Wealthsimple vs Questrade

1. Wealthsimple vs Questrade: Quick Verdict

The deciding difference is how each account holds US dollars. On Canadian stocks and ETFs the two are identical in price: $0 to buy or sell. On US stocks both charge $0 commission too. The split comes from the account around the trade. Questrade lets a TFSA, RRSP or other registered account hold US dollars at no extra cost. Wealthsimple sells a USD account for $10 plus tax a month on its Core tier, and includes it on Premium and Generation, from $100,000 in assets.

Pick Questrade if you buy US stocks or US-listed ETFs regularly in a registered account, trade Canadian options, or want an advanced trading platform. Holding US dollars in registered accounts with no fee is the main reason it ranks first of 13 overall and second for US stocks.

Pick Wealthsimple if you are starting out, invest small amounts, want fractional shares and automatic recurring buys, or borrow on margin. It also costs nothing to leave, which Questrade cannot match, and once your Wealthsimple assets reach $100,000 the USD account fee goes away.

How the scores split. They tie on cost (5.0) and on account types (5.0). Questrade wins US investing (5.0 against 3.5) and platform features (4.5 against 4). Wealthsimple wins cash and margin (2.0 against 0.5) and safety (4.0 against 3.5). The weighted totals land 0.1 apart: Questrade’s US lead adds 0.225 and its platform lead 0.075, while Wealthsimple’s margin and safety leads take back 0.15 and 0.05.

Where to read more. Our cost factor adds up commissions and account fees for two trading profiles, and our US factor looks at US dollars in registered accounts and US commissions. Our broker rating methodology prints every rule behind these numbers, and how WealthScale makes money explains why no provider can pay for a score. The full field is in our best online brokers in Canada ranking.

2. Wealthsimple Questrade Fees: Commissions Compared

Stocks and ETFs. Both brokers charge $0 commission to buy or sell Canadian-listed and US-listed stocks and ETFs online. That puts both among the seven brokers in our commission-free trading ranking, where Questrade ranks first at 4.3 / 5 and Wealthsimple third at 4.2 / 5. Neither is free of every cost: small pass-through fees can apply to some US orders, and Wealthsimple’s USD account costs $10 plus tax a month on Core (see section 3).

Small fees on US orders. Questrade charges ECN fees only on orders you route directly to a specific market, for example US$0.003 to US$0.004 a share when your order removes liquidity. Fills in its overnight session cost US$0.003 a share. US sales carry the SEC fee of 0.0000206 times the trade value, so selling US$10,000 of stock costs about US$0.21 (US$10,000 x 0.0000206 = US$0.206). At Wealthsimple, pass-through exchange, ECN, TAF or ORF fees may apply to some US-listed orders and are shown on the trade confirmation.

Options. Both charge $0 base and $0 a contract on US equity and ETF options. Questrade also prices Canadian options at CA$0.99 a contract and US index options at US$0.99 a contract from September 28, 2026. Exercising costs $24.95 at Questrade, assignment has no fee, and Questrade charges $45 if it has to close your option on expiry day. Wealthsimple charges US$45 for an early exercise or a do-not-exercise instruction.

Questrade Plus. Questrade’s optional Plus subscription costs $19.99 a month and gives CA$0.05 a contract back on US equity options. You would need about 400 contracts a month for the cashback to cover the fee ($19.99 ÷ $0.05 = 399.8 contracts).

Active traders at Wealthsimple. Wealthsimple gives Active Trader status to clients who place 50 or more manual trades in a calendar month, with a one-month grace period. It waives the $45 phone trade fee and adds faster phone and email support. Questrade’s equivalent perks were not in the figures we checked.

3. US Investing and USD Accounts

$0 commission on US trades at both. Both brokers charge $0 to buy or sell US-listed stocks and ETFs. Small pass-through fees can still apply: ECN fees on Questrade’s direct-routed orders and the SEC fee on US sales, and exchange, ECN, TAF or ORF fees on some Wealthsimple orders. That earns both the full 2 points for US commissions in our US investing test.

Questrade: US dollars in registered accounts at no extra cost. Questrade’s registered accounts can hold US dollars at no extra cost, so a TFSA or RRSP can keep US-dollar cash, dividends and sale proceeds without an account fee. That earns the full 3 points for US dollars in registered accounts, for a US investing score of 5.0.

Wealthsimple: a USD account with a monthly fee on Core. Wealthsimple’s USD account costs Core clients $10 plus tax a month ($120 a year before tax) after a 30-day free trial, with no pro-rated refund if you cancel; Premium and Generation clients get it included. Because a fee applies on Core, our US investing test gives Wealthsimple 1.5 of 3 points for US dollars in registered accounts, for a US investing score of 3.5.

When the fee goes away. The Core fee stops once your total Wealthsimple assets reach $100,000 and you move to Premium. A couple can combine their assets as a household to reach that level sooner. Until then, a Core client who wants US dollars in a TFSA or RRSP pays $120 a year before tax, against nothing at Questrade.

Which registered accounts can hold US dollars. Questrade confirms US dollars in registered accounts at no extra cost. Wealthsimple’s help centre says a USD account can be added to a TFSA, FHSA, RRSP, spousal RRSP, LIRA, RESP or non-registered account, but not to a RRIF, spousal RRIF or LIF. That USD account costs $10 plus tax a month on Core and is included on Premium and Generation. Our Wealthsimple USD accounts review covers the details.

Withholding tax applies at both. Neither broker changes US tax on dividends. US-listed securities held directly in an RRSP, RRIF, LIRA or LIF are exempt from US dividend withholding under the Canada-US tax treaty once the account is documented. In a TFSA, FHSA, RESP or non-registered account, 15% is withheld with a W-8BEN on file (30% without one), and inside a TFSA, FHSA or RESP it cannot be recovered. Our guide to US stocks in a TFSA works through the numbers.

Where each ranks for US stocks. Our US stocks score weighs US investing at 40%. Questrade scores 4.6 / 5 and ranks second of 13, level on the exact score with Desjardins Online Brokerage (Disnat), which is listed first because ties are ordered by name. Wealthsimple scores 4.0 / 5 and ranks fourth. The same order holds in our best TFSA for US stocks list.

4. Account Types: Questrade or Wealthsimple for Your TFSA, RRSP and FHSA

Both cover the main registered accounts. Each offers the TFSA, RRSP, spousal RRSP, FHSA, RESP, RRIF, LIRA, LIF, non-registered, margin, joint and corporate accounts. That earns both the full 5.0 on our account-types factor, which gives half a point for each of 10 account types. Both appear near the top of our best TFSA accounts and best RRSP accounts lists.

Where Questrade goes further. Questrade lists locked-in RRSPs, family RESPs, individual and joint informal trusts, formal trusts, estate, partnership and sole proprietorship accounts, plus CFD accounts. If you are an executor, a trustee or a sole proprietor who wants a dedicated account, Questrade names the account type on its own pages.

Where Wealthsimple goes further. Wealthsimple adds a crypto account (non-registered only; crypto cannot go in a TFSA, RRSP or FHSA), and corporations can hold up to eight investing accounts. Its help centre lists family RESPs and individual RESPs for yourself, with an individual plan for someone else marked as coming soon. Our best RESP providers page ranks both.

Options inside registered accounts. At Wealthsimple, registered accounts such as a TFSA or RRSP can hold long calls, long puts, cash-secured puts and covered calls; every other strategy needs a margin account. Wealthsimple also lets a TFSA be linked to a margin account for buying power. Please check the rules for your own account before you place a multi-leg order at either broker.

Accounts we do not rank. Neither broker’s RDSP was part of the figures we checked. If you need one, confirm it before opening.

5. Managed Portfolios: Wealthsimple Managed Investing vs Questwealth

Both run a robo-advisor next to the trading account. Wealthsimple Managed Investing and Questwealth Portfolios build and rebalance an ETF portfolio for you. They rank first and second in our best robo-advisors in Canada ranking: Wealthsimple Managed Investing at 4.2 / 5 and Questwealth at 4.1 / 5. Questwealth wins on price; Wealthsimple wins on choice and advice.

Wealthsimple’s fee follows your tier. The management fee is 0.5% a year on Core, 0.4% on Premium (from $100,000 in total Wealthsimple assets) and 0.4% on Generation, falling to 0.2% at $10,000,000. Because the tier counts your self-directed, crypto, savings and chequing balances too, a client with $60,000 managed and $40,000 in a Trade account pays 0.4%. Classic portfolios hold 8 to 10 ETFs with fund costs (MER) between 0.12% and 0.15%. Tax-loss harvesting is included on Premium and Generation, asset location and custom portfolios on Generation, and a dedicated advisor team from $1,000,000.

Questwealth’s fee follows your balance. Questwealth charges 0.25% on balances of $250 to $99,999 and 0.20% from $100,000. Its standard portfolios have fund costs between 0.09% and 0.12%, and its socially responsible portfolios between 0.20% and 0.24%. There are no opening fees, trading commissions or EFT fees. Tax-loss harvesting is not mentioned, and client-facing advice is not described.

What the extra Wealthsimple fee buys. Wealthsimple offers Classic, Summit (which needs $10,000 of investable assets and holds a private markets sleeve of 20% to 30% with its own 1.00% fee), Income portfolios, a socially responsible portfolio listed in its help centre and the Private Market Fund. Its robo sub-scores show the trade-off: 5.0 on portfolio range and 4.5 on advice against Questwealth’s 3.0 and 2.0, but 3.5 on fees against Questwealth’s 4.9. At $50,000, total yearly cost is 0.65% at Wealthsimple and 0.37% at Questwealth.

A cheaper Wealthsimple option. Wealthsimple’s Automated Investing costs 0.25% a year, capped at $250 an account once the balance reaches $100,000. It is offered in TFSA, RRSP, FHSA, LIRA, LIF, RRIF and individual and joint non-registered accounts. Read our Wealthsimple Managed Investing review for the full lineup, or the Questrade review for Questwealth.

6. Platforms and Features

Wealthsimple is built around one app. You trade in the Wealthsimple mobile app or the web app, from more than 14,000 stocks and ETFs. Fractional shares start at $1 on thousands of Canadian and US stocks and ETFs and fill in real time during market hours, though not in extended hours. Recurring buys run daily, weekly, every two weeks or monthly. US-listed stocks and ETFs trade 24 hours a day, five days a week, from 8 pm ET Sunday to 8 pm ET Friday, with extended-hours orders taken as limit orders only; Canadian securities trade in regular hours.

Questrade adds an advanced platform. Questrade Pro is its active trading platform. Fractional shares are available on eligible Canadian and US stocks and ETFs, commission-free and in real time. Its DRIP covers almost every stock or ETF with no transaction fees and reinvests fractionally when fractional shares are switched on, so small dividends are put to work in full. The names of Questrade’s other apps were not confirmed in the pages we checked.

How the platform scores split. Our platform factor gives a point each for fractional shares, DRIP, options, an advanced trading platform and a mobile app. Questrade scores 4.5: full points for the first four and half a point for a mobile app we could not name. Wealthsimple scores 4: full points for fractional shares, DRIP, options and its app, but no separate advanced platform; its Trade Plus charting tool is tied to Active Trader status. On our beginner test, which weights fractional shares, a mobile app, DRIP and no minimum, Wealthsimple scores 5.0 against Questrade’s 3.75.

One catch with Wealthsimple fractional shares. Fractional shares cannot be transferred to another institution. If you later move to Questrade or anywhere else, the fractions are sold first, which can trigger a capital gain in a non-registered account. Questrade’s fractional transfer rules were not in the figures we checked. Our best investing apps list, where Wealthsimple ranks first, covers app features in more depth.

7. Cash and Margin Rates

Margin is Wealthsimple’s clearest win. Wealthsimple sets margin by tier: 4.95% in Canadian dollars on Core (prime plus 0.5%), 4.45% on Premium (prime) and 3.95% on Generation (prime minus 0.5%), using a CAD prime rate of 4.45% as of September 18, 2026. Interest accrues daily and is charged monthly. Questrade charges prime plus 4.25% on non-registered CAD balances under $100,000, which works out to 8.70% with its CAD prime of 4.45%, and prime plus 3.25%, or 7.70%, from $100,000. In our lowest margin rates ranking, Wealthsimple ranks third of 10 and Questrade tenth.

What the gap costs. This example is hypothetical. Borrowing $20,000 on margin for a full year costs $990.00 at Wealthsimple Core ($20,000 x 4.95%), $890.00 on Premium ($20,000 x 4.45%) and $790.00 on Generation ($20,000 x 3.95%). At Questrade it costs $1,740.00 ($20,000 x 8.70%). The Core client saves $750.00 a year at Wealthsimple ($1,740.00 – $990.00). Rates change with prime, and Questrade’s prime dates are October 30, 2025 (CAD) and September 17, 2026 (USD).

Wealthsimple’s margin limits. You can open up to two personal margin accounts, one joint (in beta) and one corporate margin account per corporation. Some clients get a restricted margin account with a $1,000 borrowing limit. Wealthsimple also offers a portfolio line of credit at the same tiered rates, lending up to 35% of eligible collateral with no credit check and no minimum payment; FHSA, RRSP, RESP, LIRA and joint accounts cannot be pledged. A limited-time offer makes a first loan of up to $3,000 interest-free for 3 months.

Cash interest. Questrade’s published formula pays effectively 0% on uninvested cash. Wealthsimple does not publish a rate for cash inside trading accounts, but its Savings account pays 2.5% to all clients and its chequing pays 1.25% to 2.25% by tier, so idle cash can sit one tap away. Both scored 0 of 2.5 on cash interest in our rubric for trading-account cash.

8. Safety: CIRO and CIPF

Wealthsimple. Wealthsimple Investments Inc. is an investment dealer and a dealer member of the Canadian Investment Regulatory Organization (CIRO), and it is on the Canadian Investor Protection Fund (CIPF) member list. Wealthsimple states its CIRO membership, and CIRO lists it among the dealers it regulates. That earns 4.0 on our safety factor.

Questrade. Questrade, Inc. is on CIPF’s current member list. CIPF member firms are CIRO members, so its CIRO membership follows from that listing, but none of the Questrade pages we checked quoted a CIRO statement. Under our rubric that scores 3.5. Neither firm gets the extra point our rubric gives to a broker owned by a bank or a financial cooperative group.

What CIPF covers. CIPF protects cash and securities held at a member firm if the firm becomes insolvent. It does not cover market losses, unsuitable advice, an issuer’s insolvency or crypto assets. Limits are per client, by category:

Crypto and cash products at Wealthsimple. Crypto held at Wealthsimple is not covered by CIPF or CDIC, though cash sitting in the crypto account is CIPF-covered. Wealthsimple Chequing is covered by CDIC through trust deposits at partner banks, up to $1,000,000 combined, and the non-registered Wealthsimple Savings account by CIPF. Clients who sign in with a passkey are reimbursed for all direct losses from unauthorized account activity. Our is Wealthsimple safe guide covers each entity.

Large accounts. If your holdings at one broker exceed $1,000,000 in a single CIPF category, splitting them between the two firms gives each part its own limit. Please confirm your category totals before relying on that.

9. Wealthsimple vs Questrade: Costs for Four Investor Profiles

How we calculated this. This example is hypothetical. Each profile adds up published commissions, account fees and options prices as of October 22, 2026, held for 12 months. Pass-through exchange and regulatory fees and sales tax on the Wealthsimple USD account fee are left out.

Profile 1: the monthly ETF buyer. Both charge $0 to buy Canadian-listed ETFs, so 12 purchases cost ($0 x 12 = $0.00) at each. Neither charges an account or inactivity fee. The choice comes down to features: Wealthsimple can automate the monthly buy and buy fractional units, which keeps every dollar invested.

Profile 2: the active US trader. At Questrade, 120 US trades cost ($0 x 120 = $0.00), and the RRSP holds US dollars at no extra cost, so the year costs $0.00. At Wealthsimple the trades are also $0, but holding US dollars in the RRSP needs a USD account, which costs ($10 x 12 = $120.00) on Core, plus tax. Once this trader’s Wealthsimple assets reach $100,000, Premium includes the USD account and the cost falls to $0.00, a tie. At either broker, US-listed shares held directly in an RRSP pay no US withholding tax on dividends once the account is documented.

Profile 3: the options trader. Four trades a month of two US equity option contracts is 96 contracts a year, at $0 a contract at both: ($0 x 96 = $0.00). Exercising would add $24.95 a time at Questrade, while Wealthsimple charges US$45 for an early exercise or a do-not-exercise instruction. For Canadian options, Questrade charges (96 x CA$0.99 = $95.04); Wealthsimple does not publish Canadian options pricing.

Profile 4: the $250,000 investor. With $250,000 at Wealthsimple, this investor is on the Premium tier, so the USD account is included. Twelve $2,000 Canadian ETF buys and twelve US$2,000 US stock buys cost $0 at both: (24 x $0 = $0.00). Premium also lowers margin to 4.45% and the managed fee to 0.4%, adds tax-loss harvesting and priority phone support, and pays 1.75% on chequing. A couple who each hold $250,000 can combine as a household and reach Generation at $500,000, which lowers margin again to 3.95%.

Try your own numbers. Use the broker cost calculator above, or the investment fee calculator to add fund costs and see what your broker and funds cost each year.

10. Who Should Choose Wealthsimple

New investors with small amounts. No account minimum, fractional shares from $1 and recurring buys as often as daily make it easy to invest $50 or $500 at a time. It ranks first of 13 in our best brokers for beginners ranking at 4.7 / 5.

Options traders who keep it simple. Both charge $0 a contract on US equity and ETF options, and Wealthsimple ranks second of 13 in our best options trading platforms ranking at 4.3 / 5, just ahead of Questrade on the unrounded score (4.35 against 4.275). Allowed strategies in a TFSA or RRSP include long calls, long puts, cash-secured puts and covered calls.

Margin borrowers. CAD margin at 4.95% on Core, 4.45% on Premium and 3.95% on Generation is 3.75 to 4.75 percentage points below Questrade’s 8.70% for balances under $100,000.

Clients with $100,000 or more. Premium removes the USD account fee, cuts margin to 4.45% and the managed fee to 0.4%, adds tax-loss harvesting and includes Wealthsimple Tax Plus. Our Core vs Premium vs Generation comparison lists every perk.

People who want banking and investing in one place. Wealthsimple combines trading with chequing, a 2.5% savings account, a credit card, crypto trading and tax software. See our Wealthsimple Trade review and every Wealthsimple fee.

Anyone who may leave later. Transferring out costs $0, against $150 at Questrade. Remember that fractional shares are sold, not moved, when you go.

11. Who Should Choose Questrade

Regular US investors in a TFSA or RRSP. If you add to US stocks or US-listed ETFs every month or quarter, Questrade’s registered accounts hold US dollars with no fee, on any balance. It ranks second of 13, level on score with the broker listed first, in our best brokers for US stocks ranking and in our best RRSP for US stocks list, and first of 13 overall.

RRSP holders of US dividend stocks. US-listed shares held directly in an RRSP are exempt from US dividend withholding, and at Questrade the dividends can stay in US dollars in the RRSP with no account fee.

Dividend investors. Questrade’s DRIP reinvests on almost every stock or ETF with no transaction fees, fractionally when fractional shares are switched on. It ranks first of the seven brokers in our best brokers for dividend investing list at 4.3 / 5, with Wealthsimple third at 4.2 / 5.

Canadian options traders. Questrade publishes CA$0.99 a contract for Canadian options and $24.95 to exercise. Wealthsimple does not publish Canadian options pricing.

Active traders who want an advanced platform. Questrade Pro is an advanced trading platform, which is why Questrade scores 4.5 on platform features against Wealthsimple’s 4.

Trusts, estates and small businesses. Questrade names informal and formal trust, estate, partnership, sole proprietorship and locked-in RRSP accounts, plus family RESPs.

Low-fee robo investors. Questwealth charges 0.25%, or 0.20% from $100,000, about half of Wealthsimple’s fee. Our Questrade review covers Questwealth costs.

12. Using Both, and Switching Between Them

One possible split. Wealthsimple vs Questrade does not have to be either-or. You could keep US holdings in a Questrade RRSP, where US dollars stay put and US dividends are exempt from withholding, and use Wealthsimple for a TFSA of Canadian ETFs bought in fractions on autopilot, plus chequing and savings. The cost of running both is $0 in account fees. The trade-off: assets at Questrade do not count toward Wealthsimple’s Premium or Generation tiers, so splitting can keep you on Core.

Moving from Questrade to Wealthsimple. Questrade charges $150 for a full or partial transfer out. Wealthsimple covers the other firm’s transfer-out fee, up to $150 per account, on transfers of $25,000 or more, and the account must stay funded for 90 days. Wealthsimple’s 1% match pays 1% of net transfers of $25,000 or more made within 30 days of registering, up to $20,000, in 24 monthly payments.

Moving from Wealthsimple to Questrade. Wealthsimple charges $0 to transfer out. Questrade rebates the other firm’s fee up to $150 per account, which matters only when you move from a broker that charges one. Sell any fractional shares first, because they cannot be transferred.

1. Open the same account type at the new broker: a TFSA for a TFSA, an RRSP for an RRSP.
2. Decide whether to move in kind or in cash, and sell fractional shares at Wealthsimple if you are leaving it.
3. Request a direct transfer from the new broker; never withdraw from a TFSA or RRSP yourself.
4. Check the value you are moving against the $25,000 threshold for Wealthsimple’s fee coverage.
5. Confirm the old firm’s fee and whether the new one covers it.
6. Keep the account funded for the required period so any rebate or bonus is not clawed back.

Why the direct transfer matters. A direct TFSA transfer does not affect your contribution room. If you withdraw and redeposit yourself, the redeposit uses new room and the withdrawal is only added back on January 1 of the next year, which can cause an over-contribution. An RRSP withdrawal is taxable, with 10%, 20% or 30% withheld outside Quebec depending on the amount. Our guide on how to transfer an investment account walks through each step, and our editorial standards explain how we check every fee on this page. For other pairings, see Wealthsimple vs Interactive Brokers, Questrade vs Interactive Brokers and Wealthsimple vs moomoo, or browse every broker comparison.

Use the transfer fee calculator below to see what each broker charges to move an account out and which brokers cover that fee when you move in.

Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

• Chartered Professional Accountant, CPA Ontario
• Certified Public Accountant, Washington (No. 57629) and Montana (No. PAC-CPAP-LIC-033176)
• Writing on tax and registered accounts since 2021
• Reader’s Choice Award 2025 Winner, Best Accountant (Toronto)

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Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
• Post Graduate Diploma in Business Administration (Finance), 2008
• In financial markets since December 2005
• More than 2,600 published investment articles

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