Questrade and Wealthsimple Trade
You are probably here because you are stuck.. you cant decide which Canadian stock broker is better, Questrade or Wealthsimple Trade.
Both brokers are very similar, Canadian and so on, but only one gets to be the slightly better option. We will break it down for you piece by piece and tell you which of these 2 Stock brokers is the 2023 winner, Questrade vs Wealthsimple Trade!
Here we are comparing Questrade and Wealthsimple on a number of features and options available from each broker. From the information down below you can clearly see the differences good and bad.
Questrade Vs Wealthsimple Trade Comparison
| Questrade | Wealthsimple | |
| Account Options | TFSA, RRSP, Cash, RESP, LIRA, RIF, LIF, FHSA, Forex & CFDs and Corporate Cash accounts | Personal, TFSA, RRSP, Crypto |
| Regulations | IIROC | IIROC |
| Min Deposit | $1000.00 | $0.00 |
| Account Base Currency | CAD, USD | CAD |
| Trading Fees | $4.95 – $9.95 per trade | $0.00, Commission-free |
| Trading Platforms | Questrade IQ Edge, Web-based, Mobile app(IOS/Andriod), Questrade Global | Mobile app – IOS and Andriod |
| Markets | Forex, CFD’s, Stocks, Options, Mutual Funds, Bonds, Precious Metals, ETFs | Stocks, ETFs, Cryptocurrency |
| Bonus Offered* | $50 in free trades | Get 2 Free Stocks |
| Funding Options | Interac Online, Bank wire, Online Banking, Cheque, Money Order, Instant e-transfer | linked chequing or savings account, Online transfer, Instant e-transfer up to $1000 |
| Exchanges Available | TSX, TSXV, NYSE, MX, PINX, BATS, NASDAQ and CNSX | TSX, TSXV, NYSE, NEO and NASDAQ |
Questrade Vs Wealthsimple Ratings
Weathsimple
Wealthsimple Trade
Questrade vs Wealthsimple Trade are They Safe?
Both brokers are regulated under the IIROC in Canada. Regulations in Canada are one of the toughest and stringent in the world.
Both brokers are registered with the Canadian Investor Protection Fund ( CIPF) which protect the investor in the event of the broker going into insolvency.
Keep in mind that only up to 1 million dollars would be covered.
Both brokerages are equally safe, but you should note that Questrade is the bigger firm that has been in business for much longer than Wealthsimple(since 1999).
Wealthsimple Trade Account Types
Wealthsimple is limited to the amount of account types being offered compared to Questrade.
Most investor will be happy with the account types offered which include: Personal, TFSA and RRSP accounts.
Wealthsimple is Canadas first regulated crypto platform where you can trade cryptocurrency 24hours 7 days a week. Buy and sell Bitcoin, Ethereum, Chainlink, Aave, Uniswap, and other top DeFi coins. In total there are 25 different cryptos to trade.
Questrade Account Types
Questrade offers every account type Wealthsimple offers plus more, satisfying any type of investor.
The account type offered by Questrade are: TFSA, RRSP, Cash, RESP, LIRA, RIF, LIF and Corporate Cash accounts
Questrade and Wealthsimple Trading Fees.
Simply put, Questrade charges fees per traded stock and Wealthsimple Trade does not.
The only fee you would have to pay with wealthsimple is if you buy a US stock, then the CAD currency has to be transferred into USD.
Questrade trading fees(All in CAD):
- Stocks – $4.95min – $9.95max per trade
- ETFs – $4.95min – $9.95max per trade
- Options – $9.95 per trade
- Fx – Spread fee as low as 0.08pips
- CFDs – Spread fee as low as 0.08pips
- Precious Metals – 19.95USD per trade
Wealthsimple Trade trading fees:
- Stocks – $0.00 per trade
- ETFs – $0.00 per trade
- NEW premium feature – Real time prices and Instant deposits up to \$1000 – \$3.00/month
Trading Platforms
Here lays one of the biggest disadvantages for Wealthsimple. They only offer one trading platform via a mobile app that is available on apple and android devices.
Comparing Questrade’s trading platforms you will have a wide range to choose from including: Questrade IQ Edge, Web-based, Mobile app(IOS/Android) and Questrade Global .
Tradable Instruments
Again this is where Wealthsimple lacks features. They only have common stocks and ETFs to trade. Although Questrade has Wealthsimple beat on stocks, Wealthsimple does have over 25 Cryptocurrency available to trade 24/7.
Questrade on the other hand has a wealth full of tradable assets including: Forex, CFD’s, Stocks, Options, Mutual Funds, Bonds, Precious Metals and ETFs.
Questrade or Wealthsimple Trade Which is Better?
As you can see with all the information above, it is clear both brokers offer the same features for the most part. However, if you are looking for the full stack of features and products all-in-one, Questrade is your best bet.
Wealthsimple is simply tailored more to newbie stock investors and beginners, which offer limited products and features. Again just like in 2021 and 2022, For 2023 Questrade is the winner against Wealthsimple. Here are our reasons why:
Questrade pros…
- Wide range of ways to trade, ex: web trading, mobile app, Questrade IQ Edge.
- Trusted long term brand.
- More options for deposits.
- A bigger range of exchanges to trade with.
- Wide range of tradable instruments including: Forex, CFD’s, Stocks, Options, Mutual Funds, Bonds, Precious Metals and ETFs
Overall, the two brokers would be a good choice for most retail or beginner traders. We hope this made the decision a bit easier. Happy Trading!
About This Article
Author: Mark Prosz
Sources of information and credits for this post include:
https://help.wealthsimple.com/
https://www.iiroc.ca/industry/Pages/Dealers-We-Regulate.aspx
A portion of the Sign up links to brokers websites are affiliate links. We may receive a commission with no charge to you. This enables us to keep creating helpful forex trading content for our readers for free.
