This article is for you if you are looking for a Qtrade Direct InvestingTM review that will tell you all you need to know about the brokerage platform.
Portfolio management can be challenging if one does not have the know-how to get around it. This is why platforms like Qtrade are important. They help you efficiently carry out your investment objectives and give you the feeling of being in control.
Do you know that Qtrade refunds transfer fees (as high as $150) anytime you transfer assets worth $15,000 or upwards? They also have some next-level portfolio management tools you should know of.
In this Qtrade review, I will discuss in detail everything you need to know about Qtrade and how it works; its pros, cons, features, and more.
Before we get into the nitty-gritty of this Qtrade review, let’s go over what the platform really is.
What Is Qtrade and How Does it Work?
Qtrade is a Canadian online brokerage platform that gives its clients access to bonds, mutual funds, options, ETFs, and the stock market. The company was founded in 1999.
Qtrade is part of Aviso Wealth (which is currently one of Canada’s biggest independent wealth management firms).
Widely regarded as one of the best online brokerage platforms in Canada, they are still going strong and are showing no signs of stopping anytime soon. It is renowned for its low fees and impressive customer service.
You can use Qtrade on the web or their app (available on Android or iOS devices).
For those looking for investment advice and recommendations, VirtualWealth (which is a related platform), can be used.
Qtrade Pros and Cons
- You get access to efficient portfolio management tools
- Qtrade refunds transfer fees (even up to $150) anytime you send assets worth $15,000 or above
- You get access to different account types and products
- Their customer support service is impressive
- Canadian and U.S. dollar accounts are available
- You can trade 100+ commission-free ETFs with no account minimum.
- Their trading commissions are not attractive
- There is a $25 account maintenance fee charged every quarter (waived if conditions are met)
Qtrade Features
1. Qtrade Accounts
There are different Qtrade accounts designed to suit different needs. You can choose from the following:
- Individual/joint taxable accounts
- Registered accounts
- Non-personal accounts
The accounts available include TFSA, RRSP, LIRA, RESP, RRIF, cash, margin, and LIF accounts.
In addition, business, non-personal, and corporate investment accounts can also be opened. These apply to trusts, estates, religious organizations, investment clubs, societies, and others.
What’s more? These accounts let you trade with CAD or United States dollars.
2. Investment Products Available on Qtrade
With Qtrade, you get to explore a wide variety of investment products.
The choices at your fingertips include:
- StocksMutual Funds
- ETFs (an acronym for exchange-traded funds)
- Bonds
- Guaranteed Investment Certificates (GICs)
- Options
- IPOs and secondary offerings
Check out our comprehensive guide to learn more about how to buy stocks in Canada.
3. Qtrade Trading Platform
Qtrade’s trading platform can help you sort out mutual funds, stocks, and ETFs however you want. This is done with a screening tool that makes the process of filtering out what you want quite easy.
Their technical analysis and research tool can also be quite useful when trying to make decisions.
The following are the analysis tools:
Portfolio ScoreTM: This is for determining a portfolio’s risk profile. Performance, diversification, fees, income, and downside protection are all factored in.
Portfolio SimulatorTM: If you are about to make that investment, but you are having second thoughts, this tool will help you test your ideas and strategies before taking the leap.
Portfolio CreatorTM: Want to create ETF portfolios according to what you’re interested in? This tool comes in handy.
Keep in mind that this platform offers a 30-day free trial period. That is something you could take advantage of.
4. Qtrade Education
There is a section that offers a range of educational tools. You can use these tools to master the Qtrade platform and also learn more trading strategies and how you can apply them.
If you are a new investor, this section would be instrumental for you, and you should be excited about it. You can learn more about the stock and bond market here.
In the Qtrade Education section, you will have access to educational tools like:
Analyst Recommendations: Qtrade’s platform offers you an exclusive newsfeed full of recommendations from experts for U.S. and Canadian securities.
To prepare you each day for the market, Qtrade offers you a daily dose of Morning News Calls and fundamental market data before the market opens for the day.
Downloadable Trading Guides: So your learning is not restricted to your home computer, the Qtrade’s platform offers you a series of training guides that you can transfer to your mobile devices or tablet to study while on the go.
You can get educational materials on the Qtrade’s platform, like ‘Guide to TFSA Trading’ and “Guide to Stock Trading.’
Quality Investment Information Articles: Qtrade’s platform offers novice traders an extensive collection of beginner-friendly articles to familiarize themselves with common trading terms and guides on how and where they can invest their money.
These educational articles are inviting and easy even for complete novices.
5. Qtrade Young Investor Program
To get young people involved with its platform, Qtrade is making the stock market more accessible for young investors.
Qtrade offers specially priced $7.75 stock trades and access to the Qtrade commission-free ETFs menu to young investors.
Under the young investors’ program, Qtrade automatically eliminates the $25 account fees for young investors. Qtrade’s educational section is also designed with young investors in mind; to give them access to top-tier investor’s education materials and third-party investment reports.
Only Canadian residents in the 18-30 age group can qualify for the Qtrade Young Investor Program. You must also set up a monthly pre-authorized contribution of $50 from your regular bank account.
Qtrade Fees
- Investors are charged $8.75/trade
- As for Investor Plus members, they get a smaller rate of $6.95 for every stock trade
- Options: $8.75 + $1.25/contract ($6.95 + $1.25/contract for Investor Plus)
- If you are between the ages of 18-30, and you are a trader of stocks, you can get a commission rate of $7.75 (no quarterly fees or minimum balance). The condition is to set up a recurring monthly deposit of $50 or more.
- There are no fees on electronic statements. However, confirmations of paper trade cost $2.50
- A quarterly fee of $25 applies (waived if conditions are met)
Free ETFs on Qtrade
On their ETFs (well over a hundred), Qtrade offers trading free of commissions. This means that you don’t have to pay commissions in any way when you sell or buy ETFs.
However, one has to qualify for free ETF trading on Qtrade. To qualify, you ensure you’re signed up for eDocuments and hold the ETF for a minimum of one business day.
How to Open a Qtrade Account
Opening an account on Qtrade’s platform is fully digital and takes 10 minutes to apply and about 0 to 3 business days for Qtrade to approve your account.
To open a Qtrade account, you must have a valid Canadian Social Insurance Number (SIN). Follow these steps to open your Qtrade account completely.
- Go to the Qtrade official website.
- Click on “Open an account” at the top-right corner.
- Enter your Legal first name, last name, and a valid email address.
- Create a password for your account.
- Click on “Create Login”
- Qtrade will send a four-digit confirmation code to your email; enter the code and continue.
- Select your preferred account type (Individual, Joint or Non-personal).
- Enter your personal information and personal background and confirm your identity.
- Answer a few questions about your financial knowledge and choose your preferred funding options.
- E-sign your application and submit it.
- If your application is approved, a confirmation email will be sent to your email account.
Is Qtrade Safe and Worth It?
Yes, Qtrade is perfectly safe and worthy. As an active part of Credential Qtrade Securities Inc., Qtrade is regulated by the Investment Industry Regulatory Organization of Canada. Qtrade is also part of the Canadian Investor Protection Fund.
Because of its CIPF membership, securities in any of your accounts under Qtrade are protected. You can get up to $1 million in the event you lose your money on the platform due to insolvency.
In addition, Qtrade uses 256-bit encryption to keep your data safe, so you can sleep well at night with a good conviction that your assets are protected.
In the event of your Qtrade account being breached, they offer full reimbursements. This is as long as you acted responsibly on your part to protect your sensitive details and you agreed to the terms and conditions.
So, this Qtrade review gives Qtrade a thumbs up as regards security.
Qtrade Compared to Other Brokerage Platforms
If you are planning on choosing a brokerage platform that will suit your needs and get you optimum value, it is recommended that you compare the options available and come to an informed decision.
Two of the biggest competitors of Qtrade in Canada are currently Questrade and Wealthsimple. The table below displays their features and differences:
Features | Qtrade | Questrade | Wealthsimple Trade |
Account types | Margin, corporate, cash, partnership, TFSA, RRSP, RESP, LRSP, LIRA, RRIF, LIF | Margin, corporate, cash, partnership, TFSA, RRSP, RESP, LRSP, LIRA, RRIF, LIF | RRSP, personal non-registered, TFSA |
Trading fee for stocks/ETFs | $8.75 per trade | $4.95 – $9.95 per trade (ECN fees may apply) | $0 per trade |
Options | $8.75 + $1.25 | $9.95 + $1 | - |
Commission-free ETFs | Over 100 free ETFs | Every ETF purchase is free | ETF trades are completely free |
Minimum investment | $0 | $1,000 | $0 |
Waived transfer fees | As high as $150 for transfers of $15,000 or above | As high as $150 per account | As high as $150 for transfers of $5,000 or above |
Final Thoughts on Qtrade Review
Whether you’re a beginner or an expert, Qtrade is a versatile and convenient brokerage platform.
Its research features are impressive and its user interface makes the experience of trading less of a hassle whether you are using the website or the app.
The web and mobile versions offer you the convenience of trading on the go, so you don’t always have to sit in front of a desktop or a laptop in order to trade.
Their fees are relatively low, so you don’t have to stress about starting off with a huge lump of money. With its plethora of investment options, you should be in good stead.
Ultimately, the choice is yours. Even though this Qtrade review recommends Qtrade, try to make an informed decision with the information available to you. If you feel Qtrade doesn’t align with your objectives, you can always check out other platforms.
You can refer to the comparison table in this article which juxtaposes the features and differences between Wealthsimple, Qtrade, and Questrade.
Check out our article on the best trading platform in Canada for extra guidance.
All the best!
FAQs on Qtrade Review
How Long Does It Take for a Qtrade Account to Be Opened?
It takes about 10 minutes to apply. However, it takes about 0-72 hours for Qtrade to validate brand-new customers. If you have an already existing account, it won’t take so long.
However, you might be lucky to get your account approved in less time than expected. Just do your part by applying, and wait for them to confirm that your account is ready.
Can I Open a Qtrade Account If I’m Not a Resident of Canada?
No, you cannot. At the moment, Qtrade will not open accounts for you if you are not resident in Canada.
Questrade, which is a platform already referenced in this article, is an option to look into if you want to set up an account as an expatriate.
To compare with our Qtrade review, you can check out our Questrade review for more information about the platform. You can also learn more about Questrade’s Islam-compatible service called Wealthsimple Halal.
Does Qtrade Open Corporate Accounts?
Yes, they do. However, a separate application process is needed to open a business or corporate account. The process is just as easy as opening the accounts already discussed, and the same fees apply to them.
Can I Try Qtrade for Free on a Demo Account?
Yes, you can. If you want to have a feel of what it is like using Qtrade without the risks that come with investing, you can try out the trial account. This will help you gauge your readiness and test the waters.
This Qtrade review recommends using a trial account if you are a curious newbie.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
