Wealthsimple Trade Or Questrade: Which One Is The Best According To Reddit

Wealthsimple Trade or Questrade? This is a question that comes up on a lot of investing forums, and the debates around them are endless. Both these platforms are solid options for investing that can help investors hit their financial goals. But which one is the right one for you? 

We are only looking for a comparison of both platforms in this article. If you want extensive reviews, Moneysense has good ones for each of them. You can read the one for Questrade here and for Wealthsimple here.

A Little Bit of History

Questrade has been around since the previous century. Launched in 1999, it made its name as a low-cost broker that disrupted the investing world at the time. Today, it is one of THE best low-cost brokers that offers almost every type of investment: Stocks, bonds, ETFs, mutual funds, GICs, options, initial public offerings, precious metals…the list goes on. 

Wealthsimple Trade entered the brokerage market in 2019 with its mobile app. One can invest into stocks listed on the NYSE, NASDAQ, TSX or TSX-V exchanges plus ETFs. If it is a dual-listed security (listed on both US and Canada exchanges), only the ones listed on the Canadian exchange are available. 

What Does Reddit Say

There are multiple forums where people debate the pros and cons of both platforms. We turned to Reddit to figure out the answer. There have been posts and threads on these platforms since 2017 but we went to a recent one in the community r/PersonalFinanceCanada in February this year. We found some gems there:

Redditor r/quixoticanon posted an objective viewpoint:

“Both have 15 min delay at no extra cost. Wealthsimple's fees are hidden, Questrade's are upfront. Does a 15 min delay matter? Well that depends what you're doing. To me it matters and I pay for level 1 quotes in my Questrade account. I honestly doubt that they will matter for you at this point.

Wealthsimp[l]e has the simplest interface, Questrade's is much more powerful once you know what you're doing. Having used a bunch of different brokerage interfaces over the years I can confidently say I prefer Questrade over Wealthsimple. However for a complete noob to investing Wealthsimple is probably the best choice for you, however I would recommend NOT trading anything that is not denominated in CAD.”

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Disclaimer: All the information in this article - is published in good faith and for general information purpose only. Hashtag Investing does not make any warranties about the completeness, ...

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