The Two Biggest Names in DIY Investing
If you're a Canadian looking to invest outside of a big bank, two platforms dominate the conversation: Wealthsimple and Questrade. Both offer low fees, registered accounts (TFSA, RRSP, FHSA), and commission-free ETF purchases. But they're built for slightly different users.
Wealthsimple: Best for Beginners
Wealthsimple started as a robo-advisor and evolved into a full self-directed investing platform. Its strengths:
- Commission-free trading: All stocks and ETFs trade for $0
- Sleek, intuitive app: One of the cleanest interfaces in Canadian fintech
- Cash account: Earn interest on uninvested cash (competitive rates)
- Integrated ecosystem: Tax filing (Wealthsimple Tax), FHSA, TFSA, RRSP, crypto, all in one app
- No account minimum: Open with $1
- CDIC insured: Cash is protected up to $100,000
Drawbacks: Limited order types (market and limit orders only). Less suited for options trading or complex strategies.
Best for: New investors, those who want simplicity, newcomers to Canada building their first investment portfolio.
Questrade: Best for More Active Investors
Questrade has been Canada's go-to discount broker for over two decades. It's more feature-rich:
- Free ETF purchases: Buy ETFs for $0. Selling ETFs costs $4.95–$9.95 per trade
- Stocks: $4.95–$9.95 per trade (higher than Wealthsimple)
- Advanced tools: More order types, real-time data, margin accounts
- Options trading: Available for experienced investors
- Questrade Edge platform: Desktop platform for serious traders
- $1,000 minimum: Required to open an account
Drawbacks: Slightly more complex interface. Selling ETFs costs money. Customer service can be slower.
Best for: Investors who want more control, those doing larger trades, people who buy ETFs and hold (selling infrequently).
Side-by-Side Comparison
| Feature | Wealthsimple | Questrade | |---|---|---| | ETF buy commission | $0 | $0 | | ETF sell commission | $0 | $4.95–$9.95 | | Stock trades | $0 | $4.95–$9.95 | | Account minimum | $0 | $1,000 | | FHSA available | Yes | Yes | | Mobile app quality | Excellent | Good | | Options trading | No | Yes |
Which Should You Choose?
New investor or newcomer to Canada? Start with Wealthsimple. It's free, simple, and everything is in one place. The app makes it easy to set up automatic contributions and just leave them running.
Already comfortable investing, want more features? Questrade offers more depth for those who want it.
Both platforms are CIPF-protected (up to $1 million in investment assets), so your money is safe at either one.
Ottawa Context
Both platforms are fully online and available to Ottawa residents, no branch visits needed. Newcomers who don't yet have a relationship with a Canadian bank often start with Wealthsimple because the account opening process requires minimal documentation and no in-person visit.
Bottom Line
For most Canadians starting out, Wealthsimple wins on simplicity and zero-cost trading. For those buying-and-holding ETFs long-term and wanting more tools, Questrade is a solid choice. Either platform is far better than investing through a bank's proprietary mutual funds.
