Three platforms dominate Canadian self-directed investing. Each is right for a different type of investor. Here’s how to choose.
| Feature | Wealthsimple Trade | Questrade | TD Direct Investing |
| ETF purchases | Free (Canadian) | Free | $9.99/trade |
| US stocks | 1.5% currency conversion | $4.95–9.95 + forex | $9.99 + forex |
| Accounts | TFSA, RRSP, FHSA, personal | All registered + margin | All registered + margin |
| Robo-advisor | Yes (0.4–0.5%/yr) | Yes (0.25%) | Yes (0.40–0.75%) |
| Research tools | Basic | Advanced | Best in class |
| Mobile app | Excellent | Good | Good |
Wealthsimple — Best for Beginners and Hands-Off Investors
Wealthsimple’s simple interface and commission-free Canadian stock trading make it the default choice for new investors. The 1.5% currency conversion fee is the main weakness — avoid if buying US ETFs frequently.
Questrade — Best for Cost-Conscious Investors Buying US ETFs
ETF purchases are free. US ETF sales ($4.95–9.95) are cheap. Use Norbert’s Gambit (~0.15% vs Wealthsimple’s 1.5%) for currency conversion. Ideal for investors who want US ETFs efficiently.
| AFFILIATE LINK PLACEMENTS
Questrade $50–80 CPA — PRIMARY recommendation — Questrade section and final verdict |
TD Direct Investing — Best for Existing TD Clients Who Want Research
$9.99/trade is expensive for modern brokerages, but TD’s research tools (ThinkorSwim access) and branch integration serve active traders who already bank with TD.
Our Recommendation
Under $50,000 starting out: Wealthsimple. $50,000+ or buying US ETFs: Questrade. Active traders wanting research: TD Direct.
| Disclaimer: This article is for educational purposes only and does not constitute financial advice. All investments carry risk. Please consult a qualified financial advisor before making investment decisions. |
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