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Questrade vs Wealthsimple

Questrade vs Wealthsimple Comparison Table 2023
Questrade Review 2023 Wealthsimple Review 2023
Review
3
Review
3.1
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Questrade is an award-winning Canadian investment platform offering self-directed and pre-built portfolios. Investors can access a suite of tax-free savings accounts, retirement plans, income funds and more. Regulated by CIRO, Questrade is an established broker, trusted by new and experienced investors.

Wealthsimple offers managed investment portfolios to Canadian residents. Clients can build a trading solution based on their financial goals and risk tolerance. Buy and sell stocks, ETFs, and cryptocurrencies. 2 million+ accounts have already been opened.

Bonus Offer
5 commission-free trades
Comment by Reviewer
"Questrade is a top pick for Canadian clients with both long-term and short-term investment goals. The firm boasts competitive fees and a range of tax-efficient savings accounts." "Canadian traders looking for passive income opportunities will be well served by Wealthsimple. The quick and easy joining process also means you can sign up and start trading in a few minutes."
Pros
  • Transparent pricing structure with stocks starting from 1 cent per share and portfolio management fees from 0.25%
  • An impressive range of 17 accounts, suitable for both long-term investment goals, as well as short-term saving
  • Easy account opening with no set-up fees and a choice of flexible portfolio types, depending on risk appetite
  • Dual currency self-directed accounts in CAD and USD for convenient and fee-free investing across US and Canadian exchanges
  • Excellent mobile trading app for active equity or options traders, with advanced charting and order types, plus a strategy builder tool
  • Comprehensive learning centre with goal-tracking advice, platform tutorials and investment webinars
  • Trusted firm with oversight from the CIRO
  • Simple and secure onboarding process through an intuitive and well-reviewed mobile app - start investing in 5 minutes
  • Trade stocks from as little as $1 with zero commissions, plus Canadian fractional shares including Shopify and Royal Bank of Canada
  • Attractive perks available for Premium and Generation clients, including airport lounge access, 15% off your will, and health plans
  • Trade and stake digital coins on Canada's first regulated crypto platform and earn decent rewards of up to 4.6% per year
  • Accessible educational resources, including Personal Finance 101 and an engaging proprietary online magazine
  • Options trading available with flat $2 per contract pricing using any of the stocks and ETFs accounts
Cons
  • $1000 minimum deposit is high for beginners
  • No fractional shares for lower entry requirements
  • Canadian citizens accepted only
  • No youth investment accounts
  • Only Canadian residents can join after operations ceased in the USA and the UK
  • Limited to investing only in stocks, ETFs and cryptos
  • High management fees compared to competition
  • Long waiting time for non-instant deposits
Awards
  • #1 Investor Satisfaction 2020 - J.D. Power's Self Directed Investor Satisfaction Study
  • Seal of Service Excellence 2019 - DALBAR
  • Best Financial Services Website - Webby Awards
  • Top 100 Global Financial Technology Companies - Fintech 100
Instruments
Forex, CFDs, indices, shares, precious metals, mutual bonds, options, warrants, GICs, ETFs Stocks, ETFs, Cryptocurrencies
Demo Account
Yes No
Minimum Deposit
$1000 $1
Trading Platforms
  • Own
  • Own
Payment Methods
Minimum Trade
0.01 Lots $1
Regulator
CIRO CIRO
Margin Trading
No No
STP Account
No No
ECN Account
No No
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No Yes
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
No Yes
Mobile Apps
Yes iOS & Android
Auto Trading
Yes via robo advisor
Copy Trading
No No
Social Trading
No No
Trade Signals
Yes
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No Yes
Custodial Account
No No
Guaranteed Stop Loss
No No
Islamic Account
No Yes
Account Currencies
  • USD
  • CAD
Stock Exchanges
Commodities
CFD Trading
Trade a good range of CFDs on commodities, indices and more. Questrade offers advanced mobile and web trading platforms with top research features including Morningstar and Trading Central. CFD trading not offered
Leverage
1:3.33
FTSE Spread
N/A
GBPUSD Spread
2
Oil Spread
0.05
Stocks Spread
1 cent per share
Forex Trading
Access over 110 FX pairs with spreads from 0.8 pips and no inactivity fees. Seasoned traders can also unlock advanced market data packages with fee rebates and competitive pricing. Forex trading not offered
GBPUSD Spread
2
EURUSD Spread
1.9
EURGBP Spread
2.1
Assets
110+
Cryptocurrency
Crypto trading not offered Trade 50+ cryptocurrencies including Bitcoin and Ethereum with a competitive 1.5-2% fee per transaction. Investors also enjoy fast crypto transfers to and from Wealthsimple.
Spread
1.5 – 2% operational fee
Coins
  • ZRX
  • 1INCH
  • AAVE
  • APE
  • AMP
  • ANKR
  • AVAX
  • AXS
  • BAL
  • BNT
  • BAND
  • BAT
  • BTC
  • BCH
  • ADA
  • CTSI
  • CELO
  • LINK
  • CHZ
  • CHR
  • COMP
  • ATOM
  • COTI
  • CRV
  • DAI
  • MANA
  • DOGE
  • DYDX
  • ENJ
  • ETH
  • FTM
  • FIL
  • GALA
  • GRT
  • KNC
  • LTC
  • LRC
  • LUNC
  • MKR
  • PAXG
  • DOT
  • MATIC
  • QNT
  • REN
  • SAND
  • SHIB
  • SKL
  • SOL
  • XLM
  • STORJ
  • SUSHI
  • SNX
  • XTZ
  • UMA
  • UNI
  • USDC
  • YFI
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
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