Wealthsimple vs Questrade used to be a question about commissions. It isn’t anymore: both now charge $0 to buy and sell Canadian and US-listed stocks and ETFs, and both offer TFSAs, RRSPs, FHSAs and RESPs. What’s left is how each handles US dollars, what it costs to borrow, which account types you need, and whether you want banking and tax filing in the same app. The side-by-side table near the top of this page lines up the headline fees; the sections below put a number on each difference from the two companies’ own fee pages, so you can pick the one that fits how you invest.
Wealthsimple vs Questrade: more fees and features compared
The side-by-side table above covers commissions, options, currency conversion, US-dollar accounts, account minimums, transfer-fee coverage, fractional shares, the Core CAD margin rate and investor protection. The rows below add the costs and features it doesn’t show: conversion fees on larger amounts, journaling, margin on higher plans, interest on idle cash, account types, exit fees, managed portfolios and upgraded tiers.
| Feature | Wealthsimple | Questrade |
|---|---|---|
| Currency conversion fee by amount converted | In a USD account: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000 | 1.5% on Canadian-to-US-dollar conversions and back, built into the exchange rate Questrade applies |
| Journaling (Norbert's Gambit) | Flat journaling fee on Wealthsimple's Trade fee schedule (the same amount as Questrade's); needs a USD account | $9.95 per online journaling request (free and unlimited with Questrade Plus) |
| CAD margin rate by plan or balance | 4.95% on Core, 4.45% on Premium (better on this row) | CAD prime + 4.25% on debit balances under $100,000 (CAD prime + 3.25% from $100,000); CAD prime is 4.45% |
| Where idle cash can earn interest | Chequing: 1.25% on Core; Savings: 2.5% (available to every client, no tiers) (better on this row) | Brokerage cash: 0% at current prime rates — Questrade's formula for CAD cash is prime minus 8.50%, and a negative result pays 0% |
| Account types | TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts | TFSA, RRSP, spousal RRSP, FHSA, RESP (individual and family), LIRA, locked-in RRSP, LIF, RRIF, cash and margin (individual and joint), corporate, trust, estate, partnership, sole proprietorship, and Forex & CFD accounts (better on this row) |
| Transfer out to another brokerage | No charge listed on Wealthsimple's Trade fee schedule (better on this row) | $150 per account, for a full or partial transfer (sales tax added where applicable) |
| Managed (robo) portfolios | 0.50% a year on Core; 0.40% a year on Premium | 0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000 (better on this row) |
| Upgraded tier | Premium status from $100,000 in assets | Questrade Plus: $19.99 a month plus applicable taxes (free for the first 30 days) |
Sources: wealthsimple.com pricing page, Trade fee schedule, margin and accounts pages (checked September 23, 2026); questrade.com pricing, transaction-fee, administrative-fee, margin-interest, account-types, Plus and promotions pages (checked September 24, 2026).
Questrade or Wealthsimple: which is cheaper?
For Canadian-listed stocks and ETFs, neither: both charge $0 commission, so the costs only split on currency, margin, transfers and managed portfolios. Here is each fee line:
- Buying and selling stocks and ETFs: tie. Wealthsimple charges $0; Questrade’s pricing page says $0 to buy and sell Canadian and U.S.-listed stocks and ETFs.
- US equity options: tie. Wealthsimple lists US$0 per contract, and Questrade lists $0 commissions on US equity options contracts. Questrade charges CA$0.99 per contract on Canadian-listed options.
- Converting currency: tie on the headline fee. Wealthsimple charges 1.5% from a CAD account, applied to its own exchange rate, which already includes a spread. Questrade’s transaction-fee schedule lists 1.5%, built into the rate it applies. Questrade pulls ahead once you keep the US dollars; Wealthsimple pulls ahead on very large conversions through a USD account.
- Holding US dollars: Questrade. Questrade’s pricing page lists dual-currency accounts as free — every account can hold both Canadian and US dollars. Wealthsimple’s USD account costs $10 a month for Core clients; free for Premium and Generation.
- Borrowing on margin: Wealthsimple, by a wide gap (the margin section below has the numbers).
- Leaving: Wealthsimple. Questrade charges $150 per account, for a full or partial transfer (sales tax added where applicable). Wealthsimple’s Trade fee schedule lists no charge for outgoing transfers to another institution.
- Moving in: close. Wealthsimple’s transfer-fee coverage is reimbursed on transfers of $25,000 or more, up to $150 per account; Questrade’s promotions page says other institutions’ fees are reimbursed up to $150 per account.
- Managed portfolios: Questrade. Questwealth Portfolios charge 0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000. Wealthsimple’s managed investing costs 0.50% a year on Core and 0.40% a year on Premium.
- Opening an account: tie. Wealthsimple lists a $0 opening fee and no account minimum. Questrade’s accounts are free to open, with no minimum balance, and it charges no annual account or inactivity fees.
YieldMaple checked Wealthsimple’s pricing page and Trade fee schedule on September 23, 2026, and Questrade’s transaction, administrative and margin-interest schedules on September 24, 2026. Hover over any figure on this page to see its source.
Is Wealthsimple or Questrade better for US stocks?
Questrade is usually better if you’ll hold US stocks in US dollars for years, because every Questrade account holds USD for free and sale proceeds stay in US dollars.
At Questrade, every account, including TFSAs, RRSPs and FHSAs, is dual-currency. You convert once at 1.5% (Questrade’s schedule says that fee was last updated November 18, 2023), and US dividends and sale proceeds then stay in US dollars until you choose to convert them. Questrade’s pricing page adds that you can hold USD in registered accounts, so US trades don't force a conversion. One catch: if you buy a US stock in a registered or cash account without enough US cash, Questrade converts the shortfall from your Canadian cash automatically at the end of the trading day.
At Wealthsimple, you have two routes. From a regular CAD account, each US trade is converted at 1.5% on the purchase and again on the sale. With a USD account ($10 a month for Core clients; free for Premium and Generation), you convert once and then trade US-listed securities with no conversion fee. The conversion into the USD account is priced by size: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000. That last tier matters: a six-figure conversion through a Wealthsimple USD account carries no conversion fee, although Wealthsimple’s exchange rate still includes a spread.
Norbert’s Gambit works at both. The method converts a large sum near the market rate: buy a dual-listed security in Canadian dollars, have the brokerage journal it to the US-dollar side, then sell it for US dollars. Questrade charges $9.95 per online journaling request (free and unlimited with Questrade Plus). Wealthsimple lists Norbert’s Gambit on its active-trading page, and its Trade fee schedule shows the same flat journaling fee; you need a Wealthsimple USD account to receive the US-dollar units. The step-by-step is in how Norbert’s Gambit works on Wealthsimple.
The tax side is identical. Under the Canada–US tax treaty, US dividends paid into an RRSP are exempt from US tax, as long as the plan is operated exclusively to provide pension, retirement or employee benefits. In a TFSA they could be subject to foreign withholding tax, per the CRA's TFSA guide. That applies at any Canadian brokerage, so it favours neither one. For the full process, from the W-8BEN form to picking a US ticker, see how to buy US stocks from Canada.
Wealthsimple vs Questrade fees: what would you pay in a year?
A monthly buyer of Canadian-listed ETFs pays the same at both; the gaps show up with US-dollar conversions, margin loans and managed portfolios. Five worked examples, using each company’s published rates:
1. Monthly ETF buyer in a TFSA. $500 a month into XEQT or another Canadian-listed ETF means 12 purchases in Canadian dollars. Wealthsimple: $0 a year. Questrade: $0 a year. It’s a tie, so pick on features.
2. Converting $10,000 to buy US stocks. From a Wealthsimple CAD account, the purchase costs $150 in conversion fees, and the same rate applies again when you sell and the proceeds convert back. A Wealthsimple USD account on Core costs $220 in the first year (plus sales tax on the account fee), or $100 on Premium. At Questrade the conversion costs $150, and after that the US dollars sit in the account for free. The two are close on the way in; Questrade is cheaper over the following years if you keep the money in US dollars.
3. Converting $100,000 in one go. A Wealthsimple USD account charges no conversion fee at this size, and $100,000 in assets is also the Premium threshold, where the USD account is free. Questrade’s posted fee would be $1,500. With Norbert’s Gambit at either brokerage, you’d pay a journaling fee ($9.95 at Questrade, and Wealthsimple’s Trade fee schedule lists the same amount) plus the bid-ask spread on two trades. For large sums, Wealthsimple’s USD account or Norbert’s Gambit beats paying a percentage.
4. Borrowing $20,000 on margin for a year. At Wealthsimple’s Core rate that’s $990 in interest, or $890 on Premium. At Questrade’s rate of 8.70% it’s $1,740. Wealthsimple saves $750 a year on Core.
5. $50,000 in a managed portfolio. Wealthsimple’s managed investing on Core costs $250 a year; Questwealth Portfolios cost $125 a year, before the ETFs’ own fees at both. Questrade saves $125 a year. The best robo-advisors in Canada guide compares both with the other robo services.
Run your own numbers
The calculator below prices a year of trades and US purchases at Wealthsimple, Questrade and TD. It leaves Questrade’s conversion fee blank because Questrade doesn’t show it on its main pricing page; its transaction-fee schedule lists 1.5%, so type that rate into the optional Questrade box to compare.
Is Wealthsimple or Questrade cheaper for margin?
Wealthsimple is much cheaper: its CAD margin rate is 4.95% on Core, while Questrade charges CAD prime + 4.25%, which works out to 8.70% today.
Wealthsimple’s rate falls further with your plan: 4.45% on Premium and 3.95% on Generation. Questrade’s full CAD schedule is CAD prime + 4.25% on debit balances under $100,000 (CAD prime + 3.25% from $100,000), with its CAD prime at 4.45%. On US-dollar loans the gap is similar: Wealthsimple charges 7.5% on Core, and Questrade charges USD prime + 4.50% on debit balances under US$100,000 (USD prime + 3.50% from US$100,000), which is 11.50% with its USD prime at 7.00%.
Questrade advertises much lower USD borrowing rates for very high-volume options traders, and new clients can get 0% interest on your first US$5,000 of USD margin borrowing for up to 6 months (new clients who open a margin account with code 0MARGIN, September 1 to December 31, 2026). Neither changes the picture for an ordinary investor borrowing in Canadian dollars. Borrowing to invest can lose more than you put in, whichever brokerage you use; the Wealthsimple margin account guide covers margin calls and the portfolio line of credit.
Uninvested cash is the other half of the interest story. For cash sitting in a Questrade account, the schedule works out to 0% at current prime rates — Questrade's formula for CAD cash is prime minus 8.50%, and a negative result pays 0%. At Wealthsimple, money waiting to be invested can sit in Chequing, which pays 1.25% on Core, or in a Savings account paying 2.5% (available to every client, no tiers), in the same app as your investment accounts.
Which is better for a TFSA, RRSP or FHSA?
Neither wins on cost for registered accounts holding Canadian-listed ETFs: both charge $0 per trade and no account fees. The differences are US dollars and matching offers.
- TFSA. The 2026 TFSA limit is $7,000, and either brokerage lets you invest all of it commission-free. If your TFSA will hold US stocks for years, Questrade’s free US-dollar side avoids repeat conversions. US dividends in a TFSA could be subject to foreign withholding tax, per the CRA's TFSA guide at either brokerage, so many investors hold US dividend payers in an RRSP instead. The Wealthsimple TFSA guide covers contribution room and transfers.
- RRSP. Questrade Plus adds a 1% match on deposits to your Questrade RRSP (Questrade Plus subscribers, from August 1, 2026), on contributions up to the CRA’s annual RRSP dollar limit ($33,810 for 2026), but Plus costs $19.99 a month plus applicable taxes (free for the first 30 days). The match covers that cost only once you deposit about $24,000 a year into your Questrade RRSP, and more once sales tax on the subscription is added. Wealthsimple’s promotions page lists no RRSP contribution match. Its offer is a transfer match: 1% of the net amount transferred when you register for the offer and then move $25,000 or more from another institution, paid over 24 months and capped at $20,000.
- FHSA. Both offer the FHSA, with $8,000 of room a year. For a first-home fund invested in Canadian-listed ETFs, there’s no cost difference.
Is Wealthsimple or Questrade better for an RESP?
Both work well for an RESP: the government grants are identical, both list family and individual plans, and Wealthsimple’s RESP is available as a self-directed or managed RESP.
The grant is identical at both: the Canada Education Savings Grant adds 20% on up to $2,500 of contributions a year, or $500 per child, up to $7,200 over the plan’s life. A family RESP lets siblings share one account: Questrade lists it on its account-types page, and Wealthsimple’s account-agreements page includes terms for both family and individual education savings plans, so confirm in the app which plan type you can open self-directed. Questrade’s RESP page also says the account has no minimum trade size, no inactivity fee, no platform fee and no custody charge.
If you’re moving an existing RESP to Wealthsimple, note that individual RESPs transfer into a managed Wealthsimple RESP, and that RESP transfers take about 6–8 weeks, longer than other accounts. The Wealthsimple RESP guide walks through grants and transfers.
Questrade vs Wealthsimple: where does each one win?
Wealthsimple wins on borrowing costs, simplicity and everyday banking; Questrade wins on holding US dollars, account variety, Level 2 market data and managed-portfolio fees.
Where Wealthsimple beats Questrade
- More of your money in one app. Chequing paying 1.25% on Core, a Savings account, Wealthsimple Tax for filing your return, a credit card with 2% on every purchase and 170+ cryptocurrencies all sit next to your investment accounts. Questrade’s site centres on investing accounts.
- Fractional shares on a longer list. Fractional shares at Wealthsimple: yes — thousands of Canadian and US stocks and ETFs. At Questrade: hundreds of eligible Canadian and US stocks and ETFs, from $1, commission-free, in any self-directed account.
- Margin, big conversions and leaving. The cheaper margin rate, the conversion-fee tiers in a USD account and the absence of a listed transfer-out fee all favour Wealthsimple (see the sections above).
- Perks tied to assets, not a subscription. Wealthsimple’s Premium status starts at $100,000 in assets and includes the free USD account and the lower margin rate.
Where Questrade beats Wealthsimple
- US dollars held for free, in every account.
- More account types. Questrade lists TFSA, RRSP, spousal RRSP, FHSA, RESP (individual and family), LIRA, locked-in RRSP, LIF, RRIF, cash and margin (individual and joint), corporate, trust, estate, partnership, sole proprietorship, and Forex & CFD accounts. Wealthsimple’s self-directed list covers TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts, which is enough for most people but doesn’t name trust, estate, partnership or Forex and CFD accounts.
- Level 2 data and order routing. Questrade offers mobile, web and desktop platforms (including Questrade Edge and Questrade Pro) with free Level 1 streaming quotes, optional Level 2 depth for US$44.95 a month and the option to route your own orders to a chosen exchange. Wealthsimple has its own charting platform, Trade Plus, with free real-time streaming quotes and hot keys, but its active-trading page doesn’t mention Level 2 depth or direct order routing.
- Cheaper robo portfolios. Questwealth charges 0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000, which undercuts Wealthsimple’s managed fees on both Core and Premium.
- Questrade Plus extras for heavy users: the RRSP match, free journaling and options cashback of $0.05 per US equity options contract (Questrade Plus only). Free journaling beats paying per request only if you journal more than about twice a month.
How does Interactive Brokers compare with Wealthsimple and Questrade?
Interactive Brokers is the cheapest of the three for converting currency and for borrowing, but it charges per-share commissions, so Wealthsimple and Questrade are cheaper for small, regular ETF buys.
IBKR charges 1 cent a share on Canadian stocks, with a $1.00 minimum, and US$0.005 a share, with a US$1.00 minimum and a cap of 1% of the trade value per order on US stocks. Its currency conversion costs 0.002% of the amount (US$2.00 minimum), a fraction of the 1.5% headline fee at the other two, and its CAD margin rate is 3.606% on the first tier. The trade-offs: IBKR’s registered plans are limited to RRSP, spousal RRSP, RRIF, TFSA and FHSA (no RESP), and it has no locked-in plans (such as a LIRA) and no annuities. The full head-to-head is in Wealthsimple vs Interactive Brokers.
Is the Reddit advice on Wealthsimple vs Questrade still right?
Mostly: the usual advice of Wealthsimple for simplicity and Questrade for US dollars still holds, but several older talking points in threads and comparison articles are now out of date.
- Old claim: Questrade charges to sell ETFs. Now: Questrade lists $0 to buy and sell Canadian and U.S.-listed stocks and ETFs.
- Old claim: Wealthsimple has no USD account. Now: it has one, priced at $10 a month for Core clients; free for Premium and Generation.
- Old claim: you need Wealthsimple Plus for USD. There is no Wealthsimple Plus. Wealthsimple’s plans are Core, Premium (from $100,000 in assets) and Generation (from $500,000). Questrade Plus is Questrade’s own subscription.
- Old claim: Wealthsimple has no RESP, LIRA or margin. Now: its self-directed accounts include TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts.
- Old claim: only Questrade supports Norbert’s Gambit. Now: Wealthsimple lists it on its active-trading page and charges a flat journaling fee.
- Old claim: Questrade’s fractional shares are US-only. Now: its list covers hundreds of eligible Canadian and US stocks and ETFs, from $1, commission-free, in any self-directed account.
An earlier version of this page repeated some of these points. They’re corrected here, and every figure now links to its source.
Who should pick Wealthsimple, and who should pick Questrade?
Pick Wealthsimple if you want the simplest all-in-one app or you borrow on margin; pick Questrade if you’ll hold US dollars long term or need specialised accounts.
Pick Wealthsimple if:
- You mostly buy Canadian-listed ETFs and want a simple app with fractional shares on thousands of stocks and ETFs.
- You borrow on margin: 4.95% on Core against Questrade’s CAD prime + 4.25%.
- You want chequing, savings, tax filing and investing under one login.
- You’re transferring $25,000 or more from another institution, so your transfer fees are covered and, if you register for the offer first, the transfer match (1% of the net amount transferred) applies.
- You’ll convert a large sum to US dollars at once, where the USD account’s top tier charges no conversion fee.
Pick Questrade if:
- You hold US stocks and want to keep US dollars without a monthly fee.
- You need an account type Wealthsimple’s list doesn’t name, such as a trust, estate or partnership account, or Forex and CFD trading.
- You want Level 2 market depth and the option to route your own orders.
- You want the lower robo fee of the two (0.25% at Questwealth).
When Wealthsimple is the wrong choice: if you plan to keep a large US-dollar portfolio for years on the Core plan, the USD account fee adds up to $120 a year, every year, while Questrade charges nothing to hold US dollars. Unless you expect to reach Premium, Questrade is the cheaper home for that money.
If Questrade fits you better, you can check Questrade's current pricing and account options before you open an account.
The verdict on Questrade vs Wealthsimple
For most Canadians who are starting out or buying Canadian-listed ETFs, Wealthsimple is the easier pick: $0 trades, fractional shares on thousands of securities, much cheaper margin and banking in the same app. Questrade is the better home for a large US-dollar portfolio, for investors who need trust, estate or other specialised accounts, for active traders who want Level 2 market depth, and for robo investors who want the lower management fee.
The stakes of choosing wrong are low. Wealthsimple lists securities eligible for CIPF coverage up to $1M per defined account, Questrade, Inc. is a CIPF member, and both charge nothing to trade stocks and ETFs. If you change your mind later, the main cost of moving is Questrade’s $150 exit fee, which Wealthsimple reimburses on larger transfers.
This comparison is general education, not financial advice; the right brokerage depends on what you hold, how often you trade and which accounts you need.