Wealthsimple and Questrade are two independent (not bank-owned) Canadian brokers that self-directed investors often weigh against each other. Both now charge nothing to buy or sell stocks and ETFs, so the choice comes down to how each handles US dollars, options and market data, what else each offers, and how you like to invest. This page compares the two directly; the online broker comparison covers the rest of the market, including the bank-owned brokers.
Wealthsimple vs Questrade side by side
Fees are from each broker’s pricing page as of September 2026.
| Wealthsimple | Questrade | |
|---|---|---|
| Stock and ETF commission | $0 | $0 (ECN fees apply only to some US orders: direct-routed, OTC and overnight) |
| Equity options | $0 per contract | $0 per contract on all US equity options; Canadian options $0.99 per contract; $24.95 to exercise |
| Standard currency conversion | 1.5% on US trades from a CAD account | 1.5% |
| Holding US dollars | USD account: $10/month at Core, included at Premium ($100,000+ in assets) | Dual-currency accounts, including registered accounts, at no extra charge |
| Norbert’s Gambit journaling | Confirm with Wealthsimple; the USD account’s tiered rate is its main low-cost route | $9.95 per online request (free with Questrade Plus) |
| Margin | Yes; CAD rate from 4.95% (Core) | Yes; rate falls as trading activity grows |
| Annual or inactivity fees | $0 monthly account fee | $0 annual fee, $0 inactivity fee |
| Transfer out to another institution | Check current schedule | $150 per account |
| Robo-advisor | Managed investing, 0.5% (Core) | Questwealth, 0.25% |
| Other products | Chequing account, crypto, tax filing | Bonds, GICs, mutual funds, precious metals |
Buying US stocks: where the two really differ
Currency conversion is the biggest cost difference for anyone who holds US-listed investments.
At Wealthsimple, a US stock bought from a CAD account is converted at 1.5% on the way in and again on the way out. The alternative is the USD account, where conversions are priced by size: 1.5% under $10,000, 1.0% from $10,000, 0.5% from $25,000 and 0% from $100,000.
At Questrade, a standard conversion costs 1.5%, but US dollars can be held in any account, including a TFSA or RRSP, and Norbert’s Gambit converts at close to the market rate for a $9.95 journaling fee plus the bid-ask spread on the interlisted security.
On a single $20,000 conversion, that works out to:
| Route | Cost |
|---|---|
| Wealthsimple, from a CAD account | $300 |
| Wealthsimple, into the USD account | $200, plus $10/month at Core |
| Questrade, standard conversion | $300 |
| Questrade, Norbert’s Gambit | $9.95 journaling fee plus the bid-ask spread |
For small, occasional US purchases the difference is modest, and a Canadian-listed ETF that holds US stocks avoids conversion at either broker. How to buy US stocks from Canada lays out those alternatives.
Platforms and tools
Wealthsimple is built around its mobile app, with a web version, and keeps the interface simple. Questrade offers its web platform, a mobile app and Questrade Pro for active traders, with free Level 1 streaming data and paid add-ons for deeper market data. Investors who mainly buy ETFs on a schedule will find either sufficient; frequent traders tend to value Questrade’s tools and data options.
Accounts
Both offer TFSAs, RRSPs, spousal RRSPs, FHSAs, RESPs, RRIFs, LIRAs and non-registered accounts, and both offer margin. Questrade also lists no annual fee on its registered accounts. If you need a less common account type, confirm it on the broker’s site before applying.
Robo-advisors
Each broker runs a robo-advisor alongside its self-directed platform. Questwealth charges 0.25% a year (0.20% from $100,000), and Wealthsimple’s managed investing charges 0.5% at the Core tier. The two are compared in detail in Wealthsimple vs Questwealth.
Which one fits
Wealthsimple tends to suit investors who mainly buy Canadian-listed ETFs, want investing, chequing and crypto with one company, or value a simple mobile experience.
Questrade tends to suit investors who hold US-listed securities and want to convert cheaply through Norbert’s Gambit, want US dollars inside a TFSA or RRSP without a monthly fee, trade options, or want bonds, GICs and mutual funds alongside stocks.
Both are CIRO-regulated and CIPF members. Full detail on each is in the Wealthsimple review and the Questrade review. If Interactive Brokers is also on your list, see Questrade vs Wealthsimple vs Interactive Brokers. Investors weighing a bank-owned broker such as CIBC Investor’s Edge, which charges $6.95 per trade with over 180 commission-free ETFs, can compare the banks in Wealthsimple vs the Big 5 banks and the CIBC Investor’s Edge review.
Sources
The figures and rules on this page come from these sources. How we check facts.
- questrade.com: Trading Fees & Commissions | Questrade Pricing | Questrade: Tilt finance in your favour
- questrade.com: Transaction fees | Self-directed Pricing | Questrade
- questrade.com: Administrative Fees | Trading Commissions | Pricing | Questrade
- questrade.com: Questwealth Portfolios | Questrade
- wealthsimple.com: Compare Generation, Premium, and Core Plans & Fees | Wealthsimple