Short answer
Neither Broker Is Best for Everyone
Wealthsimple is the simpler fit if you want self-directed investing, managed portfolios and everyday money products in one app. Questrade is the more trading-focused fit if you value broader platform tools and a dual-currency account without a separate USD subscription.
Both now offer $0 online commissions for listed Canadian and US stocks and ETFs. Both support fractional shares. Both also support Norbert's Gambit, so older comparisons that give Questrade an exclusive advantage here are out of date.
Quick comparison
Fees and Features at a Glance
| Feature | Wealthsimple | Questrade |
|---|---|---|
| Online stock and ETF commissions | $0 for listed Canadian and US securities | $0 for listed Canadian and US stocks and ETFs |
| Hold USD | Core: $10/month after trial. Included for Premium and Generation | Accounts are dual currency |
| Direct CAD/USD conversion | Tiered from 1.5% to 0% per conversion amount in a USD account | 1.5% currency exchange fee |
| Norbert's Gambit | $9.95 plus tax per journal request, web only, about two business days | Normally $9.95 per online journal request, included with Questrade Plus |
| Options | $0 contract fee, with exercise and other event fees possible | US contract pricing is volume-based and can reach $0; other fees can apply |
| Fractional shares | Available for eligible stocks and ETFs | Available for eligible securities |
| Platform emphasis | Simplified investing and broader money products | Self-directed trading tools and market data options |
Dollar figures are in CAD unless a provider states otherwise. Pricing can change, so check the linked official schedules before opening or transferring an account.
The main cost difference
Which Is Better for US Stocks and Currency Conversion?
Do not choose using the 1.5% headline alone. The better route depends on how often you trade in USD, how much you convert at once and whether you already hold US dollars.
Wealthsimple can fit when
- You qualify for a complimentary USD account through Premium or Generation.
- You prefer its interface and need occasional USD trades.
- You want to use Norbert's Gambit on the web for a larger conversion and accept the processing time and journal fee.
Questrade can fit when
- You want a dual-currency account without paying a separate monthly USD subscription.
- You already use its research, order or market-data tools.
- You use Questrade Plus often enough for its included features to justify the subscription cost.
Trading details
Are Both Really Commission-Free?
Yes for ordinary online trades of eligible listed Canadian and US stocks and ETFs, but commission-free does not mean every action is free. FX conversion, journaling, options events, market data, borrowing, wires, assisted trades and regulatory charges can still create costs. Compare the fee that matches what you will actually do.
Options pricing also needs context. Wealthsimple lists a $0 contract fee for all client tiers, while Questrade uses volume-based pricing for US options that can reach $0. Exercise, assignment, data and exchange-related costs may still differ. An options trader should read both live fee schedules, not rely on a single winner label.
Decision guide
Who Should Choose Each Platform?
Consider Wealthsimple if you want
- A cleaner, lower-complexity starting point.
- Investing, managed portfolios and everyday money products in one ecosystem.
- Recurring investments, eligible fractional shares and simple automation.
- USD features that fit your tier or are worth the Core subscription.
Consider Questrade if you want
- A brokerage-first platform with more trading and market-data choices.
- Dual-currency support without a separate USD account subscription.
- A workflow built around self-directed investing.
- Specific account, asset or order features that you have confirmed on its current product pages.
Practical test: write down your account type, expected CAD/USD conversions, typical trade frequency and required tools. Price that exact workflow on both official schedules. This is more reliable than choosing from a generic star rating.
Editorial method
How This Comparison Was Built
Yash Singla reviewed current provider pricing, fee schedules and help pages on July 14, 2026. Marketing superlatives, anonymous testimonials and unsupported claims about support speed were excluded. The site may receive a Wealthsimple referral reward, but that does not change the comparison criteria.
Primary sources