Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Safety is also very important, but since we recommend only safe brokers regulated by top-tier authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether Qtrade is the right choice for a starting trader.

Is Qtrade good for beginners
Is Qtrade good for beginners?

Based on our scoring methodology, Qtrade is a broker that we can recommend for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 Qtrade's web platform has some good things to offer: Clear fee report. Good search function. Good variety of order types. However, some things may not be suitable for beginners. Areas of improvement: No two-step (safer) login. Limited customizability (for charts, workspace). Poor design.
  • 📱 Sadly, Qtrade's mobile platform is not its strongest side, but there are a few positive aspects to it: Good search function. Good variety of order types. Order confirmation. On the other hand, there are some things that could be improved: No two-step (safer) login. No price alerts. No Touch/Face ID login.
  • 💰 Fees are one of the most important aspects when it comes to trading and Qtrade does well in some areas: Low stock and ETF fees / Free stock trading. No mutual fund fees. However, charges may be higher compared to some competitors. Areas of improvement: Inactivity fee. Average options fees and margin rates.
  • 🕖 An account opening process is great when it is seamless from the get-go. Qtrade does an excellent job in this area: Fully digital. No minimum deposit. Many account types.
  • 📚 Demo account. Trading platform tutorial. Educational videos. However, Qtrade's education materials could be improved.Areas of improvement: Not updated regularly.
  • 📞 Phone support. Relevant answers. However, there is some room for improvement in Qtrade's customer service: No live chat. No 24/7 support.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. Qtrade's deposit and withdrawal processes have some good things to offer: Free withdrawal. No deposit fee. User-friendly. Nevertheless, its services could be improved in other areas: Credit/Debit card not available. Electronic wallets not accepted.

Is Qtrade good for beginners
Overview of Qtrade's services

Let’s take an overall look at how Qtrade compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

Qtrade services vs. similar brokers
Qtrade RBC Direct Investing Questrade
Web platform score 3.0 stars 2.9 stars 3.8 stars
Mobile platform score 2.5 stars 0.7 stars 4.8 stars
Fees Low Low Low
Account opening score 4.4 stars 3.9 stars 3.8 stars
Education score 4.0 stars 4.0 stars 4.0 stars
Customer service score 3.1 stars 4.5 stars 4.5 stars
Deposit and withdrawal score 3.0 stars 2.4 stars 2.7 stars

If you wish to read more about Qtrade, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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Is Qtrade good for beginners
Is Qtrade safe to use?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier regulators. As such, Qtrade is a safe and trusted broker.

If you’d like to know more, check out our deeper dive into Qtrade's safety.

Is Qtrade good for beginners
Where can I find more information?

If Qtrade is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2021 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the How to invest section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news. Like what happens with brokers after Brexit or what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Oskar Golebiowski

Author of this article

Oskar's goal is to bring transparency to investors in the Canadian stock brokerage market. With a bachelor’s degree in finance and over 3 years of business experience, Oskar has tested many different investing platforms in the past. His aim is to provide unbiased and honest reviews of the best tools available to Canadian investors.

Oskar Golebiowski

Canadian broker expert

Oskar's goal is to bring transparency to investors in the Canadian stock brokerage market. With a bachelor’s degree in finance and over 3 years of business experience, Oskar has tested many different investing platforms in the past. His aim is to provide unbiased and honest reviews of the best tools available to Canadian investors.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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