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Questrade Alternatives

May 2019
Our top picks for Questrade alternatives
Interactive Brokers
Tradestation

The best alternatives to Questrade are

  1. Interactive Brokers - US discount broker
  2. Tradestation - US stockbroker

Let's see in a bit more detail how the Questrade alternatives compare to Questrade and each other:

Questrade alternatives comparison
Questrade Interactive Brokers Tradestation
Overall score 4.3 4.8 4.4
Fees score 3 stars 4 stars 4 stars
Account opening score 2 stars 3 stars 4 stars
Deposit and withdrawal score 3 stars 2 stars 2 stars
Web platform score 3 stars 4 stars 4 stars
Markets and products score 3 stars 5 stars 2 stars
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
  • Interactive Brokers is recommended for traders who prefer low fees and a professional trading environment
  • Tradestation is recommended for traders wanting great research tools and preferring the us markets

Important factors of finding Questrade alternatives

So far Brokerchooser has reviewed 56 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, the account opening is slower than average, so if you consider this important some Questrade alternatives can be a good choice.

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 cannot make a deposit with your credit card at Questrade, some alternatives might allow you to do that.

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!

Questrade alternatives
Questrade

4.3 4 stars

Questrade logo

Questrade was founded in 1999 and it is one of the most popular Canadian brokerage firms. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and member of the Canadian Investor Protection Fund (CIPF).

Questrade is considered safe because it has a long track record and regulated by a top-tier regulator.

Recommended for traders and investors focusing on the canadian and us markets

Pros
  • Superb customer service
  • Solid research tools
  • Great desktop trading platform
Cons
  • Slow account opening process for international customers
  • High inactivity fee
  • No credit/debit cards

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Fees 3 stars

Questrade has average trading fees and non-trading fees.
Pros
  • No withdrawal fee
  • Transparent fee structure
Cons
  • Inactivity fee
  • High financing rate
Questrade alternatives trading fees
Questrade Interactive Brokers Tradestation
Apple benchmark fee $10.1 $2.2 $2.2
Vodafone benchmark fee - $17.9 -
EURUSD benchmark fee $36.4 $23.0 -

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker

Account opening 2 stars

For international clients, the process is slow and it requires them to physically mail documents. There is also a high minimum deposit. As a plus, the account opening is easy and fully digital for Canadian citizens.
Pros
  • Full online and easy account opening for Canadian clients
Cons
  • Slow account opening
  • Minimum deposit is higher than $500
  • Complicated account opening for non-Canadian clients
Questrade alternatives minimum deposit and account open times
Questrade Interactive Brokers Tradestation
Minimum deposit $1,000 $0 $500
Time to open account >3 days 1-3 days 1-3 days

Learn more about Questrade minimum deposit here.

More Visit broker

Deposit and withdrawal 3 stars

Questrade deposit and withdrawal can be improved. Credit/debit cards are not available, there are only CAD and USD base currencies, and a high fee is charged for wire withdrawals. As a plus, there is no deposit fee and transferring money is easy and user-friendly.
Pros
  • No deposit fee
  • User-friendly
Cons
  • Credit/Debit card not available
  • Slow funding and withdrawal - over 3 days
  • High fee for wire withdrawals
Questrade and alternatives withdrawal options and fees
Questrade Interactive Brokers Tradestation
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets Yes No No
Withdrawal fee $0 $0 $35

More Visit broker

Web trading platform 3 stars

Questrade's web trading platform offers a simple, intuitive design, a wide variety of order types and price alerts. On the flip side, its customizability is limited, a two-step login process is not available, and doesn't offer a clear fee report.
Pros
  • User-friendly
  • Good variety of order types
  • Price alerts
Cons
  • No clear fee report available
  • No two-step (safer) login
  • Limited customizability (for charts, workspace)
Questrade - Web trading platform
Questrade and alternatives trading platform scores
Questrade Interactive Brokers Tradestation
Web platform score 3 stars 4 stars 4 stars
Mobile platform score 4 stars 4 stars 5 stars
Desktop platform score 4 stars 3 stars 3 stars

Learn more about Questrade's web trading platform in the detailed Questrade review.

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Markets and products 3 stars

At Questrade, you can trade with almost all asset classes, only futures and crypto are missing. However, the offered products cover only the US and Canadian markets.
Questrade and alternatives markets and products
Questrade Interactive Brokers Tradestation
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund Yes Yes Yes
Bond Yes Yes No
Options Yes Yes Yes
Futures No Yes Yes
CFD Yes Yes No
Crypto No Yes No

More Visit broker

Verdict

Questrade is the fastest growing online brokerage firm in Canada and for a good reason.

Their customer service is outstanding, they provide relevant information in a quick manner. Questrade's research tools are advanced. The desktop trading platform offers a lot of tools and user-friendly.

Questrade has some shortcomings, however. Even though the account opening process for Canadians is quick and easy, it's slow and time-consuming for international customers. They charge a high inactivity fee for accounts with $5,000 or less if no trades are made for a quarter year. Lastly, you can't use credit/debit cards for money transfer.

Since Questrade has advanced research tools, a wonderful trading platform and offers excellent customer service, feel free to try it.

Questrade
Summary Questrade is a Canadian online brokerage firm. Questrade is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF).
Fees score 3 stars
Recommended for Traders and investors focusing on the Canadian and US markets

More Visit broker

Questrade alternatives
Interactive Brokers

4.8 5 stars

Best online broker

Interactive Brokers logo

Interactive Brokers was founded in 1978 and it is one of the biggest US-based discount brokers. It is regulated by several regulators globally, including top-tier authorities like FCA and SEC. Interactive Brokers Group is listed on the New York Stock Exchange.

Interactive Brokers is considered safe because it has a long track record, is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.

Recommended for traders who prefer low fees and a professional trading environment

Pros
  • Broad product portfolio
  • Low fees
  • Great and diverse research tools
Cons
  • Funding and withdrawal only through bank transfer
  • Complicated account opening process
  • Not user-friendly and complicated desktop trading platform

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Fees 4 stars

Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.
Pros
  • Low trading fees
  • Transparent fee structure
Cons
  • Inactivity fee
Questrade vs. Interactive Brokers: Trading fees
Interactive Brokers Questrade
Apple benchmark fee $2.2 $10.1
Vodafone benchmark fee $17.9 -
EURUSD benchmark fee $23.0 $36.4

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker

Account opening 3 stars

The account opening process is fully digital, but slow and complicated.
Pros
  • Fully digital account opening
  • No minimum deposit for most accounts
Cons
  • Slow account opening
  • Not user-friendly
  • Confusing messages throughout the process
Questrade vs. Interactive Brokers: Minimum deposit, time to open an account
Interactive Brokers Questrade
Minimum deposit $0 $1,000
Time to open account 1-3 days >3 days

If you are interested more in Interactive Brokers minimum deposit, this overview will help you.

More Visit broker

Deposit and withdrawal 2 stars

Interactive Brokers offers a lot of base currencies and one withdrawal per month is free. On the negative side, only bank transfer is available.
Pros
  • Several account base currencies
  • No charge for the first withdrawal each month
Cons
  • Credit/Debit card not available
  • Slow funding and withdrawal - over 3 days
Questrade vs. Interactive Brokers: Withdrawal options
Interactive Brokers Questrade
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No Yes
Withdrawal fee $0 $0

More Visit broker

Web trading platform 4 stars

The Interactive Brokers web platform is simple and easy to use, even for beginners. On the negative side, it is a bit complicated to customize.
Pros
  • User-friendly
  • Clear fee report
  • Two-step (safer) login
Cons
  • Limited customizability (for charts, workspace)
Web trading platform of Interactive Brokers, a Questrade alternative
Questrade vs. Interactive Brokers: Trading platform scores
Interactive Brokers Questrade
Web platform score 4 stars 3 stars
Mobile platform score 4 stars 4 stars
Desktop platform score 3 stars 4 stars

Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.

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Markets and products 5 stars

Interactive Brokers allows you access to a very wide range of markets and you can trade with all product types. IB's product range is the widest available.
Questrade vs. Interactive Brokers: Markets and products
Interactive Brokers Questrade
Stock Yes Yes
ETF Yes Yes
Forex Yes Yes
Fund Yes Yes
Bond Yes Yes
Options Yes Yes
Futures Yes No
CFD Yes Yes
Crypto Yes No

More Visit broker

Verdict

IB is one of the biggest discount US brokers regulated by top-tier regulators. If you like low-cost trading and easily navigate on a really complicated platform, Interactive Brokers is for you. We mainly recommend IB for traders.

It has low trading fees, a wide range of product portfolio, and diverse research tools. 

On the flip side, only bank transfer is available for deposit and withdrawal. The account opening and the desktop platform are not user-friendly and complicated.

Interactive Brokers is definitely recommended if you want low fees, a lot of products and you are experienced to cope with a complicated platform.

Interactive Brokers
Summary Interactive Brokers is a US discount broker. IB is listed on stock exchange and regulated by several authorities, like the top-tier FCA and SEC.
Fees score 4 stars
Recommended for Traders who prefer low fees and a professional trading environment

More Visit broker

Questrade alternatives
Tradestation

4.4 4 stars

Tradestation logo

TradeStation is a US broker with a long history dating back to 1982. Its parent company, the Monex Group is listed on the Tokyo stock exchange.

TradeStation is considered safe as it is regulated by a top-tier regulator, the US FINRA. Clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.

Recommended for traders wanting great research tools and preferring the us markets

Pros
  • Great mobile trading platform
  • Wide range of reserach tools
  • High-quality educational tools
Cons
  • Not user-friendly deposit and withdrawal
  • No forex
  • Bad customer service

Visit broker

Fees 4 stars

TradeStation has low trading fees and there are multiple fee structures to choose from. Non-trading fees, like inactivity fees are high.
Pros
  • Low trading fees
  • More fee structures you can choose from
Cons
  • High non-trading fees
Questrade vs. Tradestation: Trading fees
Tradestation Questrade
Apple benchmark fee $2.2 $10.1
Vodafone benchmark fee - -
EURUSD benchmark fee - $36.4

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

More Visit broker

Account opening 4 stars

TradeStation account opening is fully digital and user-friendly. On the other hand, it takes more days until your account is approved.
Pros
  • Fully digital account opening
  • User-friendly
Cons
  • Slow account opening
Questrade vs. Tradestation: Minimum deposit, time to open an account
Tradestation Questrade
Minimum deposit $500 $1,000
Time to open account 1-3 days >3 days

If you are interested more in Tradestation minimum deposit, this overview will help you.

More Visit broker

Deposit and withdrawal 2 stars

TradeStation deposit and withdrawal can be improved. As a plus, the deposit is free. However, you can use only bank transfer and there is a high, $35 withdrawal fee.
Pros
  • No deposit fee
Cons
  • Credit/Debit card not available
  • Not user-friendly
  • High withdrawal fee (for non-US clients $35 /tansaction)
Questrade vs. Tradestation: Withdrawal options
Tradestation Questrade
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No Yes
Withdrawal fee $35 $0

More Visit broker

Web trading platform 4 stars

TradeStation has a good web trading platform. It is user-friendly with and looks nice. It also offers a great order management. On the flip side, it lacks the alerts and the clear fee reports.
Pros
  • User-friendly
  • Good customizability (for charts, workspace)
  • Good variety of order types
Cons
  • No clear fee report available
  • No price alerts
Web trading platform of Tradestation, a Questrade alternative
Questrade vs. Tradestation: Trading platform scores
Tradestation Questrade
Web platform score 4 stars 3 stars
Mobile platform score 5 stars 4 stars
Desktop platform score 3 stars 4 stars

Learn more about Tradestation's web trading platform in the detailed Tradestation review.

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Markets and products 2 stars

TradeStation gives you access to a wide variety of US products. However, its non-US offer is not competitive. The forex, CFDs and cryptos are missing.
Questrade vs. Tradestation: Markets and products
Tradestation Questrade
Stock Yes Yes
ETF Yes Yes
Forex No Yes
Fund Yes Yes
Bond No Yes
Options Yes Yes
Futures Yes No
CFD No Yes
Crypto No No

More Visit broker

Verdict

TradeStation is a great US broker.

The mobile platform is very user-friendly with many functions. It also offers great research tools, including a wide range of analytical tools. Lastly, education is well-structured and high-quality. 

On the other hand, the deposit and withdrawal are not user-friendly and you can use only bank transfer. It lacks many asset classes, e.g. forex or CFDs. The customer service can be improved as the response time at email and chat support are very slow.

Feel free to try TradeStation if you prefer Recommended for buy and hold investors with any experience level.

Tradestation
Summary TradeStation is a US stockbroker regulated by FINRA, the top-tier US regulator.
Fees score 4 stars
Recommended for Traders wanting great research tools and preferring the US markets

More Visit broker

Questrade alternatives
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.

Questrade alternatives
Broker Info Recommended for
Questrade Canadian stockbroker Traders and investors focusing on the Canadian and US markets
Interactive Brokers US discount broker Traders who prefer low fees and a professional trading environment
Tradestation US stockbroker Traders wanting great research tools and preferring the US markets

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.

AUTHOR

Dan Sallai
Dan Sallai
CMO
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
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