Wealthsimple vs Questrade 2021

In the world of retail investing and saving, Wealthsimple and Questrade have poured millions of dollars into advertising this past year to get you thinking about them. They advertise their robo-advisors, low fees, and better returns than the big banks but which of them is better?

Wealthsimple Trade and Invest

Everyones situation is different but I think there is 3 broad types of people:

1. Never invested with a TFSA or RRSPJust sign up with Wealthsimple Invest and your first $10,000 will be fee-less for a year. Take that time to look into “self directed investing” and as you make regular contributions you can decide if you want to move to a “cheaper” platform like Questwealth or Questrade/WS Trade.
2. Invested with TFSA or RRSP but no “unregistered” investingTransfer your accounts to Questwealth and they will rebate you any fees. The fees for Questwealth is less compared to Wealthsimple and it will make it easier to move to a self directed portfolio in the future if you decide you want to go that way for even less fees.
3. Currently investing using TFSA or RRSP and have “unregistered” investmentsQuestrade. If your into unregistered investments your total assets are likely sizable enough that the fees are small enough that the functionality it offers is more valuable to you in the long run.

How do I learn about “self directed investing”?

Check out this “personal finance canada guide” and the other articles on this site here!