Questrade vs Wealthsimple: Which One is better for trading in 2023
If you are looking to invest and have no knowledge of where to start an investment? Feeling overwhelmed by all the investment choices that jargon out there? For this race, you are not alone on the ground.
Along with these types of hurdles and confusion, investing is the smartest thing you can do with your money to gain long-term benefits. Why? Because if you invest to gain more and more time plays an important role in your journey and as time passes you can gain a massive gain through investment, that’s why investing your money is the better and smartest way to earn more and more benefits in the shortest span of time. Another reason is, investments have the potential to grow four times faster as compared with saving money.
In this article, we have narrowed down where you start your investment. For this, we have decided to briefly tell you about the two of the top contenders Questrade vs Wealthsimple trading options.
Without delay, let’s get started!
Wealthsimple
The Wealthsimple trading platform is a Robo-advisor launched in 2014 in Canada. It is one of the most popular and biggest automated online wealth management trading platforms in the country. The main goal of this platform is to provide low-budget, passive investing solutions for its customer with a variety of user-friendly features.
The company’s low-cost ETF portfolios are automatically diversified to help minimize risk for maximum returns. Doing this, it’s a great chance for hands-off investors who want to invest in an easy way to make money. Wealthsimple also offers socially responsible investment portfolios to gain money in return.
Questrade
The Questrade is also an online brokerage trading platform in Canada that provides self-directed investors allowing traders to invest in stocks, stocks, options, ETFs, mutual funds, and many other online currencies. Questrade was launched in 1999, and currently, it has become one of the largest independent brokerage trading platforms serving in the country.
Questrade is a good choice for many active investors who want to control their investment and make the right investment at the right time. The platform offers a lengthy range of services and investment products with robust trading facilities. They charge a nominal fee, which is a bonus for investors.
Pros of Questrade vs Wealthsimple
| Questrade | Wealthsimple |
| Can allow users to trade online. Questrade has advanced trading platforms with multiple online features. | No need to worry about the minimum investment amount for opening an account. |
| You can open a dual-currency account using Questrade. | You can trade freely. Wealthsimple allows you to trade commission-free trading. |
| Questrade platform has comprehensive research tools availability. | Wealthsimple allows you to trade automated investments. |
| They do not charge any account maintenance fee for their users. | It can allow traders to use expert advice
features from humans. |
| You can create and set up your account as per your needs. | The trader can trade up to more than 50 cryptocurrencies by using Wealthsimple trading. |
| You have the option to plan a dividend reinvestment for your future. | State-of-the-art encrypted feature is also available to use. |
Cons of Questrade vs Wealthsimple
| Questrade | Wealthsimple |
| You can start with a minimum investment limit which is $1.000. | Wealthsimple has limited investing options. |
| The commission fee varies from investment to investment. | The deposit limit is up to 3 days. |
| Usually, payments are delayed. | If you access any free platform the stock quote fall. |
Highlighted the features of Questrade vs Wealthsimple trading
| Features | Wealthsimple | Questrade |
|---|---|---|
| Commission fees | None | 1 ¢ per share which means the minimum share is $4.95 and the maximum is $9.95. |
| Type of accounts | Registered and Non-Registered | Registered and non-registered accounts. |
| Minimum investment limit | None | The minimum investment limit in Questrade is $1.00. |
| Investing options | The investing options in Wealthsimple are stocks, ETFs, and crypto. | The investing options in Questrade are stocks, ETFs, options, mutual funds, precious metals, and foreign exchange. |
| Where we access these trading platforms. | Can access on the platforms such as Android, desktop, and iOs. | Can access the platforms such as Android, desktop, and iOs. |
Comparison: Questrade vs Wealthsimple
If you are worrying about how to invest in Questrade vs Wealthsimple, and which one is the right investment platform Questrade or Wealthsimple. The following is a detailed comparison between these two definitely will help you to make the right decision for your choice.
1. Trading fees
The trading fee is the most essential factor to consider in any training platform. After all, it’s your right to know what features they are offering in comparison to the charge. Wealthsimple has zero commission fees for any assets they offer for trading. This means that investors have the right to purchase and sell their shares without worrying to pay any additional cost. With the comparison of trading Questrade charges a commission on every trade. For stocks and options, they charge a total of $4.95 per trade, similarly, if you are trading mutual funds their trading tee would be $9.95 per trade.
Moreover, the currency conversion fees of Questrade are 1.5% on any currency that isn’t in US dollars. So, if you are searching to invest in global markets, you should have to pay these additional charges.
2. Type of Accounts
When comes to which type of accounts both Wealthshare and Questrade are offering, you have plenty of options for choosing which type of account want to open. They both have registered and non-registered account opening categories for traders, which include registered accounts such as RRSPs, TFSAs, and others, they offer non-registered accounts as well. Both trading platforms offer the joint account option for those investors who want to open a joint account such as a partner, kid, or spouse.
Wealthsimple has five different account types such as;
- Tax-free savings accounts (TFSA).
- Joint account.
- Registered retirement savings plan (RRSP).
- Individual accounts.
- Registered education saving plan (RESP)
On the other side, Questrade offers six different account types facilities such as;
- Tax-free savings accounts (TFSA).
- It offers retired employees open a Locked-In Retirement income fund (LRIF).
- It offers a locked-In Retirement account (LIRA).
- Registered education saving plan (RESP).
- Registered retirement savings plan (RRSP).
- Individual accounts.
3. Type of Assets
The other essential factor for trading is what options of trading you have, assets trading may vary from platform to platform. For instance, some brokerage platforms only offer stocks, while others will allow you to trade cryptocurrencies, forex, and other types of online assets on their platforms.
When it comes to asset types, Wealthsimple gives its user plenty of assets to invest which include stocks, crypto, ETFs, and many more. you can use these features and many more without paying the fee.
In differentiation, Questrade has a wide range of training than Wealthsimple. You can take part in stock sharing, mutual funds, bonds, ETFs, options, and many other online brokerage assets. Questrade is charged a commission fee on every trade.
4. Funding
The method of funding your investment is quite different from Questrade vs Wealthsimple depending upon what are your requirements to fund your money.
In Wealthsimple, you can fund your account via credit or debit card or by bank transfer which is simple and quite easy.
On the other hand, Questrade offers more options than Wealthsimple offers. You can fund your account via debit or credit card, bank transfer, and eCheck (as well as wire transfer payment).
5. Minimum limit of investment
The minimum limit of investment is necessary to know every trader or investor for opening an account. The minimum investment limit is different and varies on what investing platform you choose.
Wealthsimple has no required minimum investment, which means you can open your account according to your investment amount. In Questrade, the minimum investment amount is $1.000 is required to open your account on this platform. It may be higher in comparison to other brokerage platforms, but it is relatively as compared with industry standards.
6. Investment platform
A major and essential consideration is choosing the best investment platform where you start trading easily. Some platforms are easy to use and user-friendly, while others offer more features, functions, and options.
Both Questrade vs Wealthsimple offered desktop platforms i.e web-based platforms and you can use them anywhere with any internet connection. You can use both of these platforms on your smartphone devices easily i.e iOs and Android devices. Compared to Wealthsimple, the Questrade app is easier to use.
User’s Experience
The user experience is more important than anything else. The best way is to look at the customer reviews on reputable websites then you will surely find something interesting.
Generally, most people look happy and satisfied with Wealthsimple, praising its no-commission trading, favorable fees, easy to use services.
All things do not look like same, when it comes to the Questrade platform, this platform has an average rating, which clearly shows that people are not happy with the Questrade platform. Many complaints are mentioned such as poor customer service, hidden fee charges, and hanging problems are published with this trading platform.
Wrapping up
By summing up that Questrade vs Wealthsimple trading review, which is the best choice for trading? Well, the answer totally depends on what services you’re looking for.
While both platforms have some similarities, in their specific domains, there are some differences you will always remember. Questrade platform will be a better choice if you are looking to target foreign markets, whereas, Wealthsimple might be more suitable if you are new in trading due to its easy-to-use feature with zero commission trading fee.