Quick Comparison
| Feature | Wealthsimple | Questrade | Interactive Brokers |
|---|
| Stock commissions | $0 | $0.01/share ($4.95 min) | $0.01/share ($1 min) |
| ETF buy commissions | $0 | $0 | $0.01/share ($1 min) |
| ETF sell commissions | $0 | $0.01/share ($4.95 min) | $0.01/share ($1 min) |
| Options | No | $9.95 + $1/contract | $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 | ~$5 | ~$1 |
| Buy $5,000 of Apple (US) | $0 + 1.5% FX = $75 | ~$5 + FX spread | ~$1 + $2 FX = $3 |
| Buy $10,000 of VFV (CAD) | $0 | $0 | ~$1 |
| 10 trades/month (CDN ETFs) | $0 | $0 (buys), ~$50 (sells) | ~$10 |
| 10 trades/month (US stocks) | $0 + FX costs | ~$50 + 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.
Annual Cost Scenarios
| Investor Type | Wealthsimple | Questrade | IBKR |
|---|
| Passive: 12 CDN ETF buys/year | $0 | $0 | ~$12 |
| Active: 50 trades/year (CDN) | $0 | ~$250 | ~$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 | ~$1,000+ | ~$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 |
| 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 | Interactive Brokers |
| Best FX conversion | Interactive Brokers |
| Best for options | Interactive Brokers |
| Best overall value (most Canadians) | Wealthsimple |
| Best for active/advanced traders | Interactive Brokers |