Wealthsimple vs Questrade: What’s the Best Investing App in Canada for 2026?

If you’re ready to start investing in Canada (and you’re tired of banks charging $10–$30 per trade) you’ve probably come across Wealthsimple and Questrade.

They’re two of the biggest and most trusted investing platforms in the country. Both are low-cost, beginner-friendly, and built for Canadians who want to grow their money without paying high bank fees. But which one is actually right for you in 2026?

Let’s break it down in simple terms.

🏦 The Basics: What Are Wealthsimple and Questrade?

Wealthsimple

Wealthsimple started as a no-commission investing app that made investing accessible to everyone. The design is clean, modern, and perfect for beginners. You can buy and sell Canadian and U.S. stocks or ETFs for free, and even invest in fractional shares, so you don’t need hundreds of dollars to own part of Shopify or Tesla.

But Wealthsimple has evolved beyond just investing, it’s now an all-in-one financial app that includes:

• Cash accounts (with interest)

• A Wealthsimple Card that earns cash-back or stock rewards

• A Wealthsimple Credit Card with up to 2% back on everyday purchases

• A Line of Credit for eligible clients who want flexible access to cash

• Easy transfers between your banking, saving, and investing accounts

Wealthsimple feels more like a full personal-finance ecosystem than just a trading app.

Questrade

Questrade is Canada’s original discount brokerage. It’s been trusted by investors for over two decades and built a reputation for low fees and flexibility.

Traditionally known for serious DIY investors, Questrade now competes directly with Wealthsimple after going commission-free on Canadian and U.S. stocks and ETFs. It also supports fractional shares, giving Canadians the same low-cost access to investing.

While it’s not as sleek as Wealthsimple, Questrade’s trading tools, research reports, and order controls make it ideal for investors who like to go deeper.

🧾 Account Options: Who Offers What

In 2026, both Wealthsimple and Questrade offer nearly every major investment account type in Canada:

✅ TFSA (Tax-Free Savings Account)
✅ RRSP (Registered Retirement Savings Plan)
✅ FHSA (First Home Savings Account)
✅ RESP (Registered Education Savings Plan)
✅ LIRA / LIF (Locked-In Retirement Accounts)
✅ Corporate Accounts
✅ Margin Accounts

Wealthsimple’s Edge

Wealthsimple combines all that with banking and credit options… something Questrade doesn’t have.

You can:

• Open a cash account that earns daily interest

• Use the Wealthsimple Card for spending or cashback in stocks

• Apply for a line of credit or credit card directly through the app

This means you can manage your entire financial life (saving, investing, credit, and spending), in one place.

Questrade’s Edge

Questrade focuses purely on investing and gives you more control with:

• Advanced order types

• Research tools

• Real-time data options for active traders

So if you’re more hands-on, Questrade gives you a deeper toolkit.

💸 Fees and FX Costs: What You’ll Actually Pay

Both Wealthsimple and Questrade now offer $0 commissions on Canadian and U.S. listed stocks and ETFs, a massive shift from just a few years ago.

However, you’ll still pay foreign exchange (FX) fees when you buy U.S. stocks with Canadian dollars. Both platforms charge roughly 1.5–2% for currency conversions.

✅ How to Avoid FX Fees

Both platforms let you trade in U.S. dollars directly, here’s how:

• Wealthsimple Plus Plan – Costs $10/month, but it’s free if you hold $100,000 or more across your Wealthsimple accounts. This plan gives you USD accounts in your TFSA, RRSP, and non-registered accounts, so you can trade U.S. stocks without conversion fees every time.

• Questrade USD Accounts – Questrade lets you hold and settle trades directly in USD across most registered accounts. No monthly cost, just set it up once.

If you regularly buy American stocks, setting up USD accounts can save you hundreds every year.

🧠 Ease of Use

• Wealthsimple: Simple and sleek. The interface is friendly and unintimidating, perfect for beginners or passive investors.

• Questrade: More advanced. It offers detailed charts, data feeds, and customization that seasoned investors appreciate.

And both now support fractional shares, meaning you can own a piece of companies like Apple or Amazon for as little as a dollar.

🛡️ Safety and Protection

Both Wealthsimple and Questrade are regulated in Canada and your funds are protected.

• CIPF (Canadian Investor Protection Fund) protects up to $1 million per account category in the event your brokerage fails.

  • TFSA + non-registered accounts count as one category

  • RRSPs, RESPs, and LIRAs each have their own

  • So you could be protected for several million dollars in total coverage.

• CDIC (Canada Deposit Insurance Corporation) insures Wealthsimple Cash deposits up to $100,000 per depositor per member institution.

So whether you’re investing or saving, your money is secure.

And remember, lots of Canadians use both.

💡 Final Thoughts

In 2026, both Wealthsimple and Questrade give Canadians an affordable, modern way to invest.

• Wealthsimple is the easiest, most all-in-one option (investing, banking, and credit in one app).

• Questrade is the most flexible, professional option (for those who want deeper control).

No matter which you choose, the best investing app is the one that gets you started and helps you stay consistent.