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Wealthsimple vs Questrade vs IBKR: Best Brokerage in Canada (2026)

Updated

If you want the broader shortlist before comparing these three directly, start with best online brokers in Canada and best investing apps in Canada.

Quick Comparison

FeatureWealthsimple TradeQuestradeIBKR (Interactive Brokers)
Best forBeginnersIntermediateAdvanced/Active
Stock commission$0$4.95-9.95$0.01/share ($1 min)
ETF commission$0$0 buy$0 buy
Currency conversion1.5% (0% with Plus)~1.5% (can use Norbert’s Gambit)0.002% (best)
Mobile appExcellentGoodComplex
Account minimum$0$0$0
Fractional sharesYesNoYes
CryptoYesNoNo
Research toolsBasicGoodExcellent

Trading Fees

Stock Trading

Trade TypeWealthsimpleQuestradeIBKR
Canadian stocks$0$4.95-9.95$0.01/share ($1 min)
US stocks$0 (+ FX fee)$4.95-9.95 (+ FX fee)$0.003/share ($1 min)
OptionsNot available$9.95 + $1/contract$0.65/contract

ETF Trading

WealthsimpleQuestradeIBKR
ETF purchases$0$0$0 (most)
ETF sells$0$4.95-9.95Same as stocks

Currency Conversion

WealthsimpleQuestradeIBKR
Standard conversion1.5%~1.5%0.002%
Avoid conversionPlus subscription ($10/month)Norbert’s GambitNative USD account

For US stocks: IBKR has the lowest total cost by far.

That advantage matters most when combined with best account type for US stocks and ETFs in Canada and Norbert’s Gambit.

Account Types

AccountWealthsimpleQuestradeIBKR
TFSA✅✅✅
RRSP✅✅✅
FHSA✅✅❌
RESP❌✅❌
LIRA❌✅✅
Corporate❌✅✅
Margin❌✅✅

Winner: Questrade

Questrade supports the widest range of account types.

Platform & Mobile App

FeatureWealthsimpleQuestradeIBKR
Mobile app rating4.8/54.3/54.5/5
Desktop platformWeb onlyYes (IQ Edge)Yes (TWS)
User interfaceVery simpleModerateComplex
Learning curveMinutesHoursDays
CustomizationLimitedGoodExtensive

Winner: Depends

Wealthsimple for simplicity, IBKR for power users.

Research & Tools

FeatureWealthsimpleQuestradeIBKR
Stock screenerBasicGoodExcellent
Analyst ratingsBasicYesExtensive
News feedYesYesYes (premium)
Technical analysisNoGoodExcellent
Options toolsN/ABasicAdvanced
Paper tradingNoNoYes

Winner: IBKR

IBKR has the most comprehensive research and analysis tools.

Fractional Shares

WealthsimpleQuestradeIBKR
Fractional sharesYesNoYes
Minimum investment$1Full share$1
Best forSmall portfolios—Small portfolios

Crypto

WealthsimpleQuestradeIBKR
Crypto tradingYes (50+ coins)NoNo
Crypto fees1.5-2% spreadN/AN/A

Note: Wealthsimple Crypto is separate from Trade.

Premium Subscriptions

Wealthsimple Plus ($10/month)

FeatureIncluded
USD accounts (no conversion)✅
Instant deposits up to $5,000✅
Additional reports✅

Questrade

No subscription fee — all features included.

IBKR

No subscription fee — all features included (some data feeds cost extra).

Cost Comparison: $10,000 Portfolio

Buying XEQT (Canadian ETF)

WealthsimpleQuestradeIBKR
Commission$0$0$0
Total cost$0$0$0

If XEQT-style investing is the real use case, compare best all-in-one ETFs in Canada and asset allocation by age.

Buying VTI (US ETF)

WealthsimpleQuestradeIBKR
Commission$0$0$0
FX conversion$150 (1.5%)$150 (1.5%)$0.20 (0.002%)
Total cost$150$150$0.20

Winner: IBKR for US investments, tie for Canadian-only.

Customer Service

ChannelWealthsimpleQuestradeIBKR
PhoneLimitedYesYes
ChatYesYesYes
EmailYesYesYes
Response qualityGoodGoodTechnical

Who Should Choose Each

Choose Wealthsimple If:

SituationWhy
Complete beginnerSimplest platform
Small portfolioFractional shares
Canadian stocks/ETFs onlyZero commission
Want crypto tooIntegrated platform
FHSA neededAvailable

If you are not sure whether you should be self-directing at all, compare best robo-advisors in Canada and robo-advisor vs financial advisor vs DIY.

Choose Questrade If:

SituationWhy
Want free ETF purchases$0 ETF buys
Need RESPRESP available
Want desktop platformIQ Edge
Plan to use Norbert’s GambitSupported
Options tradingAvailable

Choose IBKR If:

SituationWhy
Active traderLowest costs at volume
US stock focusBest FX rates
Options/marginBest platform
Corporate accountAvailable
Advanced toolsBest research