Questrade vs Wealthsimple

Questrade vs Wealthsimple

Questrade vs Wealthsimple

Questrade and Wealthsimple in 2021

You are probably here because you are stuck.. you cant decide which Canadian stock broker is better, Questrade or Wealthsimple.

Both brokers are very similar, Canadian and so on, but only one gets to be the slightly better option. We will break it down for you piece by piece and tell you which of these 2 Stock brokers is the 2021 winner, Questrade vs Wealthsimple!

Questrade

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Wealthsimple

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Here we are comparing Questrade and Wealthsimple on a number of features and options available from each broker. From the information down below you can clearly see the differences good and bad.

Questrade Vs Wealthsimple Comparison 2021

 QuestradeWealthsimple
Account OptionsTFSA, RRSP, Cash, RESP, LIRA, RIF, LIF and Corporate Cash accountsPersonal, TFSA, RRSP
RegulationsIIROCIIROC
Min Deposit$1000.00$0.00
Account Base CurrencyCAD, USDCAD
Trading Fees$4.95 – $9.95 per trade$0.00, Commission-free
Trading PlatformsQuestrade IQ Edge, Web-based, Mobile app(IOS/Andriod), Questrade GlobalMobile app – IOS and Andriod
MarketsForex, CFD’s, Stocks, Options, Mutual Funds, Bonds, Precious Metals, ETFsStocks, ETFs
Bonus Offered$50 in free tradesFree $10 to trade
Funding OptionsInterac Online, Bank wire, Online Banking, Cheque, Money Orderlinked chequing or savings account, Online transfer
Exchanges Available TSX, TSXV, NYSE, MX, PINX, BATS, NASDAQ and CNSXTSX, TSXV, NYSE, NEO  and NASDAQ

Questrade Vs Wealthsimple Ratings in 2021

Questrade

Weathsimple

Wealthsimple

Fees
80%
Fees
95%
Products and Features
95%
Products and Features
80%
Popularity
90%
Popularity
90%
Funding Options
90%
Funding Options
75%
Total Score:
88.75%
Total Score:
85%

Questrade vs Wealthsimple are they safe?

Both brokers are regulated under the IIROC in Canada. Regulations in Canada are one of the toughest and stringent in the world. 

Both brokers are registered with the Canadian Investor Protection Fund ( CIPF) which protect the investor in the event of the broker going into insolvency. 

Keep in mind that only up to 1 million dollars would be covered. 

Both brokerages are equally safe, but you should note that Questrade is the bigger firm that has been in business for much longer than Wealthsimple(since 1999).

Wealthsimple Account Types

Wealthsimple is limited to the amount of account types being offered compared to Questrade. 

Most investor will be happy with the account types offered which include: Personal, TFSA and RRSP accounts.

Questrade Account Types

Questrade offers every account type Wealthsimple offers plus more, satisfying any type of investor. 

The account type offered by Questrade are: TFSA, RRSP, Cash, RESP, LIRA, RIF, LIF and Corporate Cash accounts

Questrade and Wealthsimple Fees.

Simply put, Questrade charges fees per traded stock and Wealthsimple does not. 

The only fee you would have to pay with wealthsimple is if you buy a US stock, then the CAD currency has to be transferred into USD.

Questrade trading fees(All in CAD):

  • Stocks – $4.95min – $9.95max per trade
  • ETFs – $4.95min – $9.95max per trade
  • Options – $9.95 per trade
  • Fx – Spread fee as low as 0.08pips
  • CFDs – Spread fee as low as 0.08pips
  • Precious Metals – 19.95USD per trade

Wealthsimple trading fees:

  • Stocks – $0.00 per trade
  • ETFs – $0.00 per trade
  • NEW premium features coming soon that will carry a fee to access

Trading Platforms

Here lays one of the biggest disadvantages for Wealthsimple. They only offer one trading platform via a mobile app that is available on apple and android devices.

Comparing Questrade’s trading platforms you will have a wide range to choose from including: Questrade IQ Edge, Web-based, Mobile app(IOS/Android) and Questrade Global.

Tradable Instruments

Again this is where Wealthsimple lacks features. They only have common stocks and ETFs to trade.

Questrade on the other hand has a wealth full of tradable assets including: Forex, CFD’s, Stocks, Options, Mutual Funds, Bonds, Precious Metals and ETFs.

Questrade or Wealthsimple Which is better?

As you can see with all the information above, it is clear both brokers offer the same features for the most part. However, if you are looking for the full stack of features and products all-in-one, Questrade is your best bet. 

Wealthsimple is simply tailored more to newbie stock investors and beginners, which offer limited products and features. For 2021 Questrade is the winner against Wealthsimple.  Here are our reasons why:

Questrade pros…

  • Wide range of ways to trade, ex: web trading, mobile app, Questrade IQ Edge.
  • Trusted long term brand.
  • More options for deposits.
  • A bigger range of exchanges to trade with.
  • Wide range of tradable instruments including: Forex, CFD’s, Stocks, Options, Mutual Funds, Bonds, Precious Metals and ETFs

Overall, the two brokers would be a good choice for most retail or beginner traders. We hope this made the decision a bit easier. Happy Trading!

Questrade

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Wealthsimple

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About This Article

Author: Mark Prosz

Sources of information and credits for this post include: 

https://help.wealthsimple.com/

https://questrade-support.secure.force.com/mylearning/home?_ga=2.96236188.1014021044.1608420215-795097404.1604786283

https://www.cipf.ca/

https://www.iiroc.ca/industry/Pages/Dealers-We-Regulate.aspx

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