Questrade vs Wealthsimple: Which Should You Use?
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Questrade and Wealthsimple are the two online brokers most Canadians compare first. Both offer TFSA, RRSP and FHSA accounts, both are members of the Canadian Investment Regulatory Organization (CIRO), and both are covered by the Canadian Investor Protection Fund if the firm fails. The differences are in the details.
At a glance
| Questrade | Wealthsimple | |
|---|---|---|
| Feel | Full-featured broker, more tools | Simple app, fewer screens |
| Registered accounts | TFSA, RRSP, FHSA, RESP, spousal RRSP, LIRA and more | TFSA, RRSP, FHSA, RESP, and others |
| US-dollar accounts | Yes, standard | Available; some features depend on your plan |
| Managed portfolios | Yes (Questwealth) | Yes (managed investing) |
| Also offers | Margin, options | Cash account, crypto, tax filing |
Both have changed their commissions and plans several times. Check each broker's current pricing page before you open an account: it's the only reliable source.
Choose Questrade if…
- you’ll trade US stocks or ETFs often and want to hold US dollars without converting every time
- you want detailed charts, more order types or account types like a LIRA
- you plan to move a large account and want transfer-fee coverage (check the current terms)
Choose Wealthsimple if…
- you want the simplest app and mostly buy Canadian-listed ETFs
- you like having your savings, investing and tax filing in one place
- you’re starting small and value ease over tools
Watch the currency conversion fee
The biggest hidden cost for Canadian investors is usually currency conversion, not commissions. Converting CAD to USD to buy a US stock can cost around 1.5% each way at many brokers. On a $10,000 purchase, that’s about $150 in, and $150 more when you sell. If you invest mostly in US assets, compare how each broker handles USD before anything else. Canadian-listed ETFs that hold US stocks avoid the conversion entirely.
You don’t have to choose forever
You can transfer registered accounts between brokers without tax consequences, as long as it’s a direct transfer (never withdraw and re-deposit a TFSA or RRSP yourself). Many brokers reimburse the transfer-out fee above a minimum balance.
New to registered accounts? Start with TFSA vs RRSP vs FHSA.