Moo Moo vs Wealthsimple vs Questrade: Best Investment Platforms for Canadians in 2025 🇨🇦
Investing has never been more accessible, thanks to a host of online platforms catering to Canadian investors. In this article, we compare three popular investment platforms – Moo Moo, Wealthsimple, and Questrade – focusing on their fees, investment options, and suitability for different types of investors. We'll also provide a pros and cons analysis and comparison tables to help you make an informed decision.
Fees Comparison
Moo Moo (New to Canada in 2024!):
- Trading Fees: Extremely low-fee, flexible trading for stocks and ETFs.
- Currency Conversion Fees: 0.09% Transaction Amount + $2 USD (cheapest we've found)
- Account Fees: No annual fees for standard accounts.
- Trading Fees: Commission-free trading for CAD stocks and ETFs.
- Currency Conversion Fees: 1.5% per transaction for U.S. trades - on buy & sell (unless you have a $10 USD account subscription).
- Account Fees: No fees for standard accounts; Wealthsimple Plus available for $10/month for USD accounts.
- Trading Fees: $4.95 to $9.95 per stock trade; ETFs are free to buy but cost $0.01/share to sell.
- Currency Conversion Fees: 1.5% per transaction, but offers a Norbert’s Gambit workaround for lower fees.
- Account Fees: $0 annual fees for registered accounts; $25 inactivity fee if you trade less than once per quarter.
| Platform | Trading Fees | Currency Conversion Fees | Account Fees |
|---|---|---|---|
| Moo Moo | Commission-free | 0.09% | No annual fees |
| Wealthsimple | Commission-free | 1.5% | Free; Plus plan: $10/month |
| Questrade | $4.95-$9.95 per stock trade | 1.5% (Norbert’s Gambit) | $0 (Registered); $25 inactivity fee |
Investment Options
- Stocks, ETFs, and options.
- No mutual funds or crypto.
- Advanced research tools for technical analysis.
- Stocks, ETFs, and cryptocurrencies.
- No options or mutual funds.
- Offers Wealthsimple Invest for robo-advisory services.
- Stocks, ETFs, options, mutual funds, GICs, and bonds.
- No cryptocurrencies.
- Offers a wealth of account types, including RESP and corporate accounts.
- Has Questwealth managed portfolio options.
| Platform | Stocks & ETFs | Crypto | Mutual Funds | Options | Managed Portfolios |
| Moo Moo | Yes | No | No | Yes | No |
| Wealthsimple | Yes | Yes | No | No | Yes |
| Questrade | Yes | No | Yes | Yes | Yes |
Who It's Best For
- Best for: Beginners and Pro Traders seeking an easy-to-use platform with robust analysis tools at low fees in both CAD and USD.
MooMoo is now our go-to as of 2025. - Pros:
- Extremely low trade fees (~ $2 each way).
- Free Extensive research tools.
- Rock-Bottom currency conversion fees - even lower than TransferWise.
- You can deposit USD straight from a US-based account for FREE (the only one in Canada, for us cross-border folks)
- Cons:
- Limited investment options as of now (no mutual funds or crypto).
- New to the CA market; some features are not available... YET (Automatic Dividend Reinvestment/DRIP, fractional shares, Corporate Cash accounts)
- Best for: Investors looking for an all-in-one, simple interface and access to both stocks and cryptocurrencies from CAD.
- Pros:
- CAD Commission-free trading.
- Crypto investment options.
- No minimum balance required.
- Easy for beginners.
- Good all-in-one option for banking, saving, spending etc.
- Can buy fractional shares.
- Cons:
- High currency conversion fees & extra USD securities fees - not recommended for USD
- Limited advanced features for seasoned traders.
- Can be limited for experienced traders.
- Best for: Experienced investors who want access to diverse investment options and low-cost ETF purchases.
- Pros:
- Broad range of investment options.
- Competitive trading fees for active traders.
- Advanced tools and account types.
- No fee when buying ETF's
- Cons:
- $25 inactivity fee.
- Higher learning curve for beginners.
- Not the most user-friendly interface (a bit dated).
- Can't buy fractional shares
Pros and Cons Summary
| Platform | Pros | Cons |
| Moo Moo | Commission-free; free robust tools; low fees; Cross-Border | Limited investment options |
| Wealthsimple | Easy to use; crypto access; no minimum | High currency conversion fees |
| Questrade | Wide options; low ETF costs; advanced tools | Inactivity fee; steeper learning curve |
Conclusion
Choosing the right investment platform depends on your financial goals and experience level. Moo Moo is perfect for beginners who value simplicity and low fees (and is our go-to to invest our USD income), Wealthsimple shines for those wanting fractional shares, crypto options, & traditional investments in a simple interface, and Questrade is ideal for seasoned investors seeking diverse investment tools and options.
Carefully assess your needs and the platforms' offerings before diving into the world of investing. With the right choice, you’ll be well on your way to building a successful investment portfolio.