Questrade Logo

Questrade Review 2024

Written by
Adam N.
Fact checked by
Updated
1w ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Desktop platform
Product selection
Regulated and trusted. Tested via live trading.
2,986 people chose this broker
Not available in United States; see best alternatives

Why choose Questrade

Questrade is a Canadian online brokerage firm.

Questrade has low stock and ETF fees and offers advanced research tools, including chart pattern tools. It has great customer service, providing relevant information quickly on all available channels. It is a good choice for beginner investors.

On the negative side, the account opening process for international clients is slow and not fully digital. There is also a high fee for wire withdrawals outside Canada. Lastly, you can hold your cash only in USD or CAD.

BrokerChooser gave Questrade a 4.5/5 rating based on analyzing 600+ criteria and testing via opening a live account.

  • Low stock and ETF fees
  • Solid research tools
  • Great customer service
Overall score
4.5/5
Minimum deposit
$1,000
Stock fee
Low
FX fee
Low
Inactivity fee
no
Account opening
1 day

Not sure if this is the right broker for you? See the best ones.

Fees

Score: 3.2/5
Questrade has competitive fees for stocks, ETFs, and funds. However, margin rates are at the higher end.
  • Low non-trading fees
  • Low stock and ETF fees / Free stock trading
  • Low fund fees

We compared Questrade's fees with two similar brokers we selected, Qtrade Direct Investing and RBC Direct Investing. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Questrade alternatives.

Low stock and ETF commission

Questrade US stock fees are higher than the industry average. US stock fees are calculated as follows: $0.01 per share, min $4.95, max $9.95; buying ETFs is free, selling costs $0.01 per share

Broker
US stock
Questrade
$5.0
Qtrade Direct Investing
$8.8
RBC Direct Investing
$7.4
Questrade stock and ETF commission

Low FX fees

All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 2.1.

Broker
EURUSD spread
FX commission per lot
Questrade
2.1
No commission is charged
Qtrade Direct Investing
-
FX not available
RBC Direct Investing
-
FX not available
Questrade forex spreads and commissions

High options commission

Questrade US stock index options fees are much higher than the industry average. US stock index options fees are calculated as follows: $9.95 + $1 per contract

Broker
US stock index options
Questrade
$20.0
Qtrade Direct Investing
$21.3
RBC Direct Investing
$16.6
Questrade stock index options commission

No inactivity fee, no withdrawal fee

There is no account fee, and withdrawals via electronic transfer are also free up to CAD 50,000 or $25,000. However, wire transfers cost $20-40 depending on your residency. International clients can only use wire transfers.
Questrade charges no inactivity fee.

Broker
Inactivity fee
Withdrawal fee
Questrade
$0
Qtrade Direct Investing
$0
RBC Direct Investing
$0
Questrade inactivity, withdrawal and other fees

Other commissions and fees

Low mutual fund commission: trading mutual funds involves the following charges - $9.95 per trade.

Low bond commission: US treasury bonds come with the following charges - No fees, but minimum $5,000 purchase.

High margin rates: the USD annual margin rate is 13.0%.

Broker
Mutual fund
US micro e-mini stock index futures
Questrade
$10.0
-
Qtrade Direct Investing
$6.5
-
RBC Direct Investing
$0.0
-
Misc. fees compared with other brokers

Safety

Questrade is regulated by a top-tier Canadian authority, and offers investor protection for a high amount. Unfortunately, there is no negative balance protection.
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • CAD 10 million per account additional insurance
Read more

Deposit and withdrawal

Score: 3.7/5
Deposits and withdrawals are free and user-friendly with electronic transfer for Canadians. However, the process is expensive for non-Canadians and non-Visa debit cards are not available.
  • Free withdrawal
  • No deposit fee
  • User-friendly
Read more

Account opening

Score: 3.1/5
For Canadian citizens, opening an account at Questrade is easy and fully digital. However, there is a high minimum deposit of $1,000.
  • Fast
  • Fully digital
  • User-friendly
Read more

Mobile app

Score: 4.8/5
The Questrade mobile trading platform is great. It is user-friendly and well-designed.
  • User-friendly
  • Two-step (safer) login
  • Good variety of order types
Read more

Desktop platform

Score: 4.3/5
IQ Edge is Questrade's most advanced trading platform by far. It is user-friendly and highly customizable, with a great variety of order types. However, there is no fee report available.
  • User-friendly
  • Good customizability (for charts, workspace)
  • Good variety of order types
Read more

Product selection

Score: 4.1/5
At Questrade, you can trade almost all asset classes except futures and cryptos. The product portfolio covers only the US and Canadian markets, though.
Read more
“I recommend Questrade for advanced traders and investors focusing on the Canadian and US markets, as it provides low stock and ETF fees. This broker is not ideal for non-Canadians because for them the account opening is slow and withdrawal fees are high. I really liked the high level of investor protection with CAD 1 million offered by CIPF, the Canadian fund.”

FAQ

Read more
Got questions?
Engage with our growing community of traders and investors like you to find your answers.
Join now

Author of this review

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

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.

Follow us

Regional settings

×
I'd like to trade with...