This is one of the most common questions I get from friends who are ready to start investing: “Should I go with Wealthsimple or Questrade?”

It’s a good question because these two platforms dominate the Canadian online brokerage space, and for good reason. They’re both solid. They both let you invest in stocks, ETFs, and options across registered and non-registered accounts. They both have no account minimums and no annual fees.

But they’re built for different types of investors. And depending on how you plan to invest, one will probably suit you better than the other. Not because one is objectively better, but because they’ve made different trade-offs. Both platforms update their pricing and features regularly, so the specifics here reflect what’s available as of when this was last updated.

This isn’t a recommendation for either platform. I’ve used both over the years, and what I’ve found is that the right choice depends entirely on what matters to you.

The short version

If you want the simplest possible experience and plan to invest mostly in Canadian-listed ETFs or stocks, Wealthsimple makes it very easy. If you want more control, lower currency conversion costs for U.S. investing, or access to more advanced tools, Questrade gives you more to work with.

That’s the general shape of it. The details below explain why.

Trading fees

Both platforms now offer commission-free trading on stocks and ETFs. No charge to buy, no charge to sell. Questrade made this change relatively recently, having previously charged $4.95 to $9.95 per stock trade. If you’re reading older comparisons elsewhere, they may still reference those fees.

Neither platform charges account maintenance fees or has minimum balance requirements. On the commission front, there’s no meaningful difference between them anymore.

Currency conversion (the big one)

This is where the two platforms differ the most, and it’s the factor that matters most for anyone investing in U.S. stocks or ETFs.

When you buy a U.S.-listed stock with Canadian dollars, your money needs to be converted. How that conversion happens, and what it costs, varies significantly.

Wealthsimple charges a 1.5% currency conversion fee on U.S. trades. On a $10,000 purchase, that’s $150. Their Premium tier (available once you have $100,000+ in assets) includes a USD account, which lets you hold U.S. dollars and avoid repeated conversions. But you still pay to convert the first time.

Questrade lets you hold U.S. dollars natively without a premium tier. More importantly, Questrade supports Norbert’s Gambit, a technique where you convert currency by buying and selling an interlisted stock (like DLR/DLR.U). The cost is minimal, often under 0.2%. On that same $10,000, you’d pay roughly $20 instead of $150.

If you plan to invest primarily in Canadian-listed ETFs (XEQT, VEQT, VFV, and similar), currency conversion isn’t something you’ll deal with directly. The ETF handles it internally. But if you want to buy U.S.-listed stocks or ETFs like VOO, QQQ, or individual American companies, this cost difference is significant over time.

Account types

Both platforms offer the full range of Canadian registered accounts: TFSA, RRSP, FHSA, RESP, LIRA, and non-registered. Neither has gaps here.

Wealthsimple also offers managed (robo-advisor) accounts alongside self-directed ones, so you can have both under one roof if you want some money managed automatically and some you control yourself. Questrade offers a similar split through Questwealth (their robo-advisor service) and Questrade (their self-directed platform), though they feel like more separate products.

Both support joint accounts and corporate accounts.

The app and experience

This is subjective, but it matters. If the app feels confusing, you’re less likely to use it. And with investing, consistency matters more than almost anything else.

Wealthsimple has one of the cleanest financial apps in Canada. It’s simple, fast, and designed to make buying an ETF feel as easy as sending an e-transfer. If you’ve never invested before, you’ll feel comfortable here quickly.

Questrade’s interface has improved over the years, but it still feels more like a tool built for people who already know what they’re doing. There are more screens, more options, and more data visible at once. Some people love that. Others find it overwhelming.

Neither app gives you a complete picture of your portfolio’s performance over time, especially if you have accounts at more than one institution. That’s a separate problem worth thinking about regardless of which brokerage you choose.

Research and tools

Questrade offers more built-in research: market data, analyst reports, screeners. If you want to dig into a stock before buying, the tools are there.

Wealthsimple keeps things minimal. You’ll see basic price charts and some news, but it’s not trying to be a research terminal. Most people using Wealthsimple are buying index ETFs and don’t need deep research tools on the platform itself.

If research tools matter to you, Questrade has an edge. If you do your research elsewhere and just want a clean place to execute trades, Wealthsimple is fine.

Options trading

Both platforms support options trading. Questrade has offered it longer and provides more advanced order types. Wealthsimple added options more recently and keeps the experience simpler.

If options are a meaningful part of how you invest, compare the specifics on each platform directly. This space evolves quickly and the feature sets change with updates.

Transfers and switching

If you’re already at one and wondering about moving to the other, both platforms accept transfers from other brokerages. The process takes a few weeks and your investments stay invested during the move (you don’t need to sell everything and rebuy).

Questrade has historically offered to cover transfer fees from your previous brokerage (up to $150). Wealthsimple has run similar offers. Check what’s current if this matters to you.

You can also hold accounts at both. There’s no rule that says you need to pick one. Some people keep their Canadian investments at Wealthsimple for the simplicity and their U.S. investments at Questrade for the lower conversion costs.

So which one?

There’s no wrong answer here. Both are legitimate, well-established platforms used by hundreds of thousands of Canadian investors.

Wealthsimple makes more sense if you:

Want the simplest possible experience
Invest mostly in Canadian-listed ETFs
Value a clean app over advanced features
Are just getting started and want low friction

Questrade makes more sense if you:

Invest in U.S.-listed stocks or ETFs and want lower conversion costs
Want access to research tools and more detailed market data
Are comfortable with a more feature-rich interface
Plan to use strategies like Norbert’s Gambit

Either one works if you:

Primarily buy and hold Canadian ETFs
Want a registered account (TFSA, RRSP, FHSA) with no fees
Just need a reliable place to invest regularly

The most important thing isn’t which brokerage you pick. It’s that you pick one and start investing consistently. The difference between Wealthsimple and Questrade over 20 years is small compared to the difference between investing and not investing at all.

This isn’t financial advice, and both platforms change their pricing and features regularly. Check their current offerings before making a decision.

Wealthsimple vs Questrade: which one is right for you?