Wealthsimple Trade vs. Questrade: Which Platform is Your Perfect Match?

This post is for my DIY investors only. If you’re looking for a managed portfolio, check out last week’s blog where I covered robo-advisors and fully managed options. But if you’re ready to roll up your sleeves, place your own trades, and take the driver’s seat—this one’s for you.

And nope, you won’t see the big bank self-directed platforms on this list. Why?

• They charge a minimum of $6.95 per trade (sometimes more).

• They restrict you from buying some money market ETFs (yes, the exact ones you’d want that pay more interest than they do).

• And honestly… clunky platforms with high fees? Sounds like a steamy piece of garbage to me.

So instead, let’s focus on the two most popular—and actually investor-friendly—options in Canada: Wealthsimple Trade and Questrade.

Picking between them is a bit like dating. You’re looking for the right match—something that “gets” you, fits your vibe, and won’t sneak hidden costs into the relationship.

So let’s play financial matchmaker:

💛 Wealthsimple Trade: The Chill, Low-Maintenance Partner

• Best for beginners & hands-off investors
  Wealthsimple Trade is the friend who shows up in sweatpants, makes everything easy, and says, “Don’t overthink it.”

• Simplicity first: Clean, mobile-first design that makes buying your first ETF less intimidating.

• No minimums: You can start with $0 and instantly deposit up to $250K (impressive flex).

• Fractional shares: Want just $50 of Tesla instead of a full share? Done.

• Extras in the ecosystem: Tax filing, robo-investing, mobile banking, even crypto—all in one app.

• But watch out: Unless you’re Premium/Generation, currency conversion fees (~1.5%) can sting when buying U.S. stocks.

Perfect if: you want investing to feel as casual as scrolling Instagram.

💚 Questrade: The Ambitious, Type-A Partner

• Best for experienced & active investors
  Questrade is the overachiever who shows up with spreadsheets and a plan for the next 10 years.

• Advanced trading tools: Web, mobile, and a full desktop platform (Questrade Edge) with real-time data.

•  USD accounts: Hold U.S. dollars directly in registered accounts, avoiding constant conversion fees (a major money saver).

• Extras: Options trading, IPOs, foreign markets, and Norbert’s Gambit for efficient currency exchange.

• A bit slower: Deposits take one business day to clear.

Perfect if: you’re ready to nerd out with data, optimize every dollar, and want more control over your portfolio.

⚖️ Both Sides of the Coin

• Commission-free trading: Both let you trade Canadian and U.S. stocks/ETFs with no commission fees.

• Diverse accounts: FHSA, LIRA, RESP, margin accounts—you name it, they’ve both got it.

• Transfers covered: Both will reimburse transfer fees if you’re moving over funds (with some conditions).

🏁 Final Take

👉 Choose Wealthsimple Trade if you’re just starting out, love simplicity, fractional shares, or want to dabble in crypto.
👉 Choose Questrade if you’re a hands-on investor who wants advanced tools, account variety, lower FX costs, and the ability to flex your inner spreadsheet wizard.

At the end of the day—it’s less about which platform is “better,” and more about which one makes you feel confident, in control, and excited to invest.

💡 Not sure which platform is right for you? Inside Her Freedom Fund, I teach women how to confidently DIY invest—step by step. Enrollment is by application only, and I’m opening just a few spots this month.

👉 Apply here