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Home Investing

Qtrade vs Questrade 2024: Which Canadian Brokerage is Best?

Adeola Adegoke by Adeola Adegoke
January 10, 2024
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As someone who’s been investing for a while, I know that choosing the right online broker is crucial to your trading success. That’s why I want to talk about two of the most popular options out there: Qtrade vs Questrade.

Qtrade vs Questrade are Canada’s two most popular and best discount brokers. These two top-rated platforms constantly compete to provide their clients with the best services. 

I had used Questrade for over five years before I recently switched to Qtrade and haven’t looked back, and I’d like to share some of my experiences with both trading platforms.

In this post, I’ll compare Qtrade vs Questrade in detail, highlighting their features, fees, and overall user experience. 

Whether you’re a seasoned investor or just starting, read on to find out which platform best fits your investment goals.

Qtrade vs Questrade: A Quick Comparison

Features

QTRADE

QUESTRADE

Free ETFs

Yes (buy and sell 100+ ETFs for free)

Free buying buy charges a fee to sell ETFs

Trading fees

$6.95/trade for members
$7.75 for ages 18-30
$8.75 for everyone else

$4.95 - $9.95 for up to 500 shares

Account fees

$25 per quarter 

No activity fees

Transfer fees

Free for Electronic Funds Transfer

Charges a fee for transferring out

Free for Electronic Fund Transfers up to $50,000 CAD and $25,000 USD.

Charges a fee for transferring out and wire transfer.

Safety

CIPF Member

CIPF Member

Customer support

Excellent

Still lacking behind

Mutual Fund Purchases

Fees Apply

Fees Apply

ECN Fees (additional trading fees)

None

Charged (often small amounts for most investors)

Promo

$150 Sign-up Bonus

$50 in Free Trades

What is Qtrade and How Does It Work?

Qtrade Direct Investing

Qtrade Direct Investing

With a history dating back to 2000, Qtrade Direct Investing is among Canada's oldest trading platforms, catering to beginner and advanced investors with equal aplomb. Its intuitive design and well-thought-out interface make it an excellent choice for novices, while its advanced research tools cater to the needs of more experienced investors.

  • Get up to $2000 cashback
  • Up to $50 sign-up bonus
  • Offer ends March 31, 2024
Get up to $50 Sign-up Bonus Now

Qtrade Direct Investing is an online brokerage division and a Vancouver-based subsidiary of Credential Qtrade Securities Inc.  It was established in 2000 and is owned by Aviso Wealth, one of Canada’s top independent wealth management firms.

Qtrade has positioned itself as a one-stop-shop for self-directed investing in Canada, with a wide range of securities that include stocks, mutual funds, bonds, options, GICs, and IPOs trading. Qtrade allows Canadians to trade Canadian and US-listed stocks and ETFs on various exchanges, including TSX, TSXV, CSE, NEO, NASDAQ, and NYSE.

This brokerage stands out because of its comprehensive suite of investment accounts, tools, and exceptional customer service, which has earned numerous accolades over the years from reputable publications such as MoneySense and Globe and Mail.

To use Qtrade, investors can open an investment account, including a cash account, margin account, or registered account such as a TFSA, RRSP, or RESP. 

Once the account is funded, investors can access various investment tools and resources such as real-time quotes, charts, news and research, and educational materials to help them make informed investment decisions.

Check out our full Qtrade Review

What is Questrade and How Does It Work?

EDITOR'S CHOICE
Questrade

Questrade

Questrade is an online discount brokerage established in 1999 with a $25 billion asset under management. Its popularity in Canada lies in its low commission, low trading fees, and multiple ranges of accounts. As a result, both beginners, intermediate and seasoned investors in Canada find Questrade attractive for DIY and active management investing.

Key Features

  • Free tax-loss harvesting
  • Low management fees
  • Several investment options
  • Automatic portfolio rebalancing
  • Active management
  • Ease of use
Click to Buy ETFs on Questrade

Questrade is a Canadian online brokerage providing investment services since 1999. Like Qtrade, it consistently ranks highly among Canada’s best online discount brokerages.

Questrade provides Canadians access to various investment products and services, including stocks, ETFs, mutual funds, options, GICs, IPOs, FX, CFDs, and fixed-income securities.

One of the standout features of Questrade is its fee structure, which includes no monthly, quarterly, or annual fees. Additionally, investors can purchase ETFs for free, making Questrade an excellent option for those looking to build an ETF portfolio without incurring additional costs.

They also offer a range of investment platforms, including a desktop, mobile app, and web-based platform, making it easy for investors to access their accounts and manage their investments from anywhere.

To use Questrade, investors can open an account online, including a self-directed trading account, a managed investing account, or a retirement account such as an RRSP or TFSA. 

Once the account is funded, investors can access various tools and resources to help them make informed investment decisions, including real-time quotes, charts, news, and research.

Check out our full Questrade Review

Qtrade Vs Questrade: Account Options

Though Qtrade and Questrade vary on several things, they offer the same account across both brokerages. With both accounts, you can open the following accounts:

  • Registered Retirement Savings Plan (RRSP)
  • Tax-Free Saving Account (TFSA)
  • Locked-in Retirement Account (LIRA)
  • Retirement Income Fund (RIF)
  • Registered Education Savings Plan (RESP)
  • Spousal Retirement Savings Plan (RSP)
  • Locked-in Retirement Savings Plan
  • Individual and Joint Margin (Cash) Accounts
  • Forex and CFD Accounts

In addition to these accounts, business owners can open the following accounts:

  • Partnership
  • Corporate Margin
  • Informal Trusts
  • Sole Proprietorship
  • Investment Club
  • Formal Trusts

Note: Questrade has a slight edge over Qtrade as you don’t have to open multiple accounts to hold both USD and CAD.

A Questrade TFSA account can hold both USD and CAD, however, with Qtrade, you will have to open a Canadian dollar TFSA and US dollar TFSA.

Qtrade Vs Questrade: Customer Support

It is important to consider the quality of customer service when picking a discount brokerage, especially if you are a new investor.

Both Qtrade and Questrade offer excellent customer service support. You can reach them through email, live chat, and by telephone. 

Qtrade overall customer support experience is the best in the business. They respond to LiveChat enquiries in minutes, and email responses take a few hours.

Though Questrade customer service response time is not encouraging, they are a bit more knowledgeable overall. So they don’t have an overall negative customer service.

Questrade has said that they have made notable improvements in their customer service by hiring more manpower, so we can expect to start seeing long-term improvements.

Qtrade Vs Questrade: Fees

Over the years, Questrade has continually emphasised that they offer rock-bottom fees and commissions. Their basic trading fee is $4.95 for up to 500 shares, up to a maximum of $9.95 per trade, this is an excellent value.

Qtrade charges $8.75 per trade (with a discount of $1.80 for frequent traders). The following is a breakdown of the fees for Qtrade vs Questrade:

  • Account Fees: Qtrade charges a quarterly account fee of $25 (but can be automatically waived). However, Questrade has no inactivity fee.
  • ECN Fees: Questrade charges ECN fees when a trade removes equity from the market. Qtrade never charges these fees.
  • ETF Trading: With Qtrade, commission-free ETFs are free to buy and sell. However, Questrade commission-free ETFs are only free to buy.
  • Transfer Fees: Qtrade and Questrade will reimburse you up to $150 to transfer your broker account to them.
  • DRIP Fees: For the Dividend Reinvestment Plan (DRIP), Qtrade and Questrade DRIPS are free.
  • Forex Spread Fees: Questrade charges 5% more to transfer your money from CAD to USD or vice versa.

It is clear that Qtrade is the best broker for investors with portfolios and trades mostly of Canadian ETFs. However, Questrade is best for anyone else.

Qtrade Vs Questrade: ETFs

Qtrade and Questrade are excellent platforms for trading ETFs, but Qtrade does better. However, both discount brokers are ahead of Canada’s big banks when it comes to ETF trading strategies.

Qtrade allows you to buy and sell over 100 ETFs for free. Though it doesn’t offer all ETFs, the important ones can be found on the list. Here are a few ETFs you are sure to find on Qtrade:

  • iShares Core Growth ETF Portfolio (XGRO)
  • iShares Core Equity ETF Portfolio (XEQT)
  • Horizons S&P/TSX 60 Index ETF  (HXT)
  • iShares Canadian Government Bond Index ETF (XGB)
  • Horizons S&P 500 Index ETF (HXS)
  • iShares Global Real Estate Index ETF (CGR)
  • iShares MSCI Emerging Markets Index ETF (XEM)

In contrast, Questrade allows you to buy ETFs for free but charges a fee when you sell ETFs. So for each ETF order you sell, you must pay the normal trading fees each time you want to sell it.

Qtrade Vs Questrade: Security

Qtrade and Questrade leave nothing to chance when it comes to securing and protecting their users. They go the extra mile to ensure that your accounts are protected.

Both discount brokers are members of the Canadian Investor Protector Fund (CIPF) and are both covered up to $1 million per insured category. They are both regulated by the Investment Industry Regulatory Organization of Canada (IIROC). 

In addition, they have two-factor authentication functionality to protect your accounts against hackers and fraud.

RELATED: 10 Best Trading Platforms in Canada (2024)

Qtrade Vs Questrade: Mobile and Desktop Platforms

Qtrade and Questrade both offer excellently refined desktop and mobile app platforms, though Qtrade has higher ratings on App Store and Play Store.

Both offer platforms with top-notch delivery in terms of functionality and user interface. However, Questrade has a better appealing desktop platform. Its IQ Edge is a fantastic program that appeals to many who want to start with day/swing trading. But long-term buy-and-hold investors will find more on Qtrade’s platform. 

For mobile apps, Questrade offers a much more advanced app, which can be much more buggy. Whereas, Qtrade’s mobile app is very simple to use. 

RELATED: Questrade vs Wealthsimple: Canada’s Best Investing App

Final Thoughts on Qtrade Vs Questrade

Choosing between Qtrade and Questrade depends on your personal preferences and investment goals. Both are reputable Canadian online brokerages offering various investment products and services. 

If you are an active trader with over 200 monthly trades, are interested in investing in mutual funds, and don’t mind paying more fees to enjoy superior customer service, the Qtrade is for you.

However, if you are an index investor interested in purchasing a lot of ETFs and don’t need a lot of assistance when it comes to maintaining your portfolio, Questrade is the best option for you.

Ultimately, the better platform for you will depend on your investment objectives, preferences, and priorities. It’s worth comparing the fees, investment products, account types, customer service, and platform user-friendliness of both platforms to determine the best fit for your needs.

FAQs on Qtrade Vs Questrade

Are free trial accounts available on both Qtrade and Questrade platforms?

Yes, both Qtrade and Questrade provide demo trial accounts for free to help users become familiar with the trading mechanics.

Is a minimum deposit required to open an account with Qtrade or Questrade?

No, there isn’t any account minimum required by either Qtrade or Questrade.

What is the timeframe to open an account with Qtrade or Questrade?

For most accounts, it usually takes less than 24 hours to open an account with either Qtrade or Questrade.

Who owns Qtrade and Questrade?

Qtrade is owned by Avisio Wealth, while Questrade Financial Group owns Questrade. 

Which platform is more suitable for day trading, Qtrade or Questrade?

Qtrade and Questrade are great options for high-volume traders as they offer discounts for frequent trades. Questrade provides discounts that can lower the fee per trade from $4.95 to as low as $0.01 per share, while Qtrade offers a discount that brings down the trade cost from $8.75 to $6.95 per trade.

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