Is the Questrade or Wealthsimple referral bonus better?
If you are signing up, Questrade pays more: $50 to each side versus Wealthsimple's $25. Questrade asks for $250 funded within 60 days and states no withdrawal hold on the reward, while Wealthsimple requires a smaller $100 from a bank outside Wealthsimple within 30 days but locks the bonus for 180 days.
Wealthsimple is far faster, though: it credits the $25 roughly 24 to 48 hours after the qualifying deposit clears, where Questrade pays in the month after your account is completed. Questrade's window is longer at 60 days but stricter in shape — the account must be both opened and funded inside it.
If you are the one referring, it inverts. Questrade caps referrers at 30 rewards a year, about $1,500. Wealthsimple applies no cap at all, so past roughly 60 referrals a year it pays more in total despite paying half as much per person.
The Questrade referral code shared on this site is 896023510497901; Wealthsimple's is XVJHLJ. Each is applied during that provider's own signup, and the two programs do not interact.
How do the two referral programs compare?
| Questrade | Wealthsimple | |
|---|---|---|
| New client gets | $50 CAD | $25 CAD |
| Referrer gets | $50 CAD | $25 CAD |
| Qualifying action | Open and fund a new account with $250, within 60 days | Deposit $100+ from a bank outside Wealthsimple within 30 days |
| Stated minimum | $250 — in Questrade's Reserve FAQ, not on the Refer a Friend page | $100 |
| Withdrawal hold | None stated in the referral terms | 180 days on the bonus |
| Payout timing | The month after the account is completed | Roughly 24–48 hours after the deposit clears |
| Annual cap | 30 referrals | None |
| Eligible accounts | Self-directed investing, Questwealth Portfolios | New Wealthsimple clients |
| Stacks with promos | No — one code per new customer | Referral is separate from transfer promotions |
Questrade's payout timing and the arithmetic behind the cap are set out on the Questrade referral bonus page.
Wealthsimple figures here come from wealthsimplecode.ca, a sister site that verified them against Wealthsimple's published referral terms on the same date.
Which should I open as a new client?
Twice the reward is the obvious part. The less obvious part is the hold. Wealthsimple's $25 cannot be withdrawn from Wealthsimple for 180 days — it can be invested inside the platform, but not taken out. Questrade's published referral guidelines impose no such restriction on the $50.
Against that, Questrade is slower. Wealthsimple pays within a day or two of a cleared deposit; Questrade pays the month after your account is finished. And Questrade's window is longer but stricter in shape: the account must be both opened and funded inside 60 days, so a stalled application is the common failure, where Wealthsimple's common failure is funding from the wrong account.
A $25 difference should not decide where you invest. Questrade is a self-directed brokerage with a managed option; Wealthsimple is a consumer investing app with cash and crypto attached. Pick the platform that suits how you intend to invest, then take whichever referral comes with it. Nothing stops you opening both — the programs are unrelated and each needs its own code applied at signup.
Which is better for referring friends regularly?
Questrade pays a referrer $50 a head but stops at 30 people a year — a ceiling of about $1,500 CAD. Wealthsimple pays $25 a head with no cap at all.
The arithmetic is simple: Questrade is ahead until the 60th referral in a year, and behind after it. For almost everyone — a handful of friends and family a year — Questrade is the better program. For anyone referring at genuine volume, Wealthsimple's uncapped structure wins on total earnings despite paying half as much per person.
| Referrals in a year | Questrade | Wealthsimple |
|---|---|---|
| 5 | $250 | $125 |
| 30 | $1,500 | $750 |
| 60 | $1,500 (capped) | $1,500 |
| 100 | $1,500 (capped) | $2,500 |
A caveat worth stating: referral volume at that level depends on having an audience, not on the program. Most people will never approach either figure, which makes the per-referral amount the number that actually matters — and there Questrade is twice as good.
Can I claim both referral bonuses?
Questrade and Wealthsimple are unrelated companies and the programs do not interact. Opening an account at each, with the right code applied during each signup, pays $75 in total to you. Each has its own conditions and its own deadline, and neither can be applied retroactively once an account exists.
The Questrade side is on the Questrade referral code page, and the rule that you must choose between the referral and any advertised promotion is explained on the Questrade offer code page. For the Wealthsimple side, the sister site wealthsimplecode.ca documents the $25 program and its 180-day hold in the same detail.
Questrade vs Wealthsimple FAQ
Is the Questrade or Wealthsimple referral bonus better?
How much does each program pay?
Which has easier conditions?
Does either bonus have a withdrawal hold?
Which pays out faster?
Does Questrade cap referrals?
Can I use a Questrade and a Wealthsimple referral code?
Which is better for referring friends regularly?
Who maintains this
Every figure on this page was checked against Questrade's published Refer a Friend page and its eligibility guidelines on . The $50 reward, the 60-day open-and-fund window, the 30-referrals-per-year cap, the following-month payout and the one-code rule all come from that source, not from another comparison site. Wealthsimple's figures are taken from wealthsimplecode.ca, a sister site that verified them against Wealthsimple's published referral terms on the same date.
Referral programs change without notice. If something here no longer matches what Questrade shows you, it is out of date and worth flagging.