So, you’re ready to take control of your investments and start building wealth, but now comes the big decision—Questrade or WealthSimple Self-Directed? Both are popular options in Canada, but which one is the better fit for your investing style? Don’t worry, I’ve got you covered!
In this post, we’ll break down the key features, fees, and benefits of both platforms, share some personal experiences to help paint the picture, and hopefully help you make an informed decision.
1. The Basics
When we compare Questrade vs WealthSimple Self-Directed, both platforms have one thing in common — they are designed for self-directed investors who want to manage their own portfolios.
Questrade – The Veteran Broker
Questrade is one of Canada’s longest-running online brokerage platforms. Established in 1999, it has a reputation for being a low-cost, flexible trading platform for both beginner and seasoned investors.
WealthSimple Self-Directed – The New Kid on the Block
WealthSimple started out as a robo-advisor but has recently entered the self-directed space with WealthSimple Trade (now WealthSimple Self-Directed). It brings a fresh, modern feel to self-directed investing.
2. Fees and Commissions: How Much Are You Really Paying?
Let’s be honest—nobody likes paying fees, especially when investing! This was one of the first things I looked into when comparing Questrade and WealthSimple Self-Directed, and I’m sure you’re curious, too.
Questrade Fees
Questrade is known for its low trading fees, which start at $4.95 per trade and cap at $9.95 for stocks, depending on the volume of shares. ETFs are free to buy, though there’s still a fee when selling. Mutual funds and options trading come with additional fees, as well.
I’ve personally appreciated the no-commission ETF buys because I tend to be more of a long-term, passive investor, so I’m not too worried about the selling part upfront. However, when you do sell ETFs, the commission can come as a bit of a surprise if you’re not prepared.
WealthSimple Self-Directed Fees
WealthSimple takes a different approach: zero commissions on stock and ETF trades. Sounds great, right?
For beginner investors or anyone who wants to avoid trading fees, this is a major perk. I started using WealthSimple Self-Directed to see how the no-commission structure works. As someone interested in making smaller, more frequent trades, it was a big plus for me.
Which One Is Right For You?
If simplicity and zero commissions sound ideal, WealthSimple Self-Directed could be your best match—especially if you’re new to investing. But if you’re interested in minimizing fees on ETFs and are open to strategies like Norbert’s Gambit to save on USD conversions, Questrade might be the better choice.
3. Foreign Exchange Fees: Are You Planning to Invest in US Stocks?
One thing that can catch Canadian investors off guard is the cost of currency conversion—especially if you plan on investing in US stocks or ETFs.
Questrade FX Fees
Questrade charges a 2% foreign exchange fee when converting between CAD and USD. If you’re interested in US stocks (which I trade a fair bit), this fee is something to keep in mind. However, Questrade offers a workaround called Norbert’s Gambit, a strategy that helps minimize currency conversion costs when trading between Canadian and US dollars.
I tried Norbert’s Gambit myself when I wanted to buy more US stocks. While there’s a bit of a learning curve, it saved me a decent amount in conversion fees. For seasoned investors, this can be pivotal.
WealthSimple FX Fees
WealthSimple charges a 1.5% currency conversion fee on US stock trades. Unlike Questrade, WealthSimple doesn’t support Norbert’s Gambit, so you’re locked into that fee, which can add up if you frequently trade US assets.
Personally, this was a downside for me since I had a few US stocks on my watchlist and didn’t want to incur conversion fees on each trade. However, if you’re focused mainly on Canadian investments, this won’t be an issue. When I first started with WealthSimple, I stuck mostly to Canadian ETFs, so the conversion fee didn’t affect me much.
Which One Is For You?
- If you’re trading a lot in US stocks and want to save on currency conversion, Questrade (with Norbert’s Gambit) gives you more control.
- If you’re mostly sticking to Canadian stocks or ETFs, or if you’re not trading US stocks frequently, WealthSimple’s simpler structure might work just fine.
4. Account Types: What Are You Looking For?
Before diving into either platform, it’s essential to consider what type of accounts you’ll need. Whether you’re opening an RRSP, TFSA, or a taxable account, both platforms offer a range of options—with a few differences.
Here’s a comparison of the account types offered by each platform:
| Account Type | Questrade Self-Directed | WealthSimple Self-Directed |
|---|---|---|
| Tax-Free Savings Account (TFSA) | ✓ | ✓ |
| Registered Retirement Savings Plan (RRSP) | ✓ | ✓ |
| Spousal RRSP | ✓ | Managed Investing Only |
| Non-Registered (Cash) Accounts | ✓ | ✓ |
| Registered Education Savings Plan (RESP) | ✓ | Managed Investing Only |
| First Home Savings Account (FHSA) | ✓ | ✓ |
| Locked-in Retirement Account (LIRA) | ✓ | ✓ |
| Registered Retirement Income Fund (RRIF) | ✓ | ✓ |
| Margin Accounts | ✓ | ✓ (Beta) |
Questrade is ideal for those seeking access to a wide variety of account types. I’ve enjoyed the flexibility it offers—I was able to open both a TFSA and RRSP seamlessly, and even an FHSA. I also like that Questrade provides the option for a margin account if I ever decide to explore leveraged investing.
In contrast, WealthSimple Self-Directed covers the basics, offering popular accounts like TFSA and RRSP. Recently, they’ve rolled out margin accounts in beta mode, though it doesn’t yet offer the same borrowing flexibility as Questrade, such as margin borrowing in a TFSA.
Which One Is For You?
Both platforms offer the essentials—TFSA and RRSP—which meet most investors’ needs.
However, if you’re interested in more options, such as a Spousal RRSP or RESP, or need a margin account with greater flexibility, Questrade may be the better choice. For beginner investors who need only basic accounts or are willing to wait for WealthSimple’s margin account feature to fully launch, Wealthsimple is a solid option.
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5. Minimum Deposit: How Much Do You Need to Get Started?
One of the first questions to ask before opening a trading account is, “How much do I need to deposit?” Let’s look at what Questrade and WealthSimple require.
Questrade Minimum Deposit
To open an account with Questrade, you’ll need a minimum deposit of $1,000. This might seem a bit steep for beginners, but it’s manageable if you’re serious about getting into investing.
When I first started out, that deposit felt like a bit of a hurdle since I didn’t have a lot of extra cash. It took me some time to reach that amount, but once I did, I appreciated the platform’s features. Plus, there’s no account maintenance fee if your balance is over $5,000, which is helpful if you’re aiming to grow your portfolio.
WealthSimple Minimum Deposit
WealthSimple Self-Directed has no minimum deposit requirement, which is a big win for those just starting out or testing the waters with smaller investments. You can deposit as little or as much as you like, letting you start at your own pace.
I remember opening my WealthSimple account with just $100, which felt manageable and took off the pressure to commit a larger sum right away. It was reassuring as I was still learning the basics of investing without worrying too much if I lost a small amount.
Which One Is For You?
If you don’t mind a $1,000 minimum and can maintain a balance over $5,000, Questrade is a great option. But if you’re just starting out and prefer the flexibility to invest with any amount, WealthSimple’s no-minimum policy is ideal.
6. Investment Options: What Can You Trade?
A significant difference in the Questrade vs. WealthSimple Self-Directed debate lies in the range of investments they offer. Both allow access to stocks, ETFs, and options, and both offer commission-free dividend reinvestment. However, there are some key distinctions. Here’s a comparison:
| Investment Options | Questrade Self-Directed | WealthSimple Self-Directed |
|---|---|---|
| Stocks | ✓ | ✓ |
| ETFs | ✓ | ✓ |
| Options | ✓ | ✓ |
| Dividend Reinvestment (DRIP) | ✓ | ✓ |
| GICs | ✓ | – |
| Mutual Funds | ✓ | – |
| Bonds | ✓ | – |
| International Markets (non-US) | ✓ | – |
| IPOs | ✓ | – |
| Precious Metals | ✓ | – |
| Fractional Trading | – | ✓ |
| Crypto | – | ✓ |
What initially attracted me to Questrade was its broad selection of investment products. The ability to trade US and international stocks is a huge plus for anyone looking to diversify beyond Canadian markets. Personally, I’ve used Questrade to purchase international ETFs and individual stocks to balance out my Canadian-heavy portfolio, and the range of options is a big advantage over many platforms.
In contrast, WealthSimple Self-Directed offers a more straightforward selection. If you’re looking for advanced investment choices or access to international markets, WealthSimple might feel limiting. However, if you’re focused on Canadian and US stocks, ETFs, fractional shares, or cryptocurrencies, WealthSimple’s simplicity makes it a perfectly suitable option.
7. User Interface and Experience: Which One Is Easier to Use?
I’m not a fan of complicated interfaces—investing is challenging enough without the platform making it harder.
Questrade’s User Interface
Questrade’s interface is functional, but it’s not the most visually appealing. When you first log in, there’s a lot of information on the screen, which can feel overwhelming for beginners. It’s designed with functionality in mind, but the layout feels a bit dated.
For those who prefer a more polished or beginner-friendly interface, getting accustomed to Questrade might take some time. I spent quite a few hours watching YouTube tutorials and going through FAQs when I first opened my account, but over time, it became second nature. Once you get familiar with it, you’ll find it powerful and full of capabilities.
The desktop platform, Questrade Edge, is feature-packed and geared toward advanced users, with detailed data, customizable charts, and various trading tools. If you’re into technical analysis or actively tracking trades, it’s great for customization.
The mobile app is more streamlined but can feel clunky compared to the desktop version. It’s handy for quick trades on the go, though it lacks some of the depth and detail available on the desktop. Personally, I prefer the desktop version for its advanced features.
WealthSimple’s User Interface
Wealthsimple’s interface, on the other hand, is known for its simplicity and modern design—perfect for beginners. The platform is clean and intuitive, focusing on the essential investment features without overwhelming users with too much information.
Wealthsimple emphasizes ease of use, making it ideal for those just starting out. When you log in, you see a well-organized dashboard showing account balances, holdings, and recent transactions, making it easy to get an overview of your portfolio.
The mobile app is particularly sleek, letting you buy and sell stocks, ETFs, and cryptocurrencies in just a few taps, which is convenient for on-the-go trading. Wealthsimple’s mobile and desktop platforms provide a consistent experience, so switching between devices is smooth. Features like fractional shares and automated dividend reinvestment are presented simply, which is great for newer investors who don’t want to deal with complex details.
For more advanced investors, however, Wealthsimple’s straightforward approach may feel limiting. It lacks the in-depth charting tools, technical analysis features, and data customization that platforms like Questrade offer. While Wealthsimple is excellent for basic trades and portfolio monitoring, those who want detailed insights or trade frequently might find it restrictive.
When I first started with self-directed investing, I loved Wealthsimple’s interface. Making trades on my phone was quick and easy, and I feel like you don’t need a finance degree to navigate it.
Which One Is For You?
If you want a platform with advanced trading features and don’t mind a learning curve, Questrade offers more capabilities. But if simplicity and ease of use are top priorities, Wealthsimple’s user-friendly interface is hard to beat.
8. Research Tools and Resources: Do You Like to Dig Deep?
Research tools can make or break your trading experience, especially if you like to do your own digging before making decisions.
Questrade’s Research Tools
Questrade’s research tools provide a comprehensive experience for those looking to explore a variety of assets. The platform has advanced filtering options, letting you search across categories like stocks, ETFs, mutual funds, and bonds. You can sort results by factors like market cap, sector, dividend yield, and P/E ratios.
This flexibility allows investors to tailor searches to fit specific strategies—whether you’re interested in high-growth tech stocks, dividend investments, or geographically diversified assets. These robust search features are a big help if you want to conduct in-depth research and refine options before making investment choices.
Questrade also provides real-time data and analytics, particularly through its Questrade Edge platform, which is built for advanced users. Here, investors can access news feeds, company financials, and analyst ratings. For those doing technical analysis, Questrade Edge offers customizable charting tools and indicators, allowing you to track price trends, analyze volume patterns, and set up alerts.
Personally, I really enjoy Questrade’s research tools since I transitioned to this platform. The ability to conduct technical analysis and compare the fair values of stocks (which I calculate myself) with analyst targets helps me make more informed decisions.
WealthSimple’s Research Tools
Wealthsimple takes a simpler approach with its research tools. The platform provides basic market data and general information on stocks and ETFs, but it doesn’t have advanced tools like screeners or technical charts. Wealthsimple is more of a “set it and forget it” platform.
While I find Wealthsimple’s research tools a bit lacking, for a beginner or someone with a buy-and-hold strategy, it’s enough to get started.
Which One Is For You?
If you’re serious about researching stocks and want a range of tools at your disposal, Questrade is the better option. But if you’re happy with basic data and just want to keep things simple, Wealthsimple will suit you just fine.
9. Customer Support: When You Need Help
I’ll admit, I’ve had my fair share of frustrating moments with both platforms, and how they handle customer support can make a big difference.
Questrade’s Customer Support
Questrade offers phone support, live chat, and email options, which makes it easy to reach out when you need help. In my experience, live chat is usually quick to respond, though there were times I had to wait longer than expected.
For example, when I needed to update my personal information, the process took a few days and involved several emails back and forth. Despite the delay, their customer service team stayed helpful and attentive, making sure my issue was eventually resolved.
WealthSimple’s Customer Support
WealthSimple also offers phone support, email support, and a chatbot, but there’s no live chat option for Self-Directed account holders. I’ve found their email support responsive, though not as immediate as some might prefer. When I set up my account, I remember calling them and waiting over an hour and a half for phone support and about 45 minutes for chat support. Once I got through, they were helpful, but the wait times were longer than I expected.
Which One Is For You?
If you value faster response times and prefer live chat, Questrade is the better choice.
If you’re okay with email or phone support and don’t mind a bit of a wait, WealthSimple’s support will work for most basic inquiries.
10. Reputation and Trust: Which Platform Do Canadians Trust?
When you’re handing over your hard-earned money, trust is essential. Luckily, both Questrade and WealthSimple are well-established and trusted within the Canadian financial landscape.
Questrade’s Reputation
Questrade has been around since 1999, making it one of Canada’s longest-running independent brokerages. It’s a member of the Investment Industry Regulatory Organization of Canada (IIROC), and your investments are protected by the Canadian Investor Protection Fund (CIPF), so you can feel confident your money is safe.
In my experience, Questrade has been reliable in terms of account security and privacy. While there were a couple of platform outages in the past—particularly during high market volatility—they were rare, and Questrade communicated well during those times.
WealthSimple’s Reputation
WealthSimple, founded in 2014, is newer but has quickly built a strong reputation in the fintech space. It’s also IIROC and CIPF-insured, so your investments are well-protected. One thing that stands out about WealthSimple is its branding—they position themselves as the “cool, modern” platform geared toward millennials and new investors.
I’ve found WealthSimple to be stable and responsive, even during periods of high market activity, with no major technical issues. The company’s customer-first philosophy is clear in its transparency and pricing policies, which has earned it a lot of trust.
Which One Is For You?
If you’re looking for a long-established track record, Questrade offers peace of mind from years in the industry.
If you’re comfortable with a newer but fast-growing platform with a modern approach, WealthSimple’s reputation makes it a trustworthy option.
11. Integration with Other Tools: How Important Is Ease of Tax Filing?
Let’s be real—nobody looks forward to tax season, but the right tools can make it a bit easier, especially when you have multiple investments to report.
Both platforms integrate with popular tax software like TurboTax and H&R Block, and they offer detailed reports that simplify tax filing. I’ve used their tax forms (like T3s and T5s), and they’ve always been easy to download and incorporate into my tax returns.
Wealthsimple generally provides a more streamlined experience for personal investors, especially for those invested mainly in stocks and ETFs. Here’s why:
- Automatic Tax Documents: Wealthsimple makes things easier by automatically tracking and organizing tax-related information within its app.
- Free Access to Wealthsimple Tax: Wealthsimple offers its own tax software, Wealthsimple Tax, which allows investors to import their account information directly, pre-filling relevant tax forms for quick and accurate returns. This integration can save time and reduce errors, making tax filing easier.
- User-Friendly Interface for Casual Investors: Wealthsimple’s platform is straightforward and well-organized, making it easy for casual investors to find and download their tax documents. For those without complex trading strategies, this simplicity can make tax reporting much smoother.
Questrade, while excellent for experienced investors with more complex portfolios, requires users to be a bit more hands-on with tax documents, particularly if they have higher trading volumes or diverse asset types. The platform provides all the necessary tax slips and allows for detailed tracking of transactions, which is ideal for investors who need to monitor gains and losses closely. However, for basic tax reporting, the interface may feel a bit less streamlined compared to Wealthsimple.
Which One Is For You?
For casual or beginner investors looking for an easy, integrated tax-reporting experience, Wealthsimple is a solid choice. But if you’re an experienced investor with a more complex portfolio, Questrade’s robust tracking tools may be more up your alley.
12. So, Which One Is for You?
At the end of the day, choosing between Questrade and Wealthsimple Self-Directed depends on your individual investment goals, preferences, and experience level. Here’s a quick breakdown to help you decide which platform might be the best fit:
You Might Prefer Questrade If:
- You Want More Investment Options: If you’re interested in trading a wider variety of assets—like mutual funds, options, and bonds—Questrade is the better choice.
- You’re Comfortable with Technology: Questrade’s platform is feature-rich and may require a learning curve, but if you’re willing to put in the time, it offers powerful tools for serious investors.
- You Prefer Advanced Trading Tools: If you enjoy using advanced charting and in-depth market analysis, Questrade provides a suite of tools to satisfy experienced traders.
- You Enjoy Technical Analysis: If you like digging into stock valuations and comparing intrinsic values with analyst targets, Questrade’s resources will support your investing style.
- You Need Tax-Advantaged Accounts: With a broader selection of account types, including Spousal RRSP and RESPs, Questrade may be a better fit if you have specific savings goals.
- You Don’t Mind Paying for Trades: If you’re planning to buy and hold for the long term and don’t mind the $4.95–$9.95 trade fee, Questrade’s cost structure can work for you.
- You Have Complex Tax Needs: For those with multiple trades or complex tax requirements, Questrade’s detailed tax reporting can be a plus.
You Might Prefer Wealthsimple Self-Directed If:
- You Value Simplicity and Ease of Use: If you’re new to investing or prefer a straightforward experience, Wealthsimple’s user-friendly platform is a major advantage.
- You Want to Avoid Trading Fees: If avoiding commission fees is a priority and you want the freedom to make frequent trades, Wealthsimple is a strong choice.
- You’re a Beginner: If you’re just starting out, Wealthsimple’s streamlined approach can help you focus on building your portfolio without unnecessary complexity.
- You’re Comfortable with a Limited Range of Investments: If you’re happy sticking to stocks and ETFs, Wealthsimple’s offerings should meet your needs with minimal fuss.
- You Prefer a Mobile-First Experience: For those who like managing investments on the go, Wealthsimple’s sleek mobile app makes trading easy and accessible.
- You Have Straightforward Tax Needs: Wealthsimple’s tax documents are easy to access and integrate smoothly with popular software, which can simplify tax season.
Final Thoughts:
After using both Questrade and WealthSimple Self-Directed over the years, here’s my personal takeaway: the right platform really depends on your investment style and needs.
WealthSimple Self-Directed is an excellent choice for beginners who want a straightforward platform without the hassle of fees or a steep learning curve. With its clean interface, zero-commission trading, and simplicity, it’s perfect for someone just dipping their toes into the world of investing.
On the other hand, Questrade is better suited for more experienced investors or anyone who wants more control over their trades, research tools, and fees (especially for US stocks). Questrade offers the flexibility and advanced features you need to take your investing to the next level.
Reflecting on my own journey, I’ve had experiences with both platforms, and I can confidently say that my choice between Questrade vs WealthSimple Self-Directed ultimately depended on my evolving investment needs. When I first started, WealthSimple felt like the perfect fit due to its simplicity and zero trading fees. I appreciated being able to make small investments without worrying about commissions eating into my returns.
However, as I became more comfortable with investing and wanted to diversify further, I transitioned to Questrade for its broader investment options and advanced tools. I learned to appreciate the flexibility that Questrade offers, even if it came with a steeper learning curve.
What works for me might not necessarily be the best fit for you. Take your time to evaluate both platforms and consider what aspects are most important to your investing goals. Ultimately, the best platform is the one that makes you feel comfortable, confident, and ready to grow your portfolio at your own pace.
No matter which platform you choose, the key is to stay informed, keep learning, and invest wisely. Happy investing!
