Putting a little money aside every month is one way to save and build wealth over time, but you can really make your money work for you with smart investing. And while you can always enlist the services of traditional investment brokerages to help you out, you can take a more self-directed approach thanks to the myriad of online trading platforms available in Canada.
Two of today’s more popular investment platforms include Qtrade and Wealthsimple Trade, which make online trading quick, simple, and convenient. But whether you’re just starting out in the world of trading or have a bit of experience behind your back, which of the two platforms should you choose?
In this article, we’ll compare both platforms to help you decide which one is most suitable for your needs.
Key Points:
- Qtrade and Wealthsimple are two popular online trading platforms among Canadian investors.
- Qtrade offers more investment products and account types, making it better for experienced investors.
- Wealthsimple Trade is geared more towards beginners or low-cost investing.
Qtrade Vs. Wealthsimple Trade: A Snapshot Comparison
Qtrade and Wealthsimple Trade are relatively similar in that they’re both online trading platforms intended to help investors take the wheel when it comes to trading. However, each platform has unique features and drawbacks making one more suitable for certain people than others.
The following chart provides a snapshot of Qtrade and Wealthsimple Trade for a quick comparison:
| Qtrade | WealthSimple Trade | |
| Commission Fees | $0 | $0 |
| Types of Investments | – Stocks – ETFs – Options – GICs – Mutual funds – Bonds | – Stocks – ETFs – Options – Cryptocurrencies – Precious metals |
| Types of Investment Accounts | – RRSPs – TFSAs – USD RRSPs – USD TFSAs – Joint accounts – Estates – Trusts – Options trading – LIRAs – RESPs – RRIFs – LIFs – Cash | – Individual accounts – TFSAs – RRSPs – FHSAs – Chequing accounts – USD savings accounts – Registered savings accounts – Non-registered accounts – Margin accounts – RESPs – LIRAs – RRIFs |
| Minimum Investment | No minimum deposit | No minimum deposit |
| Main Features | – Two-factor authentication – Access to real-time data – Research tools available | – Fractional shares – Two-factor authentication – Instant deposits – Watchlists – Price alerts |
| Fractional Shares | No | Yes |
| Platforms Available | App (App Store & Google Play) and desktop | App (App Store & Google Play) and desktop |
| Safety (Funds Protected?) | – Member of CIPF & IIROC – Several safeguards to keep personal data protected | – Member of CIPF & IIROC – Layers of security measures to keep personal data safe |
What Is Qtrade?
Qtrade is an online discount brokerage that makes it easy for self-directed investors to buy and sell stocks, ETFs, and other investment vehicles in the Canadian and US markets. Investors have quick access to brokerage accounts online available at their fingertips without having to use a traditional middleman to make trades.
This platform has received plenty of recognition thanks to its comprehensive tools, access to trading accounts, and excellent customer service.
Qtrade is easy to use, making it ideal for both experienced and novice investors alike. It’s also a safe platform for traders, as it’s backed by Aviso Wealth, a large independent wealth management firm, and is regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
Special Offer
- Get 5% cash back on every dollar you invest up to $15,000*. Plus, get an additional 1% cash back on any further investments over $15,000*
- Simply open a new account with Qtrade Direct Investing using promo code QTRADE2025 before January 5, 2026.
Qtrade Features We Like
Qtrade offers support and a number of tools that you can benefit from as a novice or expert investor.
Planning Tools
Qtrade offers free tools and calculators to help you plan out your investments and trades as affordably and profitably as possible. You can use these tools to anticipate your net worth and devise a plan to achieve your financial goals.
My News
Qtrade has partnered with PersonaFin to offer Canadian investors My News, an AI-driven personalized newsfeed. Using AI, My News offers tailored insights based on your goals and trends, actionable investment data, and intelligent search capabilities.
Options Lab
Whether you’re a new or experienced investor, you can use Options Lab to explore option strategies based on your goals and risk tolerance. This tool allows you to choose a stock and get personalized strategies on it by simply answering a few questions.
Tools To Evaluate & Review Stocks & Markets
Qtrade offers several tools to help traders closely monitor assets and markets:
- Screening Tools: Qtrade’s screening tools allow you to sift through thousands of stocks, ETFs, and mutual funds to find the best ones most suitable to your financial objectives.
- Analyst Recommendations: Stay informed on the best stocks to choose based on analysts’ recommendations, and take advantage of fundamental research for any company with key performance metrics from the most up-to-date financial statements.
- Real-Time Quotes: Keep tabs on market movements with real-time quotes. Plus, you can set alerts to be notified when price changes or market events occur.
- Account Insight: You’ll have comprehensive insight into your accounts and holdings and can quickly compare stock performance.
What Is Wealthsimple Trade?
Wealthsimple Trade is a self-directed investment platform and the first commission-free online brokerage in Canada backed by Canadian ShareOwner Investments Inc., an investment dealer registered for operation in Canada.
As of early 2022, Wealthsimple Trade boasts an impressive $15 billion in assets under management, and its investment management tools have been widely recognized.
In addition to stocks and ETFs, investors can also add crypto to their portfolios through Wealthsimple Trade. There are no account fees or account minimums, making this online trading platform relatively affordable, especially for investors with minimal investment capital.
Wealthsimple Features We Like
Wealthsimple Trade comes with a number of unique features, including the following:
With Wealthsimple Trade, you don’t have to purchase whole shares in a company if you can’t afford to. With fractional shares, you can invest in companies that align with your values without having to spend more than you are comfortable with.
There are over 500 stocks and ETFs you can purchase as fractional shares using Wealthsimple Trade. Some of their more popular stock options include:
- Apple
- Microsoft
- Amazon
- Netflix
Deposit Instantly
With Wealthsimple, you don’t have to wait to have your funds transferred from your bank account to your Wealthsimple Trade account. The amount you can deposit instantly varies depending on account level.
Real-Time Stock Prices
Timing is everything when it comes to investing. With Wealthsimple, you’ll get access to real-time stock quotes so you always make the right move at the right time.
CIPF Protected
Your accounts are held with Wealthsimple Investments Inc. and protected by CIPF within certain limits.
Qtrade Vs. Wealthsimple Trade Fees
Both Wealthsimple Trade and Qtrade offer zero commission on trades:
Qtrade Fees
Qtrade’s fees are as follows:
- Equities: $0
- Options: $0 + $0.75/contract
- ETFs: $0
- Fixed income and Exchange-traded debentures: $1/$1,000 face value
| Note: All administrative fees have recently been cut. |
Wealthsimple Trade Fees
Wealthsimple Trade currently offers $0 commissions on all three of its account plans (Core, Premium, and Generation).
Qtrade Vs. Wealthsimple Investment Accounts
Qtrade and Wealthsimple Trade both offer several investment account options:
| Qtrade Accounts | Wealthsimple Trade Accounts |
| – RRSPs – TFSAs – USD RRSPs – USD TFSAs – Joint accounts – Estates – Trusts – Options trading – LIRAs – RESPs – RRIFs – LIFs – Cash | – Individual accounts – TFSAs – RRSPs – FHSAs – Chequing accounts – USD savings accounts – Registered savings accounts – Non-registered accounts – Margin accounts – RESPs – LIRAs – RRIFs |
Qtrade Vs. Wealthsimple Trade Investment Products
You can buy and sell thousands of stocks and ETFs through both Qtrade and Wealthsimple Trade. However, Qtrade’s offerings extend beyond these options to include the following:
- Bonds
- Options
- Mutual funds
- GICs
- IPOs
Qtrade Vs. Wealthsimple Trade Platforms
Both Qtrade and Wealthsimple Trade provide access through mobile and desktop platforms, allowing investors to manage their accounts from virtually anywhere:
| Qtrade | Wealthsimple Trade | |
| Two-Factor Authentication | Yes | Yes |
| Real-Time Data Access | Yes | Available to Plus account clients only |
| Research Tools | Plentiful | Minimal |
| Customization | Highly customizable, including charts, market data, & order entry types | Minimal |
Qtrade Vs Wealthsimple Crypto Trading
Qtrade allows clients to invest in cryptocurrency with ETFs, making it easy for investors to access popular crypto like Bitcoin, Ethereum, and Solana. You can hold these investments directly in accounts such as TFSAs or RRSPs, without having to set up a crypto wallet or use a separate exchange.
Wealthsimple Trade is the first regulated crypto platform in Canada, allowing investors to trade popular coins like Bitcoin, Ethereum, Solana, and over 140 other coins. Investors can directly swap cryptocurrency in one trade to save on fees and transaction time.
Qtrade Vs Wealthsimple Customer Service
Qtrade appears to have more options when it comes to contacting customer support:
| Qtrade | Wealthsimple Trade |
| – Email: DirectInvesting@qtrade.ca – Telephone: 1-877-787-2330 – Mail: Qtrade Direct Investing, 700 – 1111 West Georgia Street, Vancouver, BC, V6E 4T6 | 24/7 Chat |
Should You Choose Qtrade Or Wealthsimple Trade?
Qtrade and Wealthsimple Trade are both excellent choices when it comes to investing online. The platform you choose ultimately comes down to the type of investor you are and the options you want available to you.
| When To Choose Qtrade | When To Choose Wealthsimple Trade |
| You need more diversified accounts, like margin accounts, corporate accounts, and more. | You only need basic accounts like RRSPs, TFSAs, or non-registered personal accounts. |
| You want access to professional-grade research, screeners, and portfolio analysis. | You prefer a simple, mobile-first app with limited research tools. |
| You’re an experienced investor who values detailed analytics and advanced order types. | You’re a beginner or casual investor who wants an easy-to-use platform. |
| You want strong customer support and educational resources. | You’re comfortable with an app-based platform. |
In A Nutshell …
If you’re a novice trader and want to keep your costs low, then Wealthsimple Trade’s no-commission offering and user-friendly interface might work well for you.
But if you’re a bit more experienced and are looking for several more options in terms of investment accounts and products, then you’ll appreciate the wider variety offered by Qtrade. You may have to pay trading fees with Qtrade, but they’re less expensive than what you’d pay with a traditional brokerage.
Final Thoughts
Both Qtrade and Wealthsimple Trade are great choices if you’re looking to take a more self-directed approach to investing. If you’re a newbie to trading and want something easy to use without all the pesky trading fees, then Wealthsimple Trade might be worth looking into. But if you want far more options in terms of the types of accounts and investment products, Qtrade is your best bet.
Qtrade Vs. Wealthsimple Trade FAQs
Are Qtrade and Wealthsimple Trade safe?
Can you trade crypto with Qtrade or Wealthsimple Trade?
Is Qtrade or Wealthsimple Trade cheaper?
Which is better, Qtrade or Wealthsimple?
What are the disadvantages of using Wealthsimple?
**Maximum $2,000 cash back.
