Investing

Wealthsimple vs Questrade

  • Last Updated:
  • Jan 14th, 2020 10:23 am
[OP]
Sr. Member
Jan 30, 2017
534 posts
78 upvotes

Wealthsimple vs Questrade

Hi all

Wanted to ask everyone which one is better Questrade or weslthsimple

I don’t wanna pay commission fees but is wealthsinple reliable?
28 replies
Deal Addict
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Apr 2, 2010
2123 posts
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GTA
Wealthsimple Trade is pretty good, you have TFSA and RRSP accounts as well.
The only downside is, its Mobile only (for now at least).

I'd say give it a try.
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May 11, 2014
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If you are stickIng to a simple ETF/stock portfolio, Wealthsimple is fine. Questrade has more features such as GICs, Bonds, Mutual Funds, international stock, research tools etc.

I wouls base on what you want to invest in first.
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[OP]
Sr. Member
Jan 30, 2017
534 posts
78 upvotes
Thank you

I am just investing in blue chip names mostly.. I figure if there is a platform where I can avoid paying commission why not take advantage?

One thing that disappoints me is that they don’t have a phone number.. only contact is through email
Jr. Member
Dec 1, 2019
129 posts
112 upvotes
I will say that looking over it Wealthsimple Trade seems better when it comes to fees.
I mainly use Questrade's PC interface, and when I want to look over my portfolio. Only once I've tried trading with their app and I have nothing to complain about.
Questrade let's you hold US stocks and ETFs, and you can perform Norbert's Gambit to eliminate forex fees. Wealthsimple Trade charges a forex fee.
Questrade uses SMS 2FA, while Wealthsimple Trade has token 2FA only if you also have a Wealthsimple Invest account.

I started with Questrade but it looks like I'll be adding an account with Wealthsimple Trade, once they have 2FA for everyone up and running.
I'll use Questrade if I ever open up an RRSP.
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Dec 2, 2019
86 posts
53 upvotes
If you have an existing online brokerage, forget Wealthsimple unless you have new cash to put in their portfolio. After a lot of back and forth with them I found out that they do not accept 'in kind' transfers, which means you'll have to sell everything (and pay fees for that) and then repurchase everything with Wealthsimple, exposing yourself to losses in the daily spread.

If you are starting out, I'd go with Wealthsimple for two reasons: No fees (Questrade can get infuriatingly expensive - I paid $20+ in commissions for one trade recently). You aren't exposed to penny stocks - they don't allow anything below $1 I believe (many investors would see this as a downside, but if you're a beginner, this might be safer for you).
I like coupons and turtles.
[OP]
Sr. Member
Jan 30, 2017
534 posts
78 upvotes
LazerHawk wrote: If you have an existing online brokerage, forget Wealthsimple unless you have new cash to put in their portfolio. After a lot of back and forth with them I found out that they do not accept 'in kind' transfers, which means you'll have to sell everything (and pay fees for that) and then repurchase everything with Wealthsimple, exposing yourself to losses in the daily spread.

If you are starting out, I'd go with Wealthsimple for two reasons: No fees (Questrade can get infuriatingly expensive - I paid $20+ in commissions for one trade recently). You aren't exposed to penny stocks - they don't allow anything below $1 I believe (many investors would see this as a downside, but if you're a beginner, this might be safer for you).
Thank you.. I also found out that they do not let you hold USD.. u have to buy us stocks using Canadian money...
[OP]
Sr. Member
Jan 30, 2017
534 posts
78 upvotes
095179005 wrote: I will say that looking over it Wealthsimple Trade seems better when it comes to fees.
I mainly use Questrade's PC interface, and when I want to look over my portfolio. Only once I've tried trading with their app and I have nothing to complain about.
Questrade let's you hold US stocks and ETFs, and you can perform Norbert's Gambit to eliminate forex fees. Wealthsimple Trade charges a forex fee.
Questrade uses SMS 2FA, while Wealthsimple Trade has token 2FA only if you also have a Wealthsimple Invest account.

I started with Questrade but it looks like I'll be adding an account with Wealthsimple Trade, once they have 2FA for everyone up and running.
I'll use Questrade if I ever open up an RRSP.
Thank you.. I think I will stick with Questrade for now
Newbie
Jul 9, 2017
33 posts
13 upvotes
I just transfered my account from questrade to wealthsimple trade. All of my stocks were "in-kind" ttansfered without selling and repurchasing.

It is a non-registered account. I only hold cad etf in the account, and all of the etf are also available in wealthsimple
LazerHawk wrote: If you have an existing online brokerage, forget Wealthsimple unless you have new cash to put in their portfolio. After a lot of back and forth with them I found out that they do not accept 'in kind' transfers, which means you'll have to sell everything (and pay fees for that) and then repurchase everything with Wealthsimple, exposing yourself to losses in the daily spread.

If you are starting out, I'd go with Wealthsimple for two reasons: No fees (Questrade can get infuriatingly expensive - I paid $20+ in commissions for one trade recently). You aren't exposed to penny stocks - they don't allow anything below $1 I believe (many investors would see this as a downside, but if you're a beginner, this might be safer for you).
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Mar 25, 2012
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Kelowna
Don't deal with either, but hands down, this is an easy question. Wealthsimple Trade does not, crucially, offer a desktop trading environment whereas Questrade does. As well, it does not offer RRSPs, locked-in RRSPs/LIRAs, RRIFs, and the like. Moreover, there are steep fees for handling corporate actions (i.e., mergers, plans of arrangement, and the like), as I understand it.

Maybe in a few years, but I would go with, in this order:

(1) Scotia iTRADE;
(2) Questrade; or,
(3) Qtrade

Soft avoid on Wealthsimple Trade.

Cheers,
Doug
Newbie
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Dec 2, 2019
86 posts
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fatman1989 wrote: I just transfered my account from questrade to wealthsimple trade. All of my stocks were "in-kind" ttansfered without selling and repurchasing.

It is a non-registered account. I only hold cad etf in the account, and all of the etf are also available in wealthsimple
Hmm, interesting. May be because I was moving registered accounts they wouldnt allow in kind.
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Mar 31, 2006
292 posts
151 upvotes
Edmonton
Does Questrade still offer cash bonus to new customers with a QPass key, depending how much fund is transferred into the new account? I couldn't find the offer directly linked from their website.
Jr. Member
Dec 1, 2019
129 posts
112 upvotes
dmehus wrote: Don't deal with either, but hands down, this is an easy question. Wealthsimple Trade does not, crucially, offer a desktop trading environment whereas Questrade does. As well, it does not offer RRSPs, locked-in RRSPs/LIRAs, RRIFs, and the like. Moreover, there are steep fees for handling corporate actions (i.e., mergers, plans of arrangement, and the like), as I understand it.

Maybe in a few years, but I would go with, in this order:

(1) Scotia iTRADE;
(2) Questrade; or,
(3) Qtrade

Soft avoid on Wealthsimple Trade.

Cheers,
Doug
They seem to be trying to get with the present at Wealthsimple Trade. They currently offer TFSAs, personal, and bare-bones basic RRSPs.

https://www.wealthsimple.com/en-ca/product/trade/
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Mar 25, 2012
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095179005 wrote: They seem to be trying to get with the present at Wealthsimple Trade. They currently offer TFSAs, personal, and bare-bones basic RRSPs.

https://www.wealthsimple.com/en-ca/product/trade/
I agree with your second sentence, but not sure how they are "get[ting] with the present"? Arguably, you could say the opposite—that they're stuck in the past.

The biggest issue for me is the lack of a desktop platform and their inability to include free handling of corporate actions.

Cheers,
Doug
Jr. Member
Dec 1, 2019
129 posts
112 upvotes
Given that they only came out this year (might be wrong on that), I would see it as growing pains - would have to compare how long it took the other discount brokers to to have a full feature set.

Or they're just never going to have those features, and stay behind with the competition.
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095179005 wrote: Given that they only came out this year (might be wrong on that), I would see it as growing pains - would have to compare how long it took the other discount brokers to to have a full feature set.

Or they're just never going to have those features, and stay behind with the competition.
Yeah, the way I see it, they want to maintain a lean, fully digital operation, and adding those services and features would require them to "staff up" their operation, increase their physical paper flow, and add to their costs. To do those things digitally, in their view, it's likely cost prohibitive. So, they target the frequent trader and casual investor, not someone who has significant assets in former employer pension plans they could otherwise transfer in.

Cheers,
Doug
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Jul 10, 2019
72 posts
35 upvotes
In sums around $10k CAD, which platform would make more sense to trade USD stocks? I have no need for interfaces or trade views as I use outside resources.
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Mar 25, 2012
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FlagDealer99 wrote: In sums around $10k CAD, which platform would make more sense to trade USD stocks? I have no need for interfaces or trade views as I use outside resources.
Hrm, you're generally going to have an annual administration fee on balances less than $15,000, but in general, I'm quite happy with Scotia iTRADE. They just added CFRA equity research reports, too, which was nice.

Cheers,
Doug
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Sep 19, 2013
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You are comparing apples to oranges.

Questrade is a discount broker while WealthSimple is a robo-advisor. Questrade also has a robo advisor called Questwealth.

With discount broker, the user is on their own. They have to make their own decisions, re-balance the portfolios. Pay the fees per transaction, etc. You've to be active and diligent.

With robo-advisors, its a passive fire and forget strategy. They only have to give their mandate (initial decision) and keep putting funds. The robo will invest, re-balance and pay the transaction fees. The robo only charges annual low fee. You dont have any room to sway away from the mandate.
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May 11, 2014
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Mr Bean wrote: You are comparing apples to oranges.

Questrade is a discount broker while WealthSimple is a robo-advisor. Questrade also has a robo advisor called Questwealth.

With discount broker, the user is on their own. They have to make their own decisions, re-balance the portfolios. Pay the fees per transaction, etc. You've to be active and diligent.

With robo-advisors, its a passive fire and forget strategy. They only have to give their mandate (initial decision) and keep putting funds. The robo will invest, re-balance and pay the transaction fees. The robo only charges annual low fee. You dont have any room to sway away from the mandate.
Unless we are talking about WealthSimple Trade?
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