Wealthsimple vs Questrade Fees 2025: Complete Comparison

The Wealthsimple vs Questrade question comes up constantly among Canadian DIY investors. And honestly? Both platforms have gotten a lot better in 2025. The real answer depends on how you actually invest.

Quick Comparison Overview

Trading Fees: Both Are Now Commission-Free

As of early 2025, both Wealthsimple and Questrade offer $0 commission trading for Canadian and US stocks and ETFs.

The History

• Wealthsimple Trade: Launched commission-free from the start
• Questrade: Eliminated commissions in February 2025 to compete

This levels the playing field for basic stock and ETF purchases. So where do the real differences show up? Currency conversion. Options. And the little details.

Currency Conversion: This Is the Big One

Here’s where the two platforms really differ—and if you’re buying US stocks regularly, pay attention:

Wealthsimple’s Approach

Standard (Core tier): 1.5% FX fee on every US dollar conversion

• Buy $10,000 of NVIDIA → Pay $150 in FX
• Sell $10,000 of NVIDIA → Pay another $150 in FX
• Round-trip cost: $300 (3%)

With USD Account:

• Core: $10/month subscription
• Premium ($100K+): Free
• Generation ($500K+): Free

The USD Account lets you convert once and hold USD, eliminating per-trade conversion fees.

Questrade’s Approach

Standard: 1.99% FX fee (slightly higher than Wealthsimple’s 1.5%)

But with key advantages:

1. USD in Registered Accounts: Questrade lets you hold USD in your TFSA, RRSP, etc.—all users, no subscription
2. Norbert’s Gambit: Convert CAD to USD for virtually $0 using an interlisted security

What Is Norbert’s Gambit?

Norbert’s Gambit is a technique to convert currency at minimal cost:

1. Buy a stock listed on both TSX (CAD) and NYSE (USD) — e.g., Royal Bank (RY)
2. Journal the shares from the CAD side to the USD side
3. Sell the shares for USD
4. Total cost: ~0.05% vs 1.5% with direct conversion

Questrade actively supports this. You can journal shares between currencies for minimal or no fee.

Wealthsimple has teased Norbert’s Gambit support for early 2026, but as of late 2025, it’s not yet available.

Currency Conversion Verdict

Options Trading Fees

Options trading is where active traders see meaningful differences:

Questrade wins for Core-tier Wealthsimple users ($2 vs $0.99).

Wealthsimple wins for Premium/Generation users ($0.75 vs $0.99).

Both platforms now support advanced strategies like spreads and iron condors.

Robo-Advisor: Managed Portfolios

If you prefer hands-off investing:

Questwealth is cheaper (0.25% vs 0.4-0.5%).

Wealthsimple has more features (automatic tax-loss harvesting, Halal portfolios, SRI options).

For a $50,000 portfolio:

• Wealthsimple: $250/year
• Questwealth: $125/year

The $125 difference—worth it for the extra features? Maybe. It depends on whether you’ll actually use tax-loss harvesting and the SRI/Halal options.

Platform Experience

Mobile App

Wealthsimple: Consistently rated among the best financial apps in Canada. Clean, intuitive, fast.

Questrade: Functional but dated. The app works but isn’t as polished.

Winner: Wealthsimple (significantly better UX)

Desktop Trading

Wealthsimple: Web-based only. Works well but limited charting and analysis tools.

Questrade: Has IQ Edge, a full desktop trading platform with advanced features for active traders.

Winner: Questrade (for power users)

Research & Tools

Wealthsimple: Basic company info, no advanced charting.

Questrade: More detailed research, better charting options, IQ Edge platform.

Winner: Questrade (for active traders)

Transfer Fee Reimbursement

Both platforms will reimburse transfer-out fees from your old institution:

Both are comparable, with Wealthsimple being slightly faster.

Banking & Cash Features

Wealthsimple Cash

Wealthsimple goes beyond investing with its Chequing account:

• 1.25%-2.25% interest on cash
• No foreign transaction fees on card
• CDIC insurance up to $1 million (across partner banks)

Questrade

No equivalent banking product. Cash in trading accounts doesn’t earn competitive interest.

Winner: Wealthsimple — if you want everything in one app, this is where Wealthsimple pulls ahead.

Crypto Trading

If you want direct crypto exposure in the same app as your stocks, Wealthsimple offers it. Questrade only offers crypto through ETFs.

Who Should Choose Wealthsimple?

✅ Wealthsimple makes sense if you:

• Mostly stick to Canadian stocks and ETFs
• Want a clean, modern app that just works
• Like having investing + banking in one place
• Have $100K+ (Premium tier eliminates those USD fees)
• Want crypto alongside your regular investments
• Prefer simplicity over power features

Who Should Choose Questrade?

✅ Choose Questrade if you:

• Actively trade US stocks
• Want to use Norbert’s Gambit for currency conversion
• Need advanced desktop trading tools
• Prefer the lowest possible robo-advisor fees
• Trade options frequently at Core-tier levels

What About Interactive Brokers?

Some advanced traders ask about Interactive Brokers (IBKR) as a third option. Here’s the quick take:

IBKR wins on: Global market access, margin rates, execution quality, and professional tools.

Wealthsimple wins on: Ease of use, Canadian integration, banking features, and accessibility for new investors.

The verdict: Interactive Brokers is overkill for most Canadians. If you need access to European or Asian markets, complex options strategies, or institutional-level margin rates, IBKR makes sense. For everyone else, Wealthsimple or Questrade covers 95% of needs with a far friendlier experience.

And here’s one more thing. Wealthsimple has a robust referral program that gives you $25+ cash just for signing up with a referral code.

Questrade has referral offers, but they’re less consistent and typically require higher deposits. However, if you do decide to go with Questrade, you can use the referral code 406714313487116 or this direct link to claim the welcome bonus (typically $50 for a $250 deposit).

👉 Sign up for Wealthsimple with code 9C6DMQ and get your $25 Wealthsimple sign up bonus.

Related Articles

• Wealthsimple Referral Code 2025: Ultimate Guide
• Wealthsimple Core vs Premium vs Generation
• Referral Ladder Challenge: Earn Up to $5,000

Frequently Asked Questions

Is Wealthsimple or Questrade cheaper?

For CAD investing, they’re essentially identical. For USD investing, Questrade is cheaper unless you have $100K+ at Wealthsimple (which gives you free USD accounts).

Which has better customer support?

Wealthsimple has faster, more accessible support via in-app chat. Questrade has phone support but longer wait times.

When is Norbert’s Gambit coming to Wealthsimple?

Wealthsimple has announced that support for Norbert’s Gambit (a method to convert CAD to USD cheaply) is scheduled for release in early 2026. Until then, you must pay the 1.5% FX fee or subscribe to the USD accounts to avoid conversion fees on every trade.

Do I pay ECN fees on Questrade ETF purchases?

Yes. Although Questrade offers $0 commission on ETF buys, you may still be charged ECN fees (roughly $0.0035 per share) if your order “removes liquidity” from the market (e.g., a marketable limit order or market order). Wealthsimple does not pass these ECN fees on to the client.

Can I open a Self-Directed RESP on Wealthsimple?

Yes. Wealthsimple recently launched Self-Directed RESPs, allowing you to trade stocks and ETFs inside an education savings plan commission-free. This closes a major gap, as previously only Questrade offered self-directed RESPs.

Does Questrade offer fractional shares like Wealthsimple?

Yes, Questrade has introduced fractional share trading for many US and Canadian securities. However, Wealthsimple’s fractional trading interface is often considered more user-friendly for beginners looking to dollar-cost average small amounts.

Is the Questrade offer code better than the Wealthsimple referral bonus?

For most beginners, the Wealthsimple referral code is superior because it offers a $25 cash bonus with only a $1 minimum deposit. Questrade’s welcome offers require a minimum deposit of $250 within 60 days of submitting the application.