Photo: Norbert Levajsics levajsics / Wikimedia Commons (public domain)
Wealthsimple vs Questrade vs Interactive Brokers Canada (2026): Fees, USD Accounts and FX Compared
- Wealthsimple: the simplest app, $0 commissions, fractional shares, no minimum. Best for beginners investing mostly in Canadian-listed ETFs.
- Questrade: $0 commissions, native USD accounts and every registered account type. Best all-rounder, especially with Norbert's gambit for US dollars.
- Interactive Brokers: near-market currency conversion, global markets and the lowest margin rates. Best for investors who buy a lot of US or international stocks.
- All three are CIRO members with CIPF protection.
Wealthsimple vs Questrade vs Interactive Brokers at a glance
| Wealthsimple | Questrade | Interactive Brokers Canada | |
|---|---|---|---|
| Canadian stock/ETF trades | $0 | $0 | Small per-share fee (IBKR Pro) |
| US stock/ETF trades | $0 | $0 | ~US$0.0035/share, min US$0.35 |
| USD accounts | Yes; monthly fee on basic tier, included on higher tiers | Yes, native USD in TFSA, RRSP, FHSA and cash accounts | Multi-currency accounts |
| Currency conversion fee | 1.5% on basic tier (lower on higher tiers) | Roughly 1.5%–2% spread; Norbert's gambit available | Near-market rate plus ~US$2 |
| Minimum to open | $0 | $0 | $0 for most accounts |
| Registered accounts | TFSA, RRSP, FHSA, RESP, spousal RRSP, LIRA, RRIF | TFSA, RRSP, FHSA, RESP, spousal RRSP, LIRA, RRIF, LIF | TFSA, RRSP, FHSA, spousal RRSP and others (no RESP or LIRA) |
| Fractional shares | Yes | Yes (US stocks/ETFs) | Yes (eligible stocks) |
| Options pricing | $0 commission and US$0 per contract on US-listed equity and ETF options | $0 commission; contract fees may apply | Low per-contract fees (about US$0.65 on US options, IBKR Pro) |
| Best for | Beginners, simple ETF investors | All-rounders, USD investors | Frequent US/global buyers, margin users |
Fees change. Confirm on each broker's pricing page before you open an account.
The cost that actually matters: converting to US dollars
Commissions are close to zero everywhere. Currency conversion is not.
Example: converting C$10,000 to buy a US ETF
| Wealthsimple (1.5%) | Questrade (standard) | Questrade + Norbert's gambit | IBKR | |
|---|---|---|---|---|
| Approximate cost | ~$150 | ~$150–$200 | A few dollars | ~$3–$5 |
If you convert $10,000 a year for 20 years, the gap between 1.5% and near-market is roughly $3,000 in fees, before counting the growth that money would have earned. Read our Norbert's gambit guide or the full cheapest way to buy US stocks in Canada.
Or skip the conversion entirely: buy Canadian-listed ETFs that hold US stocks, or CDRs. We compare those options in CDRs vs USD vs CAD-hedged ETFs.
Where each broker wins
Wealthsimple
- Cleanest app in Canada; easy for a first-time investor. See how to open Wealthsimple.
- Fractional shares make small monthly deposits work.
- Banking, crypto and managed portfolios in one place.
Questrade
- Native USD accounts in registered plans, so you can convert once and stay in US dollars.
- The widest list of registered accounts, including LIF and RESP.
- Questwealth robo portfolios if you want hands-off. Start with how to open Questrade.
Interactive Brokers
- Near-market FX and access to 150+ markets.
- Some of the lowest margin rates in Canada.
- Professional tools, with a steeper learning curve. See how to open IBKR in Canada.
Which should you pick?
| You are... | Pick |
|---|---|
| A beginner buying one all-in-one ETF in a TFSA | Wealthsimple |
| Buying US ETFs every month in an RRSP | Questrade (with Norbert's gambit) or IBKR |
| Opening an FHSA, RESP and RRSP together | Questrade |
| Trading international stocks or using margin | Interactive Brokers |
| Wanting everything in one simple app | Wealthsimple |
The bottom line
There's no single winner, just a best fit. Wealthsimple for simplicity, Questrade for the best balance of price and account choice, Interactive Brokers for low-cost currency conversion and global reach. If you bank with a big bank and wonder whether you're overpaying, read our bank brokerages compared.
Frequently asked questions
Which is cheapest: Wealthsimple, Questrade or Interactive Brokers?
For Canadian stocks and ETFs, all three are $0 or a few cents. For US stocks bought with Canadian dollars, Interactive Brokers is usually cheapest because it converts currency at near-market rates. Questrade becomes nearly as cheap if you use Norbert's gambit. Wealthsimple's standard 1.5% conversion and Questrade's standard conversion (also about 1.5%) are roughly tied as the most expensive options for frequent US buyers.
Does Wealthsimple have USD accounts?
Yes, but on its basic tier a USD account carries a monthly fee; higher tiers include it. Without a USD account, every US trade is converted at Wealthsimple's FX rate. Check Wealthsimple's pricing page for the current tier rules.
Can I open an FHSA at all three brokers?
Yes. Wealthsimple and Questrade both offer the FHSA, and Interactive Brokers Canada launched the FHSA for eligible Canadian residents in April 2025. What IBKR doesn't offer is an RESP or LIRA, so pick Wealthsimple or Questrade if you need those.
Which is best for beginners?
Wealthsimple has the simplest app and no minimum. Questrade is a close second with more account types. Interactive Brokers is powerful but complex and better suited to experienced investors.
Do any of them have a minimum deposit?
Wealthsimple and Questrade have no practical minimum to open a self-directed account. Interactive Brokers Canada has no minimum for most accounts either, though some features require a funded balance.
Primary sources
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Nov 11, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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