those who want access to global markets — its 0.002% currency conversion rate can save hundreds or thousands of dollars per year compared to the alternatives.
Quick Comparison
Feature
Wealthsimple
Questrade
Interactive Brokers
Stock commissions
$0
$0
$0.01/share ($1 min)
ETF buy commissions
$0
$0
$0.01/share ($1 min)
ETF sell commissions
$0
$0
$0.01/share ($1 min)
Options
No
$0 on most contracts
$1.50/contract
USD conversion
1.5% (0.5% Premium)
~2% (or Norbert’s Gambit)
0.002% ($2 min)
Account minimum
$0
$0 ($1,000 for margin)
$0
Fractional shares
Yes
No
Yes (select US stocks)
Mobile app
Excellent
Good
Complex
TFSA/RRSP/FHSA
Yes
Yes
Yes
Best for
Beginners, passive investors
Self-directed, Norbert’s Gambit
Active traders, global markets
Fee Comparison
Commission Comparison
Trade Type
Wealthsimple
Questrade
IBKR (Tiered)
Buy $5,000 of XEQT
$0
$0
~$1
Sell $5,000 of XEQT
$0
$0
~$1
Buy $5,000 of Apple (US)
$0 + 1.5% FX = $75
$0 + FX spread
~$1 + $2 FX = $3
Buy $10,000 of VFV (CAD)
$0
$0
~$1
10 trades/month (CDN ETFs)
$0
$0
~$10
10 trades/month (US stocks)
$0 + FX costs
$0 + FX costs
~$10 + FX costs
Currency Conversion Cost ($10,000 CAD → USD)
Method
Cost
Net USD Received
Wealthsimple (standard)
1.5% = $150
~$7,100
Wealthsimple (Premium)
0.5% = $50
~$7,170
Questrade (auto-convert)
~2% = $200
~$7,050
Questrade (Norbert’s Gambit)
~$10-$20
~$7,230
IBKR (spot FX)
0.002% = ~$2
~$7,248
If you buy US stocks regularly, IBKR saves hundreds or thousands per year on currency conversion alone.
Currency conversion is the single biggest cost difference between these platforms, and it matters far more than trading commissions for most Canadian investors. If your portfolio is entirely Canadian ETFs, commission costs are essentially zero at all three brokerages. But the moment you buy VTI, SCHD, or individual US stocks, the conversion spread at Wealthsimple ($150 per $10,000) dwarfs IBKR’s cost ($2 per $10,000). Over a decade of regular US investing, this gap compounds into thousands of dollars of lost returns.
Annual Cost Scenarios
Investor Type
Wealthsimple
Questrade
IBKR
Passive: 12 CDN ETF buys/year
$0
$0
~$12
Active: 50 trades/year (CDN)
$0
$0
~$50
US investor: $50K → USD
$750 (1.5%)
~$20 (NG)
~$2
US investor: $50K (Premium)
$250 (0.5%)
~$20 (NG)
~$2
Frequent trader: 200 trades/year
$0 + FX fees
$0 + FX fees
~$200
Account Types
Account
Wealthsimple
Questrade
IBKR
TFSA
Yes
Yes
Yes
RRSP
Yes
Yes
Yes
FHSA
Yes
Yes
Yes
RESP
Yes
Yes
No
LIRA/LIF
Yes
Yes
Yes
Non-registered
Yes
Yes
Yes
Margin
No
Yes
Yes
Corporate
No
No
Yes
Joint
Yes
Yes
Yes
Platform and Features
Feature
Wealthsimple
Questrade
IBKR
Mobile app quality
Excellent (A+)
Good (B+)
Functional (B-)
Web platform
Good
Good
Complex but powerful
Desktop app
No
IQ Edge (active trading)
Trader Workstation (TWS)
Research tools
Basic
Morningstar reports
Extensive
Charting
Basic
Good
Professional-grade
Options trading
No
Yes
Yes (advanced)
Margin rates
N/A
Prime + 3.50%
5.5-6.8% (competitive)
Real-time quotes
Yes
Yes (snap quotes, $90/yr for streaming)
Yes (some fees for data)
Drip (dividend reinvestment)
Yes
Yes
Yes
Fractional shares
Yes
No
Yes (select)
Auto-deposit
Yes
Yes
Yes (via PAD)
Educational content
Good
Good
Extensive
Investment Selection
Available
Wealthsimple
Questrade
IBKR
Canadian stocks (TSX/TSXV)
Yes
Yes
Yes
US stocks (NYSE/NASDAQ)
Yes
Yes
Yes
Canadian ETFs
Yes
Yes
Yes
US ETFs
Yes
Yes
Yes
International stocks
No
Limited
Yes (135+ markets)
Bonds
No
Yes
Yes
GICs
No (separate product)
No
No
Mutual funds
No
Some
No
Options
No
Yes
Yes
Futures
No
No
Yes
Forex
No
No
Yes
Crypto
Yes (separate)
No
Yes (US only)
Who Should Use Which
Choose Wealthsimple If
Situation
Why
You’re a beginner
Simplest app, easiest to start
Passive ETF investor
$0 commissions, auto-deposit, DRIP
Investing in Canadian ETFs only
No FX fees needed
Small account balance
No minimum, fractional shares
Don’t want complexity
Clean, simple interface
Want RESP
Available (not at IBKR)
$100/month investor
Perfect for small regular investments
Choose Questrade If
Situation
Why
Buy-and-hold indexed investor
Free ETF purchases
Want to use Norbert’s Gambit
Cheapest USD conversion (after IBKR)
Need margin trading
Available (not at Wealthsimple)
Want options trading
Available with reasonable fees
Active stock trading + ETFs
More tools than Wealthsimple
Self-directed with some experience
Good balance of features/simplicity
Choose Interactive Brokers If
Situation
Why
Active trader (50+ trades/month)
Lowest per-trade costs
Significant US investments
Best FX rate (0.002%)
Want global market access
135+ markets worldwide
Use margin frequently
Lowest margin rates in Canada
Trade options seriously
Best options platform
Large portfolio ($100K+)
IBKR scales better at size
Corporate trading account
Only option for most corporations
Transfer Process
Feature
Wealthsimple
Questrade
IBKR
Transfer fee reimbursement
Up to $150
Up to $150 (for $25K+)
Up to $150 (for $20K+)
Transfer time
1-3 weeks
1-3 weeks
1-4 weeks
Outgoing transfer fee
$0
$25/account
$0 (partial), varies (full)
Wealthsimple Premium
Feature
Standard
Premium ($50/month*)
Stock/ETF commissions
$0
$0
USD conversion
1.5%
0.5%
Managed investing MER
0.5%
0.4%
Priority support
No
Yes
Tax-loss harvesting
No
Yes (managed)
Worth it if
Most people
$100K+ in USD holdings
*Included free with $100K+ in combined Wealthsimple balances
Our Verdict
Category
Winner
Best for beginners
Wealthsimple
Best for passive CDN ETF investing
Wealthsimple or Questrade
Best for US stock investing
Interactive Brokers
Best mobile app
Wealthsimple
Lowest trading fees
Wealthsimple & Questrade (tied at $0)
Best FX conversion
Interactive Brokers
Best for options
Interactive Brokers
Best overall value (most Canadians)
Wealthsimple
Best for active/advanced traders
Interactive Brokers
The Bottom Line
Most Canadians should start with Wealthsimple — set up auto-deposits into a TFSA, buy XEQT or VGRO, and you’re done for essentially zero cost. If you outgrow it because you want margin, options, or cheaper USD conversion, open a Questrade or IBKR account alongside. There’s no rule that says you can only use one brokerage. Many experienced investors keep Wealthsimple for their TFSA, IBKR for their US holdings, and Questrade for options. Pick the platform that matches how you actually invest today, and switch when your needs change — transfers between brokerages are free or reimbursed.