Wealthsimple vs. Questrade – which one is the right choice for your investing style in Canada? Which will save you money while still getting you the right amount of return for your goals?
Both Wealthsimple and Questrade are top-rated investment software options for Canadians, offering robo advisor and online broker services to appeal to multiple types of investors.
The truth is both have their pros and cons, so the best one for you will come down to your personal preference. Are you looking for a simple way to start investing? Or do you want a full-fledged investment tool that you can grow with?
Let’s take a look at Wealthsimple vs. Questrade – and everything that comes with it.
At a glance: Wealthsimple vs. Questrade
In order to get a sense of the similarities and differences between the products these companies offer, it’s good to get a feel for the types of services they offer.
Here’s an overview (we’ll discuss each product in more detail below):
| Name | Products available | Learn more |
|---|---|---|
| Wealthsimple | * Wealthsimple Invest * Wealthsimple Cash * Wealthsimple Trade * Wealthsimple Crypto * Wealthsimple Tax | Learn more |
| Questrade | * Questrade * Questwealth * QuestMortgage | Learn more |
Off the top, it appears that Wealthsimple has an edge when it comes to services offered, since they delve into banking and crypto while Questrade doesn’t.
But perhaps more will be revealed as we look deeper into the services offered and dive into each of these companies and what they offer…
But for the purposes of the Wealthsimple vs. Questrade comparison, we’ll focus on the 2 types of services offered by both companies:
- Robo advisor: Wealthsimple Invest and Questwealth
- Online broker: Wealthsimple Trade and Questrade
Let’s take a closer look at these products in particular.
Robo advisor comparison: Wealthsimple vs. Questrade
Wealthsimple Invest and Questwealth are both products tailored towards an investor who would love to put some money in an account and watch it grow.
Robo advisor products invest your money in ETF portfolios based on an algorithm. That means there’s very little management going on and you’re able to remove a lot of the human bias that causes errors.
The downside is you don’t have much control over what’s going on, which can be scary for a lot of people. It’s your hard-earned money that’s being invested, after all.
Here’s an overview comparison of these 2 products:
 |  | |
|---|---|---|
| Account | Questwealth | Wealthsimple managed investing |
| Genius Rating | ||
| Why You Want It | Get fees as low as 0.2% + $0 transfer-in fees with no minimum. | Get $25 + Set-it-and-forget-it simplicity. |
| Types Of Accounts |
|
|
| Minimum Investment | $250 | $0 |
| Minimum Balance For Minimum Fee | $100,000 | $10,000,000 |
| Minimum Deposit To Cover Transfer Fee | $0 | $15,000 |
| Socially Responsible Investing Options |  | |
Show More | ||
| Open an account See more Questrade products Compare | Open an account See more Wealthsimple products Compare |
Online broker comparison: Wealthsimple vs. Questrade
On the flipside, using an online broker gives you a lot more control over exactly what you’re investing in.
Wealthsimple Trade and Questrade both allow you to buy investments yourself, making it a much more DIY (and thus controlled) process.
But that also means there’s a much bigger learning curve involved, which may be intimidating or even overwhelming for new investors.
Here’s how the 2 products compare:
| | |
|---|---|---|
| Account | Questrade | Wealthsimple Self-Directed Investing |
| Genius Rating | ||
| Why You Want It |  $25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs | No commission, maintenance or withdrawal fees + Easy to use. |
| Types Of Accounts |
|
|
| Types Of Investments |
|
|
| Minimum Investment | $0 | $$1 |
| Email Support | |  |
| Live Chat Support | | |
Show More | ||
| I Want This Deal See more Questrade products Compare | Open an account See more Wealthsimple products Compare |
Wealthsimple vs. Questrade product selection
But there’s more to both of these companies than just their robo advisor and online broker products.
About Wealthsimple
Wealthsimple started in 2014 as a way to provide simple investing solutions without the typically-associated high fees. Today, they continue to offer these services for both low fees and zero fees, using cutting-edge tech in order to manage your diversified portfolio.
All of this while helping you get the best return on investment and, as they say, optimizing your tax bill.
They also have financial advisors you can speak with who manage your account. These advisors can offer other products to round out your financial services, including high interest savings accounts – even ones where your spare change is automatically invested – and crypto-investment accounts.
Overall, it’s all about you as a customer, and Wealthsimple vies for your business by creating simple ways to save money for your future.
Wealthsimple Invest
Their slogan “Investing on autopilot” says it all.
Wealthsimple Invest is their robo investing service, which is a portfolio of low-fee ETFs (exchange traded funds) tailored to your goals and tolerance for risk with your investments. In order to figure this out, they have a handy sliding bar which shows risk levels and the type of investment choices they’ll make in order to create the portfolio best tailored for you.
It’s important to note that Wealthsimple also offers socially-responsible investing as well as Halal investing. This allows your investment strategy to align with your personal beliefs.
Once you choose your risk tolerance and philosophy, the investing part is on autopilot. Your monthly contributions can be set to deposit automatically from your bank account and any dividends earned on your investments are reinvested and made to work for you.
They even offer auto-rebalancing on your portfolio to maintain the balanced and diversified investment portfolio you planned from the beginning.
This service is clearly Weathsimple’s version of a “set it and forget it” investment model with minimal thought or check-ins on the investor’s part. And the best thing is you can start an account with $0 and grow it from there.
You can learn more about Wealthsimple Invest here:
Wealthsimple managed investing is a robo advising investment platform from one of Canada's favourite online brokerages, Wealthsimple. It offers a hands-off investment experience with no paperwork and no account minimums – a huge draw for anyone who's new to the world of investing or simply trying to make smart choices with minimal funds.
- Easy to understand fees
- The set-and-forget-it simplicity
- A good array of account types that can grow with you
- Extraordinary security for your money and accounts
- Grow into Wealthsimple Premium
- Socially responsible and Halal investment options available
- Higher account management fees
- Limited tools
- Talking to a human can be tricky
- Provides socially responsible and Halal investment options
- Can connect your account to Mint for easy budgeting
- Get a dedicated team of advisors if you have more than $500,000 in assets
- RRSP
- TFSA
- Personal
- RESP
- RRIF
- LIRA
- Joint
- Business
- FHSA
Wealthsimple Cash
Move over Paypal, Wealthsimple has its very own cash app to help send cash to anyone for anything at any time, all within seconds. It’s a secure way to pay for that ballet class, or send cash to friends to settle up a restaurant tab.
It also has zero fees – without any security questions that make you think about that first pet that’s gone but not forgotten.
But don’t just take it from me, watch their snappy video on the subject!
Check out more about Wealthsimple Cash here:
Wealthsimple has a high interest spending account known as the Wealthsimple Chequing account. It’s actually a hybrid account that gives you fairly easy access to your money for no monthly fees. With an interest rate of 2.75%, unlimited e-Transfers, no FX fees, and 1% back on your purchases when you use your Wealthsimple Card, this account is worth taking a look at – especially for investors.
- Impressively high standard interest rate
- Free and unlimited Interac e-Transfers
- No monthly fees, and no transaction fees
- Earn 1% back in cash, stocks, or crypto with the Wealthsimple card
- Get paid early with direct deposits
- Free from foreign transaction fees
- High minimum balance to reach maximum interest rate
- Get 1% back in cash, stock, or crypto with the Wealthsimple card
- Up to $1 million in CDIC coverage
Wealthsimple Trade
Wealthsimple Trade is the place to go to buy and sell stocks. This area is key for the DIY investor, a place where ETFs can be bought and sold, along with individual stocks. They also offer a feature that allows you to purchase fractional shares.
For as little as $1 you can own a fraction of a share in some of the world’s largest companies.
Learn more about what Wealthsimple Trade has to offer here:
While you may have heard of Wealthsimple, did you know that Wealthsimple also offers Wealthsimple Self-Directed Investing? And it’s a little different. They advertise it as “a simpler way to trade,” and it’s hard to argue with that. You can only open a handful of account types. You can trade stocks, ETFs, options, margin, and corporate products on Canadian and U.S. exchanges. And that’s about it.
- Well designed and easy to use app
- Trade on Canadian and U.S. exchanges
- CIPF protection up to $1,000,000
- No minimum account balance
- Market + 1.5% fee for currency conversion
- There are some fees for particular things
- Focus on simplicity and ease of use
- Search and track stocks with a watchlist
- Personal
- TFSA
- RRSP
- LIRA
- FHSA
- RESP
- RRIF
- Non-registered
- Corporate
- Margin
- Stocks
- ETFs
- Options
- Crypto
- Margin
Wealthsimple Crypto
With cryptocurrency investments increasing in popularity over the past decade, Wealthsimple now offers Canada’s first regulated crypto trading platform.
Right inside the Wealthsimple interface, investors can purchase crypto coins like:
- Ethereum,
- Bitcoin,
- Dogecoin,
- Cardano,
- Litecoin,
- and more.
Curious what Wealthsimple Crypto has to offer? Check out more info here:
If you've ever wanted to get into the world of cryptocurrency trading but weren't quite sure where to start, Wealthsimple Crypto is designed for you. Wealthsimple Crypto supports 100+ cryptocurrencies – including Bitcoin, Ethereum and Solana. And while they charge higher transaction fees than other exchanges, the simplicity of Wealthsimple Crypto might be worth it.
- Incredibly easy to get started
- Designed by and for Canadians
- Ties directly to your Wealthsimple account
- Easy to understand transaction fees
- Higher transaction fees than some other options
- Lacks advanced trading features
- Be a Canadian citizen, Canadian resident, or have a valid Canadian visa
- Meet the minimum age requirement set by your province
- Have a Social Insurance Number (SIN)
- Have a Canadian residential address
- Satisfy identity verification requirements
- Quick and easy sign up
- No account minimums
- Simple and transparent pricing
- No fees to deposit or withdraw
- Extensive cold storage insurance coverage
Wealthsimple Tax
Moving away from investments a bit, Wealthsimple Tax is a way to file your taxes through Wealthsimple’s proprietary software to ensure you maximize your tax efficiency.
Whether it’s a tax refund or a way to reduce the tax paid on income, maximizing efficiency is key.
You’d think a service like this would cost a bundle, but at Wealthsimple you pay what you want, based on your filing experience. Surprisingly, $0 is even an option.
Learn more here:
Wealthsimple Tax (formerly SimpleTax) is free Canadian tax software that aims to make filing your taxes easy. There’s no downloading necessary – you can go through the process right in your internet browser with step-by-step instructions and auto-fill features. And with maximum refund and accuracy guarantees in place – it’s worth giving it a shot. You’ll even be able to transfer prior year data, an option only available on a handful of other tax software.
- It's free to use
- 100% accuracy guarantee
- Support for all provinces – even Quebec
- Covers simple tax situations, plus some complex ones
- Ability to import prior year data
- Support is through email only
- There is no app
- Limit of 20 returns per account
- Canadian citizen
- Maximum refund guarantee
- RRSP calculator
- Auto-fill available
- Always
About Questrade
Starting in 1999, Questrade is still one of the fastest-growing online brokers. Today, the platform offers Canadians 2 different methods for investing.
The first way is through a self-directed trading account where customers can buy and sell stocks, mutual funds, ETFs, and more through their online platform.
The second service Questrade offers is through Questwealth, where a pre-built ETF portfolio makes it easy for investors to set, contribute, and succeed through low-fee investments. These portfolios are designed by experts and managed by robo advisors.
Questrade believes that the lower the fees an investor pays in the long-run, the more successful they’ll be in the future.
Questrade self-directed investing
The Questrade self-directed investing account allows DIY investors to buy and sell investments. With a simple-to-use interface that easily tracks and manages your portfolios, investors can purchase:
- stocks,
- bonds,
- options,
- ETFs,
- precious metals,
- GICs,
- and more.
Geared for both active traders and those just starting out, the self-directed investing approach helps investors save on fees.
This includes commission free trading (buy and sell ETFs and stocks for free) and no fees for opening an account.
Learn more about investing with Questrade here:
Questrade is one of Canada's top online investment platforms. With very low fees, including no-fee ETF trading, commission-free stock trades, and plenty of investment types, Questrade just about covers it all.
- Total transparency with fees
- Surprisingly low fees
- Lots of investment account and product choices
- Plenty of convenient methods for support
- Limited amount of time to report fraud for full reimbursement
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFs- Excellent array of investing and trading tools
- Trade ETFs for $0
- Commission-free stock trades
- TFSA
- RRSP
- Spousal RRSP
- LIRA
- Locked-In RRSP
- RIF
- LIF
- RESP
- Family RESP
- Corporate
- Investment Club
- Partnership
- Sole Propietorship
- Individual Informal Trust
- Joint Informal Trust
- Formal Trust
- Individual Margin
- Joint Margin
- Individual Forex & CFDs
- Joint Forex & CFDs
- FHSA
- Stocks
- ETFs
- Options
- FX
- IPOs
- CFDs
- Mutual Funds
- Bonds
- GICs
- International Equities
- Precious Metals
$25 GeniusCash + $50 bonus for funding a new account, and $0 commissions on stocks & ETFsQuestwealth portfolios
Questwealth portfolios offer the simplest way to invest.
These pre-built portfolios are about combining technology with human know-how to manage your money and get the most out of your investments. All by saving you fees.
These accounts are also about ease of use – TFSA, RRSP, cash, and RESP accounts all offer templates to choose from. The point is to set your goals, contribute regularly to your investment account, and maintain a general hands-off approach.
This can really work for investors interested in growing their retirement savings despite minimal account management on their part.
Here’s more info on Questwealth:
Questwealth portfolios is the robo advisor service offered by Questrade, a large online broker in Canada. It offers you ETF-based portfolios in a variety of account types – ranging from personal, to registered, and even corporate. If you're looking for an investment account that does all the work for you, this is one of the best places to start.
- Some of the lowest fees in Canada
- Covers transfer fees for any balance
- Reinvests dividends
- $1,000 minimum investment
- Fees for wire withdrawals
- Some of the most competitive fees in the business
- TFSA
- RRSP
- Spousal RRSP
- LIRA
- Locked-In RRSP
- RIF
- LIF
- RESP
- Family RESP
- Cash
- Joint Cash
- Corporate Cash
- FHSA
- Margin
Comparing Wealthsimple vs. Questrade
The question remains…
When it comes to Wealthsimple vs. Questrade, which company comes out on top for its overall service and ease-of-use for the investor?
Wealthsimple vs. Questrade product availability
Right away, it’s clear to see that Wealthsimple has Questrade beat by offering a full-suite of financial services.
As a one-stop-shop, Wealthsimple is about bringing financial products and services to the forefront. Highlights include the ability to trade on a safe and secure crypto platform, as well as purchasing fractional shares in companies.
Both products are aimed at a younger demographic interested in this type of investing. Just remember: like stocks, investing in crypto can be a wild ride at times and a balanced, diversified portfolio, including more than just crypto, is the key to successful investing.
Wealthsimple definitely peaks people’s interest by also offering a tax filing system, truly making it a one-stop shop for their consumers.
- Winner: Wealthsimple
Wealthsimple vs. Questrade fees
As your retirement nest egg grows, account fees have a way of eating into your investment profits. Luckily in the discussion of Wealtshimple vs. Questrade, both companies offer competitive fee structures.
Here’s a look at the fees for buying various investment vehicles through the various platforms available from both products.
| Investment product | Wealthsimple fee | Questrade fee |
|---|---|---|
| Stocks | $0 | $0 |
| ETFs | $0 | $0 |
| Options | N/A | $0 + $0.99 per contract |
| Mutual Funds | N/A | $9.95 per trade |
| Bonds | N/A | $0 but a minimum of $5,000 purchase |
| GICs | N/A | $0 but a minimum of $5,000 purchase (fees may apply on early withdrawal) |
| Precious Metals | N/A | US$19.95 per trade |
| Crypto | 1.5% – 2% per transaction | N/A |
Wealthsimple clearly has Questrade beat here in terms of the fees they do offer.
That said, they also have a lot of missing products, which could be a dealbreaker if you’re big on something like mutual funds, for example.
- Winner: Wealthsimple
Wealthsimple Invest vs. Questwealth fees
When it comes to robo advisors, both Weathsimple and Questweath have fee structures based on the amount of money you have invested within your account.
For Wealthsimple, the fee structure looks like this:
- $0 to $100,000 investment: 0.5% fee
- $100,000+ investment: 0.4% fee
Whereas with Questwealth, the fees are set out this way:
- $1,000 to $99,999 investment: 0.25% fee
- $100,000+ investment: 0.2% fee
And there’s one more fee you have to worry about with both products: the Management Expense Ratio (or MER). For Wealthsimple, this is an average of 0.2%. And for Questwealth, it’s between 0.11% and 0.23% (we’ll go with an easy mid-number of 0.2% for simplicity’s sake).
Keeping all of the above fees in mind, here are some examples of how much you can expect to pay on portfolios of various sizes:
| Investment size | Wealthsimple fee | Questrade fee |
|---|---|---|
| $500 | $4 | $2 |
| $5,000 | $35 | $23 |
| $50,000 | $350 | $225 |
| $500,000 | $3,000 | $2,000 |
So when it comes to their robo advisor options, Questrade is in the lead.
- Winner: Questrade
Wealthsimple vs. Questrade account types
Wealthsimple and Questrade offer the core accounts, including:
- RRSPs,
- TFSAs, and
- non-registered trading accounts.
But they deviate beyond that.
Wealthsimple is definitely geared toward a younger and potentially newer investor, offering fractional trading accounts as well as crypto.
Questrade offers a similar array of accounts and services that traditional brokerages to those found with traditional banks. In the end, Questrade offers a bit more flexibility.
- Winner: Questrade
How to choose: Wealthsimple vs. Questrade
For an investor who is considering a first experience with online trading, Wealthsimple definitely has an edge over Questrade. They offer new accounts with no minimum investment and low-to-no fees.
Questrade, on the other hand, offers an array of accounts and services that compete with traditional brokers.
So who do you choose?
Well, the choice definitely comes down to personal preferences. Below are some pros and cons to help choose which is best for you.
| Pros | Cons | |
|---|---|---|
| Wealthsimple | * Low fees, $0 trades * Advanced savings options, such as rounding up change in the cash account * Offers fractional share buys * Investing in crypto * Tax filing services |
* Limited range of investment products * Looks like a one-stop-shop, but is a bit limited when it comes to the needs of advanced investors |
| Questrade | * $0 commission free trading * Wide range of accounts * Offers real-time fractional share buys * Proven track record * Low robo fees on accounts |
* No crypto * $250 minimum when setting up a Questwealth account |
With all that in mind, the question still remains – which is the better choice?
Example situations for choosing Wealthsimple
Even on the surface, there’s a clear choice for selecting Wealthsimple as your online broker. The reasons can be explained through 3 main situations.
- You’re a beginner investor with minimal cash but want to contribute to an investment account on a regular basis, no matter how big or small. With no account minimums and the ability to purchase fractional shares in companies, Wealthsimple offers the best option available.
- You want to include cryptocurrencies in your investment portfolio. With crypto becoming an attractive option for potentially making bigger gains (but also losses), many new investors are seeking these gains by taking bigger risks. You can buy crypto through Wealthsimple.
- You want a one-stop-shop with the ability to trade, send cash, and file your taxes through Wealthsimple. The interesting part with filing your taxes with them is that you pay what you want when filing, giving you the option to file your taxes for free as you continue to grow your income.
Example situations for choosing Questrade
Questrade also has reasons for being your #1 choice for online trading accounts. They offer an array of accounts with competitive fees that make them stand out.
- You’re a DIY investor seeking to diversify your portfolio with bonds, GICs, mutual funds, options, and precious metals. Questrade is the clear choice for you.
- You have a sizeable investment account and are transferring over to Questrade because you want to run your own investments, or to use their portfolios. With some of the most competitive fees out there, Questrade offers a fully-stocked arsenal of investment products that Wealthsimple doesn’t cater to.
- You’re looking for an online broker with a mortgage option and want to keep it all under one account. Questrade is the right place to do this.
So who wins in the case of Wealthsimple vs. Questrade?
Ultimately, choosing between Questrade and Wealthsimple is a no-lose situation for investors. Both companies offer top-notch products and services while also providing education tools to help you better understand your investments.
Wealthsimple seems to be the choice for a younger, newer investor seeking to grow and learn, while Questrade is for the investor who demands a full-service broker that offers more.
FAQ
What is Wealthsimple?
Wealthsimple is an online trading platform where customers can open an account and invest in the stock market or cryptocurrency. They offer an easy way to file taxes, plus they offer a fast and secure cash account for sending money. You can choose from a DIY investment account or a robo advisor investment account that requires minimal effort from the investor.
Is Wealthsimple safe?
Wealthsimple provides a safe and secure online portal to buy and sell stocks and/or crypto, send cash, and file your taxes. That said, there is always risk involved with buying and selling stock and crypto. Do your research and remember that share prices fluctuate.
What is Questrade?
Questrade is an online discount broker where customers can open an account to invest in stocks, bonds, ETFs, mutual funds, and more. You can choose from a DIY investment account or a robo advisor investment account that requires minimal effort from the investor.
Is Questrade safe?
Yes, Questrade is a legit company that’s regulated by the Investment Industry Organization of Canada (IIROC) and a member of the Canadian Investment Protection Fund (CIPF). That said, there is always a risk when it comes to investing, so make sure you trade within your risk tolerance levels.
What’s better: Wealthsimple vs. Questrade?
Generally speaking, Wealthsimple is better for new investors who want to avoid being overwhelmed when it comes to starting their investment journey. If you want to expand your horizons and invest in more than just stocks and ETFs, Questrade may be better suited for the advanced investor. You can see a detailed comparison here.
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