I started using Questrade in 2019, and then Wealthsimple in 2021. I was using both at the same time for almost 3 years before I recently decided to move my Questrade holdings over to Wealthsimple with an in-kind transfer.
For me what eventually won out is the total lack of fees with Wealthsimple, and the fact that their offerings have gradually gotten better over time while Questrade has been mostly status quo. My intention for retirement is to gradually sell off stocks as I need to, when dividend income isn't keeping up with my needs. Even with ETFs, getting dinged with a $5+ fee to sell will add up over time.
Some of Wealthsimple's offerings are tiered depending on how much you hold with them. For a basic investor, most of the perks may be insignificant. In my case the higher interest on cash accounts and the free access to the premium tax program are all I am benefitting from. But their cash account interest rate for me is 4.5% right now (because of interest rates being high, this will eventually change). It has basically replaced my bank for now as they pay me nada.
https://help.wealthsimple.com/hc/en-...y-Wealthsimple
As far as usability goes, Questrade is better on desktop versus their apps while Wealthsimple is the opposite. Wealthsimple has been significantly more reliable for me. The amount of website lag and stupid site glitches I've had with Questrade over the years got to the point of being ridiculous. Though I will admit they'd been less troublesome lately.
Questrade does definitely have more to offer overall, but mostly stuff that goes far beyond basic investing. They have margin trading accounts, IPOs, precious metals, GICs, mutual funds. Offer more info on stock analysis, but just on the more common stocks. Apparently better if one holds USD stocks, and for using Norbert's Gambit.
Wealthsimple does occasionally offer transfer bonuses that are dependent on how much you're transferring over. For me it was over $1k. Not sure if they currently have a promo or not.
Quest Trade
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