Qtrade Review 2024: Promo, Fees, Pros, Cons & More

Qtrade Direct Investing is a Canadian online brokerage platform that allows investors to manage their portfolios and trade various investment types, including bonds, mutual funds, ETFs, options, and stocks. 

With an easy-to-use interface, advanced research features, and low fees, Qtrade is a popular choice for self-directed Canadian investors.  Its web and mobile versions are easy to navigate and can be used to trade easily from anywhere. And thanks to Qtrade’s low fees, you can start your investment even if you don’t have enough money.

In this comprehensive Qtrade review, I will discuss the features, fees, and overall user experience of Qtrade’s platform to help you determine if it is the right brokerage for your investment needs.

I will also talk about how Qtrade compares to other brokers in Canada, like Questrade. So whether you are a seasoned investor or just starting, this Qtrade review will provide valuable insights into what Qtrade Direct Investing has to offer.

Pros, Cons, and Key Takeaways

1

Qtrade Direct Investing

• Founded in 2001
• Supports 100+ commission-free ETFs
• Offers strong investment research tools
• Excellent customer support
• Has a user-friendly platform

9.7

Get $50 sign-up bonus

Qtrade Direct Investing is a Canadian online stock brokerage that has been operating for over 20 years, offering a range of investment products at a fair price, including stocks, bonds, ETFs, mutual funds, and GICs. Qtrade also provides RRSP and TFSA account options and a managed portfolio through their robo-advisor. As part of Aviso Wealth, Qtrade is a reputable and trustworthy option for those looking to get involved in investing.

Pros

• Offers many investment types, including bonds, ETFs, mutual funds, GICs, Options, etc.
• You can open registered accounts, such as TFSA, RESP, RRIF, RRSP, or LIRA.
• Access to efficient portfolio management tools
• You can get up to $50 in sign-up bonus.
• You can get up to $2,000 cash back bonus
• You can trade 100+ commission-free ETFs with no account minimum.
• Their customer support service is impressive
• Has a user-friendly platform
• Canadian and U.S. dollar accounts are available

Cons

• Their trading commissions are not attractive
• There is a $25 account maintenance fee charged every quarter (waived if conditions are met)

Qtrade Accounts

Qtrade online brokerage platform offers different accounts designed to suit different needs. You can open an individual/joint taxable account, a registered one, or a non-personal one. 

The accounts available include TFSA, RRSP, LIRA, RESP, RRIF, cash, margin, and LIF accounts. Also, you can open business, non-personal, and corporate investment accounts with Qtrade. These accounts can be used for trusts, estates, religious organisations, investment clubs, societies, etc.

What’s more? These accounts let you trade with CAD or United States dollars.

Investing on Qtrade

With Qtrade, you get to explore a wide variety of investment products, including:

• Stocks
• Mutual Funds
• ETFs (Exchange-Traded Funds)
• Bonds
• Guaranteed Investment Certificates (GICs)
• Options
• IPOs and secondary offerings

RELATED: How to Buy Stocks in Canada 2024

Qtrade Fees

• Investors are charged $8.75 per trade.
• As for Investor Plus members, they get a lower 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 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).

Pros and Cons of Qtrade Fees

Pros

• There are no withdrawal fees
• Low fund fees
• You can trade up to 100 ETFs commission-free

Cons

• Qtrade charges an inactivity fee
• High options fees

Free ETFs on Qtrade

Qtrade Direct Investing offers commission-free trading on 100+ ETFs. You don’t have to pay commissions when you sell or buy ETFs. However, one has to qualify for free ETF trading on Qtrade. 

To qualify, you must make a minimum order of $1,000, ensure you’re signed up for eDocuments and hold the ETF for at least one business day.

Qtrade New Account Promo

If you open a new Qtrade account and fund it between March 5, 2024, and October 31, 2024, you can get a $50 sign-up bonus.

You can also receive up to $150 bonus if you open 3 or more Qtrade accounts. Simply use the promo code “OFFER2024” to be eligible for this sign-up bonus.

In addition to this sign-up bonus, you can also receive up to $150 per Transfer Request when the client transfers-in $15,000 or more.

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 (IIROC), and is also part of the Canadian Investor Protection Fund (CIPF).

Because of its CIPF membership, securities in your accounts under Qtrade are protected. You can get up to $1 million if 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.

If your Qtrade account is breached, they offer full reimbursements. This is as long as you acted responsibly to protect your sensitive details and agreed to the terms and conditions. So, this Qtrade review gives the platform a thumbs up as regards security.

Qtrade Research Tools

Qtrade offers a variety of research tools, including ratings, research reports, charts, and news articles to help inform your investing decisions. Their technical analysis and research tools can also be quite useful when making decisions.

Qtrade offers a few slick features to allow you to assess and improve your portfolio or create a portfolio tailored to your preferences.

• Portfolio ScoreTM: This tool analyses your portfolio and provides an overall score and feedback across different measures, including performance, diversification, fees, income, and downside protection.
• Portfolio SimulatorTM: If you are about to invest but have second thoughts, this tool will help you test your ideas and strategies before taking the leap. The portfolio Simulator allows you to see you adding or removing securities will impact your score.
• Portfolio CreatorTM: This tool guides you through questions about your investment preferences. It uses your answers to generate an ETF portfolio that ideally meets your needs and maximises your returns. 

These tools can be useful if you are just starting your investment portfolio and need to check if you are building a solid and diversified portfolio. Keep in mind that this platform offers a 30-day free trial period. That is something you could take advantage of.

Pros and Cons of Qtrade Research

Pros

• Qtrade’s education offers trading ideas
• It offers data on asset fundamentals

Cons

• Limited interactive charting
• The set of analytic tools is limited

Qtrade Education

Qtrade has a section that offers a range of educational tools which you can use to master the brokerage platform, learn more trading strategies and how you can apply them.

If you are a new investor, this section is instrumental, 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 an exclusive newsfeed full of expert recommendations 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, Qtrade’s platform offers 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 familiarise themselves with common trading terms and guides on how and where to invest their money.

These educational articles are inviting and easy even for complete novices.

Pros and Cons of Qtrade Education

Pros

• It provides educational videos
• It offers basic tutorials for the trading platform
• Experience account for platform familiarization

Cons

• Infrequent updates

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 Web Trading Platform 

Qtrade Direct Investing’s web trading platform offers robust search, alert, order functions, and comprehensive portfolio reports. The platform also ensures security through a two-step login process.

Qtrade Direct Investing’s web trading platform offers a satisfactory experience with notable strengths in security features and search functionality.

Pros

• Clear Fee Report: The platform provides a transparent and easily understandable fee report, informing users about their costs.
• Two-Step (Safer) Login: Security is enhanced with a two-step login process, adding an extra layer of protection to user accounts.
• Good Search Function: The platform boasts an effective search function, helping users quickly find the information they need.

Cons

• Limited Customizability (Charts, Workspace): One drawback is the platform’s limited customization options, particularly regarding charts and workspace settings. Users may find restrictions in tailoring these elements to their preferences.

Qtrade Customer Service

Qtrade Direct Investing offers commendable email support, delivering prompt and relevant answers. However, it’s important to note that their customer service is not available 24/7. The phone support, while present, tends to be slow, and regrettably, there is no live chat option.

Pros

• Phone support is available
• Provides relevant answers
• Fast response via email

Cons

• No live chat feature
• Customer support is not available 24/7
• Phone support tends to be slow

Qtrade vs Other Brokerage Platforms in Canada

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:

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 trading experience less hassle whether you use the website or the app.

The web and mobile versions offer the convenience of trading on the go, so you don’t always have to sit in front of a desktop or a laptop to trade.

Their fees are relatively low, so you don’t have to stress about starting 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. It won’t take so long if you have an already existing account.

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, you can only open Qtrade accounts if you are a resident of Canada.

If you are not a resident of Canada, you can consider opening an account with Questrade. 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 is needed to open a business or corporate account. The process is as easy, and the same fees apply to them.

Can I Try Qtrade for Free on a Demo Account?

Yes, you can. If you want to feel 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.