The best alternatives to Questrade are
- Qtrade Direct Investing - Canadian stockbroker
- RBC Direct Investing - Canadian discount stockbroker
- TD Ameritrade - US-based stockbroker
- Interactive Brokers - International broker providing all asset classes
Let's see in a bit more detail how the Questrade alternatives compare to Questrade and each other:
|
Overall score
|
4.5 stars | 4.1 stars | 4.1 stars | 4.8 stars | 4.9 stars |
|---|---|---|---|---|---|
|
Fees score
|
3.5 stars | 3.3 stars | 3.5 stars | 4.1 stars | 4.4 stars |
|
Account opening score
|
3.5 stars | 4.2 stars | 3.7 stars | 4.0 stars | 3.2 stars |
|
Deposit and withdrawal score
|
2.7 stars | 3.0 stars | 2.4 stars | 2.2 stars | 3.0 stars |
|
Web platform score
|
3.8 stars | 3.5 stars | 2.9 stars | 4.3 stars | 3.8 stars |
|
Markets and products score
|
4.6 stars | 2.9 stars | 2.4 stars | 3.8 stars | 5.0 stars |
|
|
Visit broker | Visit broker | Visit broker | Visit broker |
Why are these brokers considered good alternatives to Questrade? There are many areas based on which Questrade can be compared with others. When we say a given online broker is a good alternative to Questrade we mean these brokers are comparable in the following areas:
- The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
- The type of clients they target, i.e. beginners, experienced investors, or day traders.
Questrade alternatives recommendations
Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:
- Questrade is recommended for traders and investors focusing on the canadian and us markets
- Qtrade Direct Investing is recommended for investors, including beginners, who focus on the canadian and us markets
- RBC Direct Investing is recommended for investors, including beginners, focusing on the canadian and us markets
- TD Ameritrade is recommended for investors and traders looking for solid research and a well-equipped desktop trading platform
- Interactive Brokers is recommended for traders looking for broad market access and a professional trading environment
Important factors of finding Questrade alternatives
So far BrokerChooser has reviewed 102 online brokers in detail, which gives this comparison a solid starting point.
Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we
- open a live account
- check over 100 criteria, with weighting based on readers' preferences
- refresh data regularly
Whether Questrade or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:
Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. The amounts Questrade charges you are considered average. When picking an alternative, you could prioritize brokers that are cheaper than Questrade.
Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At Questrade this is not a problem as you can have it ready on the same day you registered.
Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you can make a deposit with a credit card at Questrade, this might not be the case at its alternatives.
Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.
Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Questrade alternative is a must.
Now let's dive into the details of how Questrade and its alternatives perform in the most important areas!
Qtrade Direct Investing
Qtrade is a Canadian stockbroker regulated by the top-tier CIRO. Qtrade Direct Investing's strengths include low trading fees for many asset classes including stocks, ETFs, bonds and mutual funds. Opening an account is easy, with several account types at your disposal. Qtrade Direct Investing also offers high-quality educational tools. It is a good choice for beginner investors. On the other hand, Qtrade Direct Investing's products cover only the Canadian and US markets. Trading fees for some products are high. The lack of credit/debit card or electronic wallet integration limits deposit and withdrawal options. BrokerChooser gave Qtrade Direct Investing a 4.1/5 rating based on analyzing 500+ criteria and testing via opening a live account.
Recommended for investors, including beginners, who focus on the canadian and us markets
|
US stock
|
$8.8
|
$5.0
|
|---|
|
Minimum deposit
|
$0
|
$1,000
|
|---|---|---|
|
Time to open account
|
1-3 days | 1 day |
If you are interested more in Qtrade Direct Investing minimum deposit, this overview will help you.
|
Bank transfer
|
Yes | Yes |
|---|---|---|
|
Credit/debit card
|
No | No |
|
Electronic wallets
|
No | Yes |
|
Withdrawal fee
|
$0
|
$0
|
|
Web platform score
|
3.5 stars | 3.8 stars |
|---|---|---|
|
Mobile platform score
|
3.0 stars | 4.8 stars |
|
Desktop platform score
|
- | 4.3 stars |
Learn more about Qtrade Direct Investing's web trading platform in the detailed Qtrade Direct Investing review.
|
Stocks
|
Yes | Yes |
|---|---|---|
|
ETFs
|
Yes | Yes |
|
Forex
|
No | Yes |
|
Funds
|
Yes | Yes |
|
Bonds
|
Yes | Yes |
|
Options
|
Yes | Yes |
|
Futures
|
No | No |
|
CFDs
|
No | Yes |
|
Crypto
|
No | No |
RBC Direct Investing
RBC Direct Investing is a Canadian stockbroker regulated by the top-tier CIRO. RBC Direct Investing is an established company with a banking background and fast account opening for RBC banking clients. Customer service is reliable and quick, while education resources are also great, covering a lot of tools, including a demo account. It is a good choice for beginner investors. RBC Direct Investing's most obvious weakness is its outdated mobile trading app. Also, the product portfolio covers only the US and Canadian markets, and withdrawal and deposit options are limited. BrokerChooser gave RBC Direct Investing a 4.1/5 rating based on analyzing 500+ criteria and testing via opening a live account.
Recommended for investors, including beginners, focusing on the canadian and us markets
|
US stock
|
$7.4
|
$5.0
|
|---|
|
Minimum deposit
|
$0
|
$1,000
|
|---|---|---|
|
Time to open account
|
1-3 days | 1 day |
If you are interested more in RBC Direct Investing minimum deposit, this overview will help you.
|
Bank transfer
|
Yes | Yes |
|---|---|---|
|
Credit/debit card
|
No | No |
|
Electronic wallets
|
No | Yes |
|
Withdrawal fee
|
$0
|
$0
|
|
Web platform score
|
2.9 stars | 3.8 stars |
|---|---|---|
|
Mobile platform score
|
0.7 stars | 4.8 stars |
|
Desktop platform score
|
- | 4.3 stars |
Learn more about RBC Direct Investing's web trading platform in the detailed RBC Direct Investing review.
|
Stocks
|
Yes | Yes |
|---|---|---|
|
ETFs
|
Yes | Yes |
|
Forex
|
No | Yes |
|
Funds
|
Yes | Yes |
|
Bonds
|
Yes | Yes |
|
Options
|
Yes | Yes |
|
Futures
|
No | No |
|
CFDs
|
No | Yes |
|
Crypto
|
No | No |
TD Ameritrade
TD Ameritrade is one of the biggest stockbrokers in the US with a wide range of asset classes and commission-free stock trading.
Its trading platform - Thinkorswim - is exceptional, account opening is user-friendly, and no minimum deposit is required.
Be aware, though, that TD Ameritrade is only available in a few countries outside the US, and you can only trade on US markets.
TD Ameritrade has been acquired by US peer Charles Schwab. Existing TD clients are being migrated to Charles Schwab, with the process scheduled to be fully completed in 2024. In most cases, it makes sense to open a new account at Schwab, since most of TD Ameritrade's top features (including Thinkorswim) are now available at Schwab. However, you can still open a new account at TD, for example if you're interested in trading futures and forex products, or using portfolio margin, as these will be available at Schwab only in early 2024. Read our Charles Schwab review.
Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform
|
US stock
|
$0.0
|
$5.0
|
|---|
|
Minimum deposit
|
$0
|
$1,000
|
|---|---|---|
|
Time to open account
|
1-3 days | 1 day |
If you are interested more in TD Ameritrade minimum deposit, this overview will help you.
|
Bank transfer
|
Yes | Yes |
|---|---|---|
|
Credit/debit card
|
No | No |
|
Electronic wallets
|
No | Yes |
|
Withdrawal fee
|
$0
|
$0
|
|
Web platform score
|
4.3 stars | 3.8 stars |
|---|---|---|
|
Mobile platform score
|
4.8 stars | 4.8 stars |
|
Desktop platform score
|
4.5 stars | 4.3 stars |
Learn more about TD Ameritrade's web trading platform in the detailed TD Ameritrade review.
|
Stocks
|
Yes | Yes |
|---|---|---|
|
ETFs
|
Yes | Yes |
|
Forex
|
Yes
|
Yes |
|
Funds
|
Yes | Yes |
|
Bonds
|
Yes | Yes |
|
Options
|
Yes | Yes |
|
Futures
|
Yes | No |
|
CFDs
|
No | Yes |
|
Crypto
|
Yes
|
No |
Interactive Brokers
Interactive Brokers (IBKR) is highly recommended for those seeking a broker with all-round great services at low fees.
It has an unrivaled selection of all asset types from exchanges across the globe, and offers many trading platforms with great functionality and advanced research.
The IBKR Global Trader app is a great way, even for beginners, to start trading stocks, ETFs, options and cryptos. Meanwhile, more experienced users can enjoy the complex capabilities of Trader Workstation at the other end of the spectrum.
Among the broker's drawbacks, account opening is long and tedious, some platforms may be too complex for beginner traders, and customer service can be busy.
In all, IBKR tops our list of brokerages: it is the highest-rated broker at BrokerChooser.
Recommended for traders looking for broad market access and a professional trading environment
|
US stock
|
$1.0
|
$5.0
|
|---|---|---|
|
UK stock
|
$3.7
|
-
|
|
German stock
|
$3.2
|
-
|
|
Minimum deposit
|
$0
|
$1,000
|
|---|---|---|
|
Time to open account
|
1-3 days | 1 day |
If you are interested more in Interactive Brokers minimum deposit, this overview will help you.
|
Bank transfer
|
Yes | Yes |
|---|---|---|
|
Credit/debit card
|
No
|
No |
|
Electronic wallets
|
No | Yes |
|
Withdrawal fee
|
$0
|
$0
|
|
Web platform score
|
3.8 stars | 3.8 stars |
|---|---|---|
|
Mobile platform score
|
4.3 stars | 4.8 stars |
|
Desktop platform score
|
3.8 stars | 4.3 stars |
Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.
|
Stocks
|
Yes | Yes |
|---|---|---|
|
ETFs
|
Yes | Yes |
|
Forex
|
Yes | Yes |
|
Funds
|
Yes | Yes |
|
Bonds
|
Yes | Yes |
|
Options
|
Yes | Yes |
|
Futures
|
Yes | No |
|
CFDs
|
Yes | Yes |
|
Crypto
|
Yes
|
No |
Questrade
Questrade is a Canadian online brokerage firm. Questrade has low stock and ETF fees, and offers advanced research tools including news, fundamental data and chart pattern tools. Its customer service is excellent, 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 and CAD. BrokerChooser gave Questrade a 4.5/5 rating based on analyzing 500+ criteria and testing via opening a live account.
Recommended for traders and investors focusing on the canadian and us markets
|
US stock
|
$5.0
|
$8.8
|
$7.4
|
$0.0
|
$1.0
|
|---|
|
Minimum deposit
|
$1,000
|
$0
|
$0
|
$0
|
$0
|
|---|---|---|---|---|---|
|
Time to open account
|
1 day | 1-3 days | 1-3 days | 1-3 days | 1-3 days |
Learn more about Questrade minimum deposit here.
|
Bank transfer
|
Yes | Yes | Yes | Yes | Yes |
|---|---|---|---|---|---|
|
Credit/debit card
|
No | No | No | No |
No
|
|
Electronic wallets
|
Yes | No | No | No | No |
|
Withdrawal fee
|
$0
|
$0
|
$0
|
$0
|
$0
|
|
Web platform score
|
3.8 stars | 3.5 stars | 2.9 stars | 4.3 stars | 3.8 stars |
|---|---|---|---|---|---|
|
Mobile platform score
|
4.8 stars | 3.0 stars | 0.7 stars | 4.8 stars | 4.3 stars |
|
Desktop platform score
|
4.3 stars | - | - | 4.5 stars | 3.8 stars |
Learn more about Questrade's web trading platform in the detailed Questrade review.
|
Stocks
|
Yes | Yes | Yes | Yes | Yes |
|---|---|---|---|---|---|
|
ETFs
|
Yes | Yes | Yes | Yes | Yes |
|
Forex
|
Yes | No | No |
Yes
|
Yes |
|
Funds
|
Yes | Yes | Yes | Yes | Yes |
|
Bonds
|
Yes | Yes | Yes | Yes | Yes |
|
Options
|
Yes | Yes | Yes | Yes | Yes |
|
Futures
|
No | No | No | Yes | Yes |
|
CFDs
|
Yes | No | No | No | Yes |
|
Crypto
|
No | No | No |
Yes
|
Yes
|
Bottom line
Based on our analysis, there are several good alternatives to Questrade. They all offer similar products and target similar customers. Here's a recap of the results in a table.
|
Broker intro
|
Recommended for
|
|
|---|---|---|
| Canadian stockbroker | Traders and investors focusing on the Canadian and US markets | |
| Canadian stockbroker | Investors, including beginners, who focus on the Canadian and US markets | |
| Canadian discount stockbroker | Investors, including beginners, focusing on the Canadian and US markets | |
| US-based stockbroker | Investors and traders looking for solid research and a well-equipped desktop trading platform | |
| International broker providing all asset classes | Traders looking for broad market access and a professional trading environment |
Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.
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