This comparison is based on each broker’s published pricing and help pages and on independent reviews, not on hands-on testing of both platforms.
Keeping it brief
Both brokers charge $0 commissions on stocks and ETFs, so the difference for swing traders comes down to currency conversion, tools, and order flexibility. Both charge a 1.5% fee to convert between Canadian and US dollars unless the account holds USD. Questrade offers more for active traders, including a broader platform lineup, short selling, and options. Wealthsimple is simpler and has a lighter toolset, with limited charting.
Fees and features side by side
| Questrade | Wealthsimple | |
|---|---|---|
| Stock and ETF commissions | $0 | $0 |
| Currency conversion | 1.5% | 1.5% on US trades in CAD accounts; USD account free for Premium and Generation clients, $10/month for Core |
| Annual and inactivity fees | None | None, per independent reviews |
| Registered accounts | TFSA, RRSP, FHSA, RESP | TFSA, RRSP, FHSA |
| Margin | Up to 3x buying power, rates as low as Prime minus 2.5% | Available, with rates tiered by client status |
| Short selling | Available | Not offered, per reviews |
| Options | $0 commissions on US equity options for most contracts; CAD options $0.99 per contract | Offered; reviews differ on per-contract fees, so check the current schedule |
| Order types | Up to 8 types: market and limit on every platform; stop, stop-limit, trailing stop, trailing stop-limit, limit-on-open, and limit-on-close on Questrade Edge | Market, limit, stop-limit, and stop-market |
| Charting | Questrade Edge platforms and the free Questrade Pro | Basic, with limited TradingView-powered charting on web, per one review |
| Norbert’s Gambit | Journaling $9.95 per request, free with Questrade Plus ($19.99/month) | Support unclear across sources; check Wealthsimple’s help centre |
Questrade also lists free Level 1 streaming data, with expanded data at $9.95 per month (free with Plus). But pricing and promotions change, so confirm current figures on each broker’s page before opening an account.
Where the costs actually differ
Currency conversion
This is the cost that matters most for anyone trading US-listed stocks.
- Questrade charges 1.5% on USD/CAD conversion. Accounts are dual-currency by default, and USD held in registered accounts can be used to trade US securities without a forced conversion.
- Wealthsimple charges 1.5% each time US stocks are traded from a CAD account, on top of the corporate exchange rate. A USD account removes the per-trade fee, but converting between CAD and USD still carries a fee that falls as the amount grows. That account costs Core clients $10 per month and is free for Premium and Generation clients, who hold $100,000 or $500,000 in assets respectively.
On a $5,000 conversion, 1.5% is $75. Traders who convert larger amounts can use Norbert’s Gambit at either broker where supported. At Questrade, the journaling fee is $9.95, or free with Plus. The full method is covered in the Norbert’s Gambit guide on this site.
Account costs
Questrade lists no annual or inactivity fees. Its fee page does list a $150 charge for transferring an account out to another institution, which is worth knowing before opening an account. Wealthsimple’s published fee pages should be checked for its own transfer-out terms.
Tools that matter for swing trading
A swing trader working from daily and 1-hour charts mainly needs reliable stop orders, decent charting, and alerts.
- Order types. Wealthsimple now supports stop-limit and stop-market orders on CAD and US stocks and ETFs, though stop orders trigger only during regular market hours. Questrade offers up to 8 order types depending on the platform: market and limit orders everywhere, plus stop, stop-limit, trailing stop, trailing stop-limit, limit-on-open, and limit-on-close orders on the Edge platforms. Stop orders are valid only during regular market hours, and Questrade does not accept stop orders on Canadian exchanges, so a stop-limit order is needed there.
- Charting. Independent reviews describe Wealthsimple’s charting as basic, and many swing traders use a separate charting tool anyway. Questrade’s Edge platforms and Questrade Pro are built for more active use.
- Shorting and options. Questrade supports both. Reviews report that Wealthsimple does not offer short selling.
- Margin. Both offer it. In a TFSA, margin and shorting are not permitted at any broker.
Accounts and the TFSA
Both brokers offer a TFSA, and swing trading in one carries the CRA business-income risk covered in the guide to TFSA vs. non-registered accounts for active trading on this site. The choice of broker does not change how the CRA treats the activity.
Who each broker tends to fit
Questrade tends to suit traders who want charting, margin, short selling, or options in one place, who convert currency in larger amounts using journaling, or who plan to trade actively over time.
Wealthsimple tends to suit traders who mostly buy and hold Canadian-listed stocks and ETFs, value a simple app over a deep toolset, or hold enough in assets to qualify for the lower currency fees.
These are tendencies, not rules, and both can be used together, for example one for long-term holdings and one for active trading.
Frequently asked questions
Which is cheaper for trading US stocks? Both charge 1.5% to convert currency. Wealthsimple’s USD account (free at higher tiers) and Questrade’s USD holdings in registered accounts can avoid per-trade conversion once USD is in the account.
Is Wealthsimple good for swing trading? It supports stop orders and margin, but reviews describe its charting and research tools as limited. Many swing traders pair it with a separate charting platform.
Do either of them charge inactivity fees? Questrade lists none. Independent reviews report none at Wealthsimple.
Can both be used at once? Yes. Many investors hold accounts at more than one broker.
Does either broker’s trading result in different taxes? No. Tax treatment depends on the account type and trading pattern, not the broker.
Sources and further reading
- Questrade: Pricing and fees
- Questrade: Transaction fees
- Questrade: Administrative fees
- Questrade: Order types
- Questrade: Stop orders
- Wealthsimple Trade
- Wealthsimple: Compare plans and benefits
- Wealthsimple: Stop market and 24-hour orders
- StockBrokers.com: Wealthsimple review
- Money.ca: Wealthsimple Trade vs. Questrade
This article is educational only. InvestSheep is not a licensed financial advisor or tax professional, and nothing here is financial, investment, or tax advice.