Manually verified · July 2026 · Fees subject to change without notice.
Use cases
Which broker for which profile?
There's no universal answer, it depends on what you want to do.
✅ Wealthsimple wins if...
You're new to investing and want a simple, intuitive interface
You buy all-in-one ETFs (XEQT, VEQT, VGRO...) and don't want to pay to sell them
You want everything in one app: investing + chequing + crypto + taxes
You invest primarily in Canadian stocks and ETFs (no FX fees)
You want a simple, guaranteed sign-up bonus ($25 + $10 e-Transfer with LOIO3A)
✅ Questrade wins if...
You want to trade on margin or use stock options
You invest primarily in ETFs and buy in large volumes (free purchases add up)
You want real-time market data without upgrading to a premium plan
You prefer having a phone support option
2026 verdict
Our verdict, profile by profile
Beginner or passive investor: Wealthsimple. Simple interface, $0 commission on stocks and ETFs (buying and selling), TFSA, RRSP and FHSA opened in minutes, and $35 total to get started with code LOIO3A ($25 bonus + $10 by Interac e-Transfer after the claim form).
High-volume ETF investor: a tie on commissions, both are at $0 on buys and sells. Questrade keeps the edge if you convert a lot to USD on the Edge plan or want Questwealth at 0.25%; Wealthsimple, if you care about 0% FX from $100,000 and simplicity.
Active trader (options, margin): Questrade, hands down: margin accounts, US options at $0 per contract, and advanced market data with the Questrade Plus subscription ($19.99 a month). Wealthsimple doesn't cover those needs yet.
All-in-one everyday finances: Wealthsimple, chequing, investing, crypto and tax filing in a single app. And nothing stops you from combining both (see below).
Advanced strategy
What if you used both?
This isn't a hypothetical, many Canadian investors do exactly this.
💡The split strategy: open Wealthsimple with code LOIO3A for the immediate benefits ($35 bonus, chequing account, tax filing), and Questrade for accounts that benefit from margin trading or options.
WS
Wealthsimple, Everyday use
TFSA for Canadian ETFs at $0 commission, chequing account for everyday spending, Wealthsimple Tax for your annual return. $35 bonus to get started.
Ideal to start
QT
Questrade, Specialized use
RRSP for ETFs (free purchases on large volumes), margin account if you want leverage, options trading if you have the experience.
For going further
💰
End result
You get the best of both: simplicity + bonus at WS, advanced features + optimized cost for high-volume ETF investing at Questrade. No rules against holding both.
Best of both worlds
Wealthsimple-only perk
The Monthly Millionaire contest (a grand prize a week)
A fee table can't capture this one: Wealthsimple draws a grand prize at every weekly draw of its monthly contest, plus thousands of secondary cash prizes. For the August 27 to September 30, 2026 edition, that means five Toronto condos and 173,402 secondary prizes from $3 to $100. Questrade offers no equivalent program.
You need a Wealthsimple Chequing account funded with at least $1 and to register in the app (1,000 entries), after which every dollar of net deposits is worth one entry and every qualifying referral is worth 100,000 for the September 2026 edition. The contest is open across Canada, Quebec included, and no purchase is necessary. See the full Monthly Millionaire guide →
To weigh it honestly: a contest is still a contest. Odds depend on the total number of entries received and nothing guarantees a win. It shouldn't be the main reason to pick a broker, but it's a real, free upside on Wealthsimple's side.
FAQ
Common questions
Wealthsimple is generally better suited for beginners. The interface is more intuitive, the robo-advisor lets you delegate everything, and $0 commissions on all trades keeps things simple. Questrade has a steeper learning curve but offers more flexibility for advanced strategies like margin and options.
On commissions, not really anymore: Questrade moved to $0 on Canadian and US stocks and ETFs, buying and selling (schedule checked on September 22, 2026), like Wealthsimple. The difference lies elsewhere. USD FX: 1.5% at Wealthsimple under $10,000, 1.99% at Questrade on the base plan. Options: $0 per contract on US options at Questrade, not offered at Wealthsimple. Managed portfolio: 0.25% at Questwealth, 0.5% at Wealthsimple. And Questrade sells an optional subscription, Questrade Plus, at $19.99 a month.
Yes. Both Questrade and Wealthsimple offer RESP accounts. They also both support TFSA, RRSP, FHSA, and RRIF. Wealthsimple added RESP support in 2023. If you're opening an RESP, compare the available investment options and transfer fees before committing.
Yes, absolutely. There's no rule against opening accounts at multiple Canadian brokers. Many investors use Wealthsimple for everyday investing and Questrade for specific advanced strategies. Just track your total TFSA and RRSP contributions across all accounts, the limits apply to your total contributions, not per broker.
For a TFSA holding Canadian ETFs long-term, both do the job, and both charge $0 commission on buys and sells. Wealthsimple stays simpler day to day; Questrade adds margin and options. For most beginners contributing gradually, Wealthsimple is the simpler choice, and code LOIO3A adds $35 total to get started.
Yes. A direct TFSA or RRSP transfer between brokers has no tax impact (in-kind or in-cash). Wealthsimple also reimburses your old institution's transfer-out fee (up to $150) when you move $25,000 or more. The process starts right in the Wealthsimple app and usually takes 1 to 3 weeks.
Questrade sometimes runs promotions (commission credits or cash bonuses), but these vary and aren't always available. Wealthsimple's referral bonus with code LOIO3A is more straightforward: a guaranteed $25 on your first $100 deposit, with no confirmed expiry. With our exclusive offer, you also get $10 via Interac e-Transfer, $35 total, immediately after your referral is confirmed.
Code LOIO3A: $25 from Wealthsimple + $10 I send via Interac e-Transfer = $35 in cash. You can always open Questrade later, the two work perfectly side by side. See the full $35 offer on the homepage →
