Wealthsimple vs Questrade

Questrade vs Wealthsimple: Accounts

Wealthsimple provides options for registered accounts and non-registered account options. For registered accounts, investors can leverage their Registered Retirement Savings Plan (RRSP), Registered Education Savings Account (RESP), Tax Free Savings Account (TFSA) or their Locked-In Retirement Account (LIRA).

With respect to non-registered account options, investors can sign up with a personal account.

Questrade offers the same account variations as Wealthsimple, plus some additional options that provide investors with more flexibility. These include Family RESPs, Corporate Cash accounts, Joint Cash accounts, Spousal RRSPs and much more.

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Questrade vs Wealthsimple: Fees

Questrade and Wealthsimple are well-regarded for both being low fee trading platforms compared to traditional brokers like Interactive Brokers or Plus500. The fees on each platform are variable and do depend on a few factors. To simplify this, we have summarized each platform’s trading fees below:

Questrade Fees:

• Account Opening Fees: None
• Annual Account Fees: None
• ETF Trading Fees: None
• Stock Trading Fees: $4.95 - $9.95 per trade
• Options Fees: $9.95 per trade
• International Equities: 1% per trade

For more information on Questrade Fees, visit their pricing page.

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Wealthsimple Fees:

• Account Opening Fees: None
• Monthly Account Fees: $10
• ETF Trading Fees: None
• Stock Trading Fees: None
• Crypto Trading Fees: None

For more information on Wealthsimple Fees, visit their pricing page.

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Fees Summary: If you are a passive investor that is looking to buy and hold ETFs to get broad and diversified exposure, Questrade is the best on fees. For every other type of trader or investor, we would recommend Wealthsimple.

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Available Markets

Wealthsimple is the best option if you are looking to trade traditional markets like stocks, ETFs, commodities and cryptocurrencies. Their platform offers the best Canadian and US stocks, plus a comprehensive cryptocurrency trading platform via Wealthsimple Crypto.

Questrade allows you to get access to similar stocks and ETFs when compared to Wealthsimple, however their cryptocurrency offering is very limited. You cannot buy or sell cryptos like Bitcoin or Ethereum directly through their platform, making it a slightly less flexible option than Wealthsimple.

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Funding Options

Both Questrade and Wealthsimple have very similar Canadian Dollar (CAD) deposit options. The best way to fund your account instantly with CAD is via Interac deposits and/or a Visa Debit Card. Both deposit options are fast and free for users with verified accounts to either platform.

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Questrade or Wealthsimple: Final Verdict

When it comes to comparing Questrade vs Wealthsimple, it is clear that both platforms are neck and neck on features, assets and fees. However, we believe that Wealthsimple is the superior trading platform thanks to their extensive and ever-growing cryptocurrency offering. 

As the asset class continues to grow, investors that use the Wealthsimple platform will be well-positioned to capitalize on it with their platform as opposed to Questrade.