Questrade vs Wealthsimple Investing: Which is the better stock trading app?

If you want to start investing, Questrade and Wealthsimple are two of the most popular trading platforms in Canada. Both offer self-directed trading and managed portfolio options suited for beginners, and you can open an account online in minutes. However, they differ in fees, features and investment products. Understanding these differences can help you choose the platform that best suits your goals.

Questrade vs Wealthsimple: An overview

What is Questrade?

Questrade is an online brokerage that offers both self-directed investing and managed portfolios through its Questwealth Portfolios robo-advisor service. Investors can trade stocks, ETFs, options, mutual funds, bonds and other securities using Questrade’s web and mobile platforms. It’s known for its commission-free stock, ETF and options trading and wide range of account types, including registered and non-registered options.

What is Wealthsimple?

Wealthsimple was Canada’s first commission-free trading platform, allowing users to buy and sell stocks, ETFs and options without paying per-trade fees. In addition to self-directed investing, Wealthsimple offers managed portfolios, a chequing and savings account, a credit card, tax filing and investment guides. The platform has three client status levels — Core, Premium and Generation — that are based on your total assets and determine features like fees, USD account access and premium support across both self-directed and managed accounts.

Questrade vs Wealthsimple: Investment products

One key factor to consider when choosing a trading platform is the range of investment products available. Here’s an overview of what Questrade and Wealthsimple have to offer:

Who’s the winner?

Questrade. While Wealthsimple stands out for its cryptocurrency trading, Questrade offers a broader selection of investment products.

Questrade vs. Wealthsimple: Fees

Who’s the winner?

Questrade. While it could easily be a tie— as both Questrade and Wealthsimple offer very competitive fee structures compared to other platforms on the market—we’re choosing Questrade as the overall winner because of its lower management fee and free USD/CAD accounts to facilitate cheaper trades.

That said, Wealthsimple’s $0 options trading fee might tip Wealthsimple over the top for some investors.

Questrade vs Wealthsimple: Account types

Questrade and Wealthsimple offer most of the same account types to suit different investing goals, including:

• TFSA
• FHSA
• RRSP
• RESP
• RRIF
• LIRA
• LIF
• Margin
• Corporate accounts

The main difference is that Wealthsimple also offers a crypto account for buying and selling cryptocurrencies like Bitcoin and Ethereum.

Who’s the winner?

Wealthsimple. Both platforms offer nearly all the same account types, but Wealthsimple also lets you trade digital assets through a dedicated crypto account.

Questrade vs Wealthsimple: Managed portfolios

In addition to self-directed investing, Questrade and Wealthsimple both offer managed portfolio services, making it easy for investors to diversify their portfolios and grow their wealth without the need to pick individual stocks or ETFs.

Questrade’s Questwealth Portfolios invest exclusively in ETFs and are designed to minimize fees while providing diversified exposure across assets. Investors can choose from five strategies based on their risk tolerance: aggressive, growth, balanced, income and conservative.

Wealthsimple provides four managed portfolios, each one tailored to different risk levels and financial goals. Unlike Questrade’s risk-based strategies, Wealthsimple’s managed portfolios are distinct product offerings, each of which allows investors to select their preferred risk level.

• Summit: Combines public equities and private market funds to provide a diversified, high-growth portfolio tailored for investors with larger account balances.
• Classic: Made up of diversified, low-fee ETFs to perform better during downturns.
• Income: A low-risk portfolio designed to prioritize income generation through dividend-paying and yield-focused ETF holdings.
• Direct Indexing: Buys individual securities within an index to take advantage of tax-loss harvesting benefits while tracking market performance.

Who’s the winner?

Wealthsimple. Its managed portfolios are ready-made products tailored to different goals and risk levels, making them easier to use than Questrade’s risk-based strategies.

Questrade vs Wealthsimple: USD accounts

Questrade was the first institution to allow investors to hold both USD and CAD in a registered account. Now, all Questrade accounts are dual-currency by default, which means investors can hold CAD and USD simultaneously to avoid forced currency conversions on every US trade.

Wealthsimple offers optional USD accounts through a paid subscription (free for Premium or Generation clients), letting users trade US stocks and crypto without foreign exchange fees on each order.

Who’s the winner?

Questrade. All Questrade accounts can hold both USD and CAD for free, while Core clients have to pay to open a separate USD account with Wealthsimple.

Questrade vs Wealthsimple: Margin accounts

A margin account lets you borrow money from your broker to invest, using your existing investments as collateral to increase your buying power. Questrade has margin accounts for individuals, couples and corporations, allowing the trading of stocks, options, ETFs, mutual funds, bonds, GICs, as well as short selling.

Wealthsimple offers both individual and corporate margin accounts. For individuals, instead of opening a separate margin account, you can just enable margin in an existing non-registered account. Wealthsimple clients can trade stocks, ETFs, as well as certain options strategies such as long calls, long puts and covered calls (options trading is currently limited to US assets).

Margin interest at Questrade and Wealthsimple is based on each platform’s prime rate, plus an additional percentage that varies depending on your account type. Current prime rates are:

• Questrade: Starts at 4.45% for CAD and 6.75% for USD
• Wealthsimple: Starts at 3.95% for CAD and can be as high as 7.25% for USD

Both platforms also allow you to connect your TFSA and margin account, letting you use the equity in your TFSA to increase your buying power without withdrawing it or affecting your contribution room.

Who’s the winner?

Questrade. While both platforms offer similar margin accounts, Questrade supports accounts for individuals, couples and corporations, whereas Wealthsimple is currently limited to individual margin accounts.

Questrade vs Wealthsimple: Investor experience

When it comes to investor experience, Questrade and Wealthsimple target somewhat different audiences. Questrade’s platform offers more advanced trading tools, customizable interfaces and deeper research resources, especially on its advanced trading platform, Questrade Edge. This makes it better suited for active or experienced investors who want greater control of their investments, though the standard Questrade platform is beginner-friendly.

Wealthsimple emphasizes simplicity and accessibility, with a beginner-friendly interface that makes it easy to start trading without a steep learning curve. The platform also offers financial services — like savings and chequing accounts and a credit card — appealing to users who want all their money in one place.

Who’s the winner?

Questrade. Its two platforms cater to both beginners and advanced traders, while experienced investors may find Wealthsimple limiting.

Questrade vs. Wealthsimple: Learning and tools

Both Questrade and Wealthsimple provide resources to help investors build knowledge and manage their portfolios, but they target different levels of experience.

Questrade delivers an extensive selection of educational materials and research tools, suitable for beginners looking to learn as well as seasoned traders seeking deeper insights. Its offerings include webinars, market analysis and access to third-party platforms like:

• OptionsPlay
• Seeking Alpha
• Passiv
• Morning Brief
• TipRanks
• SeekingAlpha
• IPO Centre
• TradingView
• VectoreVEst
• Wealthica

Wealthsimple, in contrast, emphasizes simplicity and ease of use. It provides clear guides, tutorials and portfolio tracking and performance features designed to help new investors navigate stock, ETF and crypto trading.

Who’s the winner?

Questrade. While Wealthsimple makes investing accessible for beginners, Questrade offers a much broader range of educational resources and research tools that cater to both new and experienced investors.

Questrade vs. Wealthsimple: Canadian regulatory bodies

Questrade and Wealthsimple are both members of the Canadian Investment Regulatory Organization (CIRO), which oversees investment dealers to ensure they adhere to industry regulations and maintain transparent practices. Both brokerages are also protected by the Canadian Investor Protection Fund (CIPF), offering clients coverage of up to $1 million on eligible assets if a member firm becomes insolvent.

Who’s the winner?

It’s a tie. Both brokerages are regulated and insured.

Questrade vs. Wealthsimple: Security features

Questrade employs multiple layers of security to protect client accounts, such as Digicert verification to ensure safe transactions, biometric login options like Touch ID and Face ID and alerts for unusual login activity. The platform also uses a PIN system to streamline security checks when contacting customer support. Additionally, Questrade provides an Online Security Guarantee, with 100% reimbursement for any unauthorized transactions.

Wealthsimple prioritizes the safety of client funds and personal information with regular third-party audits and SOC 1 and SOC 2 compliance to meet strict data protection standards. Wealthsimple also enforces identity verification during account setup, two-factor authentication and data encryption.

Who’s the winner?

Questrade. While both Questrade and Wealthsimple prioritize client protection, Questrade’s Online Security Guarantee gives investors an added layer of financial security.

Questrade vs Wealthsimple: Market data

Questrade provides real-time data, including Level 1 quotes that show the best bid and ask prices and the last trade. The platform also offers Level 2 data through a paid Questrade Edge subscription, giving advanced traders a detailed view of the order book and market depth to better analyze market conditions and time their trades.

Wealthsimple provides real-time Level 1 quotes and charts but doesn’t currently offer Level 2 data or advanced order book information, focusing instead on simplicity for beginner and casual investors.

Who’s the winner?

Questrade. Its access to Level 2 data gives active and experienced traders greater control and information, while Wealthsimple prioritizes simplicity over detailed market data.

How do the mobile apps for Questrade vs. Wealthsimple compare?

Both Questrade and Wealthsimple offer mobile apps on the Apple App Store and Google Play, designed to let users manage their investments on the go. Questrade has two apps: Questrade, which offers real-time market data, trading capabilities and customizable alerts, and Questrade Edge, designed for advanced traders to execute complex orders.

Wealthsimple’s app combines self-directed investing and managed portfolio features in one platform, allowing users to trade securities, track performance, deposit funds and access educational resources.

Take a look at the ratings all three apps have on the Apple App Store and Google Play.

Who’s the winner?

Questrade. While both platforms have well-reviewed mobile apps, Questrade offers two separate apps, each with higher ratings than Wealthsimple’s app.

Other features we like about Questrade vs. Wealthsimple

Advanced trading

Questrade offers an advanced trading experience through Questrade Edge, a separate platform designed for active and experienced investors. It features sophisticated charting tools, customizable layouts, advanced order types and real-time market data.

Wealthsimple only has a single platform that combines self-directed investing and managed portfolios, offering a simpler experience suited to beginners.

Automatic contributions

Questrade and Wealthsimple both offer the option to set up automatic contributions to their investment accounts. On Questrade, you have to connect a chequing or savings account and set up a pre-authorized deposit by choosing the amount and frequency from weekly, bi-weekly or monthly. On Wealthsimple, you can fund a recurring investment with funds from a Wealthsimple chequing account, cash from your self-directed account or an external bank account. Enter the amount yiou want deposited and choose a frequency from daily, weekly, bi-weekly or monthly.

Dividend reinvestment plans (DRIPs)

Both Questrade and Wealthsimple allow investors to reinvest dividends for eligible Canadian and US stocks and ETFs. This means any dividends earned are automatically applied towards purchasing more shares, helping investments compound over time. Dividend reinvestments must be enabled on both platforms to take effect.

Tax filing

Wealthsimple has its own tax filing software that clients can use to file their Canadian income tax returns for free with the basic plan. The software automatically imports investment income, dividends and capital gains from your Wealthsimple accounts. It also provides guidance on deductions, credits and RRSP contributions and supports direct electronic filing with the Canada Revenue Agency (CRA).

Questrade only provides clients with the necessary tax documents to report investment income and gains on their tax returns, but they must use a separate tax-filing software or service to prepare and submit their taxes.

What does Reddit think of the Questrade vs. Wealthsimple debate?

Many Reddit users say that Questrade and Wealthsimple are comparable, highlighting no commission fees, competitive promotions and user-friendly interfaces. Some users take advantage of both platforms’ unique features, like being able to use Norbert’s Gambit on Questrade (though Wealthsimple has since introduced the currency conversion strategy on its platform) or Wealthsimple’s integrated chequing and savings accounts.

Ultimately, Reddit seems divided, stating both platforms have pros and cons and the better choice depends on individual investing goals and experience.

Alternatives to Questrade and Wealthsimple

Although Questrade and Wealthsimple are two of the most popular trading platforms in Canada, they’re not the only options worth considering. Here are four other competitive brokerages that offer different pricing models, trading tools and account features that may better suit certain investing styles.

Interactive Brokers

Interactive Brokers is a strong choice for active and experienced investors who want access to global markets, low margin rates and professional-grade trading tools. Its platform offers advanced order types, in-depth research and competitive pricing, making it ideal for frequent traders and those managing larger portfolios.

Qtrade Direct Investing

Qtrade Direct Investing is known for its easy-to-use platform, wide selection of commission-free ETFs and portfolio planning tools. It’s best for beginners and long-term investors who want a reliable, straightforward investing experience with solid research tools and educational resources.

Moomoo

Moomoo targets tech-savvy investors with its advanced charting, real-time market data and social trading features. Its platform is designed for hands-on traders who want detailed analytics and customizable tools to support more active investing strategies.

CIBC Investor’s Edge

CIBC Investor’s Edge is great for investors who already bank with CIBC and want seamless integration between their banking and investment accounts. It offers a familiar interface, research resources and convenient account management.

Bottom line

Choosing the right trading platform depends on your experience, goals and how involved you want to be in managing your investments. Questrade is best for investors who want more control over their trades, access to advanced tools and the ability to invest in a wide variety of asset types, from stocks and ETFs to options and international equities.

Wealthsimple focuses on simplicity and ease of use, providing beginner-friendly guidance, portfolio tracking, crypto trading and integrated financial services. If you’re not sure whether either platform is for you, check out some of the best trading platforms and apps in Canada to find one that suits your investing style and goals.

Frequently asked questions about Questrade vs. Wealthsimple

• Are Questrade and Wealthsimple available outside of Canada?

  Questrade primarily serves Canadian residents, though Canadian expats living in the US with active RRSP accounts may qualify for an exemption. International residents can open a margin account. Wealthsimple is only licensed to hold accounts for Canadian residents.

• What are Questrade's eligibility requirements?

  Questrade requires clients to be a Canadian resident and at least 18 years old with a valid social insurance number (SIN), government-issued photo ID, email and phone number.

• What are Wealthsimple's eligibility requirements?

  To open a Wealthsimple account, you must reside in Canada, be a Canadian citizen or have a valid visa, be at least 18 years old and have a SIN and valid phone number.

• Can I use Questrade and Wealthsimple together?

  Yes, it's possible to open accounts with both Questrade and Wealthsimple, which can be useful for investors who want to take advantage of each platform's unique features. For example, you can use Wealthsimple to invest in crypto or gold and Questrade Edge for advanced trading capabilities.

• Will I have to pay taxes on any interest I collect?

  Interest generated inside registered accounts, such as a TFSA, RRSP or RESP, is either tax-free or tax-deferred, meaning it won't be taxed while it remains in the account. Interest earned in non-registered accounts is considered taxable income and must be reported when filing an annual tax return. The exact amount of tax you owe will vary based on your total income and tax rate.

• Can I change my portfolio once it's invested?

  Yes, both Wealthsimple and Questrade allow you to adjust your portfolio after you've invested. If you've invested in a managed portfolio, you can retake the risk tolerance questionnaire or assessment to change your risk level or investment goals and your holdings will automatically be rebalanced.

  If you hold investments in a self-directed account with either broker, you have full control to buy, sell or rearrange your securities at any time.

Written by

Rebecca Low

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Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including Wise, income.ca and Indeed, writing on topics like personal finance, career development, and travel. See full bio