Questrade vs Wealthsimple 2024: Which platform is better?

Jeremy Biberdorf
By: Jeremy Biberdorf
 

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In the fast-paced world of online investing, choosing the right platform is essential for managing your financial future. As two of Canada’s leading fintech companies, Questrade and Wealthsimple have emerged as popular choices for investors seeking to navigate the complex world of stocks, ETFs, and other investment products.

For more detailed analysis of each product check out our full reviews:

Questrade is Better for:Wealthsimple is Better for:
Active traders and investorsPassive investors and beginners
Low trading fees and commissionsAutomated portfolio management
Advanced trading platforms and toolsSocially responsible investing options

In this in-depth comparison, we’ll examine Questrade and Wealthsimple across three crucial factors: fees, investment options, and user experience. By delving into the strengths and weaknesses of each platform, we aim to provide you with the insight necessary to make an informed decision on the best fit for your unique financial goals and investment style. So, let’s dive into the world of Questrade and Wealthsimple, and explore the factors that could determine your ideal choice.

Questrade Wealthsimple
Service Type Online brokerage Robo-advisor, online brokerage (Wealthsimple Trade)
Fees Trading fees: $4.95 - $9.95 per trade Management fees .20% after $100k 0.4 - 0.5% management fee for robo-advisor; $0 commission trades for Wealthsimple Trade
Account Minimum No minimum deposit Robo-advisor: $0 minimum; Wealthsimple Trade: no minimum deposit
Customer Support Phone, email, chat Phone, email, chat
Best Use DIY investing, active traders Hands-off investing, beginners, low-cost trading
Modest Money Review Questrade Review Wealthsimple Review
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Modest Money Overall Rating
4.5 rating based on 5 ratings
4.0 rating based on 5 ratings

Factor 1: Investment Options

Questrade: A Versatile Platform for Active and Passive Investors

  • Questrade offers a wide range of investment products
  • Wealthsimple: Streamlined Investing with a Focus on Simplicity
  • Wealthsimple specializes in robo-advisory and socially responsible investing

Questrade

questrade.com website

Questrade is a versatile investment platform that caters to both active and passive investors. The platform offers a wide range of investment products, including stocks, ETFs, options, mutual funds, bonds, and more. Investors have the option of self-directed investing, where they can make their own investment decisions, or they can opt for Questrade’s robo-advisory service, Questwealth Portfolios. This flexibility allows for more control over investment choices and strategies, making Questrade a great option for those who prefer a hands-on approach to investing.

Wealthsimple

wealthsimple.com website

Wealthsimple focuses on providing a streamlined investing experience, with an emphasis on simplicity and automation. The platform specializes in robo-advisory services, offering pre-built portfolios designed to suit various risk tolerances and investment goals. Wealthsimple is also known for its commitment to socially responsible investing, with options for investors to build portfolios that align with their values.

With its easy-to-use interface and automated portfolio management, Wealthsimple is an excellent choice for those who want a hassle-free investment experience without the need for extensive financial knowledge or management. Additionally, Wealthsimple offers a high-interest savings account, known as Wealthsimple Save, which provides a competitive interest rate and no monthly fees, making it an attractive option for those who want to earn a return on their cash reserves.

Factor 2: Fees and Pricing Structures

Questrade: Competitive Pricing for Self-Directed Investors

  • Questrade: Low trading fees for stocks and ETFs
  • Wealthsimple: Low-Cost, Transparent Fee Structure for Robo-Advisory Services
  • Wealthsimple: Management fees based on assets under management (AUM)

Questrade

Questrade offers competitive pricing for self-directed investors, with low trading fees for stocks and ETFs. The platform charges no fee for buying ETFs, making it attractive for passive investors building a long-term portfolio. However, selling ETFs incurs a fee, which can range depending on the number of shares. Questrade also has account maintenance fees, but these can be waived if certain conditions are met, such as maintaining a minimum account balance or executing a specific number of trades.

For their Questwealth portfolios management fees start at .25% and are reduced to .20% after $100,000.

Wealthsimple

Wealthsimple has a low-cost, transparent fee structure for its robo-advisory services. The platform charges management fees based on the total assets under management (AUM), with tiered pricing that decreases as the AUM increases.

Wealthsimple does not charge any trading or transaction fees, which can be a significant advantage for cost-conscious investors. Additionally, the platform does not impose account minimums or maintenance fees, making it accessible to a wide range of investors, including those just starting out.

Factor 3: User Experience

Questrade: Comprehensive Trading Tools for Advanced Investors

  • Questrade: Advanced trading platforms for desktop and mobile
  • Questrade: Steep learning curve for beginners
  • Wealthsimple: Intuitive Interface for Easy Investing
  • Wealthsimple: Mobile and web-based applications available

Questrade

Questrade offers comprehensive trading tools and resources for more advanced investors, with advanced trading platforms available for both desktop and mobile devices. The platform provides in-depth research tools, charting capabilities, and market analysis, allowing investors to make well-informed decisions. However, Questrade’s extensive features and tools may present a steep learning curve for beginners, who may find the platform overwhelming at first.

Wealthsimple

Wealthsimple prioritizes an intuitive user experience, with a platform designed for simplicity and ease of use. The platform’s user-friendly interface is accessible via both mobile and web-based applications, making it convenient for investors to manage their portfolios on the go.

Wealthsimple also offers educational resources aimed at helping new investors understand the basics of investing and personal finance. With its focus on simplicity and user experience, Wealthsimple is an ideal choice for beginners and those looking for a straightforward approach to investing.

Questrade vs Wealthsimple: Our Summary

When it comes to selecting the right investment platform, understanding your specific needs and preferences is crucial. Questrade and Wealthsimple are two leading Canadian fintech companies that cater to different investor profiles.

Questrade stands out as a versatile platform, with its wide range of investment products and options for both self-directed investing and robo-advisory services. Its competitive pricing, advanced trading tools, and in-depth research resources make it a suitable choice for experienced investors who prefer a hands-on approach to managing their portfolios.

Click here to get started with Questrade today.

Learn More About Questrade

Wealthsimple, on the other hand, emphasizes simplicity and ease of use. Its robo-advisory services, pre-built portfolios, and commitment to socially responsible investing make it an attractive option for beginners or those seeking a hands-off approach to investing. With its user-friendly interface and educational resources, Wealthsimple caters to investors who prioritize convenience and a streamlined investing experience.

Click here to get started with Wealthsimple.

Learn More About Wealthsimple


Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He’s a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.