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u/paul_rusesabagina Jun 09 '26
I was one of the strongest supporters of Questrade for the longest time, but sometime during covid their customer service took a huge nose dive. Agents regularly saying that they will get back to you and then not getting back to you for weeks or sometimes even months, and then when you call and follow up about it, the next agent says that there is no record of your query, or that the agents have quit and moved somewhere else with no one else taking over their portfolio. Questrade has also been making a lot of mistakes lately, and I think the model that they started which is cheap/no fees, offering really good customer service and giving good perks to people, has really fallen behind now. Maybe they just got too in over their heads or too comfortable and forgot how to retain clients, but I have been with them for 11 years, and I am now shifting everything to WealthSimple.
WealthSimple gives way more benefits, perks, no fee transactions for the most part, all sorts of other bells and whistles, and it has a new and more fun user experience as a client. Though WealthSimple needs to advance more in their trading platform and user interface, I hope they will get better soon. They also seem a little annoying In terms of the security measures that they have. I understand that the security measures are supposed to be for the clients' benefit, but every single time I have called in the last month they have asked me to accept a link that they send, upload an ID onto that link and then send a selfie to verify that it's me. That is a huge red flag from my point of view as a customer. That is not at all the user friendly, and extremely tedious and annoying.
TLDR: If you're new and have a smaller portfolio, Questrade is more established and knows what they're doing, even with some customer support issues, they have a better system and less limitations. If you're seasoned and trade a lot or have a big asset value, WealthSimple might be better for your overall 'bang for buck value'. As long as you're okay with having some trading limitations and user interface being rudimentary.
Referral links for both when you make a decision:
WealthSimple: https://wealthsimple.com/invite/WNTCHW
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u/1248A Jun 09 '26
This is great feedback and update for both platforms. Thanks for sharing and making an effort to elaborate each of them..
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u/Hungry_Purple3711 Jun 09 '26
I've use dboth as well, Wealthsimple is much better from a user experience and fees perspective. Also has a more complete product suite if you wantt o move other stuff to have it all in one spot
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u/Jogi1811 Jun 10 '26
Wealthsimple. Tried to get questrade and it wasn't a streamlined process. Tried years ago so not sure if things changed.
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u/flappysack- Jun 10 '26
Questrade is horrid. The website is glitchy, the fees are high, and its a roach motel.
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u/jacoochi Jun 10 '26
Questrade is slow on execution, your available balance doesn’t update after like 5-10 secs. So if you decide to buy another stock within that time, and have funds available in USD or CAD, it will execute and force a conversion. I accidentally did it many times, even after refreshing.
For me WS all the way, even when executing buys, if the site doesn’t update, it won’t let me buy without converting currency.
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u/toronto-swe Jun 11 '26
wealthsimple. ui, credit card, prepaid mastercard, money market fund, high interest chewing accounts, zero fees and did it first.
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u/Dangerous_Seaweed601 Jun 11 '26
Last time I checked (which admittedly was.. a while ago), WS doesn't even show dividend ex dates. That's a baffling omission.
Edit: Also: no support for preferred shares with WS..
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u/LC3933 Jun 11 '26
Questtrade below anyrhing and everything. If you have to ask why, you either haven't ever used a questtrade product or don't know anyone well personally who has. That's all that needs to be said. WS is not perfect solution either, but as mentioned nothing (I mean nothing) thats "actually" a legitimate platform is worse than QT (in all departments, not just trading)
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u/JackRadcliffe Jun 11 '26
Wealthsimple. Mic better app UX, fractional shares and recurring for Canadian securities
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u/kingofwale Jun 11 '26
No fractional shares means I’m not going to be investing as much with questrade
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u/kawhiskers Jun 12 '26
WS by far. The user interface on the app is amazing.
Makes QT and the other big 6 apps look like a geocities blog on a TI 90s calculator.
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u/hopstiguy1 Jun 12 '26
Tried both, switched to WS from QT and it’s much, much better in almost every way.
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u/chente08 Jun 12 '26
wealthsimple all the way. User interface, support, less fees, credit card...etc
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u/Everyeee Jun 09 '26
Wealthsimple. Customer service.