Questrade vs Wealthsimple & Other Canadian Brokers

Comprehensive 2025 comparison of the top Canadian investment platforms. Find the best broker for your investing needs.

At a Glance: Quick Comparison

Questrade

Best for active traders

Best Features

Wealthsimple

Best for beginners

User-Friendly

Big Banks

Traditional investing

Established

Other Platforms

Specialized options

Niche
Feature Questrade Wealthsimple Big Banks Other Platforms
Stock Trading Commission $4.95-$9.95 $0 $9.95-$29.95 Varies
ETF Trading Commission $0 (buy)
$4.95-$9.95 (sell)		 $0 $9.95+ Varies
Account Minimum $250 $0 $0-$15,000 Varies
Mobile App Rating 4.3/5 ⭐ 4.7/5 ⭐ 3.8/5 ⭐ Varies
Research Tools Excellent Good Very Good Basic
Customer Support 24/7 Business Hours Branch & Phone Email/Chat
Signup Bonus $50 $25 None Varies
CIPF Protection Yes Yes Yes Yes

Detailed Broker Analysis

Questrade - The Power User's Choice

👍 Pros

  • Free ETF purchases (great for dollar-cost averaging)
  • Advanced trading platforms and research tools
  • Wide range of investment products (stocks, ETFs, options, forex)
  • 24/7 customer support available

👎 Cons

  • Stock trading commissions ($4.95-$9.95 per trade)
  • Platform can be overwhelming for beginners
  • $250 minimum deposit for bonus eligibility

Best For:

Active traders, experienced investors, those who want advanced tools and research capabilities, and investors who primarily trade ETFs.

Wealthsimple - The Beginner's Favorite

👍 Pros

  • Commission-free stock and ETF trading
  • Beautiful, intuitive mobile app experience
  • Fractional shares available
  • No account minimums

👎 Cons

  • Limited advanced trading features
  • Higher currency exchange fees (1.5%)
  • Basic research tools compared to competitors

Best For:

Beginners, mobile-first users, those who trade frequently in small amounts, and investors who prefer a simple, clean interface.

Big Bank Brokers (RBC, TD, BMO, etc.)

👍 Pros

  • Integrated banking and investing experience
  • In-person branch support available
  • Comprehensive research and educational resources
  • Established reputation and trust

👎 Cons

  • Highest trading commissions ($9.95-$29.95 per trade)
  • Often have account minimums or maintenance fees
  • Outdated platforms and mobile apps

Best For:

Traditional investors who prefer having everything with one institution, those who value in-person support, and investors who trade infrequently in large amounts.

Which Broker Should You Choose?

Choose Questrade If:

  • • You're an active trader
  • • You want advanced research tools
  • • You primarily invest in ETFs
  • • You need 24/7 support
Get Questrade $50 Bonus

Choose Wealthsimple If:

  • • You're a beginner investor
  • • You trade frequently in small amounts
  • • You prefer mobile investing
  • • You want commission-free trading
Get Wealthsimple $25 Bonus

Choose Big Banks If:

  • • You prefer integrated banking
  • • You want in-person support
  • • You trade infrequently
  • • You value established reputation

Frequently Asked Questions

Which broker has the lowest fees?

Wealthsimple offers commission-free stock and ETF trading, making it the lowest cost option for frequent traders. However, Questrade offers free ETF purchases, which can be advantageous for ETF investors.

Is my money safe with these brokers?

Yes, all reputable Canadian brokers are members of CIPF (Canadian Investor Protection Fund), which protects your investments up to $1 million per account category in case the brokerage fails.

Can I have accounts with multiple brokers?

Absolutely! Many investors use multiple brokers to take advantage of different strengths. For example, you might use Wealthsimple for Canadian stocks and Questrade for ETFs and US trading.

Which broker is best for beginners?

Wealthsimple is generally considered the best for beginners due to its simple interface, commission-free trading, and user-friendly mobile app. Questrade is better for those who want to grow into more advanced features.