Good for: Lower cost trading without sacrificing functionality
Questrade
| Trading Commission | $0 |
| Account Maintenance Fee | None |
- Pros & Cons
- Fees & Charges
- Sign-up Offer
Pros
- No annual or monthly account management fees
- Commission free ETF purchases (normal fee for selling)
- User-friendly platform
Cons
- No restrictions on what kinds of stocks can be purchased so high-risk trading options are available
- Up to $150 in transfer fees rebated when you transfer an account to Questrade from another financial institution (no minimum).
- Get one month of FREE options trading. Plus, get 30 days of real-time streaming options data with a free trial of Questrade Plus (terms apply, use promo code FREEOPTIONS).
Our bottom line
Questrade’s low fees, sleek look, and excellent customer service allows it to stand out as a top DIY trading platform for individual investors. The platform provides investors with many tools to personalize their investment experience.
Top feature of a Questrade account
Questrade offers a variety of account types ranging from individual margin and registered accounts to a number of joint and corporate accounts. Regardless of which account you choose, you will be able to take advantage of Questrade’s low fees.
Commission prices
Questrade now offers $0 commissions on online trades of Canadian and U.S. stocks and ETFs. This applies to both buys and sells executed through its self-directed platform. The previous per-share pricing model (1¢ per share with $4.95–$9.95 minimums and maximums) is no longer the standard structure for stock and ETF trades.
While stock and ETF trades are commission-free, options trading still carries fees. Standard pricing is generally $9.95 plus $1 per contract per trade. Active Trader pricing plans may reduce this cost, with rates as low as approximately $4.95 plus $0.75 per contract, depending on the selected data package and trading activity level.
For investors who prefer a managed solution, Questwealth Portfolios (Questrade’s robo-advisor service) continue to charge a management fee based on assets under management. Accounts between $1,000 and $99,999 are typically charged 0.25% annually, while accounts of $100,000 or more are charged 0.20% annually. Investors should also factor in the management expense ratios (MERs) of the underlying ETFs, which are charged in addition to the management fee. For example, a $1,000 portfolio at 0.25% plus ETF MERs of roughly 0.12% would result in total annual costs of approximately 0.37%.
Fees you should know about
Questrade does not charge account opening, closing, annual administration, or inactivity fees on self-directed accounts. This remains one of its key advantages compared to many bank-owned brokerages.
There are generally no fees for funding your account via electronic fund transfer (EFT), though wire transfers may incur fees (often in the $20–$40 range, depending on direction and institution).
Although ETF trades are commission-free, investors may still see small Electronic Communication Network (ECN) fees on certain trades. These are pass-through fees charged by market intermediaries and can apply to both stocks and ETFs depending on how the trade is executed.
Investors should also be aware of currency conversion fees when trading U.S. securities in a CAD account. Questrade typically charges approximately 1.5% over the spot exchange rate per conversion. Investors who maintain dual-currency accounts or use strategies such as Norbert’s Gambit may be able to reduce conversion costs.
Buying shares, ETFs and funds with a Questrade account
Questrade does not charge account opening, closing, annual administration, or inactivity fees on its self-directed accounts. This continues to distinguish it from many bank-owned brokerages that may impose maintenance or minimum balance fees.
Funding an account via electronic fund transfer (EFT) is generally free. However, wire transfers may incur fees (commonly in the $20–$40 range), depending on whether the wire is incoming or outgoing and the financial institution involved.
Although stock and ETF trades are commission-free, investors may still encounter small Electronic Communication Network (ECN) fees on certain transactions. These are pass-through fees charged by market intermediaries and typically apply when placing marketable limit orders or removing liquidity from the market.
Investors should also factor in currency conversion costs when trading U.S.-listed securities from a CAD account. Questrade generally charges approximately 1.5% over the prevailing exchange rate per currency conversion (effectively about 3% on a round trip if converting both into and out of USD). Investors who maintain dual-currency accounts or use strategies such as Norbert’s Gambit may be able to reduce overall foreign exchange costs.
Questrade’s platform
Questrade offers four different platforms that investors can take advantage of. Their primary platform is web based. When logging into your Questrade account through their website, investors can hit the “Trade” button and will be taken to the Questrade Trading platform. Here, investors can make trades, manage their account, check performance, and conduct research on stocks.
For those on the go, Questrade also offers a mobile app with many of the same features as the Questrade Trading platform. When using the app, users can set custom alerts and are notified when orders are filled. Questrade’s mobile app is compatible with both iOS and Android devices.
More advanced traders can use Questrade Edge Desktop (formerly IQ Edge). This downloadable platform provides a highly customizable interface with modular windows, advanced charting tools, options analytics, Level 2 market data (with applicable data packages), and conditional order capabilities. It is compatible with both Windows and Mac systems and is best suited to active traders who require deeper market data and sophisticated tools.
Finally, investors can use Questrade Global, its separate forex and CFD trading platform. This platform allows investors to trade currencies, commodities, indices, and CFDs. Questrade Global is web-based and accessible across most operating systems and mobile devices. Investors should note that forex and CFD trading carries higher risk and uses leverage.
Questrade’s research offerings
Questrade provides a solid set of research and market analysis tools, though it may not match the depth offered by some full-service bank brokerages.
Across its platforms, investors have access to:
- Real-time (or streaming, depending on data package) quotes
- Customizable charting tools with technical indicators
- Market news and analysis feeds
- Stock screeners and watchlists
- Options chain analysis tools
Active traders can subscribe to enhanced data packages for streaming quotes and deeper market access. Questrade also offers an IPO Centre, where investors can view available initial public offerings and new issues, along with relevant documentation and subscription details.
While research coverage is robust for a discount brokerage, investors seeking in-depth proprietary analyst reports may find fewer internal research publications compared to bank-owned platforms.
Things to watch out for
Questrade offers broad access to Canadian and U.S. equities, ETFs, options, IPOs, and more. There are no unusual restrictions on what types of listed securities can be purchased in a self-directed account.
Options trading permissions are tiered and require approval based on experience, financial profile, and account size. While this allows investors to implement advanced strategies, leveraged options and margin trading can significantly increase risk.
Additionally, while stock and ETF trades are commission-free, investors should remain aware of:
- Options contract fees
- ECN pass-through fees
- Currency conversion costs when trading U.S. securities
As with any brokerage platform, access to advanced tools should be paired with a clear strategy and disciplined risk management.
Service and support
Questrade’s customer service is top notch. Users are able to use an online chat feature to interact with Questrade employees when issues arise. While waiting to speak with an employee, users are able to track their position within the queue. Once connected, Questrade employees are very knowledgeable and willing to help remedy user issues. From experience, I’ve never ended a conversation with Questrade customer service without having an issue resolved.
Is a Questrade account a good choice for you?
Questrade remains one of Canada’s most competitive self-directed brokerages, particularly following its move to $0 commissions on Canadian and U.S. stocks and ETFs. It may be a strong fit for investors who prioritize low fees, customizable trading platforms, dual-currency account flexibility, and access to both long-term investing and active trading tools.
For cost-conscious DIY investors who want more advanced functionality than many entry-level apps provide — without paying bank brokerage pricing — Questrade continues to be a compelling option.
Questrade
Good for: Lower cost trading without sacrificing functionality
What we like
Questrade is a great option for investing online and lowering your investing fees all without compromising on platform or service. There are no monthly or annual account maintenance fees and trading is $0.01 per share with a minimum charge of $4.95 and a maximum of $9.95. You can purchase ETFs with no fee, though you do have to pay a fee when selling. Read our full review.
Trading commission:
$4.95 to $9.95
Account maintenance fee:
None
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