- Stock and ETF trades cost $0 at both. Questrade accounts hold US dollars for free; Wealthsimple’s USD account costs $10 a month on Core after a 30-day trial, and is free from $100,000 in assets.
- Both charge 1.5% to convert smaller amounts. Inside a Wealthsimple USD account the fee drops to 1.0% from $10,000, 0.5% from $25,000 and 0% from $100,000 per conversion.
- For a managed portfolio, Questwealth Portfolios charges 0.25% a year, or 0.20% from $100,000. Wealthsimple Managed Investing charges 0.5% on Core and 0.4% on Premium, plus fund fees at both.
- Leaving costs $0 at Wealthsimple and $150 per account at Questrade. Coming in, Questrade covers transfer fees up to $150 per account; Wealthsimple reimburses one fee for every $25,000 you move.
- Both firms are CIPF members, covering up to $1 million per account group. Questwealth is run by a separate company that is not a CIPF member, but your assets sit at Questrade, Inc., which is.
Checked October 2026
Wealthsimple vs Questrade at a glance
Both firms run a self-directed brokerage and a robo-advisor. On the self-directed side you are comparing Wealthsimple Trade with Questrade. On the managed side it is Wealthsimple Managed Investing against Questwealth Portfolios. New to this? Start with opening a brokerage account in Canada.
One thing works differently at Wealthsimple: its prices depend on a plan set by everything you hold there. Core starts at $1 in assets, Premium at $100,000 and Generation at $500,000. Questrade prices by account, not by plan.
| Feature | Wealthsimple | Questrade |
|---|---|---|
| Canadian and US stocks and ETFs | $0 | $0 online |
| US-listed equity options | US$0 per contract | $0 per contract |
| Canadian-listed options | $0.04 per contract | $0.99 per contract |
| Options exercise | US$45 for early exercise | $24.95 |
| Holding US dollars | USD account, $10 a month on Core, free on Premium and Generation | Every account holds CAD and USD, no fee |
| Currency conversion | 1.5%, or 0% to 1.5% by size in a USD account | 1.5% |
| Inactivity fee | $0 | $0 |
| Transfer out | $0 | $150 per account |
| Transfer-in fees covered | One fee per $25,000 moved | Up to $150 per account |
| Minimum to start | None stated | $0 |
From each firm’s own fee pages. Questrade’s pricing pages blocked automated access on October 30, 2026; Questrade figures were last read on its live pages in mid-October 2026.
Stock, ETF and options commissions
Buying and selling listed stocks and ETFs online is $0 at both. Wealthsimple’s fee schedule lists $0 commission on US and Canadian listed securities on every plan. Questrade says there are no commissions for US and Canadian listed stock and ETF online trades.
Small pass-through costs can still apply on some US orders. Wealthsimple says exchange, ECN, TAF and ORF fees may apply to some US-listed orders and show on your trade confirmation. Questrade charges no ECN fees on US orders except direct-routed orders, US OTC trades and the overnight session.
Options are where the two part ways. Both charge $0 per contract on US-listed equity options. On Canadian-listed options, Wealthsimple charges $0.04 per contract and Questrade $0.99. US index options cost US$0.99 per contract at Questrade; at Wealthsimple it depends on the index, from US$0.25 for XSP to US$1 for SPX.
US dollars and currency conversion
If you buy US stocks or ETFs, currency fees cost more than commissions.
At Questrade, every account is dual-currency. You can hold Canadian and US dollars side by side, so you convert once and keep trading in US dollars. When you do convert, Questrade charges 1.5% each way.
At Wealthsimple, a regular account trades US stocks in Canadian dollars and charges 1.5% on each conversion. To hold US dollars you add a USD account. That costs $10 plus tax a month on Core after a 30-day free trial, and nothing on Premium or Generation. Inside a USD account, conversions are tiered by size: 1.5% under $10,000, 1.0% from $10,000 to $24,999.99, 0.5% from $25,000 to $99,999.99 and 0% from $100,000.
| Amount converted | Wealthsimple USD account | Questrade |
|---|---|---|
| $5,000 | $75 (1.5%) | $75 (1.5%) |
| $20,000 | $200 (1.0%) | $300 (1.5%) |
| $100,000 | $0 (0%) | 1.5% of the amount |
Our arithmetic on each firm’s published rates. A Wealthsimple USD account adds $120 a year on Core ($10 x 12) after the trial.
For small, occasional US purchases Questrade is simpler. For large conversions, or $100,000 or more at Wealthsimple, Wealthsimple’s tiered rates can work out lower.
Account types: TFSA, RRSP, FHSA, RESP and margin
Both cover the registered accounts most Canadians want. Questrade offers more business, trust and locked-in accounts.
| Account | Wealthsimple | Questrade |
|---|---|---|
| TFSA, RRSP, FHSA | Yes | Yes |
| RESP | Yes | Yes, plus family RESP |
| Spousal RRSP, RRIF, LIRA | Yes | Yes |
| LIF, locked-in RRSP | LIF in USD account list | Yes |
| Non-registered and margin | Yes, CAD margin from 3.24% to 5.20% | Yes |
| Joint, corporate, trusts | Business accounts | Joint, corporate, partnership, trusts, estate |
| Hold US dollars in a TFSA, RRSP, FHSA or RESP | Yes, with a USD account | Yes, every account |
Wealthsimple’s CAD margin rate depends on your total borrowing: 5.20%, 4.30% or 3.24%. For which registered account to use first, see our TFSA, RRSP and FHSA comparison.
Robo-advisors: Wealthsimple Managed Investing vs Questwealth Portfolios
Both firms will build and rebalance an ETF portfolio for you. You pay a management fee plus the fund fees (MER) inside the ETFs.
Questwealth Portfolios charges 0.25% a year on balances of $250 to $99,999 and 0.20% from $100,000. Its standard portfolios carry MERs of 0.09% to 0.12%, and its SRI portfolios 0.20% to 0.24%. It also does tax-loss harvesting in non-registered accounts.
Wealthsimple Managed Investing charges 0.5% on Core and 0.4% on Premium for its Classic portfolio. Generation starts at 0.4% and goes as low as 0.2%, which applies from $10,000,000 in assets. Classic portfolio MERs are 0.08% to 0.12%, socially responsible 0.23% to 0.25% and Halal 0.24% to 0.56%.
| Balance | Wealthsimple (Classic) | Questwealth Portfolios |
|---|---|---|
| $50,000 (Wealthsimple Core) | 0.5%, about $250 | 0.25%, about $125 |
| $150,000 (Wealthsimple Premium) | 0.4%, about $600 | 0.20%, about $300 |
Our arithmetic, before fund fees. Wealthsimple’s plan is set by your total assets there, not just the managed account.
On cost alone, Questwealth is lower. Wealthsimple managed accounts cannot hold US dollars. Questwealth adds 100 pips (0.01) to the exchange rate when it buys or sells US dollars to trade ETFs.
Minimums, account fees and transfers
Neither firm charges to open an account or an inactivity fee. Questrade dropped its inactivity fee on October 1, 2020.
The real cost difference is leaving. Wealthsimple charges $0 to transfer an account to another institution. Questrade charges $150, whether you move the whole account or part of it.
Coming in, both help with the fee your old institution charges. Questrade covers transfer fees up to $150 per account. Wealthsimple reimburses one transfer-out fee for every $25,000 you move in, with a $25,000 minimum, and the account must stay funded for 90 days.
CIPF coverage and platforms
Both firms are members of the Canadian Investor Protection Fund. CIPF protects your cash and securities if a member firm fails, up to $1 million for all general accounts combined (cash, margin, TFSA and FHSA), plus $1 million for registered retirement accounts and $1 million for RESPs. It does not cover a drop in market value.
Wealthsimple says its investing accounts are protected by CIPF; crypto is not. Questrade, Inc. is a CIPF member too, with benefits limited to its own activities. Questwealth Portfolios is run by Questrade Wealth Management Inc., which is not a CIPF member, but Questrade, Inc. holds the assets and handles custody.
Wealthsimple
One app and website for trading, managed accounts, chequing and crypto.
Questrade
The Questrade app, plus Questrade Edge on the web, desktop (Windows and Mac) and mobile. Some Edge features need Questrade Plus.
Pick Wealthsimple if, pick Questrade if
- Pick Wealthsimple if you want $0 to leave and no transfer-out fee later
- Pick Wealthsimple if you trade Canadian-listed options ($0.04 per contract)
- Pick Wealthsimple if you hold $100,000 or more there, for a free USD account and lower conversion fees
- Pick Wealthsimple if you want banking, trading and a managed portfolio in one app
- Pick Questrade if you buy US stocks often and want US dollars in every account at no monthly cost
- Pick Questrade (Questwealth Portfolios) if you want a lower robo-advisor fee: 0.25%, or 0.20% from $100,000
- Pick Questrade if you need family RESPs, trusts, corporate or locked-in accounts
- Pick Questrade if you want a desktop platform with advanced charts
For a long-term index investor, both charge $0 to buy ETFs. Our guide on how to invest in index funds covers the portfolio side. Compare all the platforms we review on our investing page.
Frequently Asked Questions
Is Wealthsimple or Questrade cheaper?
For buying Canadian and US stocks and ETFs, both charge $0. Questrade is cheaper for holding US dollars on a small account and for robo-advisor fees. Wealthsimple is cheaper for leaving, for Canadian options and for large currency conversions in a USD account.
Does Wealthsimple charge for USD accounts?
On the Core plan, a USD account costs $10 plus tax a month after a 30-day free trial. It is free on Premium, from $100,000 in assets, and on Generation, from $500,000.
What is Questrade’s currency conversion fee?
Questrade charges 1.5% to convert between Canadian and US dollars. Its accounts hold both currencies, so you only pay when you convert, not on every US trade.
Does Questrade charge to transfer out?
Yes. Questrade charges $150 to transfer an account to another institution, for a full or partial transfer. Wealthsimple charges $0.
Will they pay my transfer fee to switch?
Questrade covers transfer fees up to $150 per account. Wealthsimple reimburses one transfer-out fee for every $25,000 you move in, with a $25,000 minimum, if the account stays funded for 90 days.
Which robo-advisor is cheaper, Questwealth or Wealthsimple?
Questwealth Portfolios charges 0.25% a year, or 0.20% from $100,000. Wealthsimple charges 0.5% on Core and 0.4% on Premium for its Classic portfolio. ETF fees are similar at both.
Are Wealthsimple and Questrade CIPF-protected?
Yes. Both are CIPF members. Coverage is up to $1 million for general accounts, $1 million for registered retirement accounts and $1 million for RESPs. Crypto at Wealthsimple is not covered.
Can I hold US dollars in a TFSA or RRSP?
Yes, at both. Every Questrade account holds US dollars. At Wealthsimple you add a USD account to a TFSA, RRSP, FHSA, RESP and other self-directed accounts, but not to managed accounts.
Try this next
Sources, checked October 2026
- Wealthsimple: Compare Generation, Premium and Core plans and fees wealthsimple.com
- Wealthsimple: Trade fee schedule wealthsimple.com
- Wealthsimple Help: Upgrade to USD accounts help.wealthsimple.com
- wealthsimple.com wealthsimple.com
- Wealthsimple Help: MER fees for managed investing portfolios help.wealthsimple.com
- Wealthsimple: Managed investing wealthsimple.com
- Wealthsimple Help: Transfer fee reimbursement policy help.wealthsimple.com
- Wealthsimple Help: How we keep your money safe help.wealthsimple.com
- Questrade: Transaction fees questrade.com
- Questrade: Administrative fees questrade.com
- Questrade: Types of investment accounts questrade.com
- Questrade: GET1000 offer page wealth.questrade.com
- Questrade: Questwealth Portfolios questrade.com
- Questrade: Questwealth Portfolios fees questrade.com
- Questrade: Questrade Edge questrade.com
- Wealthsimple: Self-directed trading wealthsimple.com
- CIPF: About CIPF coverage cipf.ca
General information for Canadians, not financial, tax or legal advice. Rules and menus change, so confirm details with your bank, lender or the Government of Canada. See our methodology.