Personal Finance

Wealthsimple vs Questrade: What Actually Differs, From Someone Who Uses Both

By Gopi · Last verified

I’ve used both Wealthsimple and Questrade for years, with real money, for different jobs. This isn’t a “which one is best” post. Both platforms keep changing what they offer and what they charge, so this guide shows you what differs today, where each fact comes from, and how to check it yourself before you decide.

In short

  • Trading is $0 on both for Canadian and US-listed stocks and ETFs, so the differences are in the details.
  • US dollars: Questrade lets you hold USD for free. Wealthsimple’s USD account costs $10 a month on its Core plan and is free from $100,000 with them.
  • Norbert’s Gambit: now possible on both, at $9.95 per journal request. It was free at Questrade when I did it in 2024; today it’s free there only with the paid Questrade Plus plan.
  • Leaving: moving your account out costs $150 at Questrade and $0 at Wealthsimple.
  • Both offer stock lending, fractional shares, FHSA, and accounts for incorporated businesses.
  • My rule: facts change. Check the official links in the comparison before you act.

How I use both

My take

I don’t pick one. I use each where it fits my situation, and I invest on my own (self-directed). Wealthsimple’s managed (robo-advisor) option is worth a look if you’d rather not pick investments yourself; I’m not recommending either approach for you.

  • Questrade: my RRSP, a TFSA where I hold US stocks, my personal margin account, and a corporate margin account for my business. I use Norbert’s Gambit at Questrade to convert dollars for US stocks.
  • Wealthsimple: a TFSA with recurring transfers (automatic, so I don’t have to remember), stock lending switched on, and business chequing for my company, mainly because there’s no monthly fee.

What changed recently, and why it matters

My take

Many comparisons online are already out of date. Here are three changes I found while re-checking this guide in October 2026.

  1. Questrade went to $0 commissions on Canadian and US stocks and ETFs in February 2025 (Questrade announcement). Before that, low cost was Wealthsimple’s main advantage.
  2. Journaling is no longer free at Questrade. When I did Norbert’s Gambit there in 2024, I didn’t pay a journaling fee. Today it’s $9.95 per request, or free with Questrade Plus at $19.99 a month (Questrade: journaling shares). I don’t pay for Plus.
  3. Wealthsimple now offers Norbert’s Gambit. When I called them in 2024, they told me journaling wasn’t offered. Today their help centre explains how to journal DLR to DLR.U on the website, for $9.95 plus tax (Wealthsimple help centre).

That’s exactly why I keep saying: do your own due diligence on the day you decide.

Wealthsimple vs Questrade, side by side

Before you decide

Every fact below comes from Wealthsimple's and Questrade's own pages, checked on October 12, 2026. Both platforms change their fees and features often, so:

  • open the official source links under each topic and confirm what you see today;
  • check the conditions for your exact account type (TFSA, RRSP, FHSA, RESP, margin or corporate);
  • for advice on your situation, speak to a licensed professional.

Norbert's Gambit (journaling DLR to DLR.U) Key difference

Questrade

$9.95 per journal request, done online (up to 5 business days). Free and unlimited with Questrade Plus ($19.99 a month). RESP accounts: by phone or chat.

Wealthsimple

Now offered: $9.95 + tax per journal request, DLR and DLR.U only, on the website (not the app), about 2 business days. Needs an active USD account.

Sources: Questrade: journaling shares (opens in a new tab) · Questrade administrative fees (opens in a new tab) · Wealthsimple: Norbert's Gambit (opens in a new tab)

Facts checked on October 12, 2026. Spotted a change? Tell me through the contact page and I'll re-check.

The cost that matters most: US dollars

My take

If you rarely buy US stocks, currency costs hardly matter. If you buy US stocks often, they can matter more than anything else on this page.

Here’s what converting $10,000 CAD to US dollars looks like with today’s published fees:

How you convert What it costs
Questrade, automatic conversion (1.5%) About $150
Wealthsimple, from a CAD account (1.5%) About $150
Wealthsimple, inside a USD account (1.0% at this amount) About $100, plus $10 a month for the USD account on the Core plan
Norbert’s Gambit, either platform $9.95 journal fee (plus tax at Wealthsimple), a small buy and sell price gap, and a few days of waiting

The 1.5% fees are percentages of the amount, so they grow with your conversion; the journal fee doesn’t. For small amounts, Norbert’s Gambit may not be worth the wait. My step-by-step Norbert’s Gambit guide shows exactly how I do it.

Which might suit you

My take

These are situations, not instructions. Read them, then check the official pages for what matters to you.

  • You hold US stocks often and want US dollars to stay as US dollars: Questrade lets every account hold USD for free. At Wealthsimple that needs a USD account, which is free only from $100,000 with them.
  • You want a simple app with automatic, recurring investing: that’s how I use Wealthsimple.
  • You might switch platforms later: Wealthsimple charges $0 to transfer out; Questrade charges $150. A new platform sometimes covers transfer fees, so ask before you move.
  • You run an incorporated business: both offer corporate investing accounts; I use Questrade for corporate margin investing and Wealthsimple for business chequing.
  • You trade options: both show $0 per contract on US stock options, with different fees for exercising and for index options. Check the fee pages.

My videos on both platforms

Show 4 more videos

These videos were recorded at different times, so screens and fees may look different today.

The platforms I use

These are my referral and affiliate links. If you sign up through them, I may earn a reward (and with referral links, you may get one too), at no extra cost to you. You can always go to the company's website directly instead.

  • Automated/Robo-investing

    Wealthsimple: I use Wealthsimple and have made several videos on it. If you use my refer-a-friend link, we both get rewarded when you open an account and deposit $100 within 30 days (check Wealthsimple's current conditions). You can also go to Wealthsimple directly, without this reward.

    Visit Wealthsimple (referral link · I use this)

  • Online brokerage

    Questrade®: Questrade® is a Canadian online brokerage. If you open a Questwealth Portfolios (managed investing) account through my link, I may earn a commission at no extra cost to you.

    Visit Questrade® (affiliate link · I use this)

Questrade® is a registered trademark and/or service mark of Questrade, Inc. Questrade, Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF).

Questions people ask

Is Wealthsimple or Questrade cheaper?

For buying and selling Canadian and US-listed stocks and ETFs, both charge $0. The differences are in holding US dollars (free at Questrade, $10 a month on Wealthsimple’s Core plan), converting currency, journaling, and moving your account out ($150 at Questrade, $0 at Wealthsimple).

Can you do Norbert’s Gambit on Wealthsimple?

Yes, today you can. Wealthsimple’s help centre describes journaling DLR to DLR.U on the website for $9.95 plus tax, and you need an active USD account. When I called them in 2024, it wasn’t offered.

Is journaling free at Questrade?

Not any more for most people. Questrade lists $9.95 per journal request; it’s free with the Questrade Plus subscription ($19.99 a month).

Can I use both?

Yes. I do. Just keep track of your TFSA, RRSP and FHSA contribution room across all your accounts, because the limits are per person, not per platform.

This is my own experience, not financial advice. I’ve tried to get every fact right, but fees and features change, sometimes without notice. Check each platform’s official pages before you open, move or convert anything, and speak to a licensed professional for your situation.

What next

Set up your first account with how to start investing in Canada, learn Norbert’s Gambit step by step, or follow every step in my Personal Finance guide.

Spot something outdated? Tell me in the YouTube comments on the related video, or use the contact form.