Wealthsimple vs Questrade: Which Canadian Investing App Should You Choose?

Wealthsimple and Questrade are the two most popular self-directed investing platforms in Canada. Both are well-established, regulated, and trusted by millions of Canadians. But they are built for different kinds of investors — and choosing the wrong one can mean paying more in fees or missing out on tools you actually need.

Here is a detailed breakdown of how the two platforms compare, and how to figure out which one is right for you.

Quick Comparison

Before diving into the details, here is how the two platforms stack up at a glance:

Wealthsimple — Best for beginners and all-in-one banking. Commission-free stocks and ETFs, clean mobile-first app, minimum deposit of just $1, and a $25 referral bonus with a $100 deposit.

Questrade — Best for active traders and advanced investors. Free ETF purchases, low stock commissions, more account types including margin and options, and a $50 referral bonus with a $250 deposit.

Fees and Commissions

Fees are where most people start their comparison, and both platforms have made significant moves toward low-cost investing.

Wealthsimple offers completely commission-free trading on Canadian and US stocks and ETFs. There are no per-trade fees, no account fees, and no minimum balance requirements. Currency conversion on US stocks applies at around 1.5%, though Wealthsimple Plus subscribers get a reduced rate.

Questrade offers free ETF purchases — one of its most popular features — but charges a small commission on stock trades, typically $4.95 to $9.95 per trade depending on order size. Selling ETFs also incurs a commission. For investors who primarily buy and hold ETFs, Questrade's free purchases make it extremely cost-effective. For active stock traders, the per-trade cost adds up.

Winner on fees: Wealthsimple for stock traders. Questrade for ETF-focused investors who trade infrequently.

Account Types

Both platforms support all the major Canadian registered accounts:

TFSA (Tax-Free Savings Account)
RRSP (Registered Retirement Savings Plan)
FHSA (First Home Savings Account)
RESP (Registered Education Savings Plan)
Non-registered cash accounts

Where Questrade pulls ahead is in additional account types for more sophisticated investors: margin accounts, options trading accounts, foreign exchange accounts, and CFD trading through separate platforms. These are not available on Wealthsimple.

Winner on accounts: Questrade for advanced investors. Wealthsimple for most everyday Canadians.

Platform and User Experience

This is one of the most meaningful differences between the two platforms.

Wealthsimple was designed from the ground up as a mobile-first product. The app is clean, intuitive, and requires almost no financial knowledge to navigate. Buying a stock or ETF takes a few taps. It is genuinely one of the easiest investing apps available in Canada, which makes it ideal for first-time investors.

Questrade offers a more traditional brokerage interface with advanced charting, customizable watchlists, real-time quotes, and Level 2 market data. It has both a web platform and a mobile app, but the interface is denser and assumes more investing knowledge. For experienced traders who want more information on screen, this is a feature rather than a drawback.

Winner on user experience: Wealthsimple for beginners. Questrade for experienced investors who want more data.

Extra Features

Beyond core investing, the two platforms diverge significantly in what else they offer.

Wealthsimple has expanded into a full financial platform. In addition to self-directed trading, it offers a robo-advisor (Wealthsimple Invest), a high-interest cash account (Wealthsimple Cash) with a prepaid Visa card, cryptocurrency trading, and a tax filing product (Wealthsimple Tax). For Canadians who want one app to handle their investments, savings, crypto, and everyday spending, Wealthsimple is hard to beat.

Questrade is more focused on investing and trading. It does not offer a cash account, crypto, or a robo-advisor in the same way Wealthsimple does. It does have Questwealth Portfolios, a managed ETF portfolio service, but it charges a management fee. For investors who want depth in trading tools rather than breadth across financial products, Questrade delivers.

Winner on extra features: Wealthsimple for all-in-one financial management. Questrade for trading-focused depth.

Referral Bonuses

Both platforms offer referral bonuses for new clients, and both are worth claiming.

Wealthsimple — New clients who sign up with referral code US0EBW and deposit at least $100 receive a $25 cash bonus credited within 3 business days. The low deposit minimum makes this one of the easiest investing bonuses to earn in Canada — claim the Wealthsimple bonus.

Questrade — New clients who sign up with referral code 645729798488332 and fund their account with at least $250 receive a $50 cash bonus deposited directly into their account — claim the Questrade bonus.

If you are opening both accounts — which many Canadians do — you can claim both bonuses independently.

Who Should Choose Wealthsimple?

Wealthsimple is the better choice if:

You are new to investing and want a simple, beginner-friendly experience
You want to buy and hold Canadian and US stocks or ETFs without paying commissions
You want one app that also handles your savings, crypto, and everyday spending
You want to start with a small amount — there is no minimum deposit
You want access to registered accounts like TFSA, RRSP, and FHSA without complexity

Who Should Choose Questrade?

Questrade is the better choice if:

You are an active or experienced investor who wants advanced trading tools
You primarily buy ETFs and want commission-free purchases with more research tools
You want to trade options, use margin, or access foreign exchange markets
You are transferring a large existing portfolio and want transfer fee reimbursement up to $150
You want more detailed market data and charting than Wealthsimple provides

Can You Use Both?

Absolutely. Many Canadians hold accounts on both platforms. A common setup is to use Wealthsimple for everyday banking, crypto, and simple stock purchases, while using Questrade for ETF portfolios, RESP accounts, or more active trading. Since both are CIPF-protected and regulated by CIRO, splitting your investments between them carries no additional risk.

Opening both also means you can claim both referral bonuses — $25 from Wealthsimple and $50 from Questrade — for a combined $75 in welcome cash with a total deposit of just $350.

Verdict

There is no universally better platform between Wealthsimple and Questrade. The right choice depends entirely on what kind of investor you are.

If you are just getting started, want the simplest possible experience, or are looking for an all-in-one financial app, Wealthsimple is the better starting point. If you are a more experienced investor who trades actively, wants advanced tools, or primarily buys ETFs and wants deeper research capabilities, Questrade is the stronger choice.

When in doubt, open both. The referral bonuses alone make it worth it.

🎁 Claim Your Bonuses

Wealthsimple — use code US0EBW to claim your Wealthsimple bonus.

Questrade — use code 645729798488332 to claim your Questrade bonus.