Two excellent options, meaningfully different products. Here's an honest look at which one fits your situation — including the things each one doesn't advertise.
| Questrade | Category | Wealthsimple Trade |
|---|---|---|
| Free ETF purchases Sells: $4.95–$9.95 |
ETF Trading | Free both buys and sells |
| $4.95–$9.95 per trade | Stock Trading | Free |
| Yes — native USD accounts, no daily FX conversion | USD Accounts | Yes — requires Premium ($10/mo) |
| RRSP, TFSA, RESP, RRIF, margin, corporate, joint | Account Types | RRSP, TFSA, non-registered, crypto — no RESP |
| Desktop app (Questrade IQ) + web + mobile | Platform | Best-in-class mobile app; web available |
| Yes — synthetic DRIP available | DRIP | No DRIP — manual reinvestment only |
| No | Fractional Shares | Yes — invest any dollar amount |
| Partial — limited ETFs | Auto-Invest / Recurring | Yes — recurring buys, round-ups |
| $0 for most accounts | Account Minimum | $0 |
| $1,000 minimum to open RRSP (some account types) | Opening Requirement | $0 — open with any amount |
| 1.5% FX spread on currency conversion | FX Fees | 1.5% FX (Free tier); waived with Premium + USD account |
| Not available | Crypto | Available on same platform |
| Available (limited selection) | Mutual Funds | Very limited mutual fund access |
| CIPF (Canadian Investor Protection Fund) up to $1M | Investor Protection | CIPF up to $1M |
| Established 1999; iA Financial Group subsidiary | Background | Founded 2014; publicly traded (WSP.TO on TSX) |
The USD account is a bigger deal than most people realize. If you hold US-listed ETFs or stocks, Wealthsimple converts CAD to USD and back on each transaction (at 1.5% each way = 3% round trip). On a $50,000 trade, that's $1,500 in FX alone. Questrade's USD RRSP account lets you hold USD directly and avoid this drag entirely.
DRIP. Questrade offers synthetic DRIP — dividends automatically reinvest in additional shares without a commission. This is genuinely useful for passive investors and means your capital compounds more efficiently over time. Wealthsimple doesn't offer this.
More account types. If you need a corporate account, RESP for kids' education savings, or a margin account, Wealthsimple doesn't offer these. Questrade does.
The app is legitimately excellent. It's not just "good for a Canadian broker" — it's a genuinely well-designed product. Clean interface, clear performance visualization, easy to navigate. For new investors, friction reduction matters; a confusing platform leads to bad decisions or no decisions.
Fractional shares change the math for small investors. If you want to buy $200 worth of XEQT and XEQT trades at $38/share, Wealthsimple lets you buy exactly $200 worth. Questrade requires you to buy whole units, leaving cash sitting idle.
Recurring investments work really well. Set up a biweekly automatic purchase of XEQT and Wealthsimple executes it reliably. This is the single best investing habit most Canadians can build, and Wealthsimple makes it easy. Questrade's equivalent is more limited.
Both platforms charge 1.5% on currency conversion. This matters if you're buying US-listed ETFs (VTI, VOO, etc.) or US stocks. Questrade's solution is a native USD account — hold USD directly, trade in USD, convert only when needed. Wealthsimple's solution is the $10/month Premium plan with a USD account.
If you're buying Canadian-listed ETFs (XEQT, VEQT, etc.) in CAD — which most Canadian investors should be doing anyway — this is a non-issue on both platforms.
A note on "commission-free" marketing: Neither platform actually processes trades for free — they both make money on the bid-ask spread (buying slightly above market, selling slightly below) and on FX conversion. For large-cap ETFs with tight spreads like XEQT or VEQT, this is negligible. For thinly traded securities, it can add up. "Commission-free" is more accurate on popular ETFs than on small-cap stocks.
Yes. Some investors use Wealthsimple for their TFSA (fractional ETFs, automatic contributions) and Questrade for their RRSP (USD account for US equity, DRIP). There's nothing wrong with this, though it adds administrative complexity.
Both platforms are primarily built for self-directed investors. If you want:
Free ETF purchases, USD accounts, DRIP. Best for mid-to-large portfolios and serious investors.
Get Started with Questrade →Referral link — we may earn a commission
Commission-free trades, great app, fractional shares, automatic investing. Best for beginners and mobile investors.
Get Started with Wealthsimple →Referral link — we may earn a commission
Platform features, fees, and account types change. Verify all current terms at questrade.com and wealthsimple.com before opening an account. This page contains affiliate/referral links — we earn a commission if you open an account through them, at no cost to you. Our editorial coverage is not influenced by affiliate relationships. Both platforms are regulated by IIROC (now CIRO) and covered by CIPF up to $1,000,000. Not financial advice.