Questrade vs. Wealthsimple: Which Is Better for Everyday People in Ontario Trying to Build Wealth?

If you’re living in Ontario and trying to save money, invest wisely, and create a more secure financial future—whether you’re a university student, a working parent, or just starting your journey with money—you’re not alone.

Two of the most popular tools available in Canada to help you get started are Questrade and Wealthsimple. But how do they work, and which one is right for you?

Let’s break it down in simple terms, so you can confidently take your first (or next) step toward financial freedom in Ontario.

👪 Who Is This For?

This comparison is for:

• 🧑‍🎓 The student in Waterloo who’s working part-time and wants to start saving.

• 👩‍👧‍👦 The mom in Mississauga trying to build a RESP for her child’s future.

• 👨 The dad in Brampton who’s tired of living paycheque to paycheque.

• 👩‍❤️‍👨 The couple in Toronto who dreams of buying a home someday but feels overwhelmed by money talk.

If that sounds like you, keep reading—this is for real people who want real results without the financial fluff.

🪙 What Are Questrade and Wealthsimple?

Questrade and Wealthsimple are online platforms that help you invest your money so it grows over time. They’re designed to make investing more accessible and less intimidating, no matter your background.

• Questrade lets you take control and choose what to invest in—great for people who want to learn and do it themselves.

• Wealthsimple is more “hands-off.” You just answer a few questions, and they invest for you—perfect if you’re new or busy.

💰 Which One Saves You More in Fees?

• Wealthsimple Trade: $0 commission when you buy or sell Canadian and U.S. stocks and ETFs.

• Wealthsimple Invest: Automatic investing with a low management fee (0.4%–0.5% annually).

• Questrade: Charges a small fee when you buy stocks, but ETF purchases are free.

🟢 If you’re just starting out and want to keep things simple and free—Wealthsimple is a winner.

📱 Which Is Easier to Use?

• Wealthsimple has a super easy app—it’s beginner-friendly and looks great.

• Questrade has more tools and options, but it might feel a little overwhelming at first.

🟢 If you’ve never invested before, Wealthsimple feels less intimidating.

🇨🇦 What Kind of Accounts Can You Open in Ontario?

Both platforms let you open:

• A TFSA (Tax-Free Savings Account) — perfect for growing your savings tax-free

• An RRSP (Registered Retirement Savings Plan) — ideal for saving for the future and lowering your taxes

• A RESP (Registered Education Savings Plan) — for your children’s education

• A regular savings/investing account

🟢 Whether you’re a student or a parent, you can start small and grow from there.

🧠 Which Is Better If You Want to Learn About Investing?

• Questrade is better if you want to learn how to pick your own investments.

• Wealthsimple is better if you want to learn by watching it work and then get more involved later.

🟢 Both help you grow—but Wealthsimple is a great first step for everyday people learning the ropes.

👨‍👩‍👧 Real-Life Example from Ontario

Let’s say you’re a mom in Brampton with $100 a month to spare. You could:

• Open a TFSA with Wealthsimple, set up auto-deposit, and let the app invest for you.

• Or, if you want to pick your own ETFs, open a TFSA with Questrade, buy an ETF, and skip the fees on purchase.

Either way, you’ve just made your money start working for you—while you sleep.

🌱 So, Which One Is Right for You?

👉 Get started with Wealthsimple and earn a bonus using my referral link:
🔗 www.wealthsimple.com/invite/JOFFKQ

✅ Final Thoughts for Everyday Ontarians

Saving and investing isn’t just for the rich—it’s for students, moms, dads, couples, and anyone trying to build a better life in Ontario. Platforms like Wealthsimple and Questrade are making it easier than ever to start with as little as $1.

Don’t wait for the perfect time. The best time to plant a tree was 20 years ago. The second-best time? Today.

If you’re thinking long-term—like buying a home, investing in property, or building generational wealth for your family—real estate can be a powerful next step in your financial journey.

Let’s talk about how you can use what you’re saving to move into your first home or your next investment.

Mellinda Thaxter

📞 647-289-9765
📍 Century 21 Leading Edge Realty, Mississauga, ON
🌐 mellinda-thaxter.c21.ca
📧 mellinda.thaxter@century21.ca
🏡 Helping You Buy, Sell & Invest in Ontario Real Estate