Wealthsimple vs Questrade (2026): Fees, FX, Journaling, and Which to Choose
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This comparison sits under the investing category and the how to invest in Canada hub. The structural broker map, without a live price list, is the brokerage guide. The steps for the journal are in Norbert's gambit. Neither firm is a referral here. There is no affiliate link on this page.
- Stock and ETF commissions are $0 at both.
- Foreign exchange (FX) is 1.5% from a Canadian-dollar (CAD) balance at both.
- Wealthsimple USD accounts cost $10 a month plus tax for Core clients, after a 30-day free trial. They are free for Premium at $100,000 in assets and for Generation at $500,000 in assets. Conversions between CAD and USD accounts are tiered.
- Questrade dual-currency accounts are free, with no annual fee and no inactivity fee.
- Journaling is $9.95 at both, and free with Questrade Plus at $19.99 a month.
- Transferring out is $150 per account at Questrade. Wealthsimple lists $0 on its fee schedule.
- Both are Canadian Investor Protection Fund (CIPF) members.
Choose Questrade if… you will hold US dollars inside an RRSP or TFSA with no monthly USD fee. Questwealth, the robo-advisor at the same firm, is a separate product. Those fees are in best robo-advisors.
What do the fee schedules actually say?
As of October 7, 2026, both list $0 commissions on Canadian- and US-listed stocks and ETFs, and 1.5% FX when a trade converts from a CAD balance. The schedules then split on the USD account, the conversion tier, journaling, options, and the fee to move an account to another institution.
| Item | Wealthsimple | Questrade |
|---|---|---|
| Stocks and ETFs | $0 commission on listed US and Canadian securities. | $0 to buy and sell Canadian- and US-listed stocks and ETFs. ECN (electronic communication network) fees can apply only to some direct-routed or overnight US orders. |
| FX from a CAD balance | 1.5% on US trades from a CAD account, applied to Wealthsimple's corporate exchange rate, which already includes a spread. | 1.5% currency conversion. |
| USD account and conversion tiers | USD accounts are $10 a month plus tax for Core clients after a 30-day trial. Included for Premium ($100,000 and over in assets) and Generation ($500,000 and over). Conversions between CAD and USD accounts, per transaction: 1.5% under $10,000; 1.0% from $10,000 to $24,999.99; 0.5% from $25,000 to $99,999.99; 0% at $100,000 and over. No FX fee on US trades from the USD account. | Dual-currency is enabled for free. You can hold USD in registered accounts. No annual account fee. No inactivity fee. |
| Journaling (Norbert's gambit) | $9.95 plus tax per request. Web only. DLR and DLR.U only. About two business days. You need a USD account. | $9.95 per online request. Free and unlimited with Questrade Plus. Up to five business days, plus one business day if the shares were just bought. Not available online in an RESP. |
| Options | US$0 equity and ETF options contract fee. Index options have their own fees. | $0 US equity options. CAD options are $0 plus $0.99 per contract. US index options are US$0.99 per contract since 28 September 2026. |
| Monthly plan | None needed. Premium and Generation are tiers by assets. | Questrade Plus is optional at $19.99 a month plus tax after a 30-day trial. It includes free journaling, a 1% RRSP deposit match, and $0.05 CAD cashback per US equity option contract. |
| Transfer out to another institution | $0 for outgoing account transfers, on the Wealthsimple trade fee schedule. | $150 per account, full or partial. |
Questrade Plus has billed $19.99 a month plus tax since October 1, 2026.
Who pays the 1.5% more than once?
You pay it twice when you buy a US-listed security from a CAD balance and later sell that security back into CAD. Holding the US dollars skips the second conversion until you switch back. A Canadian-listed fund such as XEQT or VEQT trades in Canadian dollars, so the XEQT versus VEQT choice is holdings and the management expense ratio, not FX.
This example is illustrative arithmetic. At 1.5%, $10,000 costs $150. That is a CAD-account trade at Wealthsimple, or a Questrade conversion, before any spread already inside the rate.
At Wealthsimple with a USD account, a single $10,000 conversion falls in the 1.0% tier, which is $100. The journal is $9.95 plus 13% Ontario harmonized sales tax (HST), about $11.24. Another province's sales tax changes that ticket. The break-even against 1.5%, before the ETF's bid-ask, is $9.95 divided by 0.015, about $663, and higher once tax and the spread are in.
At Interactive Brokers Canada's spot schedule, tier I is 0.20 basis points with a USD $2 minimum, so $10,000 costs the $2 minimum, not $150. Auto-conversion there is typically 0.03%, which is $3 on $10,000. Norbert's gambit is the wrong tool at that broker. Details are in the gambit guide.
Wealthsimple Core clients also pay $10 a month plus tax for the USD account the journal needs, unless they are already Premium or Generation. On a single conversion, add that month. On a standing USD RRSP, it is a subscription. Questrade's free dual-currency account, with no annual account fee, is the comparison.
Which is cheaper for US stocks? A $20,000 example
The commission is $0 at either broker. On $20,000 of US-listed ETFs, a 1.5% conversion is $300, and a journal is about $11 before the fund's spread.
An investor moves $20,000 into US-listed ETFs inside an RRSP. The fees below are before any spread in the exchange rate. This example is illustrative.
Whether that US-listed fund belongs in the RRSP is a withholding question. The account test is US withholding by account, and the fund comparison is VFV versus VOO.
| Path | Posted fee |
|---|---|
| Wealthsimple, buy from the CAD account | 1.5% equals $300 on the way in, and 1.5% again when you sell back to CAD. |
| Wealthsimple USD account, one $20,000 conversion | The 1.0% tier equals $200, plus $10 a month plus tax for Core ($120 a year before tax). |
| Questrade conversion | 1.5% equals $300, then hold USD in the dual-currency RRSP with no monthly fee. |
| Questrade journal (Norbert's gambit with DLR) | $9.95 plus tax, about $11.24 in Ontario, plus the DLR bid-ask spread. Free with Plus. |
| Wealthsimple journal | About $11.24 in Ontario, plus the spread, plus the USD account fee for Core. |
The commission is $0 either way; the conversion method is the bill ($300 vs about $11 on the same $20,000).
Which should you choose? A simple decision rule
Match the broker to the currency you will hold, and to whether you might leave later. Canadian-listed ETFs stay in CAD. A long-term USD balance in an RRSP or TFSA is the case that separates the two firms.
| Situation | Pick | Why |
|---|---|---|
| Only Canadian-listed ETFs (for example XEQT or VEQT), no USD | Either | Wealthsimple if you want the simpler app and $0 to transfer out. |
| Holding USD long-term in an RRSP or TFSA, Core-size account | Questrade | Free dual-currency, and no $10 a month. |
| $100,000 or more with Wealthsimple | Wealthsimple | USD accounts are included. A conversion of $100,000 or more in one transaction is 0%. |
| You journal 25 or more times a year, or you max your RRSP at Questrade | Questrade Plus can pay for itself | $19.99 times 12 is $239.88 a year before tax, which is about 25 journals at $9.95, or $23,988 of RRSP contributions at a 1% match. At the 2026 maximum of $33,810 the match is $338.10. How that room works is the RRSP playbook. |
| You might switch brokers later | Note the transfer-out fee | $150 per account at Questrade versus $0 at Wealthsimple. |
Which accounts can you actually open?
Wealthsimple USD accounts are available on a TFSA, an FHSA, an RRSP, a spousal RRSP, an RRIF, a spousal RRIF, a LIRA, a LIF, an RESP, a non-registered account, a margin account, and a corporate account. They are not available on managed accounts. Questrade lists TFSA, RRSP, FHSA, RESP, and RRIF accounts with no account fee, and dual currency in registered accounts.
Online journaling is not available in a Questrade RESP. Where a US-listed holding belongs, once the broker can hold it, is the asset-location guide. Withdrawing and re-contributing is not a transfer. That mistake is in the TFSA contribution guide.
Is your money protected at either broker?
Both list CIPF membership. For an individual, the CIPF limit is $1 million for all general accounts combined (cash, margin, TFSA, and FHSA), plus $1 million for all registered retirement accounts combined (RRSP, RRIF, and LIF), plus $1 million for RESPs.
CIPF covers property held by an insolvent member firm. It does not cover market losses, and crypto is excluded. The limits are on the CIPF coverage page.
What should you ignore when you compare them?
Research tools, fractional shares, options depth, and phone support change, and they matter when you use them. Wealthsimple's managed portfolios and Questrade's Questwealth charge a management fee on top of the funds they hold. Compare those products in best robo-advisors, separately from a self-directed $0 commission.
Frequently asked questions
Is Wealthsimple or Questrade cheaper in 2026?
For Canadian-listed ETFs bought with Canadian dollars, both list $0 commissions, so the cheaper one is the one you will actually use. The gap opens on FX, the USD account, and the transfer out. Both list 1.5% from a CAD balance. Wealthsimple charges $10 a month plus tax for a Core USD account after a 30-day trial. Questrade dual-currency has no monthly fee. Journaling is $9.95 at both. Transferring an account out is $150 per account at Questrade and $0 at Wealthsimple.
Does the 1.5% apply twice, on the buy and on the sell?
At Wealthsimple, a US trade placed from a CAD account is converted on the order. Selling back into CAD converts again. A USD account has no FX fee on the US trade. You pay when you move cash between the CAD and USD accounts, on the tier for that amount. A single $10,000 conversion is in the 1.0% tier, which is $100. Questrade's 1.5% is on the conversion. Holding the USD proceeds in the dual-currency account skips the second conversion until you switch back.
Is Questrade Plus worth $19.99 a month?
It can pay for itself if you journal often, or if you contribute a large RRSP at Questrade. Plus is $19.99 a month plus tax after a 30-day trial, and it has billed that rate since October 1, 2026. Twelve months is $239.88 before tax, which is about 25 journals at $9.95, or $23,988 of RRSP contributions at the 1% deposit match. At the 2026 RRSP maximum of $33,810, a 1% match is $338.10. One journal a year does not cover the subscription. The room and the deduction are in the RRSP playbook.
Can I hold VOO at either broker?
Yes. VOO is a US-listed ETF, and both brokers list US-listed ETFs at $0 commission. You still pay to turn Canadian dollars into US dollars unless the account already holds USD. Whether VOO belongs in the account is a withholding question, not a commission question. See VFV versus VOO and US withholding by account.
Which one is better for a TFSA all-in-one ETF?
Either, if the only trade is a Canadian-listed fund and you will not convert currency. Both list $0 commissions on those ETFs. Pick the app you will fund. The fund choice is best ETFs for a TFSA. A USD account does not change that trade. Wealthsimple's $0 transfer-out is the difference if you might move the TFSA later.
Are these figures promotional?
The $0 commissions and the 1.5% FX lines are from the firms' own pricing pages, not from a bonus. Welcome bonuses and transfer rebates are left out on purpose. They change, and they are often unavailable if you have held an account before. These figures were checked on October 7, 2026. Confirm the schedule the day you apply.
Does Wealthsimple charge a journaling fee?
Yes. Wealthsimple charges $9.95 plus tax per request. The request is web only, it is limited to DLR and DLR.U, it takes about two business days, and you need a USD account.
What are Questrade's FX fees, and how do you avoid them?
Questrade charges 1.5% to convert currency. Hold US dollars in a dual-currency account so the next US trade stays in US dollars, or journal for $9.95. Journaling is free and unlimited with Questrade Plus.
How much does it cost to transfer out of Wealthsimple or Questrade?
Questrade charges $150 per account, whether the transfer is full or partial. Wealthsimple lists $0 for outgoing account transfers on its trade fee schedule.
Is a Wealthsimple USD account worth $10 a month?
It is worth the fee if you trade US-listed securities often enough that 1.5% per trade exceeds $120 a year. For example, 1.5% on $8,000 of US trades is $120. That comparison is illustrative. Core clients pay $10 a month plus tax after a 30-day trial, which is $120 a year before tax. The USD account is included at Premium, from $100,000 in assets, and at Generation, from $500,000.
Are Wealthsimple and Questrade CIPF members?
Yes. Both list Canadian Investor Protection Fund (CIPF) membership. For an individual, CIPF covers $1 million for all general accounts combined (cash, margin, TFSA, and FHSA), plus $1 million for all registered retirement accounts combined (RRSP, RRIF, and LIF), plus $1 million for RESPs. It covers property held by an insolvent member firm. It does not cover market losses, and crypto is excluded.
Sources
Checked October 7, 2026.
- Wealthsimple pricing and the trade fee schedule
- Wealthsimple: USD accounts
- Wealthsimple: convert currency with Norbert's gambit
- Questrade transaction fees and journaling shares
- Questrade pricing and fees
- Questrade administrative fees
- Questrade Plus
- Interactive Brokers Canada: spot currency commissions
- CIPF coverage
- CRA: MP, RRSP, DPSP, TFSA limits and the YMPE
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