Objective Comparison
Wealthsimple vs Questrade vs Interactive Brokers
Researched from 13 sites
-
Wealthsimple
Photo: wealthsimple.com
-
Questrade
Photo: questrade.com
- Interactive Brokers
The Verdict
Wealthsimple is best for beginners due to its simplicity, while Questrade serves moderate users needing more tools. Interactive Brokers is the clear choice for advanced traders prioritizing low FX fees despite a steep learning curve.
Detailed Attribute Comparison
| Attribute | Wealthsimple | Questrade | Interactive Brokers |
|---|---|---|---|
| Commission (Stocks/ETFs) Determines the direct cost of every trade you execute. |
$0 | $0 for buying | $0.01/share CAD ($1 min); $0.005/share USD ($1 min) |
| Currency Conversion Fee Crucial for trading US-listed assets without paying high hidden costs. |
1.5% | 1.5% | approx. 0.002% |
| TFSA & RRSP Support Ensures you can hold your tax-advantaged retirement accounts on the platform. |
Full Support | Full Support | Full Support |
| Platform Complexity Influences how much time you must invest in learning the software. |
Beginner-friendly | Intermediate | Advanced/Steep |
| Regulation Confirms the broker is overseen by Canadian regulatory authorities. |
CIRO | CIRO | CIRO |
| Account Insurance Protects your assets in the event of firm insolvency. |
CIPF | CIPF | CIPF |
| Known issues Highlights recurring pain points experienced by other Canadian investors. |
Long support wait times, sudden account freezes | Long phone support wait times, inconsistent resolution | Steep learning curve, difficult to reach human support |
| Breadth of Account Offerings Confirms availability of specific tax-sheltered accounts. |
Wide (TFSA, RRSP, FHSA, RESP, etc.) | Wide (TFSA, RRSP, FHSA, RESP, etc.) | Wide (TFSA, RRSP, etc.) |
| Mobile App Availability Necessary for managing your portfolio on the go. |
Yes | Yes | Yes |
| Customer Support Access Indicates how easy it is to get help when you encounter problems. |
Digital-first | Phone/Chat | Ticketing/Phone |
Sources
13 sites were read by a live web search while this comparison was written.
- usegreenline.com
- stockbrokers.com
- youtube.com
- reddit.com
- questrade.com
- forward.questrade.com
- brokerchooser.com
- au.trustpilot.com
- trustpilot.com
- willstreet.ca
- help.wealthsimple.com
- finder.com
- wealthsimple.com
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