Wealthsimple vs Questrade vs IBKR
If you are still paying $9.99 a trade at a major Canadian bank (like TD, RBC, or CIBC), you are actively bleeding money. In 2026, there are three undisputed kings of the Canadian independent brokerage market: Wealthsimple, Questrade, and Interactive Brokers (IBKR).
But they are built for three completely different types of investors. Here is the brutally honest breakdown of which one you should actually use.
| Feature | Wealthsimple | Questrade | IBKR |
|---|---|---|---|
| Best For | Beginners & ETF Investors | All-Rounders & USD Accounts | Advanced Traders & Options |
| Buying Canadian ETFs | Free ($0) | Free ($0) | Fractional cents (Very cheap) |
| Selling ETFs / Buying Stocks | Free ($0) | Free ($0)* *ECN fees may apply | ~$1.00 / trade |
| App Interface | Incredibly Simple | Moderate | Very Complex |
1. Wealthsimple: The Winner for 95% of People
If your goal is to buy Canadian ETFs (like XGRO, VEQT, or CASH.TO) in your TFSA or RRSP, Wealthsimple is the undisputed winner. They pioneered 100% free buying and selling of Canadian stocks and ETFs. The app is beautiful, they offer fractional shares, and they handle automated dividend reinvesting perfectly.
Bonus perk: Wealthsimple also runs Monthly Millionaire, an ongoing prize-draw contest — register and fund a Chequing account (just $1 to start) and your deposits and account transfers earn entries (1 per $1), with weekly draws, a $1M monthly grand prize, and rotating Canadian prizes. Money you move over to invest counts too. It's a lottery-style bonus, not a reason to pick a brokerage on its own — but Questrade and IBKR offer nothing like it.
The Catch: They charge a 1.5% FX fee to convert CAD to USD. However, if you are a Premium client (over $100,000 invested) or pay $10/month, you unlock USD accounts. Once unlocked, you can use their new $9.95 flat-fee "Norbert's Gambit" tool to convert CAD to USD cheaply, and you'll never pay a 1.5% fee on US trades again.
Open Wealthsimple & Claim $25 Bonus Promo Code: AEXLPA2. Questrade: The Best All-Rounder
Questrade has been the king of independent Canadian brokerages for decades. To stay competitive, they recently dropped commissions entirely—buying and selling stocks and ETFs is now $0 (though tiny ECN fees of a few pennies can occasionally apply). Questrade shines if you need specialized accounts (like RESPs, LIRAs, or Corporate Accounts) or if you want to hold pure US Dollars in your investing account to trade US stocks without paying Wealthsimple's monthly subscription fees.
Open Questrade & Get Reward Promo Code: 6656048194482913. Interactive Brokers (IBKR): For the Pros
If you don't know what a "Limit Order" or an "Option Chain" is, stay away. IBKR has a steep learning curve. However, for advanced traders, it is untouchable. They offer the lowest margin rates in Canada, the cheapest currency conversion fees in the world (spot rate), and incredibly cheap commissions (typically a $1.00 minimum per trade).
Open an IBKR AccountHow much are FX fees costing you?
Don't let hidden currency conversion spreads eat your portfolio. Compare the exact cost of Norbert's Gambit vs Wealthsimple vs IBKR using our free tool.
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