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Questrade vs Wealthsimple Trade

Get the lowdown on 2 of Canada’s most popular trading platforms and compare key features to find the best fit for your needs.

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Do you want to manage your own investments with self-directed trading? Questrade and Wealthsimple Trade are two of the most reputable trading platforms in Canada. You can sign up for an account in a matter of minutes and start trading as soon as you load funds into your wallet.

Learn which trading platform might be the best choice for your unique set of financial needs and sign up today to get started.

Questrade vs Wealthsimple Trade: Quick comparison

Questrade and Wealthsimple Trade were both founded in Canada and are based here in the country. Questrade opened its doors over 20 years ago, while Wealthsimple Trade was founded in 2014.

Feature

Questrade

Wealthsimple Trade

Launch date

1999

2014

Assets

$8 billion

$5 billion+

Headquarters

Toronto

Toronto

Investment types

Stocks, ETFs, options, mutual funds, bonds, GICs, precious metals

Stocks, ETFs

Commissions

Between $4.95 and $9.95

No commissions

Minimum balance

$1,000

No minimum balance

Questrade vs Wealthsimple Trade: How it works?

Questrade and Wealthsimple Trade are both very reputable self-directed trading platforms in Canada. They let you manage your own portfolio for a number of different investment types. This means you can pick your own investments by hand and trade them at your leisure.

You’ll also pay a lower fee for this type of portfolio since you’ll manage it without the help of a dedicated adviser. You’ll just need to rebalance your investments manually when they fall out of line with your risk profile, which requires a certain level of expertise.

Questrade vs Wealthsimple Trade: What can I invest in?

The main difference between Questrade and Wealthsimple Trade boils down to what types of investments you can dabble in. Questrade offers stocks, ETFs, options, bonds, mutual funds and more. This makes it more suitable for seasoned traders or those looking to expand their trading experience beyond the scope of equities.

Wealthsimple Trade is a bit less complicated since it limits its investment types to stocks and ETFs. This makes it fairly easy to execute trades and manage your portfolio. It also allows Wealthsimple to charge zero commissions for all of its trade types.

Questrade vs Wealthsimple Trade: Fees and minimum deposits

Questrade and Wealthsimple Trade are both renowned for offering low fees and an easy-to-use service. Questrade charges commissions for its trades while Wealthsimple Trade offers all of its trades for free. There are no account fees for either platform, though Questrade will charge a quarterly inactivity fee if you don’t make any trades on your account.

Commissions for trades

Commissions

Questrade

Wealthsimple Trade

Stocks

Between $4.95 and $9.95

Free

Exchange traded funds (ETFs)

Between $4.95 and $9.95 (but free to buy)

Free

Options

$9.95 plus $1 per contract

Not available

Mutual funds

$9.95

Not available

International equities

1% of trade value with a minimum of $195

Not available

Precious metals

Varies

Not available

Bonds, IPOs and GICs

VariesNot available

Questrade vs Wealthsimple Trade: What account types can I open?

You can choose to open a number of different account types with both Questrade and Wealthsimple Trade. These include non-registered cash accounts that require you to pay taxes on any interest you earn. They also include registered accounts like RRSPs, TFSAs and RESPs that let you earn tax-free interest (but may have more stringent withdrawal requirements).

Questrade vs Wealthsimple Trade: Research options

Both Questrade and Wealthsimple Trade offer a number of educational resources for clients. These include in-house blogs, webinars and masterclasses to help you get familiar with the building blocks of self-directed investing. Both sites also have extensive FAQ sections to help answer some of the most commonly asked questions about how their services work.

That said, Questrade is leaps ahead of Wealthsimple Trade in terms of more advanced research options. Wealthsimple Trade offers watchlists for its stocks and ETFs, but very little in the way of market insights or forecasting tools. Questrade, on the other hand, uses real-time market data and industry research to help you decide when to buy and sell your investments

Can I access my account through a mobile app?

Yes. Both Questrade and Wealthsimple Trade offer a mobile app to give you easy access to your investments. Wealthsimple Trade‘s app is well-reviewed and offers a number of useful features to help you track your gains and losses (including special charting tools and investment breakdowns). Questrade‘s app has a higher number of negative reviews, with customers complaining that it freezes regularly and comes with more technical issues.

Questrade vs Wealthsimple Trade: How is my money protected?

Both Questrade and Wealthsimple Trade are reputable trading platforms that are regulated by the Investment Industry Regulatory Organization of Canada (IIROC). They are also both members of the Canadian Investor Protection Fund (CIPF), which insures your investments for up to a million dollars in case your provider becomes insolvent.

You can also take advantage of a number of safety features with both services. For example, Questrade uses facial recognition software and will alert you instantly if it detects any suspicious activity on your account. Wealthsimple Trade offers two-step verification and encrypts all of your personal and financial information.

Questrade vs Wealthsimple Trade: Which provider is the best fit for me?

It’s impossible to say which provider will be the best fit for you since this will depend on your unique personal and financial situation. That said, it’s safe to say that Wealthsimple Trade may be a better fit if you don’t have lots of money to invest right off the bat. It may also be a suitable choice if you want a good primer to the world of investing or you’re an absolute beginner.

However, Questrade could be the best fit for you if you’re a more experienced investor and you want to trade advanced products like options. It could also be a good choice if you’re looking for more advanced research options that are integrated directly into your trading platform.

Compare online trading platforms

Name Product Available asset types Stock Fee Option Fee Account Fee ETF Transaction Cost
Questrade
Stocks,Bonds,Options,Mutual funds,ETFs,GICs,International Equities,IPOs,Precious Metals
$4.95 - $9.95
$9.95 + $1 per contract
$0
Free
Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
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Compare up to 4 providers

Name Product Minimum deposit to invest Funding methods Management fee Available asset types
Justwealth
$5,000
Direct deposit,Bank transfer,Automatic bank withdrawals
0.50%
ETFs
Receive a cash bonus of $50.00-$225.00 when you open a new Justwealth account. RESP accounts require no minimum deposit to begin investing.
Moka
$0
Automatic bank withdrawals
$3/month
ETFs
The Moka app rounds up every purchase you make to the nearest dollar and invests the spare change into low-cost exchange-traded funds (ETFs).
CI Direct Investing (formerly WealthBar)
$1,000
Direct deposit,Bank transfer
0.35% - 0.60%
Mutual funds,ETFs
CI Direct Investing offers access to an exclusive and personalized investment portfolio. Get up to $10,000 managed free for a year when you sign up for your first CI Direct Investing account and fund your account.
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Compare up to 4 providers

Name Product Minimum Opening Deposit Commission Available Markets Platforms
Forex.com
US$100
Minimum US$25
Forex
Metals
Commodities
Indices
Shares
Forex.com Desktop, Forex.com Web Trading, Forex.com Mobile Trading, MetaTrader 4
Trade 80+ currency pairs and 220+ CFDs in equities, commodities and indices on Forex.com.
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Compare up to 4 providers

Bottom line

Questrade and Wealthsimple Trade are both reputable trading platforms in Canada. The main difference between the services has to do with what type of investments you can make, as well as how much you’ll have to pay to execute trades. Find out more about what sets these popular trading platforms apart and sign up today to start investing with the provider of your choice.

Frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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