Greatest Canadian Brokerage for 2025

Selecting the best funding platform in Canada can really feel overwhelming—particularly when two in style names like Questrade and Wealthsimple dominate the dialog. 

Whereas each purpose to empower Canadian traders, they take very totally different approaches to the way you develop your cash.

This comparability breaks down Wealthsimple vs Questrade charges, buying and selling instruments, funding choices, and general expertise that can assist you resolve which inserts your monetary objectives greatest: hands-on management or automated simplicity. 

Maintain studying to determine which is the perfect low cost Canadian brokerage for you!

What Is Questrade?

Questrade (learn: QUESTRADE REVIEW) is certainly one of Canada’s most established on-line brokers. Based in 1999, it operates as a reduction brokerage with a robust deal with flexibility, cost-efficiency, and superior instruments for self-directed traders.

The platform affords entry to Canadian and U.S. equities, ETFs, mutual funds, choices, and international change buying and selling. Its desktop platform, Questrade Edge, is in style amongst lively merchants for its real-time market information, customizable charts, and technical evaluation options.

There’s additionally Questrade Cellular, its cellular app, which is obtainable for each Android and iPhone customers.

Registered accounts akin to TFSAs, RRSPs, RESPs, and LIRAs are totally supported. 

A key benefit of Questrade is the flexibility to carry USD in registered accounts—preferrred for lowering international change (FX) charges when buying and selling U.S. belongings.

Professional Tip:

Need to take again management of your funds? Get began right this moment with Wealthsimple or Questrade!

What Is Wealthsimple?

Wealthsimple (learn: WEALTHSIMPLE REVIEW) is a fintech-driven funding platform designed for ease of use and automatic wealth constructing. Launched in 2014, it appeals to new traders and people on the lookout for a simplified expertise.

With Wealthsimple Make investments, customers can entry robo-advised portfolios tailor-made to their objectives and threat ranges. Portfolios are routinely rebalanced and might embody socially accountable or halal investing choices.

For self-directed buying and selling, Wealthsimple Commerce affords commission-free buying and selling of shares and ETFs. 

The platform is minimal by design. Whereas it’s simple to make use of, it lacks extra superior options like real-time quotes, in-depth charting, and various asset choice except customers improve to the Premium plan.

Charges and Pricing Comparability

In terms of value, Questrade and Wealthsimple function on related however not an identical fashions.

Each provide commission-free buying and selling, however there are some key variations.

Buying and selling Charges & Account Minimums

Questrade used to cost fee for buying and selling shares and ETFs, however they’ve switched to a extra aggressive, commission-free mannequin. 

The platform prices $9.95 per mutual fund transaction.

Questrade used to have a $1,000 minimal to open an account. Immediately, there’s no minimal for self-directed accounts and a $250 minimal to take a position with Questwealth Portfolios.

Wealthsimple Commerce affords zero-commission buying and selling for each Canadian and U.S. shares and ETFs. There are not any charges for purchasing or promoting ETFs and no minimal deposit is required to start investing.

This distinction in pricing construction makes Questrade extra interesting for knowledgeable traders who worth full entry to instruments and merchandise, whereas Wealthsimple’s no-cost entry level is good for newcomers testing the waters.

Foreign money Conversion Charges

Foreign money change charges affect cross-border investing. Right here’s how they stack up:

Questrade prices a 1.5% FX price on USD trades and helps true USD-registered accounts like RRSPs and TFSAs. This permits frequent U.S. fairness merchants to keep away from repeated foreign money conversions.

Wealthsimple additionally prices a 1.5% FX price. Additionally they help USD-registered accounts, however these can be found solely to Premium or Technology purchasers.

Subscription Charges

One factor that’s fascinating about each Questrade and Wealthsimple is that neither prices any account subscription charges.

Questrade doesn’t at present provide any tiered plans based mostly on complete investments.

Wealthsimple has its fundamental plan, with no minimal account stability required. There’s a 0.5% price for those who go for managed investments. For traders with bigger portfolios, there are two choices.

• The Premium plan requires a complete stability (money and/or investments) of $100,000. The price for managed investments is 0.4% and also you’ll earn 2.25% APY on uninvested money balances.
• The Technology plan requires a complete stability (money and/or investments) of $500,000. Managed funding charges vary from 0.2% to 0.4%, and also you’ll earn 2.75% APY on invested money balances.

Wealthsimple routinely upgrades plans when traders attain a brand new threshold.

As you possibly can see, Wealthsimple charges and Questrade charges have lots in widespread, however for high-volume traders, Wealthsimple has some benefits (and drawbacks, as we’ll see within the subsequent part).

Professional Tip:

In it for the long term? Take a look at Questrade and Wealthsimple’s automated portfolio choices right this moment!

Funding Merchandise and Entry

Questrade stands out for its various funding choices, together with Canadian and U.S. shares, ETFs, mutual funds, choices contracts, international change buying and selling, and even valuable metals via ETFs. 

This in depth product lineup allows traders to construct extremely tailor-made portfolios throughout asset courses and areas.

Wealthsimple, alternatively, retains its funding catalog easy. Traders can commerce Canadian and U.S. shares and ETFs or go for professionally managed portfolios via Wealthsimple Make investments. The platform additionally permits customers to purchase and promote cryptocurrencies immediately, which is a key differentiator.

In the end, Questrade helps extra refined funding methods, whereas Wealthsimple prioritizes ease and accessibility for individuals who want a extra passive or streamlined strategy.

Platform Expertise and Options

Questrade caters to skilled traders with a platform that emphasizes flexibility and real-time market entry. Its Questrade Edge platform delivers extremely customizable charts, streaming information, and superior order sorts akin to bracket and conditional trades. 

These options permit lively merchants to fine-tune their methods and make well timed choices with precision.

Alternatively, Wealthsimple is constructed for simplicity. The interface is minimal and intuitive, permitting new traders to put trades with ease. Whereas it lacks superior instruments, the expertise is clear and environment friendly. 

For customers who need enhanced efficiency, Wealthsimple Plus unlocks decrease charges and a few further instruments that could be helpful.

Each platforms serve their respective audiences effectively, with Questrade leaning into energy and Wealthsimple specializing in usability.

Cellular Expertise and Instructional Sources

Questrade’s cellular app mirrors the desktop expertise. It delivers reside quotes, customized alerts, account entry, and analysis instruments, making it a robust selection for traders on the go.

Wealthsimple’s cellular app is designed with simplicity in thoughts. It’s excellent for checking balances and making fundamental trades. Some customers have famous that there are value lags and need there have been extra buying and selling choices accessible.

By way of schooling, Questrade affords a strong library of webinars, how-to guides, and analysis powered by Morningstar. 

Wealthsimple’s schooling assets are extra entry-level, together with weblog posts and FAQs written in a beginner-friendly tone. Additionally they have some helpful calculators for determining monetary objectives.

Person Critiques and Neighborhood Suggestions

Person suggestions highlights the distinct strengths of every platform. 

Questrade typically receives reward for its low buying and selling charges, broad asset entry, and superior customization instruments. Many seasoned traders respect the pliability it affords, although some have reported lengthy wait occasions for help throughout peak hours.

Wealthsimple earns excessive rankings for its intuitive design and beginner-friendly onboarding course of. Customers incessantly commend the platform’s commission-free mannequin and cellular expertise. Nonetheless, extra skilled merchants typically categorical frustration over the shortage of real-time information and restricted asset selection.

Total, evaluations reinforce every platform’s area of interest: Questrade appeals to skilled traders on the lookout for flexibility and depth, whereas Wealthsimple is favored by newcomers in search of simplicity and automation.

Buyer Help and Safety

Is Questrade legit? What are you able to count on for those who open an account by way of help and safety?

Questrade affords buyer help via a number of channels together with telephone, reside chat, and electronic mail. Customers may entry a sturdy assist middle with detailed documentation, FAQs, and platform tutorials. As a regulated agency below the Canadian Funding Regulatory Group (CIRO) and a member of the Canadian Investor Safety Fund (CIPF), Questrade supplies insurance coverage protection for as much as $1 million per account in case of insolvency.

Identical query: Is Wealthsimple legit?

Wealthsimple matches Questrade’s help choices, additionally offering telephone help and chat help throughout enterprise hours. There’s additionally an choice to get tax help, one thing that Questrade doesn’t provide.

The platform is geared extra towards onboarding and fundamental account administration, making it simple for newer traders to get fast help. Like Questrade, Wealthsimple is regulated by CIRO and can be a CIPF member, guaranteeing related protections for consumer accounts.

Investing Type and Account Varieties

Questrade helps a vast number of account sorts, together with TFSAs, RRSPs, RESPs, LIRAs, margin accounts, and company accounts. These choices give traders important flexibility in constructing a personalised funding technique. 

Questrade additionally permits for a number of foreign money holdings, akin to USD inside registered accounts—an interesting function for cross-border merchants.

Wealthsimple retains issues easy by providing private, TFSA, particular person and spousal RRSPs, LIRA, RESP, and company accounts. They don’t have as many account sorts as Questrade, however they’ve expanded their choices.

If you happen to’re on the lookout for flexibility and management, Questrade affords a wider vary of choices. For individuals who want an easy-to-navigate platform and streamlined account choices, Wealthsimple will get the job carried out with minimal friction.

Extra Options

Past commonplace buying and selling capabilities, every platform affords distinctive extras that may improve the general expertise.

Questrade helps instantaneous deposits, permitting customers to behave shortly on market alternatives with out ready for financial institution transfers. Its Dividend Reinvestment Plan (DRIP) function makes it simple to routinely reinvest earnings, and superior screeners assist uncover commerce concepts aligned with an investor’s technique.

Wealthsimple leans into monetary accessibility. Traders can purchase fractional shares, making it simple to construct diversified portfolios even with smaller quantities of capital. Wealthsimple Money integrates banking and investing options, and the platform additionally affords direct entry to cryptocurrency buying and selling—one thing Questrade doesn’t present immediately.

These additions mirror every firm’s goal demographic: Questrade for hands-on, data-driven traders, and Wealthsimple for contemporary customers on the lookout for a seamless, all-in-one monetary expertise.

Professional Tip:

Get $25 for referring a pal to Wealthsimple, or get your first month of choices buying and selling free with Questrade right this moment!

Superior Buying and selling Instruments and Platform Options

When evaluating on-line investing platforms, the supply of superior buying and selling instruments can considerably affect an investor’s expertise, particularly for individuals who are extra lively within the markets.

Questrade stands out on this regard by providing a complete suite of superior buying and selling instruments. Their platform supplies real-time market information, customizable charting choices, and quite a lot of technical indicators. For merchants who depend on in-depth evaluation, Questrade’s instruments facilitate detailed market assessments, aiding in making knowledgeable choices. Moreover, Questrade helps a number of order sorts, together with stop-loss and restrict orders, catering to various buying and selling methods.

Alternatively, Wealthsimple Commerce adopts a extra streamlined strategy. Whereas it affords a user-friendly interface appropriate for newcomers, it lacks a few of the superior options present in Questrade. For example, Wealthsimple Commerce supplies delayed market information and has restricted charting capabilities. This simplicity might be advantageous for brand spanking new traders however could be restrictive for these in search of extra refined instruments.

In abstract, traders who prioritize superior buying and selling instruments and a feature-rich platform could discover Questrade extra aligned with their wants, whereas these preferring simplicity would possibly lean in direction of Wealthsimple Commerce.

Actively Managed Portfolios and Robo Advisor Providers

For traders taken with a extra hands-off strategy, each Questrade and Wealthsimple provide options via robo advisor providers and actively managed portfolios.

Wealthsimple has established itself as a frontrunner within the robo advisor area in Canada. Their platform supplies a spread of portfolios tailor-made to totally different threat tolerances and funding objectives. Notably, Wealthsimple affords choices for socially accountable investing, permitting purchasers to align their investments with private values. Their portfolios are routinely rebalanced, guaranteeing that asset allocations stay constant over time.

Questrade, via its Questwealth Portfolios, additionally affords robo advisor providers. These portfolios are actively managed, which means funding professionals make changes based mostly on market situations. This lively administration strategy goals to capitalize on market alternatives, doubtlessly enhancing returns. Moreover, Questrade’s robo advisor service usually prices decrease administration charges in comparison with Wealthsimple, making it a horny choice for cost-conscious traders.

Each platforms present entry to Canadian investments and permit contributions in Canadian {dollars}, simplifying the method for home traders. Nonetheless, the selection between them could hinge on preferences for lively versus passive administration and issues round charges and funding philosophies.

Conclusion

Once we examine Questrade vs Wealthsimple, each are strong Canadian robo advisors—however for various kinds of traders.

Select Questrade for those who:

• Want DIY investing
• Need entry to a variety of belongings
• Are snug navigating extra advanced instruments

Select Wealthsimple for those who:

• Desire a no-hassle, automated expertise
• Worth simplicity and clear design
• Are beginning with smaller quantities or need passive investing
• Have a big portfolio and need to benefit from decrease administration charges

In the end, it comes all the way down to your degree of involvement. Questrade is for builders and strategists. Wealthsimple is for hands-off growers. Both approach, you’re selecting a trusted Canadian platform to help your monetary objectives.

FAQ