Questrade vs Wealthsimple vs TD: Which Has Better Promotions?

The Three Major Players: An Overview

In Canada's brokerage landscape, three platforms stand out for their strong promotions and investor accessibility: Questrade, Wealthsimple, and TD Direct Investing. Each has carved out a distinct position based on their philosophy, feature set, and target customer. But their promotional strategies reveal a lot about who they're trying to attract and what they value.

Questrade: Built for Traders and ETF Investors

Current Promotion (2026)

• Transfer Bonus: Up to $150 in cash based on AUM tier
• Ongoing Benefit: Commission-free ETF purchases and sales (for life)
• Minimum Transfer: $15,000

Why Questrade's Offer Stands Out

Questrade's promotion isn't just about the upfront bonus—it's about the ongoing value. After you receive your transfer bonus, you continue to benefit from their commission-free ETF trading. If you invest $50,000 and make 20 ETF trades per year at another brokerage (paying $5-10 per trade), you'd spend $100-200 annually. Questrade saves you this amount every single year. Over 20 years, that's $2,000-4,000 in savings from commissions alone.

Best For

• Self-directed investors building diversified ETF portfolios
• Active traders who make multiple trades monthly
• Long-term buy-and-hold investors seeking lowest total cost
• Those comfortable with self-directed investing without robo-advisor support

Fee Structure

• ETF purchases: Free
• Individual stock trades: $6.95
• No account fees for self-directed

Wealthsimple: Built for Passive Investors and Beginners

Current Promotion (2026)

• Transfer Offer: Fee waiver on managed assets + transfer fee reimbursement
• Deposit Bonus: 1% match on transfers up to $3,000
• Managed Fee Waiver: Significant period of fee-free robo-advisor management

Why Wealthsimple's Offer Appeals to Beginners

Wealthsimple removes friction and decision-making. You transfer your account, and their algorithm automatically builds and rebalances a diversified portfolio based on your risk tolerance. The fee waiver means you're getting this service free while getting up to $3,000 in matching contributions. For someone who wants to invest but feels overwhelmed by choices, this is compelling.

Best For

• Beginner investors who don't want to pick individual securities
• Those seeking a "set it and forget it" approach
• Hands-off investors comfortable with robo-advisor management
• People who value simplicity and ease of use

Fee Structure

• Robo-advisor management: 0.40%-0.70% depending on AUM (waived during promotion)
• Fund fees included in MER
• No trading commissions

TD Direct Investing: Built for Banking Integration

Current Promotion (2026)

• Transfer Bonus: Up to $500 in cash based on AUM tier
• Eligibility: Transfers of $25,000 or more typically required for top bonus
• Bonus Deposit Timeline: 4-6 weeks after transfer completion

Why TD's Offer Attracts Their Customers

TD's promotion is straightforward: the more you transfer, the more cash you receive. The absolute bonus amount is competitive, and TD's integration with their banking products (chequing, credit cards, mortgages) appeals to customers who want to consolidate everything in one place. Being able to manage your mortgage, banking, and investments from one institution simplifies your financial life.

Best For

• Existing TD banking customers seeking consolidation
• Those valuing integrated banking and investment platforms
• Investors comfortable with traditional brokerage full-service model
• Clients who already have TD mortgages or lines of credit

Fee Structure

• Stock trades: $9.99-$29.99 depending on order type
• Account fees: Typically waived with minimum balance
• ETF purchases: Trading commissions apply

Head-to-Head Comparison Table

Feature	Questrade	Wealthsimple	TD Direct
Transfer Bonus	Up to $150	Up to $3,000 (1% match)	Up to $500
ETF Trading Cost	FREE	Included in MER	$9.99+ per trade
Stock Trading Cost	$6.95	N/A (not available)	$9.99-$29.99
Account Minimum	$0	$0	Usually waived
Mobile App Quality	Good	Excellent	Good
Best For	ETF investors, traders	Passive investors	TD banking customers

Which Brokerage Is Best for Different Investor Types?

For Beginners with Limited Knowledge

Choose Wealthsimple. Their robo-advisor removes decision fatigue, their promotion includes a matching bonus, and their mobile app is intuitive. You'll be invested in a diversified portfolio within days, without needing to understand asset allocation or individual securities.

For ETF-Focused Investors

Choose Questrade. Commission-free ETF trading means you can rebalance annually without costs. Over a 30-year investing timeline, this compounds to thousands in savings. The $150 bonus is also immediate cash in your account.

For Active Traders

Choose Questrade for stocks and ETFs, or TD if you're a TD banking customer. Questrade's $6.95 flat rate beats most alternatives, and their research tools are solid. If you trade frequently (20+ times per month), the commission savings are significant.

For Options Traders

TD or Questrade both support options. Questrade's options fees are competitive and clear. TD's bonus might be larger, but factor in their higher stock trading commissions.

For Convenience-Focused Investors

Choose TD if you're already a customer. Banking consolidation, integration with your mortgage, and ability to move money between accounts seamlessly has value beyond just the promotional bonus.

Strategic Recommendations

Maximum Bonus Strategy: If you have $50,000+ to invest and want maximum absolute dollars, TD's up-to-$500 offer is highest. But factor in total cost of ownership—if you plan to make 50 ETF trades over 5 years, Questrade's free ETF trading saves you $250-500, making their real value higher despite the smaller advertised bonus.

Beginner Strategy: Start with Wealthsimple, receive the matching bonus and fee waiver, and learn investing in a low-stress environment. After 1-2 years, when you understand your investment style better, you can transfer to Questrade or another platform if needed.

Hybrid Strategy: Open accounts at both Questrade and Wealthsimple. Use Wealthsimple for hands-off, long-term RRSP assets, and Questrade for actively managed TFSA and taxable investments. You'll benefit from multiple promotions and access both platforms' strengths.

Frequently Asked Questions

Q: Can I have accounts at multiple brokerages at the same time?

A: Yes, absolutely. Many investors maintain accounts at 2-3 brokerages. There's no restriction preventing you from having a Questrade account and a Wealthsimple account simultaneously. This allows you to access different features and capture multiple bonuses.

Q: Do I need to choose just one brokerage?

A: No. Some investors use one brokerage for their TFSA (where they're active), another for RRSP (where they're passive), and a third to capture a promotional bonus. The accounts don't interfere with each other.

Q: Which brokerage has the best customer service?

A: This varies by customer experience, but Wealthsimple and Questrade both have strong reputations for customer support. TD has the advantage of local branch support if you're a banking customer, but online support quality is comparable across all three.

For detailed comparison of all available options, check out our Brokerage Comparison tool and Brokerage Finder to match your specific needs.