Is debating between Questrade vs Wealthsimple Trade slowing you down from taking action? Stop it. Now. We'll help you figure it out once and for all.

Which is better: Questrade or Wealthsimple Trade? They are not created equal and have their strengths and weaknesses. In this article, we will look at the similarities and differences between these two online brokerages and discuss 10 key decision-making factors you should consider.

Questrade vs. Wealthsimple Trade: The Basics

Wealthsimple is the newer of the two. Although it is attractive for investors of all types, it is particularly attractive to newer investors who are just beginning and don't have a lot of cash. With a $0 account minimum and commission-free trading, Wealthsimple is an appealing option. Access is primarily driven by their very well-done smartphone/tablet app. They are developing a web client, but at the time of writing it was still very basic.

Questrade is much more sophisticated in its capability and offerings, which advanced traders will value - and may require. However, newer investors and those not looking for advanced functionality might be overwhelmed. Access is via a downloadable desktop client, web-based clients, or an app.

10 Key decision-making factors in comparing Questrade vs. Wealthsimple Trade

The choice between Questrade and Wealthsimple Trade depends on two things:

Where you are. And where you want to go.

Let's figure that out.

decision-making factor #1:

"What if I have less than $1000?"

Questrade: minimum requirement of $1000 so you're out of luck.
Wealthsimple Trade: no account minimum, so you're good to go with as little as $1.

decision-making factor #2:

"what if I'm a savvy investor, understand that a low-cost portfolio of diversified index ETFs is pretty much impossible to beat over the long term, and just want the lowest cost way to implement something like this (i.e. a Couch Potato portfolio)?"

Questrade: ETF's are free to buy, but you must pay a commission when selling so unless you have a large amount to invest, when you sell to rebalance, those are going to eat into your profits.
Wealthsimple Trade: commission-free ETFs as long as you stick to Canadian ones.

decision-making factor #3:

"What if I want to buy individual Canadian stocks?"

Questrade: $4.95-$9.95 both when you buy and when you sell. If you're investing small amounts, this will really eat into profits. For example, if you buy $100 of stock, the commission is at least $4.95, leaving you with just over $95 actually invested, and then when you sell, another $4.95 gets shaved off, so your trade needs to make 10% just to break even! Of course, this becomes less severe with larger sums of money (you can do the math!) but this gives you an example of how free commissions can be very beneficial and an important factor to consider.
Wealthsimple Trade: commission-free, so you're set.

decision-making factor #4:

"What if I want to buy individual US stocks and will spend more than around $500?"

Questrade: if you already have US currency, you can deposit it and you're good to go, otherwise you only need to convert once to get the US dollars initially and then can keep funds in US dollars when you sell (or even do Norbert's Gambit to avoid even the initial conversion fee (search Google for it).
Wealthsimple Trade: their business model for profit at the time of writing is this exact case: they only allow Canadian dollar accounts, so you need to convert to US dollars and they charge 1.5% to do the conversion, then when you sell, another 1.5% to convert back to Canadian - you cannot hold US dollars. So Questrade is the choice here unless you're trading smaller amounts - see Decision-Making Factor #5.

decision-making factor #5:

"What if I want to buy individual US stocks, but will spend less than around $500?"

Questrade: at these small transaction levels, $4.95- $9.95 commissions coupled with the initial conversion to US dollars are more costly than paying Wealthsimple's mandatory round-trip currency conversion fees. Sure, the conversion fees hurt, but the commissions are like a vacuum cleaner sucking up your hard-earned profits and leaving your pocketbook much lighter.
Wealthsimple Trade: grit your teeth and pay Wealthsimple's 1.5% conversions fees (3% round trip) to bask in the glory of commission-free trades which really sting with smaller transactions (as I've shown in Decision-Making Factor #3.

decision-making factor #6:

"What if I need to trade on my desktop computer, not on my phone or tablet?"

Questrade: if you have to use a desktop, then Questrade is the only choice right now, but it's perfectly good.
Wealthsimple Trade: lucky you, their beautiful, sleek smartphone app for trading and wins for this type of access.

decision-making factor #7:

"What if I'm advanced and want to trade on margin and buy more than stocks and ETFs, like options and bonds?"

Questrade: once again is the go-to choice for those this advanced.
Wealthsimple Trade: does not offer margin and is limited to stocks and ETFs.

decision-making factor #8:

"Questrade: Anything else I should know about?"

Biggest myth: inactivity fee. Previously they had an inactivity fee, but as of Oct 1, 2020, and still at the time of writing, it is discontinued.

decision-making factor #9:

"Wealthsimple Trade: Anything else I should know about?"

• No DRIPS which means they are subject to conversion fees if it's a US stock.
• No corporate accounts.
• Quotes are delayed unless you subscribe to premium features for $3/month (this is no big deal if you like everything else about Wealthsimple. It's only a big deal for serious day traders, glued to their screens, and for who seconds matter as they struggle to make a day job out of trading and aren't distracted by anything else like kids or pets. Or bathroom breaks.)

decision-making factor #10:

"It's all about the swag! Who gives you the best welcome gift when you sign up for an account? Free food? T-shirts?"

Questrade: they give us a stack of stuff worth a potential of nearly $300 to hand out to you.
Wealthsimple Trade: will deposit a cash bonus in your account that is equal to one share randomly selected from the shares Wealthsimple has chosen for this promotion. The cash bonus will be applied within 7 days after opening and funding your new Wealthsimple Trade account in accordance with the terms and conditions here.

Questrade vs. Wealthsimple Trade: Key comparison Takeaways

Wealthsimple Pros

• get started for as little as $1.
• top-notch, elegant app for access.
• simple for when doing straightforward trades or for beginners.

Wealthsimple Cons

• $25 cash sign-up bonus.
• still a young company - shorter track record.
• no US dollar account - mandatory exchange when buying/selling US assets.

Questrade Pros

• a full lineup of account types.
• many types of investments and sophisticated trading functionality.
• set bonus package worth a potential of nearly $300.

Questrade Cons

• commissions on buys and sells of stocks and on sells of ETFs.
• complex platform may be overwhelming to some people.
• need to start with a minimum of $1000

Questrade vs. Wealthsimple Trade: final verdict

You you should now have a pretty good understanding of the most significant issues you need to help you decide between Questrade and Wealthsimple Trade.

But whichever you choose, feel confident that they are BOTH excellent choices. The most important thing is that you STOP searching, STOP debating, and TAKE ACTION to open an account today.

Take the first step right NOW.

It only takes 5 minutes to take the step of beginning to open either - you can finish up later, but for the love of sweet mercy, start now... today is your day to take back control of your finances!

If this has been of help, we'd appreciate it if you claim one of our offers to start your account now as this is the only way we get a small reward for our efforts to help you out. Thanks!

Claim your Wealthsimple Trade bonus now:

Verified Referral Link WEALTHSIMPLE-TRADE-$25-BONUS
Use this VERIFIED WEALTHSIMPLE TRADE REFERRAL PROMO LINK worth a $25 CASH BONUS - Wealthsimple will deposit a cash bonus in your account. You must fund your new Wealthsimple Trade account within 30 days of opening it. The cash bonus will be applied within 24 hours after funding your account and you have 30 days to claim it in the app in accordance with the terms and conditions here.

NOTE: For your bonus, you MUST sign up using the referral promo link above (there is nowhere to type in a code, you must simply use the link to their website where you'll see confirmation of your bonus. You can also recieve up to $150 as a transfer rebate - investment transfers must be greater than $5000 - Details here.

After clicking on our link, you'll see confirmation of your stock bonus offer.

Claim your Questrade bonus now:

Use either the CURRENT-MAXIMUM-BONUS (for trading accounts) or the 10000-Questwealth (for Questwealth accounts) or the 50-FOREX-CFD (for Forex and CFD accounts) link to go to the Questrade sign-up page with the offer activated.

These are currently the most valuable promo offer codes worth a potential of nearly $300.

1. $50 in free trades or $50 cash or $10,000 managed free (depending upon account type)
2. a free ELITE membership at Passiv worth $99/year (it's an excellent tool that tells you when your portfolio is outside its target allocations and the trades to bring it back in line - among other things!)
3. up to $150 transfer fee rebate

Paste or type promo offer code 'mmklexod' on the Questrade sign-up page to claim the offer.

The trades have to be used within 30 days. You must deposit a minimum of $1,000. Full terms and conditions are available here. See below for how to activate your Passiv membership and claim the transfer rebate.

(if opening a Questwealth account, you'll get up to $10,000 managed free for a year)
(if opening a Questrade FX and CFD trading account, you'll get a $50 cash bonus)

* Securing your bonus with the 2024 Questrade or Wealthsimple Trade referral promo offers takes only takes 5 minutes - the rest can be done later. Get one now while still offered! *

Are You Ready?

If you're ready to take the bull by the horns, be sure to take advantage of the Questrade and Wealthsimple Trade referral promo offers while they last!

Check out the codes here.