Questrade has been Canada’s go-to discount broker for serious DIY investors since 1999. They were “$4.95 stock trades + free ETF buys” before Wealthsimple Trade existed. Here’s how they hold up in 2026 now that the competition is real.
Last reviewed: May 2026. No affiliate relationship with Questrade.
What it costs
- ETF buys: $0 commission. Sells are $4.95 + 1¢/share (max $9.95). Most DIY index investors hold for years so the sell fee rarely matters.
- Stock trades: $4.95 + 1¢/share, capped at $9.95.
- Options: $9.95 + $1/contract.
- USD account: $0/month. Free to convert with Norbert’s Gambit. No 1.5% FX fee like Wealthsimple Trade Core.
- Account minimum: $1,000 to start trading (vs Wealthsimple’s $0).
- Inactivity fee: $0 if you have $5,000+ across all accounts. Below that, $24.95/quarter.
Where Questrade wins vs Wealthsimple Trade
- Free Norbert’s Gambit on USD investing. Questrade lets you buy DLR.TO in CAD and journal it to DLR.U.TO in USD, then sell — converts thousands of dollars at the spot rate with no fees. Wealthsimple Trade Core charges 1.5% FX on every US-stock buy.
- Options trading. Covered calls, protective puts, spreads — supported. Wealthsimple Trade doesn’t allow options at all.
- Margin accounts. Borrow against your portfolio. Wealthsimple is cash-only.
- Questrade Edge. Desktop trading platform with Level 2 quotes, technical analysis, real-time charts. Active traders love it. (Free with $1K+ accounts; $89.95/mo without).
- Research access. Morningstar reports, analyst ratings, screening tools included.
- Account variety. RESP, LIRA, RIF, corporate, partnership accounts — Wealthsimple offers fewer.
Where Wealthsimple Trade wins
- $0 stock trades (vs $4.95 at Questrade). For DCA investors who buy small lots, this saves real money.
- $0 minimum to open (vs $1,000 at Questrade).
- Fractional shares. Buy $25 of Apple. Questrade requires whole shares.
- Cleaner mobile app. Wealthsimple’s app is genuinely best-in-class. Questrade’s mobile is functional but dated.
- Crypto integration. Buy Bitcoin in the same account.
Questrade Wealth: their robo offering
Questrade also runs Questwealth Portfolios, an automated investing service. MER 0.20-0.25% (lower than Wealthsimple Invest’s 0.40-0.50%) but with actively-managed underlying funds (not pure index ETFs). For hands-off investors who want lower fees than Wealthsimple Invest but don’t want to DIY, it’s a legitimate option.
Who should pick Questrade
- DIY investors with $10K+ who buy/sell US stocks frequently (Norbert’s Gambit saves you 1.5% per round-trip vs Wealthsimple)
- Options traders
- Active traders who want Level 2 quotes + advanced charting
- Anyone holding RESP / LIRA / RIF / corporate accounts (variety)
- Investors who want to stay with the same broker as their portfolio grows past hundreds of thousands
Who should pick Wealthsimple Trade instead
- Buy-and-hold ETF investors who DCA small amounts (the $4.95 stock fee on Questrade adds up; ETFs are free either way)
- First-time investors wanting $0 minimum + fractional shares
- Mobile-first users who never want a desktop platform
- Anyone who values clean UX over feature depth
The realistic verdict
If you’re a casual buy-and-hold investor in 1-3 ETFs, Wealthsimple Trade is simpler and cheaper. If you actively manage US-listed positions, write options, or want serious tools, Questrade earns its $4.95 stock fee back by the second trade. Many serious investors run BOTH — Wealthsimple Trade for small DCA buys and Questrade for larger lump sums + US positions.
Frequently asked questions
Is Norbert’s Gambit at Questrade actually free, or are there hidden costs?
It’s effectively free for the conversion itself — you pay the $4.95 + 1¢/share sell commission on DLR.U.TO (capped at $9.95), but no FX spread. On a $10,000 USD conversion that’s roughly $10 total versus about $150 at Wealthsimple Trade Core’s 1.5% FX rate. The catch is timing: journaling DLR.TO to DLR.U.TO typically takes 1-3 business days, during which you’re exposed to price movement in the DLR ETF itself (usually minimal, but not zero).
Does Questrade charge anything to transfer my account out if I leave?
Yes — Questrade charges $150 + GST/HST for a full account transfer out (partial transfers are around $25). However, most receiving brokers, including Wealthsimple and the Big Five banks, will reimburse transfer fees up to $150 if you’re moving in $25,000 or more. Always ask the new broker about their transfer-fee promotion before initiating the move.
Is Questrade safe? What happens if it goes under?
Questrade is a member of the Canadian Investor Protection Fund (CIPF), which covers up to $1 million per account category (cash, RRSP, TFSA, RESP each count separately) if the broker becomes insolvent. They’re also regulated by CIRO (the successor to IIROC as of 2023). When my mom asked me about this — she’s wary of anything that isn’t a Big Five bank — I pointed out Questrade has operated since 1999 and holds client assets segregated from corporate funds, same regulatory framework as RBC Direct Investing or TD Direct.
Can I hold both a Questrade and Wealthsimple account, and is it worth the hassle?
Yes, and it’s a common setup. Many DIY investors run Wealthsimple Trade for biweekly $200-500 DCA purchases of XEQT or VFV (free trades, fractional shares) and use Questrade for larger lump sums, US-listed positions like VTI, and registered accounts Wealthsimple doesn’t offer well (RESP, LIRA). The downside is two T5/T3 slips at tax time and tracking ACB across platforms — fine if you keep a simple spreadsheet.
What’s the real difference between Questwealth Portfolios and Wealthsimple Invest?
Questwealth charges 0.20-0.25% MER plus underlying ETF fees (total around 0.38-0.55%), while Wealthsimple Invest charges 0.40-0.50% plus ETF fees (total around 0.60-0.70%). The bigger philosophical gap: Questwealth uses actively-managed allocation decisions, Wealthsimple sticks closer to passive index weights. On a $50,000 portfolio the fee gap is roughly $100-150/year — meaningful, but not life-changing.
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