Wealthsimple
QuestradeMy practical verdict: I would lean Wealthsimple for a beginner or long-term Canadian investor who values a clean app, fractional investing and an integrated financial ecosystem. I would lean Questrade for someone who wants more account choices, more advanced trading tools, or regularly holds and converts U.S. dollars. Since both now charge $0 commissions on online Canadian and U.S. stock and ETF trades, the decision is much closer than it used to be.
Wealthsimple vs Questrade at a glance
| What matters | Wealthsimple | Questrade | My take |
|---|---|---|---|
| Canadian & U.S. stocks | $0 commission | $0 commission | A tie for standard online trades. |
| ETFs | $0 buy & sell commission | $0 buy & sell commission | The old Questrade “free ETF buys” advantage is no longer the main story. |
| Account minimum | No minimum for self-directed investing | No minimum to open an account | Both are accessible to new investors. |
| Fractional shares | Available on eligible stocks and ETFs | Available on Canadian and U.S. stocks and ETFs | Both now support fractional investing. |
| Standard CAD↔USD conversion | Generally 1.5% for smaller conversions; USD-account pricing can decline with larger conversions | 1.5% standard currency conversion fee | Neither standard FX conversion is cheap for frequent currency switching. |
| Holding USD | USD accounts available; Core is $10/month after trial, Premium/Generation include them | Dual-currency accounts can hold CAD and USD without a separate monthly USD-account fee | Questrade is simpler for investors who routinely keep USD. |
| Norbert's Gambit | Not the platform's main FX workflow; journaling carries a fee | Supported; online journaling is $9.95 or free with Questrade Plus | Questrade has the clearer path for larger DIY currency conversions. |
| Account variety | Major registered/non-registered accounts, with self-directed RESP now available | Very broad lineup including TFSA, RRSP, FHSA, RESP, margin, cash, LIRA, trusts and corporate accounts | Questrade wins for specialized account needs. |
| Current BestReferral provider reward | $25 | $50 | Referral terms can change; check each offer before opening an account. |
The biggest change: Questrade now has $0 stock and ETF commissions too
For years, one of the easiest ways to explain these platforms was “Wealthsimple for commission-free trading, Questrade for a more full-featured brokerage.” That is no longer accurate. Questrade now advertises $0 commissions for online Canadian and U.S.-listed stocks and ETFs, while Wealthsimple also charges $0 commissions for listed Canadian and U.S. securities.
That makes secondary differences much more important: currency handling, account selection, research and trading tools, and whether you prefer a simple all-in-one app or a more traditional brokerage experience.
U.S. stocks and currency conversion: this is where I see the clearest difference
If I mostly buy Canadian-listed ETFs in Canadian dollars, I would not make FX the deciding factor. But if I regularly buy U.S. stocks, hold U.S. dividends or move larger amounts between CAD and USD, I would look much more closely at Questrade.
Wealthsimple lets investors use USD accounts so U.S. securities can be bought and sold without converting currency on every trade. Core clients currently pay $10 per month for USD accounts after the free trial, while Premium and Generation clients receive them as a benefit. Wealthsimple's conversion fee can range from 1.5% down to 0% depending on conversion size in a USD account.
Questrade supports dual-currency accounts and currently charges 1.5% for a standard CAD/USD conversion. It also supports Norbert's Gambit. Online journaling currently costs $9.95 per request, while Questrade Plus includes free unlimited online journaling. For someone converting a meaningful lump sum, that flexibility can matter more than the stock-trading commission—which is now $0 at both brokers.
Where Wealthsimple feels better
Why I would choose it
- Very approachable for a first brokerage account.
- $0 commissions on Canadian and U.S. listed stocks and ETFs.
- Fractional shares make small recurring investments easy.
- The broader Wealthsimple ecosystem can combine investing, managed portfolios and everyday financial products in one app.
- Premium and Generation tiers add benefits as assets grow.
Where I would hesitate
- Core users who want dedicated USD accounts face a $10 monthly fee after the trial.
- Frequent CAD/USD conversion can still become expensive.
- Investors with specialized account structures may find Questrade's lineup broader.
- People who want a more traditional advanced brokerage interface may prefer Questrade.
Where Questrade feels better
Why I would choose it
- $0 commissions on Canadian and U.S.-listed stocks and ETFs.
- CAD and USD can be held directly in the same account structure without a separate monthly USD subscription.
- Supports Norbert's Gambit for investors who want another way to convert larger amounts.
- Broad account selection, including RESP, margin, locked-in, trust and corporate options.
- More depth for investors who want research, market-data tiers and advanced trading features.
Where I would hesitate
- The platform has more features and can feel less minimal to a brand-new investor.
- Standard currency conversion is still 1.5%.
- Some specialized transactions and products have separate fees.
- Questrade Plus and advanced market-data features can add subscription costs if you need them.
Which one would I choose?
I would pick Wealthsimple if…
I am starting with straightforward stocks or ETFs, mostly invest in Canadian dollars, value fractional investing, and want the simplest overall experience. It is especially compelling if I already use other Wealthsimple products or qualify for Premium/Generation benefits.
I would pick Questrade if…
I expect to hold meaningful U.S.-dollar assets, want more specialized account types, use margin or more advanced tools, or simply want a brokerage with more room to grow into complex investing strategies.
Common situations
| Situation | I’d lean toward | Why |
|---|---|---|
| First-time investor buying Canadian ETFs | Wealthsimple | Simple interface, fractional investing and $0 commissions. |
| Long-term investor who mainly buys XEQT/VFV-type Canadian-listed ETFs | Either | Both can handle a straightforward buy-and-hold strategy at $0 commission. |
| I buy U.S. stocks frequently | Questrade | Dual-currency handling and Norbert's Gambit give more FX flexibility. |
| I have $100,000+ at Wealthsimple | Wealthsimple becomes more attractive | Premium includes USD accounts and additional benefits. |
| I need RESP, margin, locked-in or corporate/trust flexibility | Questrade | Its account lineup remains a major strength. |
| I want one simple financial app | Wealthsimple | The integrated ecosystem is part of the appeal. |
| I want more advanced brokerage tools | Questrade | More traditional brokerage depth and optional market-data tiers. |
My conclusion
In 2026, I would not choose between Wealthsimple and Questrade based on stock commissions alone. Both now offer $0 online commissions on Canadian and U.S.-listed stocks and ETFs.
Wealthsimple is my easier recommendation for simplicity. For a typical Canadian building a long-term portfolio, particularly in Canadian-listed ETFs, it removes a lot of friction.
Questrade is my stronger recommendation for flexibility. If U.S. dollars, specialized accounts or advanced brokerage features are likely to become important, Questrade gives you more tools without giving up commission-free stock and ETF trading.
There is also nothing wrong with using both over time. The best brokerage is the one whose fee structure and features match what you actually do—not the one with the longest feature list.
Current BestReferral offers
Wealthsimple
Current provider reward in BestReferral: $25. Check the current funding and eligibility requirements before signing up.
View Wealthsimple offer →Questrade
Current provider reward in BestReferral: $50. Review the current referral terms before opening and funding an account.
View Questrade offer →