Qtrade Direct Investing™ vs Wealthsimple 2026: FX, Fees, and Platform Compared

The old reason to choose between these two was price, and it has disappeared. Both now charge $0 to trade stocks and ETFs. Wealthsimple has been free for years; Qtrade joined it on October 28, 2025. The decision now turns on currency conversion, USD-account fees, platform and research, and service.

Wealthsimple is the app-first option for beginners and minimalists. Qtrade is the fuller brokerage, with deeper research, a broader account lineup, a strong service record, and free Norbert's Gambit. That generally makes Wealthsimple the simpler pick and Qtrade the stronger tool for research or frequent US-dollar conversion. For verified data on each broker, see our Qtrade review and Wealthsimple review.

TL;DR

• Commissions are a tie. Both charge $0 on Canadian and US stocks and ETFs.
• FX is where they split, and Norbert's Gambit is the real gap. Wealthsimple converts a direct US trade from a CAD account at a flat 1.5%. Qtrade shows its conversion rate in the trading window before you commit but publishes no spread you can check in advance, and that rate tightens as the amount grows, so the two are hard to compare on a direct trade. On Norbert's Gambit the difference is clear: free at Qtrade (no journal fee, $0 trades) against $9.95 plus tax per journal request at Wealthsimple, which also requires an eligible USD account.
• The USD account costs money at both, differently. Wealthsimple's USD account is $10/month plus applicable tax on Core (free on Premium and Generation). Qtrade charges nothing to hold US dollars in a non-registered account, but each USD registered account costs US$15 per quarter (FHSA excluded, waived for Investor Plus).
• Platform polish is a split decision. Qtrade wins on desktop and adds deeper research tools. Wealthsimple is more app-focused and has the mobile app we prefer, though Qtrade's app is functional and gets the job done well.
• Bottom line: Wealthsimple for beginners and minimalists who want the simplest $0 experience; Qtrade for investors who value research, service, and cheap US conversion, especially frequent US-ETF buyers in a non-registered account.

The two brokers at a glance

Commissions: tied at $0

Wealthsimple built its brand on $0 trades. Qtrade matched it on October 28, 2025, eliminating stock and ETF commissions along with its quarterly administration fee. Qtrade options now cost 75 cents per contract. Wealthsimple charges $0 per contract on US equity and ETF options, does not offer options on Canadian securities, and charges US$0.25 to US$1 per contract, per leg, in its limited index-options beta. For a buy-and-hold ETF investor, however, trading costs are identical.

One footnote at Qtrade: a mutual fund sold or switched within 90 days still carries a 1% fee with a $45 minimum (money-market funds aside), and phone-assisted trades carry a $45 minimum. Neither touches an ordinary ETF investor placing trades online.

Currency conversion: the real decision

If you only buy Canadian-listed ETFs, currency conversion does not matter. If you buy US-listed ETFs, it may be the largest recurring cost either platform charges.

Wealthsimple charges 1.5% for a US trade placed directly from a CAD account. On a $20,000 conversion, that is $300. Its USD account uses tiered rates: 1.5% under $10,000, 1% from $10,000 to $24,999.99, 0.5% from $25,000 to $99,999.99, and 0% at $100,000 or more. The $20,000 example therefore costs $200 through the USD account. A small spread remains even at the 0% tier because Wealthsimple applies the fee to its internal exchange rate rather than the mid-market rate.

Qtrade shows its conversion rate in the trading window before you place the trade, so you can see what you are getting on that trade. It does not publish a spread you can check in advance, which makes a like-for-like comparison against Wealthsimple's 1.5% impossible: the rate depends on the amount converted, with a smaller spread on larger amounts. Treat any claim that one is clearly cheaper on a direct conversion with suspicion, our own included. What is comparable, and what changes the answer for anyone converting regularly, is Norbert's Gambit.

Norbert's Gambit converts currency by buying the Global X US Dollar Currency ETF (DLR), journaling it to its US-dollar twin (DLR.U), and selling it. Qtrade charges neither trade commissions nor a journal fee. Wealthsimple charges $9.95 plus tax per journal request, requires an eligible USD account, and offers the feature only on the web.

Take that $20,000 conversion again, four ways:

For someone converting once, the difference between the top and bottom rows is a rounding error against a portfolio. For someone converting every quarter, it is a few hundred dollars a year for the same trade. Run your own amount through the Norbert's Gambit calculator; the full mechanics for both brokers are in our Norbert's Gambit guide.

Account fees and the cost of holding US dollars

Neither broker charges an annual or inactivity fee on a standard account, which already puts both ahead of most bank brokerages. The difference is in what it costs to hold US dollars.

Wealthsimple's USD account costs $10/month plus applicable tax on Core after a 30-day trial and is free on Premium ($100,000 or more in Wealthsimple assets) and Generation ($500,000 or more). It is available for most self-directed accounts, but not RRIF, spousal RRIF, or LIF accounts.

Qtrade charges nothing to hold US dollars in a non-registered account. A USD RRSP, RRIF, or TFSA costs US$15 per quarter, per account (about US$60 a year each); FHSAs are exempt. Investor Plus clients, who have at least $500,000 in assets or made 150 trades in the prior quarter, have the fee waived.

For US dollars in a taxable account, Qtrade is cheaper: no account fee and free journaling. In a registered account, a Core Wealthsimple client pays $120 a year plus tax before journal fees, while Qtrade charges about US$60 a year per account. Premium and Generation clients avoid Wealthsimple's subscription; for them, Wealthsimple can be cheaper until Qtrade's free journaling offsets its annual fee, at roughly eight conversions a year.

Platform, research, and service

This is where the two brokers stop being interchangeable.

Wealthsimple has the mobile app we prefer. It is clean and fast, and opening an account, setting a recurring buy, or checking a position takes seconds. Its web experience follows the same lightweight, app-focused approach.

Qtrade wins on desktop and depth. Surviscor ranked it first for Canadian desktop investing experience in 2025, its fourth straight year on top. It bundles full Morningstar analyst research and reports, stock and fund screeners, and its own portfolio tools: Portfolio Score grades your holdings across diversification, fees, income, and downside protection, and Portfolio Simulator lets you test a change before you make it. Most brokers leave the analysis to you. Qtrade builds in a second opinion. We like its mobile app less than Wealthsimple's, but it is functional and gets the job done well.

Qtrade also has the stronger service reputation. It sits near the top of Surviscor's service rankings, and in our own contact with support we received a same-day email that resolved the issue. Wealthsimple's support is app-first and has historically made reaching a human harder, though it has improved.

Account types and extras

Both brokers cover the accounts most Canadians need: TFSA, RRSP (and spousal), FHSA, RESP, LIRA, RRIF, non-registered cash, margin, and corporate investing. Qtrade offers established corporate cash and margin accounts. Wealthsimple offers a self-directed Business account for stocks and ETFs, while corporate margin remains a limited beta and is not available to every client. Wealthsimple also adds two things Qtrade's self-directed platform does not: cryptocurrency trading and fractional shares, the latter handy for buying a fixed dollar amount of a high-priced US stock. Wealthsimple folds chequing, a credit card, and tax software under one login too, which is convenient but increases lock-in.

Transfer offers and getting your money in

Qtrade reimburses your old broker's transfer-out fee up to $150 per client on transfers of $15,000 or more and asks for the old statement as proof. Wealthsimple automatically reimburses one outgoing fee per account, up to $150, but only where that account itself transfers $25,000 or more, so two $12,500 accounts earn nothing. It also requires the account to stay funded for 90 days.

Both are also running a cash offer. Qtrade's OFFER2026 promotion is for new clients only: earn up to $5,000 in cashback when you open and fund a new Qtrade account with the code, plus a $100 sign-up bonus for new clients who fund the account with at least $25,000 within the first 30 days of opening it. Apply between September 1, 2026 and January 5, 2027, fund by February 5, 2027, and hold the money until February 5, 2028, with the cash back paid on or around March 5, 2028 and the sign-up bonus on or around March 5, 2027. Wealthsimple matches 1% of a net-new transfer between $25,000 and $2,000,000, capped at a $20,000 bonus, paid in equal monthly instalments over a 24-month hold and taxable as interest. That hold is not all-or-nothing: you can withdraw up to 20% of the qualifying amount during it without losing anything, and only beyond that do the remaining instalments get clawed back proportionally.

The two are shaped differently. Qtrade pays a percentage on the smallest transfers, then switches to a flat amount that steps up with the size of the transfer, and the whole thing stops at $5,000. Wealthsimple's is a straight percentage all the way up, to a $20,000 cap, so the bigger the transfer the more Wealthsimple's is worth. Below $25,000 only Qtrade pays anything, because that is where Wealthsimple's offer starts. They also pay on different schedules: Wealthsimple pays monthly across its 24-month hold, while Qtrade holds the funds to February 5, 2028 and pays the cash back in one lump around March 5, 2028. Our transfer offers calculator works out what each is worth for your own amount.

A promotion is a fine tiebreaker and a poor deciding factor: you hold a platform for years and collect a bonus once. We track current offers, ranked by net value after fees, on the transfer offers page. Pick the broker that fits first, then let the promo be a bonus.

One cost of leaving Qtrade to keep in mind: a $150 transfer-out fee, plus a $100 charge if you close within the first year. Wealthsimple does not charge to transfer out. Your next broker will often reimburse Qtrade's exit fee, but it is worth knowing it exists.

Bottom line

Wealthsimple is the better choice for most beginners and anyone prioritizing a simple mobile experience. A Canadian-listed ETF portfolio can stay at $0 end to end, and smaller investors may not convert enough currency for Qtrade's FX advantage to matter.

Qtrade is the better fit for desktop research, service, or frequent US-dollar conversion, especially in a non-registered account. Neither is the cheapest option for a US-heavy portfolio, where a broker with near-interbank conversion such as Interactive Brokers beats both. Between these two, choose Wealthsimple for simplicity and Qtrade for depth.

Open a Qtrade Direct Investing™ account

If you are in the second group, converting US dollars regularly or wanting Morningstar research on the desktop, the free Norbert's Gambit and $0 trades are what you are buying. The OFFER2026 cash offer above is for new clients only and runs to January 5, 2027, and Qtrade puts up to $150 toward your old broker's exit fee. Weigh both against the $150 Qtrade charges if you eventually leave.

Open a Qtrade account →

This is an affiliate link. If you open and fund a Qtrade account through it, FolioNorth may earn a commission at no extra cost to you. It never affects our review, our ratings, or how we rank products by value, apart from breaking an exact tie in the transfer-offers calculator. See our full disclosure.

Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc.

The Wealthsimple links and every other link here go to our own reviews or official pages, with no affiliate relationship. Fees and features change often, so confirm the current numbers on each broker's own pricing page before you open an account.

Frequently asked questions

Is Qtrade or Wealthsimple cheaper?+

Trading is tied at $0. For US dollars, Qtrade is generally cheaper in a non-registered account; registered-account costs depend on your Wealthsimple tier and how often you convert.

Does Wealthsimple or Qtrade have the better app?+

Wealthsimple has the stronger mobile experience. Qtrade wins on desktop and research tools.

Can I do Norbert's Gambit at both?+

Yes. Qtrade has $0 trades and no journal fee. Wealthsimple charges $9.95 plus tax per journal request and requires an eligible USD account. See our Norbert's Gambit guide for the steps.

Is my money safe at Qtrade and Wealthsimple?+

Both are members of the Canadian Investor Protection Fund (CIPF), which covers client property up to $1 million per account category if the firm becomes insolvent. Qtrade operates as a division of Aviso Financial Inc., a CIRO-regulated dealer; Wealthsimple's investing arm is a separate CIRO-regulated dealer. CIPF does not cover market losses, only the failure of the firm holding your assets.

Which should a beginner choose?+

Wealthsimple in most cases. Consider Qtrade if desktop research, service, or frequent US-dollar conversion matters more to you.

Sources

• Qtrade moves to $0 commission trading (October 28, 2025), Qtrade Direct Investing
• Administrative fee schedule (USD registered account US$15/quarter, $150 transfer-out, $100 first-year close, $45 phone minimum), Qtrade
• Pricing overview ($0 stock and ETF commissions, options $0 base plus 75 cents per contract), Qtrade
• Investor Plus eligibility and USD-account fee waiver, Qtrade
• Transfer investment accounts (transfer-fee reimbursement up to $150 on $15,000+), Qtrade
• OFFER2026 offer terms (up to $5,000 in cashback plus a $100 sign-up bonus, new clients only, apply by January 5 2027, fund by February 5 2027, hold to February 5 2028, payout on or around March 5 2028), Qtrade
• Trading platform and Morningstar research, Qtrade
• Portfolio analytics (Portfolio Score, Simulator, Creator), Qtrade
• 2025 Canadian desktop investing experience rankings (Qtrade first), Surviscor
• Pricing (tiered FX schedule, USD account $10/month plus applicable tax on Core, Premium/Generation benefits), Wealthsimple
• Accounts overview (TFSA, RRSP, spousal RRSP, FHSA, RESP, LIRA, RRIF, margin, crypto), Wealthsimple
• Business accounts (self-directed stocks and ETFs; corporate margin beta), Wealthsimple Help Centre
• Upgrade to USD accounts for stock and crypto trading, Wealthsimple Help Centre
• Convert currency with Norbert's Gambit ($9.95 plus tax journal fee), Wealthsimple Help Centre
• Options trading fees ($0 per contract on most orders), Wealthsimple Help Centre
• Options availability (US securities; Canadian securities unavailable), Wealthsimple Help Centre
• Index options beta (limited availability; US$0.25 to US$1 per contract, per leg), Wealthsimple Help Centre
• Transfer fee reimbursement policy (automatic; one fee per $25,000 transferred; 90-day funding condition), Wealthsimple Help Centre
• 1% transfer match 2026 ($25,000 to $2,000,000, $20,000 maximum bonus, 24-month hold, paid monthly, taxable as interest), Wealthsimple
• About CIPF coverage ($1 million per account category), Canadian Investor Protection Fund