If you’re new to investing and don’t want to pay excessive trading fees, take a look at Questrade, a popular online broker that allows users to buy and sell ETFs at no charge. When you’re still learning about investing, saving on commissions can help you familiarize yourself with the process and build confidence.
We also appreciate the broker’s transparency regarding fees and policies, as well as the investment types available to users. Ethical investors will also value Questrade’s sustainable options. While seasoned investors might want more tools at their disposal for making trading decisions, Questrade can be a good fit for those starting their investment journey.
Questrade features
Here’s a quick rundown on Questrade's primary features:
Why You Want It
$50 bonus for funding a new account, and $0 commissions on stocks & ETFs
Special Features
- Excellent array of investing and trading tools
- Trade ETFs for $0
- Commission-free stock trades
Provinces
ALL
Features
Types Of Accounts
- TFSA
- RRSP
- Spousal RRSP
- LIRA
- Locked-In RRSP
- RIF
- LIF
- RESP
- Family RESP
- Corporate
- Investment Club
- Partnership
- Sole Proprietorship
- Individual Informal Trust
- Joint Informal Trust
- Formal Trust
- Individual Margin
- Joint Margin
- Individual Forex & CFDs
- Joint Forex & CFDs
- FHSA
Types Of Investments
- Stocks
- ETFs
- Options
- FX
- IPOs
- CFDs
- Mutual Funds
- Bonds
- GICs
- International Equities
- Precious Metals
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$0
Maximum Stock Fee
$0
Minimum ETF Fee
$0
Maximum ETF Fee
$0
Active Trader Stock Fee Per Trade
$0
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$0
Maximum Covered Transfer Fee
$150
Withdrawal Fees?
Account Maintence Fees
$0
Inactivity Fee Amount
$0
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
Questrade product rating: 4.8 stars
One of the best features about Questrade is the fact that you can buy your ETFs for free. The rest of your investment choices are cheap too, helping you save money while trading.
As you’ll see below, the benefits of investing with Questrade far outweigh the drawbacks, but it's by no means a perfect platform. While it’s free to open an account, you do need a minimum of $250 to invest with Questwealth Portfolios. However, there's no minimum for Questrade.
Rating methodology
To evaluate online brokers, we analyze over 25 data points to generate a trustworthy Genius Rating. We consider all aspects of an online broker, including investment options, fees, perks, access to support, customer satisfaction, and promotions, to assess its overall value. Then, the online broker’s features are rated based on how they stack up against other available options.
Learn more about our rating methodology.
The pros of Questrade
Here's what you'll love if you decide to invest with Questrade:
Pros
Total transparency with fees
Questrade prides itself on being transparent about all its fees, and it's well deserved. From administrative costs to transaction fees, anything that costs you money is listed on the website, all easy to find and simple to understand. Even the fees that they don't charge are listed, no doubt to ease the minds of prospective clients.
Surprisingly low fees
Not only are Questrade's fees transparent, they're quite reasonable too. As a virtual broker with no physical branches, Questrade can offer lower commission rates and fees than most – in fact, there are no annual or monthly fees, and there are no commission fees for purchasing ETFs. They even got rid of their inactivity fee in October 2020.
Lots of investment accounts and product choices
By our count, Questrade offers 20 investment account options for its clients, including popular choices like TFSAs and RRSPs. But you'll also find options like joint informal trusts, individual margins, and FHSAs. Then there's the long list of 11 various investment types, ranging from stocks and bonds to international equities and precious metals.
Options for Socially Responsible Investing (SRI)
For those committed to sustainability, Questrade can help. There are SRI portfolios for every risk level, from aggressive to more conservative, and plenty of investment vehicles to consider. It's a convenient way to support and encourage businesses with low carbon emissions and manufacturing efforts that respect their workers and resources.
Plenty of convenient methods for support
If something alarming happens and you need to speak with someone ASAP, Questrade has all the main avenues of contact covered: you can call, email, or use their instant online chat. You'll also find video guides, step-by-step instructions, and "lessons" on a wide range of investment methods, terms, and more.
The cons of Questrade
However, you'll want to keep these details about Questrade in mind as well:
Cons
Limited amount of time to report fraud for full reimbursement
Questrade guarantees 100% reimbursement in the event you experience fraudulent activity in your account, but this guarantee comes with conditions. It’s your responsibility to report any suspicious activity within six days of receiving your monthly statement.
Trading research is limited
If you’re looking for technical or statistical information to guide your trading, you’re out of luck with the basic Questrade screener. If you want access to a broader tool set, you’ll have to spring for a Questrade Edge subscription. Depending on the subscription you pay for, you may pay between $9.95 and $44.95 per month.
Questrade alternatives
So how does Questrade measure up to some of its closest competitors? Let’s take a look:
 |  |  |  | |
|---|---|---|---|---|
| Account | Questrade | Moomoo Financial | Qtrade | CIBC Investor's Edge |
| Genius Rating | ||||
| Why You Want It | $50 bonus for funding a new account, and $0 commissions on stocks & ETFs |  $65 GeniusCash + Get up to $2,200 in trading perks + Extended trading hours. | $80 GeniusCash + Ditch the fees, and trade unlimited Stocks, ETFs, Mutual Funds and more for $0 | Lowest commission rate from a Big 5 Bank online broker + Free trading under 25. |
| Types Of Accounts |
|
|
|
|
| Types Of Investments |
|
|
|
|
| Minimum Investment | $0 | $0 | $0 | $0 |
| Email Support | | | | |
| Live Chat Support | | | | |
Show More | ||||
| Open an account See more Questrade products Compare | I Want This Deal See more Moomoo Financial products Compare | I Want This Deal See more Qtrade products Compare | Open an account See more CIBC products Compare |
FAQ
What are Questrade’s fees?
Questrade doesn't charge any annual or monthly fees on self-directed accounts, and buying ETFs is completely free. There are fees involved for most transactions, but they're generally lower than those of most brokerages and are clearly outlined on their website.
Is Questrade safe?
Questrade is regulated just like a bank, and its operations are overseen by the Investment Industry Regulatory Organization of Canada (IIROC) and Canadian Investor Protection Fund (CIPF), which ensure Questrade's operations meet strict industry standards.
How is Questrade’s customer service?
The reviews on Trustpilot for Questrade's customer service aren't exactly glowing (it only has 1.4 stars), and we've noticed quite a few 1-star reviews left by our own readers. Reddit users are mixed in their reviews.
How much money do you need to open a Questrade account?
You don't need even a single dollar to open an account with Questrade. However, once you actually want to start investing, you'll need a minimum of $1,000 in your account.
Is Questrade owned by TD Bank?
No, Questrade is not owned by TD Bank, though TD does have its own online brokerages, TD Easy Trade and TD Direct Investing. Questrade and Questrade Wealth Management, Inc. are both subsidiaries of Questrade Financial Group Inc.
What is the downside of Questrade?
One drawback of Questradeis that there’s a limited amount of time to report fraud – only six days after you receive your monthly statement. Also, trading research tools are a bit limited without a premium subscription.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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