How to Invest in ETFs in Canada Using Wealthsimple or Questrade

You’ve heard that ETFs are the smart, low-cost way to invest — and you’re right. But knowing that ETFs exist is very different from actually clicking “buy” for the first time. If you’re a Canadian in your 20s staring at a brokerage app wondering what to do next, this guide walks you through the whole thing: what an ETF actually is, which platform to use, and exactly how to place your first trade using Wealthsimple or Questrade.

Quick answer: To invest in ETFs in Canada, open a TFSA or RRSP on Wealthsimple Trade or Questrade, fund it with a bank transfer, search for an ETF ticker like XEQT or VEQT, and place a buy order. Both platforms let you start with as little as $1 (Wealthsimple) or $1,000 (Questrade). ETFs bought inside a TFSA grow completely tax-free.

What Is an ETF and Why Do Canadians Use Them?

An ETF (exchange-traded fund) is a basket of investments — usually hundreds of stocks or bonds — that you buy as a single unit on a stock exchange. Instead of picking individual companies, you buy one ETF and instantly own a tiny slice of everything inside it.

The reason ETFs work so well for Canadian beginners comes down to three things: low fees, instant diversification, and simplicity. A Canadian all-in-one ETF like XEQT (iShares Core Equity ETF Portfolio) or VEQT (Vanguard All-Equity ETF Portfolio) holds thousands of companies across Canada, the US, and internationally — all for a management expense ratio (MER) around 0.20% per year. Compare that to a typical mutual fund charging 1.5–2.5% annually and you can see why the math favours ETFs over the long run.

For more on how ETFs compare to index funds, see Index funds vs ETFs in Canada: what’s the difference and which should you buy.

Which Platform Should You Use: Wealthsimple or Questrade?

Both platforms are excellent options for Canadians, but they suit slightly different people.

Wealthsimple Trade is the easier starting point. The app is clean and intuitive, there are no trading commissions on Canadian stocks and ETFs, and you can open an account and start buying with $1. It’s ideal if you want to set up a TFSA, make regular contributions, and buy one or two ETFs without overthinking it. The one catch: US-listed ETFs cost $0.99–$3.49 per trade (depending on your plan), and there’s a currency conversion spread on USD trades.

Questrade is better if you want more control or plan to invest larger amounts. You can buy Canadian-listed ETFs for free, and you get access to more account types, advanced order types, and better tools for managing a growing portfolio. The minimum deposit is $1,000. Setup takes a bit more time, but it’s still straightforward.

For most people starting out, Wealthsimple Trade is the quicker path to your first ETF purchase. You can always open a Questrade account later as your portfolio grows.

Quick tip: Stick to Canadian-listed ETFs (like XEQT or VEQT) on either platform to avoid currency conversion fees. These already hold US and international stocks — you don’t need to buy on a US exchange to get global exposure.

How to Open an Account and Buy Your First ETF

Here’s the actual step-by-step for both platforms.

On Wealthsimple Trade:

1. Download the app and sign up with your SIN, address, and bank info.
2. Open a TFSA (or RRSP if you have employment income you want to shelter).
3. Link your bank account and initiate a transfer — it typically takes 1–3 business days.
4. Once funded, tap the search icon and type your ETF ticker (e.g. XEQT).
5. Tap “Buy,” enter the number of shares or dollar amount, review, and confirm.

On Questrade:

1. Go to questrade.com, click “Open an Account,” and complete the online application.
2. Choose your account type (TFSA is usually the right first move).
3. Fund your account via bill payment or EFT — minimum $1,000.
4. Log into the app or web platform, search your ETF ticker.
5. Choose “Market Order” or “Limit Order,” enter quantity, and submit.

Once you’ve done it once, every subsequent purchase takes about 90 seconds.

If you haven’t opened your TFSA yet, read How to open a TFSA in Canada: a beginner’s step-by-step guide first — it walks through account setup in detail.

Which ETFs Should a Canadian Beginner Actually Buy?

This is where people get stuck. The good news is that for most beginners, one ETF is genuinely enough.

The most popular choices among Canadian investors are all-in-one asset allocation ETFs — single funds that hold a diversified mix of global stocks (and sometimes bonds) inside one ticker.

A few common ones:

• XEQT (iShares) — 100% global equities, MER ~0.20%
• VEQT (Vanguard) — 100% global equities, MER ~0.22%
• XGRO (iShares) — 80% stocks, 20% bonds, MER ~0.20%
• VGRO (Vanguard) — 80% stocks, 20% bonds, MER ~0.22%

If you’re investing inside a TFSA and won’t need the money for at least 5–10 years, XEQT or VEQT are straightforward picks. If you’re closer to a goal (like a house down payment in 3–4 years), XGRO or VGRO add some stability with the bond component.

Neither choice is wrong. The most important thing is picking one and starting — not waiting until you feel more confident.

For a deeper dive on getting started with real money, see How to invest your first $1,000 in Canada step by step.

Frequently Asked Questions

How do I buy ETFs in Canada as a beginner?

Open a TFSA on Wealthsimple Trade or Questrade, fund it with a bank transfer, and search for an all-in-one ETF like XEQT or VEQT. Enter the number of shares you want to buy and confirm the order. Both platforms offer commission-free purchases for Canadian-listed ETFs.

Is Wealthsimple or Questrade better for buying ETFs?

Wealthsimple Trade is better for beginners — no minimum deposit, a simpler app, and commission-free Canadian ETF purchases. Questrade suits investors who want more tools and account types, but requires a $1,000 minimum to start. Both let you buy the same ETFs tax-free inside a TFSA or RRSP.

Can I buy ETFs inside my TFSA?

Yes — and it’s the best place to start. Any growth, dividends, or gains inside your TFSA are completely tax-free. You can hold ETFs, stocks, GICs, and bonds inside a TFSA on both Wealthsimple Trade and Questrade.

What is the minimum amount to invest in ETFs in Canada?

On Wealthsimple Trade you can start with as little as one share — some ETFs trade around $30–$40 per share. Questrade requires a $1,000 minimum account deposit, but once funded you can buy partial shares or low-priced ETFs. There’s no official minimum per trade on Questrade once your account is open.

Are ETFs safe for beginners in Canada?

ETFs carry market risk — their value goes up and down with the stocks inside them. However, all-in-one ETFs like XEQT and VEQT hold thousands of companies globally, which spreads that risk broadly. They are held in trust by major financial institutions (iShares/BlackRock, Vanguard), not by your broker, so even if your brokerage failed, your ETF holdings would be protected.

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