If you want the broader shortlist before comparing these two directly, start with best online brokers in Canada and best trading platforms in Canada.
Quick Comparison
| Feature | Questrade | Interactive Brokers |
|---|
| Best for | Beginners, ETF investors | Active traders, USD accounts |
| ETF trades (buy & sell) | $0 | $1+ per trade |
| Stock trades | $0 | $1 minimum (1¢/share) |
| Currency conversion | 1.5-2.5% | 0.002% (2 bps) |
| Options | $0 on most contracts | $1.25/contract |
| Account minimum | $1,000 | $0 |
| Platform | IQ Edge, web | Trader Workstation, web |
Trading Fees Comparison
Stock Trading
| Scenario | Questrade | IBKR |
|---|
| 100 shares @ $50 | $0 | $1.00 |
| 500 shares @ $50 | $0 | $5.00 |
| 1,000 shares @ $50 | $0 | $10.00 |
| Free ETF buys & sells | Yes | No |
ETF Trading
| Action | Questrade | IBKR |
|---|
| Buy ETFs | $0 | $1+ |
| Sell ETFs | $0 | $1+ |
Questrade wins decisively for passive ETF investors — $0 both ways.
If passive ETF investing is the goal, also compare best all-in-one ETFs in Canada and how to buy ETFs in Canada.
Options Trading
| Per Contract | Questrade | IBKR |
|---|
| Base + per contract | $0 on most contracts | $0 + $1.25 |
| 10 contracts | $0 | $12.50 |
| 50 contracts | $0 | $62.50 |
Questrade is now cheaper for most options trades ($0 on most contracts vs IBKR’s per-contract fee).
Currency Conversion
| Conversion | Questrade | IBKR |
|---|
| Spread | 1.5-2.5% | 0.002% |
| $10,000 CAD→USD | $150-250 cost | $0.20 cost |
| Norbert’s Gambit | Available | Not needed |
IBKR wins massively on currency conversion.
That only helps if the account location is right, so pair it with best account type for US stocks and ETFs in Canada and currency exchange guide for Canadians.
Example: $10,000 USD Investment
| Broker | Currency Cost | Trade Cost | Total |
|---|
| Questrade (convert) | $200 | $0 | $200 |
| Questrade (Gambit) | ~$20 | $0 | ~$20 |
| IBKR | $0.20 | $1 | $1.20 |
Questrade
| Platform | Best For |
|---|
| Web platform | Basic trading |
| IQ Edge (desktop) | Active trading |
| Mobile app | On-the-go |
User-friendly — good for beginners.
Interactive Brokers
| Platform | Best For |
|---|
| Client Portal (web) | Basic trading |
| Trader Workstation (TWS) | Advanced traders |
| IBKR Mobile | Professional features |
Powerful but complex — steeper learning curve.
Account Types Available
| Account Type | Questrade | IBKR |
|---|
| TFSA | ✅ | ✅ |
| RRSP | ✅ | ✅ |
| RESP | ✅ | ✅ |
| FHSA | ✅ | ✅ |
| LIRA | ✅ | ✅ |
| RRIF | ✅ | ✅ |
| Margin | ✅ | ✅ |
| Corporate | ✅ | ✅ |
| USD RRSP | ✅ | ✅ |
Both offer all standard Canadian accounts.
| Feature | Questrade | IBKR |
|---|
| Stock screener | Basic | Advanced |
| ETF screener | Good | Excellent |
| Options tools | Basic | Professional-grade |
| Research reports | Morningstar | Multiple sources |
| Paper trading | Yes | Yes |
| API access | Limited | Extensive |
IBKR wins for tools and research.
Customer Service
| Support | Questrade | IBKR |
|---|
| Phone | Yes | Yes |
| Chat | Yes | Yes |
| Email | Yes | Yes |
| Wait times | Can be long | Can be long |
| Quality | Good | Technical |
Both have room for improvement on service.
Account Fees
| Fee | Questrade | IBKR |
|---|
| Account maintenance | $0 | $0 |
| Inactivity fee | $0 | $0 |
| Data fees | $0 (delayed) | $0 (delayed) |
| Real-time data | $20-90/mo | $1-14.50/mo |
| Transfer out | $25 | $0 |
IBKR eliminated most fees; now both are comparable.
Best For Different Investors
Questrade Is Best For:
| Investor Type | Why |
|---|
| Beginners | Easier platform |
| Passive ETF investors | Free ETF trading (buy & sell) |
| Small accounts | No hidden fees |
| TFSA/RRSP accounts | Simple setup |
| Buy-and-hold | Low ongoing costs |
IBKR Is Best For:
| Investor Type | Why |
|---|
| Active traders | Lower per-trade costs |
| US stock buyers | Best forex rates |
| Options traders | Professional tools |
| Large accounts | Better margin rates |
| Day traders | Advanced platform |
| Dividend investors (US stocks in RRSP) | Avoid double conversion |
Cost Comparison by Investing Style
Passive Investor (12 trades/year, $500 each)
| Broker | Annual Cost |
|---|
| Questrade | $0 (ETF buys only) |
| IBKR | ~$12 |
Winner: Questrade
Active Investor (100 trades/year)
| Broker | Annual Cost |
|---|
| Questrade | $0 (Questrade, verified August 2026) |
| IBKR | ~$100 |
Winner: Questrade on commissions — though IBKR remains cheaper for high-volume international trading, FX-heavy activity, and margin.
USD Investor ($50k CAD→USD annually)
| Broker | Currency + Trading |
|---|
| Questrade (convert) | ~$1,000 |
| Questrade (Gambit) | ~$50 |
| IBKR | ~$1 |
Winner: IBKR
Mobile App Comparison
| Feature | Questrade | IBKR |
|---|
| App rating (iOS) | 4.5/5 | 4.2/5 |
| Ease of use | ⭐⭐⭐⭐⭐ | ⭐⭐⭐ |
| Features | Basic | Advanced |
| Charting | Good | Excellent |
| Options trading | Limited | Full |
Questrade app is simpler; IBKR more powerful.
Margin Rates
| Borrowed Amount | Questrade | IBKR |
|---|
| $25,000 | ~8.5% | ~6.5% |
| $100,000 | ~7.5% | ~6.0% |
| $500,000 | ~7.0% | ~5.5% |
IBKR wins on margin rates.
If you are considering leverage at all, read margin account in Canada first.
Tax Reporting
| Feature | Questrade | IBKR |
|---|
| T5 slips | Yes | Yes |
| T3 slips | Yes | Yes |
| ACB tracking | Basic | Good |
| Gain/loss reports | Yes | Detailed |
Both provide adequate tax documents.
Opening an Account
Questrade
- Online application (15 min)
- Verify identity (upload ID)
- Fund account ($1,000 min recommended)
- Start trading
IBKR
- Online application (20-30 min)
- Detailed questionnaire
- Identity verification
- No minimum required
IBKR’s application is more involved.
The Verdict
| If You… | Choose |
|---|
| Are new to investing | Questrade |
| Buy ETFs regularly | Questrade |
| Trade actively | IBKR |
| Buy US stocks | IBKR |
| Want simple platform | Questrade |
| Trade options frequently | IBKR |
| Have large account | IBKR |
| Prefer free ETF trading (buy & sell) | Questrade |