Which brokerage is best for beginners in Canada?

Wealthsimple is best for beginners with its simple app, commission-free trading, and fractional shares. Questrade is good for beginners wanting more features. IBKR is better for experienced investors.

Which brokerage has the lowest fees in Canada?

Wealthsimple has $0 commission on stocks and ETFs (but 1.5% currency conversion). Questrade has $0 ETF buys and $4.95-9.95 stock trades. IBKR has the lowest overall costs for USD trading ($0.003/share or $1 minimum).

Should I use Wealthsimple or Questrade for TFSA?

Both are excellent for TFSA. Wealthsimple is simpler and commission-free. Questrade has better research tools and free ETF purchases. If you only buy CAD stocks/ETFs, Wealthsimple is easier. If you want US stocks without conversion fees, consider Questrade with Norbert's Gambit.

Wealthsimple vs Questrade vs IBKR: Best Brokerage in Canada (2026)

Quick Comparison

Feature	Wealthsimple Trade	Questrade	IBKR (Interactive Brokers)
Best for	Beginners	Intermediate	Advanced/Active
Stock commission	$0	$4.95-9.95	$0.01/share ($1 min)
ETF commission	$0	$0 buy	$0 buy
Currency conversion	1.5% (0% with Plus)	~1.5% (can use Norbert’s Gambit)	0.002% (best)
Mobile app	Excellent	Good	Complex
Account minimum	$0	$0	$0
Fractional shares	Yes	No	Yes
Crypto	Yes	No	No
Research tools	Basic	Good	Excellent

Trading Fees

Stock Trading

Trade Type	Wealthsimple	Questrade	IBKR
Canadian stocks	$0	$4.95-9.95	$0.01/share ($1 min)
US stocks	$0 (+ FX fee)	$4.95-9.95 (+ FX fee)	$0.003/share ($1 min)
Options	Not available	$9.95 + $1/contract	$0.65/contract

ETF Trading

	Wealthsimple	Questrade	IBKR
ETF purchases	$0	$0	$0 (most)
ETF sells	$0	$4.95-9.95	Same as stocks

Currency Conversion

	Wealthsimple	Questrade	IBKR
Standard conversion	1.5%	~1.5%	0.002%
Avoid conversion	Plus subscription ($10/month)	Norbert’s Gambit	Native USD account

For US stocks: IBKR has the lowest total cost by far.

Account Types

Account	Wealthsimple	Questrade	IBKR
TFSA	✅	✅	✅
RRSP	✅	✅	✅
FHSA	✅	✅	❌
RESP	❌	✅	❌
LIRA	❌	✅	✅
Corporate	❌	✅	✅
Margin	❌	✅	✅

Winner: Questrade

Questrade supports the widest range of account types.

Platform & Mobile App

Feature	Wealthsimple	Questrade	IBKR
Mobile app rating	4.8/5	4.3/5	4.5/5
Desktop platform	Web only	Yes (IQ Edge)	Yes (TWS)
User interface	Very simple	Moderate	Complex
Learning curve	Minutes	Hours	Days
Customization	Limited	Good	Extensive

Winner: Depends

Wealthsimple for simplicity, IBKR for power users.

Research & Tools

Feature	Wealthsimple	Questrade	IBKR
Stock screener	Basic	Good	Excellent
Analyst ratings	Basic	Yes	Extensive
News feed	Yes	Yes	Yes (premium)
Technical analysis	No	Good	Excellent
Options tools	N/A	Basic	Advanced
Paper trading	No	No	Yes

Winner: IBKR

IBKR has the most comprehensive research and analysis tools.

Fractional Shares

	Wealthsimple	Questrade	IBKR
Fractional shares	Yes	No	Yes
Minimum investment	$1	Full share	$1
Best for	Small portfolios	—	Small portfolios

Crypto

	Wealthsimple	Questrade	IBKR
Crypto trading	Yes (50+ coins)	No	No
Crypto fees	1.5-2% spread	N/A	N/A

Note: Wealthsimple Crypto is separate from Trade.

Premium Subscriptions

Wealthsimple Plus ($10/month)

Feature	Included
USD accounts (no conversion)	✅
Instant deposits up to $5,000	✅
Additional reports	✅

Questrade

No subscription fee — all features included.

IBKR

No subscription fee — all features included (some data feeds cost extra).

Cost Comparison: $10,000 Portfolio

Buying XEQT (Canadian ETF)

	Wealthsimple	Questrade	IBKR
Commission	$0	$0	$0
Total cost	$0	$0	$0

Buying VTI (US ETF)

	Wealthsimple	Questrade	IBKR
Commission	$0	$0	$0
FX conversion	$150 (1.5%)	$150 (1.5%)	$0.20 (0.002%)
Total cost	$150	$150	$0.20

Winner: IBKR for US investments, tie for Canadian-only.

Customer Service

Channel	Wealthsimple	Questrade	IBKR
Phone	Limited	Yes	Yes
Chat	Yes	Yes	Yes
Email	Yes	Yes	Yes
Response quality	Good	Good	Technical

Who Should Choose Each

Choose Wealthsimple If:

Situation	Why
Complete beginner	Simplest platform
Small portfolio	Fractional shares
Canadian stocks/ETFs only	Zero commission
Want crypto too	Integrated platform
FHSA needed	Available

Choose Questrade If:

Situation	Why
Want free ETF purchases	$0 ETF buys
Need RESP	RESP available
Want desktop platform	IQ Edge
Plan to use Norbert’s Gambit	Supported
Options trading	Available

Choose IBKR If:

Situation	Why
Active trader	Lowest costs at volume
US stock focus	Best FX rates
Options/margin	Best platform
Corporate account	Available
Advanced tools	Best research