Is Questrade good for Canadian investors?

Yes. Questrade is one of Canada's best online brokers — free ETF purchases, options trading, and much lower fees than bank brokerages. Great for ETF investors and intermediate traders.

Does Questrade charge for buying ETFs?

No. All ETF purchases are free. Selling ETFs costs $0.01/share (minimum $4.95, maximum $9.95). This makes Questrade ideal for regular ETF investing.

Is Questrade better than Wealthsimple?

It depends. Questrade is better for options trading, US stocks (via Norbert's Gambit), and advanced features. Wealthsimple is better for beginners and simple buy-and-hold investing.

What is the minimum deposit for Questrade?

The minimum initial deposit is $1,000. However, this can be reduced or waived with certain promotions or by setting up a pre-authorized deposit.

Questrade Review 2026 | Free ETF Purchases & Low Fees

Questrade Review 2026

Quick Overview

Feature	Details
Stock commission	$4.95-$9.95 per trade
ETF purchases	$0
ETF sells	$0.01/share (min $4.95)
Account minimum	$1,000
Options	✅ $9.95 + $1/contract
Margin accounts	✅ Yes
Currency conversion	~2% (or Norbert’s Gambit for ~0.2%)
Mobile app	✅ iOS, Android
Desktop platform	✅ IQ Edge
Regulation	CIRO, CIPF member

Overall Rating

Category	Score
Fees	★★★★½
Ease of use	★★★★
Investment selection	★★★★★
Research tools	★★★★
Advanced features	★★★★½
Customer support	★★★½
Overall	★★★★

Fees & Pricing

Trading Fees

Transaction	Cost
ETF purchases	$0
ETF sells	$0.01/share (min $4.95, max $9.95)
Stock trades	$0.01/share (min $4.95, max $9.95)
Options	$9.95 + $1.00/contract
ECN fees	$0.0035/share (adds ~$1-3 per trade)
Bonds/GICs	$0

Account Fees

Fee	Cost
Account maintenance	$0
RRSP/TFSA annual fee	$0 (if $1,000+ balance)
Inactivity fee	$24.95/quarter (if under $1,000, no activity)
Transfer out (full)	$25 per account
Transfer out (partial)	$25 per account
Wire transfer	$0 incoming, $25 outgoing

Currency Conversion

Method	Cost
Automatic conversion	~1.5-2% spread
Norbert’s Gambit (manual)	~$10-20 total (flat cost)
Savings example	$10,000 US purchase: $150-200 automatic vs ~$15 Norbert’s

Account Types

Account	Available	Notes
TFSA	✅	Most popular
RRSP	✅	Full features
FHSA	✅	First home savings
RESP	✅	Government grants
RRIF	✅	Retirement income
LIRA	✅	Locked-in retirement
LIF	✅	Life income fund
Margin	✅	Leverage trading
Corporate	✅	Business accounts
Joint	✅	Shared accounts

Note: Questrade offers more account types than almost any other discount broker in Canada, including LIRA, LIF, and corporate accounts.

Trading Platforms

Questrade Trading (Web)

Feature	Details
Access	Browser-based
Real-time quotes	✅
Charting	Basic
Order types	Market, limit, stop, stop-limit
Watchlists	✅
Best for	Casual investors

IQ Edge (Desktop)

Feature	Details
Access	Downloadable application
Real-time quotes	✅ Level 1 + Level 2 (paid)
Charting	Advanced (indicators, drawing tools)
Order types	All types including bracket orders
Screeners	Stock and options screeners
Best for	Active traders

Mobile App

Feature	Details
Trading	✅ Full trading
Charting	Basic
Alerts	✅ Price alerts
Touch ID/Face ID	✅
Rating	4+ stars on both stores

What You Can Trade

Asset	Available	Notes
Canadian stocks	✅	TSX, TSX-V, CSE
US stocks	✅	NYSE, NASDAQ, AMEX
Canadian ETFs	✅	Free purchases
US ETFs	✅	Free purchases
Options	✅	Canadian and US
Bonds	✅	Government and corporate
GICs	✅	Various terms
Mutual funds	✅	Limited selection
Crypto	❌	Not available
Fractional shares	❌	Not available
IPOs	❌	Not available

Pros & Cons

Pros ✅

Free ETF purchases — best for passive investing with XEQT, VGRO, etc.
Options trading — one of few Canadian brokers with options
Norbert’s Gambit — convert currency cheaply for US stocks
Full account range — LIRA, LIF, corporate, and all registered accounts
IQ Edge — solid desktop platform for active traders
Margin accounts — leverage available
No account fees — on $1,000+ balances

Cons ❌

$1,000 minimum deposit — barrier for new investors
ECN fees add to trade costs (~$1-3 extra per trade)
Selling ETFs costs money — $4.95+ to sell
No fractional shares — must buy whole shares
Currency conversion — 2% unless you do Norbert’s Gambit
App less polished than Wealthsimple
Customer support — wait times can be long

Who Should Use Questrade

Great Fit ✅

Investor Type	Why
ETF investors	Free purchases (XEQT, VGRO, etc.)
Options traders	One of few Canadian options brokers
US stock buyers	Norbert’s Gambit saves hundreds
RESP investors	Grant-eligible, free ETF buys
Corporate accounts	Available (rare in Canada)
Intermediate investors	More features than Wealthsimple

Not the Best Fit ❌

Investor Type	Better Alternative
Complete beginners	Wealthsimple (simpler interface)
Very small accounts	Wealthsimple ($0 minimum)
Day traders	Interactive Brokers (lower per-share)
Crypto traders	Wealthsimple (has crypto)

Questrade vs Competitors

Feature	Questrade	Wealthsimple	Interactive Brokers	TD Direct
ETF purchases	$0	$0	$0 (select)	$9.99
Stock trades	$4.95-$9.95	$0	$1 min	$9.99
Options	✅	❌	✅	✅
Minimum	$1,000	$0	$0	$0
Fractional shares	❌	✅	✅	❌
FX cost	2% / NG	1.5% / Premium	0.002%	1.5%
Best for	ETFs, options	Beginners	Active traders	TD bank clients

Norbert’s Gambit on Questrade

A key advantage — converts CAD to USD (or vice versa) for ~$10-20 instead of 1.5-2%:

Step	Action
1	Buy DLR.TO (CAD side) in your account
2	Call Questrade to journal to DLR.U.TO (USD side)
3	Sell DLR.U.TO for USD
4	Use USD to buy US stocks
Savings	~$10-20 total vs $150-200 on $10,000 automatic conversion

How to Open an Account

Go to questrade.com and click “Open an account”
Choose account type (TFSA, RRSP, etc.)
Provide personal info and SIN
Upload ID verification
Fund with $1,000+ (e-transfer, bank link, or transfer from another broker)
Start trading

Approval time: 1-3 business days typically.