Canada’s online brokerage war ended its first battle in February 2025, when Questrade dropped stock and ETF commissions to $0 and matched Wealthsimple’s headline price. In 2026 the real costs hide elsewhere: currency conversion at ~1.5%, USD account subscriptions, and the options fee schedule. This guide compares what you actually pay — and which platform fits buy-and-hold investors, US-stock buyers and active traders.
The 2026 fee picture: commissions are gone, FX is the fee
Both Questrade and Wealthsimple charge $0 commission to buy and sell Canadian and US stocks and ETFs, with no inactivity fees. The cost that actually separates them is currency:
- Standard FX conversion: ~1.5% each way at both brokers. A $10,000 purchase of a US stock costs about $150 on the way in — and another $150 when you sell.
- Wealthsimple’s answer: a USD account — $10/month on the Core tier (free with a 30-day trial), free once your assets pass $100,000. Norbert’s Gambit support arrived in beta in March 2026 (web only, $9.95 plus tax per transaction).
- Questrade’s answer: free dual-currency accounts for everyone — you can hold US dollars inside your TFSA or RRSP with no subscription — plus long-established Norbert’s Gambit support (journaling usually $9.95 a request, free and unlimited on the Plus tier).
Online brokerage comparison: 2026
| Brokerage | Stock/ETF commissions | FX & USD accounts | Minimum | Managed option | Referral / sign-up bonus | |
|---|---|---|---|---|---|---|
| Questrade | $0 | ~1.5% conversion; free USD accounts incl. registered; Norbert’s Gambit supported | $250 | Questwealth: 0.25% / 0.20% | $50 referee bonus (min. $250 funded in 60 days); $150 transfer-fee rebate; referrer up to 30/year; rewards count as contributions in registered accounts | Official site |
| Wealthsimple (self-directed) | $0 | ~1.5% conversion; USD account $10/mo Core, free at $100K+; Norbert’s Gambit in beta | $0 | Wealthsimple Invest: 0.50% / 0.40% | $25 each side (min. $100 deposit); stacks with 1% match on $25K+ transfers (730-day hold) | Official site |
Fees verified against Best Canadian Stocks, Milesopedia, Wealth Awesome and Opti-Val in early October 2026. Both are CIPF members; Questrade adds $10M in private insurance coverage.
Worked example: the $10,000 US stock round trip
Buy $10,000 CAD worth of a US-listed stock and later sell it, converting currency both times at 1.5%:
- Standard conversion both ways: ~$150 in + ~$150 out = about $300 in FX costs — a 3% round-trip drag before the stock moves at all.
- With Norbert’s Gambit (buy an interlisted stock like Royal Bank on the TSX, journal the shares to the US side, sell for USD): conversion costs roughly $10 — about 0.1% instead of 3%.
If you buy US stocks more than occasionally, the USD-account question decides the platform: Questrade’s free dual-currency accounts (including inside TFSAs and RRSPs) beat Wealthsimple’s $10/month Core subscription until your assets cross $100,000. For Canadian-listed ETFs only, the FX question barely matters — pick on app experience instead.
Don’t forget the account type: a great brokerage in the wrong account still pays the wrong tax. Compare the after-tax outcome of each account type with our RRSP vs TFSA calculator before you fund anything.
Account types and who each platform fits
- Questrade offers the full lineup: TFSA, RRSP, FHSA, RESP, margin, LIRA, LRSP, RIF, LIF, corporate and trust accounts, plus forex/CFD, bonds, GICs, IPOs and precious metals. Its Edge desktop platform suits active traders; options run $0/contract on US equity options (US$0.99 on US index options from September 28, 2026; CA$0.99 on Canadian options).
- Wealthsimple covers core registered and personal accounts with a mobile-first interface, fractional shares (buy expensive stocks with $50), and a wider ecosystem: chequing, a Visa Infinite card, crypto and tax filing in one app. Options trade commission-free with no per-contract fee.
- Big-bank brokerages (RBC Direct Investing, TD Direct Investing and peers) still charge roughly $6.95–$9.99 per trade — worth it only if you value keeping everything at your bank.
The 60-second decision
- Starting small, want it simple? Wealthsimple: $0 minimum, fractional shares, one app.
- Buying US stocks regularly? Questrade: free USD accounts in every account type, mature Norbert’s Gambit.
- Need RESPs, LIRAs, corporate or trust accounts? Questrade: the only one of the two with the full lineup.
- Want hands-off instead? Compare the managed arms in our best robo-advisors in Canada (2026) guide.
Frequently asked questions
Is Questrade really commission-free in 2026?
Yes. Questrade eliminated stock and ETF commissions in February 2025, matching Wealthsimple's $0 pricing. Both charge no inactivity fees. Questrade's remaining trading costs are mainly FX conversion (~1.5%), ECN fees of fractions of a cent on some order types, and options fees.
What is the cheapest way to buy US stocks from Canada?
Avoid the standard ~1.5% currency conversion with Norbert's Gambit: buy an interlisted stock on the TSX, journal the shares to the US side, and sell for USD — costing roughly $10 (about 0.1%) instead of about $300 round-trip on $10,000. Questrade supports it across all accounts; Wealthsimple added beta support in March 2026 (web only).
Does Wealthsimple charge for a USD account?
On the Core tier, Wealthsimple's USD account costs $10/month (with a 30-day free trial) and becomes free once your assets reach $100,000. Without it, US-dollar trades incur a ~1.5% conversion fee each way.
What is Questrade's minimum deposit in 2026?
Questrade's published account minimum is $250. Its $50 refer-a-friend bonus requires funding at least $250 within 60 days of opening.
Which is better for beginners: Questrade or Wealthsimple?
Wealthsimple is more beginner-friendly: $0 minimum, fractional shares, and a simplified mobile-first interface. Questrade suits investors who want USD accounts everywhere, more account types (RESP, LIRA, corporate, trust), and the advanced Edge desktop platform.
Are Questrade and Wealthsimple safe?
Both are regulated Canadian brokerages and CIPF members (protecting accounts up to $1M if the firm fails). Questrade additionally carries $10M in private insurance coverage.
Sources and methodology
- Best Canadian Stocks: Questrade review 2026 (fees verified Aug 28, 2026)
- Milesopedia: Questrade vs Wealthsimple — which to choose in 2026
- Wealth Awesome: Questrade vs Wealthsimple 2026
- Opti-Val: Wealthsimple vs Questrade for beginners (2026)
- Questrade: Refer a Friend promotion terms (official)
This article provides general information, not financial advice. Rates, fees, bonuses and promotions change frequently — confirm current terms with the provider before applying. Referral and affiliate programs are subject to each provider’s terms and eligibility rules.