Questrade vs Wealthsimple Trade: Which Brokerage Is Right for You?

Questrade and Wealthsimple Trade are the two most popular self-directed brokerages for Canadian ETF investors — and choosing between them is one of the first decisions a new investor faces. Both are low-cost. Both offer registered accounts. But they suit different kinds of investors.

The core difference

Questrade is a full-featured self-directed brokerage with commission-free ETF purchases (ETF sells are $4.95–$9.95), a desktop platform, and advanced order types. Wealthsimple Trade is a mobile-first app with zero commissions on all trades, but a simpler feature set and a restricted order type selection.

Fees: how much do you actually pay?

For a pure ETF buy-and-hold investor who never sells, Questrade is effectively free — ETF purchases are commission-free. Wealthsimple Trade is also free for all trades. The difference appears when selling: Questrade charges $4.95–$9.95 per ETF sell transaction, while Wealthsimple Trade charges nothing.

For rebalancing strategies that involve selling overweight positions, Wealthsimple Trade has a structural cost advantage. For contribution-only strategies (buying underweight positions without selling), both platforms are equally free. See our guide to rebalancing without selling.

Account types

Both brokerages offer RRSP, TFSA, FHSA, and non-registered accounts. Questrade additionally supports RESP (Registered Education Savings Plan) and margin accounts for borrowing to invest — useful if you have more advanced needs. Wealthsimple Trade does not currently offer RESP or margin.

Who should use Questrade?

Questrade is better suited for investors who:

• Want to hold US-listed ETFs and benefit from Norbert's gambit to avoid FX fees
• Need an RESP for a child's education savings
• Use limit orders to control execution price on larger transactions
• Want a desktop platform with more comprehensive data and charting
• Have larger portfolios where the $4.95 sell commission is negligible relative to portfolio size

Who should use Wealthsimple Trade?

Wealthsimple Trade is better suited for investors who:

• Are just starting out and want the simplest possible experience
• Invest primarily in Canadian-listed ETFs (no FX conversion needed)
• Use a contribution-based rebalancing strategy and sell infrequently
• Want to invest small amounts frequently without any commissions adding up
• Prefer a clean mobile app over a full desktop platform

The verdict

For most self-directed investors pursuing a simple ETF strategy — especially beginners — Wealthsimple Trade is the easier starting point. The app is polished, accounts take minutes to open, and you will never pay a trading commission. Questrade pulls ahead for investors who want US-listed ETFs, an RESP, or more advanced trading tools.

There is no penalty for using both: some investors keep their TFSA at Wealthsimple Trade for simplicity and their RRSP at Questrade for the Norbert's gambit currency conversion advantage.

Frequently asked questions