Swen Keller
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
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    7. Wealthsimple vs. Questrade:...

    Wealthsimple vs. Questrade: Features Compared

    Wealthsimple Crypto Review
    3.6
    3.6/5

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    Wealthsimple and Questrade are two of the leading digital investment and crypto ETF platforms in Canada but which is better? In this Wealthsimple vs Questrade article, we compare each platform considering payment methods, fees, etc. Our conclusions are based on extensive expert research and first-hand experience with both platforms.

    Wealthsimple vs. Questrade: Verdict

    Wealthsimple is our pick due to its low fees and a broader range of products.

    Pros

    Cons

    Pros

    Cons

    Wealthsimple vs. Questrade: Unique Features

    Unique Features of Wealthsimple

    Wealthsimple Credit Card

    1 – Wealthsimple Card 

    The Wealthsimple card is a Mastercard that allows Wealthsimple users to spend from their Wealthsimple trade account and earn cash, stock, or crypto back. The Wealthsimple card has a digital copy and a physical card. The card can be used online, in-store, and anywhere Mastercard is accepted worldwide. You can also use a physical card to withdraw cash at any ATM in Canada. 

    Wealthsimple cardholders can earn 1.5% on their savings. All they need to do is to open a Save account and deposit funds. They can also earn 1% back on their spending. Wealthsimple customers are required to open a Spend account and make payments or purchases with the card to earn on spending with the card.

    The reward can be in stocks, cash, or crypto. Cardholders who choose to earn their reward in crypto can choose to receive their reward in any of the coins supported by the platform. Those who choose to earn rewards in stocks will get the reward as a cash balance in the customer’s Stock and ETFs account. The customer can then choose a stock of his choice. 

    Cardholders are free to update their reward preference in the app whenever they choose to. 

    There are no monthly or annual fees for using the card. Also, Wealthsimple does not charge ATM fees, exchange fees on foreign transactions, and minimum balance fees. Even though Wealthsimple doesn’t charge customers for withdrawals, the standard ATM fee (about $3) may be charged per ATM withdrawal. Also, customers who use the Spend account for stock or crypto rewards may be charged certain fees associated with those types of accounts. 

    Wealthsimple Card does not require any credit checks. Also, the card does not affect the cardholder’s credit score. Wealthsimple customers can lock their card from the app if it gets lost. Customers’ funds are also protected with up to $100,000 through CDIC. 

    2 – Wealthsimple Save or Joint Save Account 

    This is a Wealthsimple account that is designed for customers who want to easily and quickly access their funds. The Wealthsimple Trade savings account offers 1.5% on deposits to account holders. Wealthsimple offers both personal and Joint Save accounts. There are no fees in a Save account. However, Save accounts are non-registered accounts. Customers who own non-registered accounts are required to pay tax on the interest they earn. 

    Customers can open more than one Save account. They can also have multiple joint Save accounts with the same co-owner or different co-owners. Both co-owners can contribute and withdraw from a Joint Wealthsimple Save account. The interest earned can be claimed by the owner or split evenly between the owner and the co-owner. 

    Withdrawals from a Save account take about 1 business day. Funds must be allowed to settle for at least 5 business days before being withdrawn. 

    3 – Wealthsimple Spend Account 

    Wealthsimple Spend accounts allow account holders to pay or get paid instantly. The Wealthsimple card can be linked to the Spend account. Account holders can send and receive money from friends and family using the Cash app. The Wealthsimple Spend account is only available on Cash mobile app or the Wealthsimple mobile app. Wealthsimple Spend account holders can split a bill with friends or request money from friends. They can also spend their account balance using the Wealthsimple card. 

    The Wealthsimple Spend account is only available to Wealthsimple customers resident in Canada. Depending on the province of residence, a customer must be up to 18 or 19 years old to create a Spend account.

    Unique Features of Questrade

    Questrade EFTs offering

    ETFs

    Questrade is not a crypto exchange so it does not support the direct buying or selling of cryptocurrencies. Questrade users who wish to invest in cryptocurrencies can only do so through ETFs. Exchange-Traded Funds (ETFs) are investment funds and funds that can be traded on exchanges. ETFs are often a mix of stocks, bonds, crypto assets, and other investments. 

    Questrade gives its customers access to any North America-listed crypto ETFs and other ETFs, commission-free. There is no minimum investment amount required for ETF orders and no maximum on the amount of free ETFs a user can buy. 

    Investing in a mix of different stocks with ETFs protects investors from market fluctuations. ETFs are also more affordable than mutual funds. The management expense ratios of ETFs can be as low as 15 percent. ETFs can also be traded like stocks. This means that Questrade users who invest in crypto ETFs can buy or sell their ETFs when the market opens. No restrictions are placed on the user concerning the amount or the number of ETFs they can buy. 

    There are 2 major types of crypto ETFs listed on Questrade.; Bitcoin ETFs and Ethereum ETFs. 

    Ethereum ETFs on Questrade include: 

    • 3iQ CoinShares Ether ETF (ETHQ)
    • Purpose Ether ETF (ETHH)
    • Evolve Ether ETF (ETHR)
    • CI Galaxy Ethereum (ETHX)

    Bitcoin ETFs in Questrade include: 

    • Ninepoint Bitcoin ETF (BITC)
    • Evolve Bitcoin ETF (EBIT)
    • Purpose Bitcoin ETF (BTCC)
    • 3iQ CoinShares Bitcoin ETF (BTCQ)
    • Purpose Bitcoin ETF (BTCC)

    Questrade also lists crypto stocks like Coinbase Global (COIN), Bitfarms Ltd (BITF), HUT 8 Mining Corp (HUT), and HIVE Blockchain Technologies Ltd (HIVE).

    To buy crypto ETFs on Questrade, you will need to do the following: 

    1. Open a Questrade account and choose the account you want to use to invest crypto in. 
    2. Search for your preferred crypto ETF by using the ticker symbol or typing the name of the ETF. 
    3. Select the right investment account and click on the “Buy” button. 
    4. Choose an order type and enter the number of crypto ETFs you wish to buy. 
    5. Check the estimated value and complete your purchase.

    Winner in Unique Features

    Wealthsimple wins in unique features as it offers more features than Questrade.

    Wealthsimple vs. Questrade: Cryptocurrencies Available

    Wealthsimple supports over 50 cryptocurrencies. This includes; APE, AAVE, AVAX, ANKR, BTC, BAT, ETH, BCH, LINK, COMP, ATOM, CRV, DAI, MANA, LTC, ENJ, HBAR, MKR, MATIC, SAND, SOL, DOT, SUSHI, XTZ, SHIB, DOGE, etc.

    Questrade does not have any cryptocurrencies for trade. Questrade users can only invest in crypto through ETFs.

    Winner in Crypto Availability

    Wealthsimple wins in crypto availability. It supports over 50 cryptocurrencies. Questrade on the other hand does not support the direct purchase of cryptocurrencies.

    Wealthsimple vs. Questrade: Fees

    Wealthsimple Fees

    Wealthsimple Trade charges a 1.5% to 2% fee on each transaction. This is executed by adding a fee to the cost of executing buy and sell orders. So if a user places an order to purchase $100 of Ethereum with a trading fee of 1.5% they’ll pay $1.50 for the transaction. That said, here are the everyday fees:

    • Account Opening: $0
    • Account Closing: $0
    • Commission Fees: $0
    • Withdrawals through Bank Transfer (EFT): $0
    • Deposits through Bank Transfer (EFT): $0
    • Electronic Statements and Trade Confirmations: $0
    • Operations Fee: 1.5-2% per transaction
    • Inactive Accounts: $0
    • Special Requests & Investigation: $75 per hour
    • Staking Fees: Wealthsimple Crypto charges users a fee for using the staking functionality. The fee is equal to the percentage of staking rewards earned. The fee and staking rewards vary depending on the token staked; Wealthsimple charges 30% of Solana staking rewards and 30% of Ethereum staking rewards. This is after validator commisions have been collected.

    Questrade Fees

    This investment platform does not offer cryptocurrencies, rather it offers crypto ETFs and other investment types so these are its fees in that regard:

    Trading Commission fees

    • Stock Trade – Buy: $0.01/share (min. $4.95 to max. $9.95)
    • Stock Trade – Sell: $0.01/share (min. $4.95 to max. $9.95)
    • ETF Trade – Buy: Free
    • ETF Trade – Sell: $0.01/share (min. $4.95 to max. $9.95)
    • Options Trade – Buy: $9.95 +$1.00/contract
    • Options Trade – Sell: $9.95 +$1.00/contract
    • Options (Exercise/assignment): $24.95
    • Mutual Fund Trade – Buy: $9.95/trade
    • Mutual Fund Trade – Sell: $9.95/trade
    • Mutual Fund Rebates Processing Fee: $0/month
    • Currency Conversion (USD/CAD): 1.45%, Bonds – Buy: Min. $5,000.00 purchase
    • GICs – Buy: Min. $5,000.00 purchase
    • International Equities – Buy: 1% of the value of the trade (min. $195)
    • International Equities – Sell: 1% of the value of the trade (min. $195)
    • IPOs & New Issues – Buy: Free Min. $5,000.00 purchase
    • Precious Metals – Buy: $19.95/trade USD
    • Precious Metals – Sell: $19.95/trade USD
    • Trades executed via the trading desk $45.00/trade
    • Trades executed via the trading desk $45.00/trade
    • Dividend reinvestment plan: Free

    Transfer and Withdrawals

    • CAD electronic fund transfer (EFT) up to $50,000.00: Free
    • USD electronic fund transfer (EFT) up to $25,000.00: Free
    • CA wire transfer: $20.00
    • USD wire transfer: $30.00
    • International wire transfer: $40.00
    • CAD and USD uncertified cheque: $50.00
    • Certified cheque: $75.00
    • Stop payment: $25.00
    • NSF cheque/returned items: $30.00
    • Transfer out an account to another platform: $150.00
    • Transfer out an account to another platform: $150.00
    • Partial transfer of an account to another platform: $25.00
    • Estate settlement: $200.00/account

    Account Fees:

    • Open an account: Free
    • TFSA/RRSP/RESP/RRIF account: Free
    • Inactivity fee (over $1,000 combined equity): Free
    • Inactivity fee (under $1,000 combined equity): Free
    • Inactivity fee (under $1,000 combined equity): Free
    • Full plan deregistration (RRSP, RESP, Spousal RRSP, LIRA, LRSP): $100.00
    • Partial plan deregistration (RRSP, RESP, Spousal RRSP, LIRA, LRSP): $50.00
    • Partial plan deregistration (RRSP, RESP, Spousal RRSP, LIRA, LRSP): $50.00
    • Lifelong learning plan (LLP) and Home buyer’s Plan (HBP) partial deregistration: $25.00
    • Lifelong learning plan (LLP) and Home buyer’s Plan (HBP) full deregistration: $50.00
    • Trading U.S. securities in user’s RESP: USD 5.00 commission added to first trade of the day. 

    Winner in Fees

    Wealthsimple wins as it offers a better transparent fee structure than Questrade, which has a complex fee schedule.

    Wealthsimple vs. Questrade: Payment Methods

    Wealthsimple supports 2 methods for adding funds to your account; wire transfer and a MasterCard and Visa debit card. Wire transfers take up to 10 business days to finalize with Wealthsimple. According to the platform it takes 5 days to transfer your funds and another 5 for them to reflect in your account for investment or trading. 

    The Visa and MasterCard payment method allows you to deposit up to $1000 instantly daily. There’s also a maximum deposit of $10,000 monthly using your debit card. Wealthsimple’s card processor is also PCI-compliant, which ensures that the user’s card details stay secure and encrypted.

    The crypto platform does not charge processing fees for debit card deposits and users can add up to 2 unique cards to their profile. Wealthsimple supports all Canadian MasterCard debit cards, however, they don’t support prepaid debit cards. They also only support Visa debit cards from the following institutions:

    • TD
    • RBC
    • CIBC
    • Scotiabank
    • Tangerine
    • ATB

    Questrade offers 2 payment methods: an instant Visa debit card option and a bank deposit. The Visa card payment method is an instant option that allows users to fund their account with up to $3500. For the bank account option, users would need to connect their bank with Questrade, fill out a checkbook and wait for 2 to 3 days for it to reflect for trading.

    Winner in Payment Methods

    Comparing Questrade vs. Wealthsimple we find that there's no winner here (draw) as both Questrade and Wealthsimple offer similar payment methods.

    Wealthsimple vs. Questrade: Security

    Wealthsimple Security Features

    Wealthsimple Security Features

    Wealthsimple stores the majority of its crypto assets in cold storage. The cold storage is provided by Wealthsimple’s custodial partners like Gemini. The custodial partners are regulated and each has over 200 million dollars in insurance coverage. The remaining coins stored in hot wallets also have insurance coverage. Wealthsimple partners with Coincover to ensure that if the platform is hacked, users will be provided with ways to recover their crypto assets. 

    Wealthsimple Digital Assets Inc, the parent company of Wealthsimple Trade App which provides Wealthsimple Trade is registered as a Restricted Dealer with the Canadian Securities Administrators’ Regulatory Sandbox. However, crypto assets held on the platform are not protected by the Canadian Deposit Insurance Corporation or the Canadian Investor Protection Fund. 

    All Wealthsimple accounts are required to have the two-step verification active. And all information transmitted between a user’s device and the Wealthsimple web server is encrypted with Wealthsimple’s 256-bit SSL/TLS certificate.

    Questrade Security Features

    Questrade Inc is a member of the Canadian Investor Protection Fund (CIPF) and the Investment Industry Regulatory Organizations of Canada (IIROC). Questrade online web applications encrypt request and response transactions using a 256-bit SSL digital certificate. 

    It also sends automated alerts to account holders when there is a login attempt to any user’s account. The alert notifies the account holder of the last time the account was accessed and the device that was used. Questrade users who have a trading account can activate confirmation alerts on their accounts. This will let the account holder view all orders initiated from the account. 

    All accounts are protected with user IDs and passwords. Account holders can also enable two-step verification on their accounts for added security.

    Winner in Security

    Wealthsimple wins in security as it provides security for users' assets even if the platform were to be hacked.

    Wealthsimple vs. Questrade: Earn/Staking Rewards

    Wealthsimple offers crypto staking for 2 digital assets Solana and Ethereum but the platform uses third-party validators to stake users’ cryptocurrencies. The platform also claims to carry out its due diligence in ensuring that they pick the right validators in terms of mitigating risks and ensuring uptime. That said, Wealthsimple charges a 30% fee from your staking rewards for the services offered. This is after the commission charged by the validator. 

    Once you’ve staked your crypto with Wealthsimple you cannot withdraw or sell it. Each asset also has a minimum time frame before you can unstake it.

    Winner in Earn/Staking Rewards

    Questrade does not offer staking so Wealthsimple wins here.

    Wealthsimple vs. Questrade: Usability

    Wealthsimple offers over 50 cryptocurrencies via its mobile and browser apps. The platform is easy to use and offers simple buy and sell orders for users. Most orders take a few minutes to execute once you’ve deposited funds into your account.

    Questrade offers a desktop, mobile, and browser trading app for crypto ETFs. That said, Questrade is primarily for advanced traders and there are different fees and so many account types, different fees, etc. that it gets confusing for newbies to understand the platform.

    Winner in Usability

    Wealthsimple wins here as it offers a simple and easy-to-use platform that beginners can easily use to buy and sell cryptocurrency.

    Wealthsimple vs. Questrade: Customer Service

    Wealthsimple Customer service 

    Wealthsimple’s support team comprises Portfolio managers and the Client Success Team

    The platform offers 24/7 support through a virtual assistant, as well as, 24/7 email support. The team can also be contacted by phone. The support team is available during business hours from 8 am to 8 pm (ET) from Monday to Friday and 9 am to 5 pm (ET) on Saturdays and Sundays. 

    Customers with complaints can also submit a request or file a complaint on the website. Also, customers who need to resolve an outstanding balance can contact the Resolution team via phone or by sending an email to resolutions@wealthsimple.com.

    Wealthsimple also has a Crypto Help Center and a news feature in the app that provides all the needed answers to questions regarding the use of the platform and all they need to know about the crypto space. 

    Questrade Customer Service 

    The Questrade support team can be contacted via phone during working hours from Monday to Friday (8 am – 10 am ET) and Saturdays (9 am – 5 pm ET). The team can also be contacted via email or the live chat feature on the website. 

    Questrade also has a help center that is well-equipped with posts on how to use the platform.

    Questrade Live chat

    Winner in Customer Service

    Wealthsimple wins in customer service, because unlike Questrade it offers 24/7 support to customers.

    Conclusion: Final Verdict

    As is obvious from this Wealthsimple vs. Questrade review, Wealthsimple excels in a lot of ways. Wealthsimple offers over 50 cryptocurrencies and staking services while Questrade just offers cryptocurrency ETFs. Plus, Wealthsimple is a lot easier to use for newbie crypto traders. On the other hand, with Questrade there’s a steep learning curve to overcome. 

    Overall Winner

    Wealthsimple is the overall winner with a 3.6/5 score. 

    FAQ

    Most frequent questions and answers

    No, Wealthsimple Trade is the platform’s self-directed trading center but Wealthsimple Invest is the platform’s automated trading platform that utilizes Robo-advisor services to execute trades. 

    Yes, you can use Wealthsimple to buy and sell over 50 cryptocurrencies while Questrade can be used to invest in crypto ETFs.

    Shares on Wealthsimple are held in street names. This means that they are held with Wealthsimple Invest but owned by the purchaser.

    The fees for both trading platforms are calculated differently. Questrade management fee is calculated daily and charged quarterly. Wealthsimple Invest, on the other hand, charges 0.40% on accounts over $100,000 and 0.50% on accounts less than $100,000.

    1. Go to my.wealthsimple.com and log in to your Managed Investment and Save account. 
    2. Choose Nice funds from the menu at the top
    3. Pick Transfer an account
    4. Select the account type to transfer
    5. Input your account details at the relinquishing company
    6. Select if you want to transfer your funds as is or in cash

    Wealthsimple recently had to lay off 150 staff members due to uncontrollable charges to market conditions.

    Questrade is better as it offers ETFs alone.

    Wealthsimple cash is a hybrid high-interest savings account.

    Both trading platforms offer free purchases. Wealthsimple Trade offers commission-free buying of ETFs and stocks while Questrade offers free ETF purchases but charges for the sale of ETFs and stocks.

    Yes, Wealthsimple is suitable for beginner investors.

    If you want to manage your portfolio yourself then transferring your group RRSP account is a great choice.

    Yes, but the platform discourages from day trading in their trading accounts.

    Yes, you can transfer your Wealthsimple account to Questrade after generating a transfer form which will be sent to Questrade.

    Questrade does not support cryptocurrencies, so you can only trade Bitcoin ETFs on the platform.

    Yes, you can do online investing in ETFs on both Wealthsimple Invest and Wealthsimple Trade.

    Yes, Questrade offers RRSP.

    Wealthsimple carries out a soft credit check via a credit reporting agency to confirm your personal information and ensure the data matches what they have in the file about the user. This soft credit check does not permit Wealthsimple to check your credit score. 

    If you’re analyzing cryptocurrency availability, payment methods, trading fees, unique features, and staking rewards, Wealthsimple easily wins but if it comes to investment products Questrade has a larger offering.

    Wealthsimple Invest is an automated investing service offered by Wealthsimple. Wealthsimple Invest manages clients’ investments through a personalized portfolio. Wealthsimple Invest is different from Wealthsimple Trade.

    Wealthsimple has better customer service.

    Questrade clients have access to Corporate Investment accounts, Self directed trading accounts, TFSA, LIF and LIBRA.

    Wealthsimple Trade provides users with a personal investment account, TFSA and RRSP.

    We always try to provide the most accurate information available, and make sure our team follow through.
    If you want to know more about our Crypto Exchanges Review Methodology follow the link below

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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