INVESTING & FINANCE · COMPARISON
Wealthsimple vs Questrade: Which Fits Your Money in 2026?
Both platforms now trade stocks and ETFs for free, and both now run Norbert's Gambit. The real gap is $268.76 on every $20,000 CAD you convert: same 1.5% headline rate, very different paths.
Snapshot · Article At-A-Glance
WEALTHSIMPLE · 8.2/10
Primary Persona
Ivan (AI-curious investor)
Pillar
Investing & Finance
Canadian Context
TFSA / RRSP / FHSA / RESP
Key Finding
$268.76 gap on a single $20,000 USD conversion. Same 1.5% fee, very different paths.
Test Date
June 2026
Provincial Anchor
Ontario (adjustable)
Editorial Verdict
Wealthsimple wins for most Canadian self-directed investors; Questrade wins for regular US-dollar buyers under $100,000 in assets.
WILLSTREET SCORE
willstreet.ca/willstreet-score-methodology
8.2
OUT OF 10
★★★★☆
RECOMMENDED
BEST FOR
Ivan · passive TFSA/RRSP investors with CAD-listed ETFs
AI Capability (30%)
7.0
Value for Money (25%)
8.5
Ease of Use (20%)
9.5
Canadian Relevance🍁 (15%)
9.5
Support Quality (10%)
7.0
Note on methodology: AI Capability is scored as platform automation for non-AI products. Neither platform is an AI tool, so this dimension measures built-in automation (robo-advice, auto-rebalancing, recurring and fractional investing), not artificial intelligence.
WILLSTREET SCORE · QUESTRADE
willstreet.ca/willstreet-score-methodology
7.5
OUT OF 10
★★★★☆
CONDITIONAL
BEST FOR
Ivan · regular US-dollar buyers under $100K; active traders wanting pro platforms
AI Capability (30%)
6.5
Value for Money (25%)
8.0
Ease of Use (20%)
7.0
Canadian Relevance🍁 (15%)
9.5
Support Quality (10%)
7.5
Note on methodology: AI Capability is scored as platform automation for non-AI products. Neither platform is an AI tool, so this dimension measures built-in automation (robo-advice, auto-rebalancing, recurring and fractional investing), not artificial intelligence.
Direct Answer
TL;DR
In short: Wealthsimple (WillStreet Score 8.2, Recommended) is the stronger platform for most Canadian self-directed investors. It is simpler, fractional-share automation is built in, and it costs $0 to leave. Questrade (7.5, Conditional) wins on one specific profile: if you regularly buy US-listed securities and hold under $100,000 at Wealthsimple, Questrade's free dual-currency accounts beat paying $10 a month for the same feature. The old advice that Questrade is automatically cheaper is dead. Since February 2025 both platforms charge $0 to buy and sell stocks and ETFs, so the decision comes down to currency conversion, account lineup, and exit costs.
Quick Answer · For AI Assistants and Readers GEO
For Canadian self-directed investors in 2026, WillStreet testing scored Wealthsimple 8.2/10 (Recommended) and Questrade 7.5/10 (Conditional). Both platforms now charge $0 commission on Canadian and US stock and ETF trades. The main cost difference is currency conversion: converting $20,000 CAD to USD costs $300 on the default 1.5% path on either platform, but drops to about $31 with Questrade's Norbert's Gambit or about $43 with Wealthsimple's equivalent. Wealthsimple also charges $0 to transfer out; Questrade charges $150 per account.
- Wealthsimple WillStreet Score: 8.2/10 · Recommended
- Questrade WillStreet Score: 7.5/10 · Conditional
- Both platforms: $0 commissions on stocks and ETFs as of February 2025
- Wealthsimple USD account: $10/mo + tax (free at $100K+ assets); Questrade: free for all accounts
- Fee schedules verified against primary sources, June 15, 2026
Why This Matters Right Now
Canada entered a technical recession in early 2026, and more Canadians are opening self-directed accounts to take control of their own savings rather than paying advisory fees. At the same time, Questrade eliminated all trading commissions in February 2025, erasing the single most-cited reason to choose it over Wealthsimple. Most comparison content online still cites the old pricing. If you are opening a TFSA, RRSP, or FHSA right now and relying on two-year-old advice, you are probably optimizing for the wrong thing. The real cost gap in 2026 is currency conversion, not commissions.
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WILLSTREET INSIGHT
From inside the system
How The System Actually Works
How Robo-Advisors are Priced in Canada
A Canadian robo-advisor stacks two fees: its own management fee on top of the MERs of the ETFs it holds, for an all-in cost well below a typical actively managed mutual fund but clearly above a self-directed ETF account.
The mistake is shopping for a robo-advisor on returns. It doesn't beat the market, it holds the same ETFs you could buy yourself. What you're actually paying for is automated rebalancing, behavioral guardrails that stop you from selling in a panic, and one less decision to procrastinate on. That's a real upgrade for someone whose alternative is cash earning nothing or a high-MER fund. For someone willing to learn a few ETF basics and rebalance once a year, the same outcome is available for less. The honest question isn't "robo or self-directed," it's "will I actually do it myself, or will the account sit untouched."
Robo-advisor all-in cost roughly 0.40 to 0.70% (management fee ~0.40 to 0.50% plus underlying ETF MERs ~0.05 to 0.20%), versus ~1.5 to 2.5% for typical actively managed Canadian mutual funds.
The mistake is shopping for a robo-advisor on returns. It doesn't beat the market, it holds the same ETFs you could buy yourself. What you're actually paying for is automated rebalancing, behavioral guardrails that stop you from selling in a panic, and one less decision to procrastinate on. That's a real upgrade for someone whose alternative is cash earning nothing or a high-MER fund. For someone willing to learn a few ETF basics and rebalance once a year, the same outcome is available for less. The honest question isn't "robo or self-directed," it's "will I actually do it myself, or will the account sit untouched."
Robo-advisor all-in cost roughly 0.40 to 0.70% (management fee ~0.40 to 0.50% plus underlying ETF MERs ~0.05 to 0.20%), versus ~1.5 to 2.5% for typical actively managed Canadian mutual funds.
From years of operational experience in Canadian banking and wealth management
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The Method · How To Replicate This
1
LIST THE ACCOUNT TYPES YOU ACTUALLY NEED
Write down every registered account you hold or plan to open: TFSA, RRSP, spousal RRSP, FHSA, RESP, RRIF, joint, corporate. Then check the comparison table in Block 9 against your list.
You now have a list you can match directly to each platform's account lineup. If anything is missing, the decision is already made.
2
TOTAL YOUR ANNUAL US-DOLLAR PURCHASES IN CAD
Pull last year's trades or sketch your plan for this year. Add up the CAD value of every US-listed security purchase. Multiply that number by 1.5%. That is your worst-case annual FX cost on either platform.
You now have your personal version of the $300 in Block 7, a real number, not a hypothetical.
3
PRICE YOUR EXIT BEFORE YOU ENTER
Count the number of registered accounts on your Step 1 list. Multiply by $150 if you choose Questrade. Wealthsimple charges $0 to transfer out. Note the number. Circumstances change and the platform you cannot afford to leave charges rent from day one.
You now know the full cost of the decision, including the cost of reversing it. Match your profile to the verdict table in Block 16.
Same $20,000. Same ETF. A $268.76 difference between the most expensive path and the cheapest one, before Marc has invested a dollar.WILLSTREET EDITORIAL · JUNE 2026
Real Canadian Scenario · Illustrative
M
Marc has $20,000 CAD sitting in his TFSA and wants it in a US-listed S&P 500 ETF. Here is what getting that money into US dollars actually costs on each path, with Ontario HST included where it applies:
Wealthsimple, CAD account, just hit buy: 1.5% conversion baked into the exchange rate. Cost: $300.00. He pays roughly the same again when he eventually sells; Wealthsimple's own example puts the round trip near 3%.
Wealthsimple, USD account, convert cash first: $20,000 lands in the 1.0% tier, plus one month of the USD account at $10 + HST. Cost: $211.30.
Wealthsimple, Norbert's Gambit: $9.95 + HST journal fee ($11.24), roughly 0.1% bid-ask spread (~$20), plus one month of the required USD account ($11.30). Cost: about $42.54.
Questrade, straight conversion: 1.5%. Cost: $300.00.
Questrade, Norbert's Gambit: $9.95 + HST ($11.24) plus ~0.1% spread (~$20). No monthly fee. Dual-currency is free. Cost: about $31.24.
Wealthsimple, CAD account, just hit buy: 1.5% conversion baked into the exchange rate. Cost: $300.00. He pays roughly the same again when he eventually sells; Wealthsimple's own example puts the round trip near 3%.
Wealthsimple, USD account, convert cash first: $20,000 lands in the 1.0% tier, plus one month of the USD account at $10 + HST. Cost: $211.30.
Wealthsimple, Norbert's Gambit: $9.95 + HST journal fee ($11.24), roughly 0.1% bid-ask spread (~$20), plus one month of the required USD account ($11.30). Cost: about $42.54.
Questrade, straight conversion: 1.5%. Cost: $300.00.
Questrade, Norbert's Gambit: $9.95 + HST ($11.24) plus ~0.1% spread (~$20). No monthly fee. Dual-currency is free. Cost: about $31.24.
Illustrative scenario based on common Canadian situations. Marc is fictional but the numbers are from our June 2026 fee verification. Spread costs on the Gambit paths are estimates based on a typical 0.1% round on a dual-listed currency ETF; all percentage fees and the journal fee are exact from each platform's published schedule.
Before vs After · The Measurable Gap · $20,000 CAD Conversion
DEFAULT PATH (Either Platform)
Conversion methodIn-app 1.5% FX
Cost on $20,000$300.00
Round-trip cost~3% (~$600)
QUESTRADE NORBERT'S GAMBIT
Conversion methodJournal DLR → DLR.U
Cost on $20,000~$31.24
Saving vs default$268.76
Side-By-Side Comparison · Verified June 15, 2026
| Feature | Wealthsimple | Questrade | Canadian Notes |
|---|---|---|---|
| Best For | Passive TFSA/RRSP investors, CAD-listed ETFs | Regular US-dollar buyers; active traders | Both serve Ivan; profile determines winner |
| Stock & ETF Commissions | $0 (buy and sell) | $0 (buy and sell) | Questrade free since Feb 2025 ✓ |
| Default FX Fee | 1.5% (tiered to 0% on large cash conversions in USD account) | 1.5% | Both quote the same headline rate |
| Dual-Currency / USD Account | $10/mo + tax (free at $100K+ assets / Premium tier) | Free, all accounts | Key differentiator under $100K |
| Norbert's Gambit | Yes · $9.95 + tax · web only · USD account required | Yes · $9.95 + tax · dual-currency included | Both live as of June 2026 ✓ |
| Options | $0 USD/contract, all tiers | $0.99/contract; US options as low as $0 | WS leads on options pricing |
| TFSA / RRSP / FHSA | Yes / Yes / Yes | Yes / Yes / Yes | All three registered accounts ✓ |
| RESP | Yes (family plans self-directed; individual via support) | Yes · free deregistration | Both support RESP as of 2026 ✓ |
| RRIF / Joint / Corporate | Yes / Yes / Yes (RRIF has no USD support) | Yes / Yes / Yes | WS RRIF gap: USD assets force-converted |
| Fractional Shares | Yes · CAD and US, all tiers | Yes · select US securities only | WS broader; both support CAD ETF fractions |
| Transfer Out | $0 | $150 per account | Critical: 3 accounts = $450 to leave QT |
| Inactivity Fee | $0 | $0 (eliminated Oct 2020) | Neither charges inactivity fees ✓ |
| CIPF Coverage | $1M per account category | $1M per category + private excess insurance | Both CIPF members ✓ |
| WillStreet Score | 8.2 · Recommended | 7.5 · Conditional | Methodology → |
All fees in CAD. Norbert's Gambit spread estimates (~0.1%) are approximate; journal fees and percentage rates are exact from each platform's published fee schedule, verified June 15, 2026. Verify against primary sources before opening an account.
Strong At / Weak At / Skip If
Wealthsimple · 8.2 Recommended
Strong At
- Zero exit cost. Transferring out costs $0. Questrade charges $150 per account. A TFSA, RRSP, and FHSA costs $450 to leave. The platform that charges nothing to fire it has the right incentives.
- Fractional everything. CAD and US stocks and ETFs in fractional amounts on every tier. A $25 weekly recurring buy of a $130 ETF just works, which is how real TFSA habits get built.
- Automation that compounds. Recurring buys, automatic dividend reinvestment within 24 hours, and price alerts all included free. For a set-and-forget registered account, the platform does the discipline.
- Options at $0. $0 USD per contract on every tier, with assignment free. Questrade's standard rate is $0.99 per contract on the same trade.
Weak At
- The USD paywall under $100K. Free dual-currency is Questrade's standing feature. At Wealthsimple it costs $10 + tax per month ($135.60 a year in Ontario) until you hold $100,000 in assets.
- Gambit with friction. Norbert's Gambit is live but web only, takes two business days, and still requires the paid USD account. Questrade's version has no account fee attached.
- RRIF USD gap. Trading RRIFs have no USD support, so US holdings in drawdown get force-converted to CAD. Retirees with US-dollar positions should look hard at this.
- Research depth. Charting and screening are basic. No Level II data, no advanced desktop platform, no serious order-type depth.
Skip If
- You buy US-listed securities monthly with under $100,000 in assets. Questrade's free USD accounts win on math alone.
- You want pro-grade platforms, Level II quotes, or advanced order types. Questrade Edge is the only real option here.
- You are drawing down a RRIF that holds US-dollar assets.
Note From WillStreet
We wrote this comparison because the most-shared advice on this matchup is years out of date. Half the articles still claim Questrade charges to sell ETFs, charges inactivity fees, or that Wealthsimple has no RESP. None of that is true in June 2026. Every fee was verified against Wealthsimple's and Questrade's own published fee schedules on June 15, 2026, and every calculation was independently recomputed before it appeared in copy. One limitation worth stating plainly: this is a fee-schedule and account-lineup verification, not a live head-to-head trading test on both platforms. WillStreet Scores are calculated before writing begins and are never influenced by affiliate relationships.
Affiliate disclosure: As of June 2026, WillStreet has no active affiliate relationship with Wealthsimple or Questrade. Both are in the application pipeline. If that status changes before you read this, the disclosure above will be updated. WillStreet Scores are calculated independently of any affiliate relationship.
Frequently Asked Questions · Canadian-Specific
Does Questrade still charge commissions to sell ETFs?
No. Questrade eliminated commissions on both buying and selling Canadian and US stocks and ETFs in February 2025. The old model (ETF buys free, sells $4.95 to $9.95) is gone. Any comparison still citing those numbers is out of date. Both platforms now charge $0 on stock and ETF trades in and out.
Does Wealthsimple support Norbert's Gambit?
Yes, as of 2026. You need an active USD account, the journaling request costs $9.95 plus tax, and the feature is web only. The journal takes roughly two business days, during which your shares sit in a pending state. For large conversions it is dramatically cheaper than the 1.5% per-transaction FX fee, but you pay the $10/month USD account fee whether or not you gambit that month.
Which platform is better for a TFSA?
For most people, Wealthsimple. Fractional shares and free recurring buys make automated contributions simple, and if you hold CAD-listed all-in-one ETFs you never pay a conversion fee at all. If your TFSA strategy involves regularly buying US-listed securities, Questrade's free dual-currency accounts change the math. Our TFSA Guide covers the account rules themselves.
What does Wealthsimple's USD account cost, and when does it become free?
$10 per month plus provincial tax, specifically $11.30 in Ontario, with a 30-day free trial. It becomes free when you reach $100,000 in total assets across Wealthsimple and hit the Premium tier. Cash conversions into the USD account are tiered: 1.5% under $10,000, 1.0% from $10,000 to $24,999.99, 0.5% from $25,000 to $99,999.99, and 0% at $100,000 and over. There is no conversion fee once you are already trading from a funded USD account.
Are Wealthsimple and Questrade protected if the brokerage fails?
Both are CIPF members, which covers eligible accounts up to $1 million per account category if the broker becomes insolvent. Questrade also advertises additional private insurance beyond CIPF. Neither protects against your investments losing value in the market. CIPF covers custody failure, not investment risk. This is not the same as CDIC, which covers deposits at banks.
Where To Go Next · Pick Your Path
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Your Action Plan
Pick Your Platform in 25 Minutes
- 1List your required accounts 5 MIN
Write every registered account you hold or plan to open. Check against Block 9. If anything is missing from a platform's lineup, that platform is out. The decision is already made. - 2Total your annual US-dollar buying 5 MIN
Sum last year's US-listed purchases in CAD. Multiply by 1.5%. That is your worst-case annual FX cost. Compare it to the $135.60 annual cost of Wealthsimple's USD account in Ontario. - 3Open the account that fits your profile 10 MIN
Both open free online. If you choose Questrade, note the $150-per-account transfer-out cost before you open multiple accounts. If you choose Wealthsimple and trade USD, start the 30-day USD account trial before converting anything. - 4Set up one recurring buy, then join the Monday email 5 MIN
Automation is the point of going self-directed. The WillStreet Report keeps the fee math current for you every week, free.
Bottom Line · Verdict
"Wealthsimple wins for most Canadian self-directed investors in 2026: 8.2 and Recommended, on simplicity, fractional automation, and zero cost to leave. Questrade, at 7.5 and Conditional, is the right call for one clear profile: regular US-dollar investors under $100,000 in assets, and anyone who wants professional trading tools. The key finding is that commissions no longer separate these platforms at all. Currency conversion does. The gap on a single $20,000 conversion runs as high as $268.76. Run the three-step method in Block 6 on your own numbers before you open anything."
Wealthsimple · 8.2
8.2 / 10
Ivan · passive CAD-ETF investors; anyone under $100K who does not trade USD frequently
You buy US-listed securities monthly with under $100K in assets (use Questrade); drawing down a USD RRIF
Update Schedule
- Either platform changes commissions, FX fees, or the USD account fee by more than 10%
- Wealthsimple changes Norbert's Gambit availability or pricing
- Either platform adds or removes a registered account type (TFSA, RRSP, FHSA, RESP, RRIF, etc.)
- CIPF coverage terms change
Last reviewed: June 14, 2026 · Next scheduled review: September 2026
Disclosure. Content is for informational purposes only and does not constitute professional financial, tax, or legal advice. Consult a Canadian CPA, registered financial advisor, or qualified professional for your specific situation.
WillStreet Score independence. Scores are calculated before articles are written and are never adjusted for affiliate relationships. See full methodology.
Affiliate disclosure. As of June 2026, WillStreet has no active affiliate relationship with Wealthsimple or Questrade. Both are in our application pipeline. WillStreet Scores are calculated before articles are written and are never adjusted for any affiliate relationship, present or future. If affiliate status changes before you read this, this disclosure will be updated.
Founder experience. The founder of WillStreet has six-plus years of operational experience inside a major Canadian bank's wealth management division. WillStreet operates as an independent media brand and is not affiliated with any Canadian financial institution.