Questrade is one of the best trading platforms in Canada that offers a wide selection of tradable assets, low trading commissions for active traders, and commission-free ETF purchases.
However, there are other trading apps like Questrade that you can use to power your trading activities if Questrade doesn’t work for you.
What is Questrade?
Questrade is a Toronto-based independent discount brokerage platform that has been in operation since 1999.
It is one of the best investment platforms in Canada that offers a wide selection of investment accounts and products, low trading commissions, and commission-free ETFs for buy orders.
To make investing for Canadians easier, Questrade offers both basic and advanced trading platforms available on all devices to accommodate both beginners and active traders, including:
- Questrade Trading: A web-based platform that allows you to research, trade, monitor, manage and track your investment accounts.
- Quest Mobile: Allows you to get snap quotes, research securities, make trades, transfer money, and track your portfolio right from your smartphone.
- Questrade Edge: A fast and powerful web and a desktop platform packed with advanced order types, customizable interface, advanced charting, and research tools.
- Questrade Global: An easy-to-use foreign exchange platform that allows you to trade Forex, CFD, and commodities on international markets.
To meet the investment needs of different investors, Questrade offers both registered and non-registered accounts, including TFSA, RESP, RRSP, LIF, RIF, Family RESP, Spousal RRSP, Margin and Cash accounts.
Users can invest in a wide selection of tradable assets, including stocks, EFTs, Options, Foreign Exchange, CFDs, IPOs, Mutual Funds, GICs, Bonds, Precious Metals, and International Equities.
Questrade stock trading fees stand at 1 cent per share, with a minimum fee of $4.95 and a maximum fee of $9.95 per trade. Unlike most other online brokerages, Questrade doesn’t charge account opening or maintenance fees.
Pros & Cons of Questrade
Pros
- Multiple account types
- A wide selection of market securities
- Offers commission-free ETF purchases
- Low trading commissions for active traders
- Multiple trading interfaces to accommodate beginners and pros
- Doesn’t charge account maintenance fees
Cons
- Standard fees are quite high, $9.95/trade
- Doesn’t offer cryptocurrencies
- $1000 minimum investment
Questrade
Trade stocks, ETFs, options, FX, bonds, CFDs, mutual funds, etc.
Get $50 trade credit with $1,000 funding
Low and competitive trading fees
No quarterly inactivity fees
Access to advanced tools and trading data
Top platform for advanced traders
Transfer fees waived
Best Questrade Alternatives in Canada
While Questrade is a great day trading platform in Canada, its high minimum investment requirement, high regular fees, and the fact that it doesn’t offer crypto may be a turn-off for some investors.
Below is a rundown of other trading apps like Questrade that you can use if Questrade doesn’t fit your investment needs.
Wealthsimple Trade
Wealthsimple Trade is the best free trading platform in Canada. It was launched in 2019 and offers commission-free trading with no extra deposit/withdrawal fees or minimum investment requirements.
Its easy-to-use web-based platform/mobile app is packed with basic trading features, making it a great Questrade alternative for beginners and cost-conscious, buy-and-hold investors.
The platform offers 3 investment account types, including TFSA, RRSP, and personal taxable accounts, and allows investors to invest in thousands of stocks and ETFs across US and Canadian markets, and about 50+ cryptocurrencies.
Users can choose between two investment plans, namely:
- Wealthsimple Basic: Gives you access to fractional shares, instant deposits up to $1,500, commission-free trading, real-time snap quotes, and unlimited price alerts, but you’ll incur an FX fee of 1.5% on US trades.
- Wealthsimple Plus: All the Basic features, plus instant deposits up to $5,000 and $0 FX fees on US trades at $10/month.
There’s also Wealthsimple Crypto which allows users to trade 50+ cryptocurrencies with in-built bid-ask spreads of 1.5% to 2%, and Wealthsimple Managed Investing, which offers expertly designed & managed portfolios with a fee of 0.4%-0.5%.
Pros & Cons of Wealthsimple Trade
Pros
- Offers commission-free trading
- Access and trade stocks, ETFs, and crypto on the same platform
- Easy-to-use web interface and mobile app
- No minimum investment
- Offers fractional shares
- Offers managed portfolios
Cons
- Limited investment products
- Offers only 3 account types
- High bid-ask crypto spreads
- FX fees for basic users
- No advanced trading features/charting tools
Wealthsimple Trade
Trade stocks, ETFs, and options
Excellent trading platform for beginners
Deposit $150+ to get a $25 cash bonus
Transfer fees waived up to $150
Qtrade
Qtrade is among the best stock trading apps in Canada. It works as an independent discount online brokerage that offers commission-free trading of select market securities and average commissions for other listed investment products.
It offers a powerful web-based trading platform packed with basic to intermediate trading features.
Top trading features, resources, and tools on the platform include:
- Stock screening tools
- Planning tools and calculators
- Real-time quotes
- Alerts of market events
- Technical research tools and indicators
- In-depth research and analysts’ reports/recommendations
- Watchlists
- Buy/sell market orders
- Fundamental research data
There’s also the Qtrade stock trading mobile app for iOS/Android, which gives you access to real-time quotes, watchlists, money transfer, and tools to track/manage your investment accounts on the go.
Users can choose between multiple account types, including TFSA, LIRA, RESP, LRSP, RRSP, RRIF, and Margin & Cash trading accounts.
There’s a wide selection of investment assets on the platform, spanning stocks, EFTs, mutual funds, bonds, GICs, Fixed Income and Exchange-Traded Debentures, and new issues, including IPOs and secondary or treasury offerings.
The platform offers commission-free trading of new issues, GICs, mutual funds*, and a select group of 100+ commission-free ETFs.
Qtrade’s standard trading fees for other products stand at $8.79/trade, with a discounted trading fee of $6.95/trade for active investors making 150+ trades per quarter or large investors trading $500,000+.
Qtrade also levies account maintenance fees of $25/quarter for accounts with $25,000 or less, $15/quarter for dollar-denominated accounts, $150 account transfer out fee, $100 account closure fee within the first year, and other admin fees.
Pros & Cons of Qtrade
Pros
- Commission-free trading of 100+ ETFs, new issues, mutual funds*, and GICs
- Discounted fees for active traders
- Multiple account types
- Wide selection of market securities
Cons
- Doesn’t offer cryptocurrencies
- Levies a myriad of account maintenance & admin fees
Qtrade
Up to $150 sign-up bonus
Trade stocks, ETFs, options, bonds, etc.
Excellent platform for newbies and seasoned investors
Competitive trading fees
Excellent customer service
CIBC Investor’s Edge
Owned by the Canadian Imperial Bank of Commerce (CIBC), CIBC Investor’s Edge is one of the best Canadian trading platforms that offer a wide selection of investment products with an average commission of $6.95 per trade.
Their easy-to-use web-based trading platform is packed with powerful trading features and tools, including:
- Basic and advanced order entry types
- Screening tools
- Personalized watchlists
- Alerts of breaking news, and market trends/events
- TC Market Buzz to gain insight and gauge crowd sentiment
- Technical analysis resources from Trading Central
- Advanced charting tools
- Research tools to gain insights from CIBC World Markets Inc., TipRanks, and other respected third-party sources.
Users can choose among many registered accounts, including TFSA, RRSP, RESP, and Locked-In accounts like RRIF, LIRA, LRSP, and LRIF.
The platform also offers Margin and Cash trading accounts and non-personal accounts, including investment clubs, estates, formal trusts, and corporates/partnerships.
There’s a wide selection of investment products to choose from, including Stocks, ETFs, Options, Mutual Funds, Fixed Income investments, Structured Notes, IPOs, GICs, and Precious metals.
Regular trading fees on the platform stand at $6.95/trade, with a discounted fee of $5.95/trade for students and $4.95/trade for active investors.
Investors also face an account maintenance fee of $100 annually for some registered accounts with $25,000 or less and non-registered accounts with $10,000 or less.
Pros & Cons of CIBC Investor’s Edge
Cons
- Multiple account types
- A wide market securities list
- Average trading commissions
- Fee discounts for students, young investors, and active traders
- An advanced trading platform
Cons
- Charges account maintenance fees
- Doesn’t offer cryptocurrencies
- No mobile app
Read my full CIBC Investor’s Edge review here.
Interactive Brokers
Interactive Brokers (IBKR) is one of the best day trading platforms in Canada due to its $0-to-low trading commissions, low margin rates, and a wide selection of market securities, including crypto.
The US-based multinational trading platform allows individual and institutional investors to trade across 150 markets in 35 countries via its multiple advanced trading platforms, including:
- Web-based Client Portal
- Trader Workstation for active traders
- IBKR Mobile app for iOS and Android
- IBKR GlobalTrader to trade global stocks
- IMPACT App to find and invest in companies that share your values
- IBKR APIs to build custom trading applications
The platform offers multiple individual/institutional account types, including individual & joint accounts, Trusts, retirement accounts, Hedge Funds, Money Manager, Family Office and Compliance Office accounts, among others.
Users can access and invest in a wide selection of market securities, including stocks, ETFs, options, spot currencies, cryptocurrencies, bonds, US spot gold, hedge funds, and mutual funds.
IBRK Lite clients in the US enjoy commission-free stocks and ETF trades, while IBKR Pro clients have access to 150+ No-Commission Fee ETFs.
IBKR fees are tiered based on users’ monthly trading volume, starting at $0.008/share and below for CAD-denominated stocks, and $0.005/share and below for US-denominated securities.
Pros & Cons of IBKR
Pros
- Wide selection of investment products
- $0-to-low trading commissions
- Trade crypto and other products on the same platform
- Multiple individual and institutional accounts
- Multiple trading platforms
Cons
- Commission-free trading is not available for Canadians
- Advanced trading features can be overwhelming to beginners.
TD Direct Investing
Founded in 1994, TD Direct Investing is a top investment platform in Canada owned and operated by the Toronto-Dominion Bank (TD).
It offers powerful web-based and mobile trading platforms, including the WebBroker interface, Advanced Dashboard, ThinkorSwim platform, and the TD Mobile app to trade on the go.
Users can choose between registered and non-registered accounts, including TFSA, RRSP, RESP, LIRA, RDSP, LIF, RRIF, and margin and cash trading accounts to invest in a wide list of product offerings, including stocks, ETFs, options, mutual funds, new issues, and fixed income assets.
However, TD Direct Investing fees are quite high. The platform levies flat regular trading fees of $9.99 per trade, a discounted trading fee of $7 for active traders, and an account maintenance fee of $25/quarter for accounts holding $15,000 or less.
That said, traders and investors enjoy commission-free mutual fund trades and no interest charges on new issues.
Pros & Cons of TD Direct Investing
Pros
- Multiple account types
- A wide selection of investment products
- Multiple trading platforms
- Advanced trading features/charting tools
- Commission-free trades on mutual funds & New Issues
Cons
- Fees are on the high side
- Doesn’t offer cryptocurrencies
- Charges account maintenance fees
- No Commission-free ETFs
Read my full review for TD Direct Investing here.
Scotia iTrade
Launched in 2009, Scotia iTrade is a top Canadian trading platform owned and operated by Scotiabank.
It offers powerful web-based trading platforms, namely Scotia Online platform and the Scotia FightDesk premium interface, all packed with advanced trading features and charting tools.
There’s also the Scotia iTrade mobile app to trade and monitor your account on the move.
Users can choose to invest with registered and non-registered accounts, including TFSA, RRSP, RESP, RRIF, US dollar registered accounts, and Margin & Cash trading accounts.
The platform also offers several non-personal accounts, including investment clubs, trusts, estates, and partnerships, among others.
Top tradable assets on the platform include stocks, ETFs, mutual funds, bonds, options, new issues, GICs, and a select group of 100+ commission-free ETFs.
Regular traders face a high flat fee of $9.99 per trade, but active traders making 150+ trades per quarter enjoy a discounted commission of $4.99 per trade.
There’s also an account maintenance fee of $100/year for accounts holding $25,000 or less, $25/year for accounts with $15,00 or less, $150 account transfer out fee, and $25 RRSP withdrawal fees.
Pros & Cons of Scotia iTrade
Pros
- Powerful online trading interfaces and mobile apps
- 100+ commission-free ETFs
- Discounted trading fees for active traders
- Multiple account types and several investment products
- Owned by a big bank
Cons
- High regular fees
- Charges account maintenance fees
- Doesn’t offer cryptocurrencies
Read my Scotia iTrade review here.
BMO InvestorLine
Owned and operated by the Bank of Montreal (BMO), BMO InvestorLine is a top online brokerage in Canada that offers multiple account types and several investment products.
It is accessible via its online trading platform, packed with advanced trading features, charting, and research tools, or the BMO Invest App, which allows you to trade and monitor your account from wherever you are.
Users can invest with registered accounts, including TFSA, RESP, RRSP, RRIF, or locked-in accounts like LIRA, RLSP, LIF, LRSP, and LRIF.
The platform also offers non-registered accounts, including margin & cash accounts, trust, estates, and investment clubs, among others.
Top BMO tradable assets include stocks, ETFs, options, mutual funds, bonds, GICs, and 80+ commission-free ETFs.
BMO levies a flat-rate fee of $9.95 and doesn’t offer a discounted fee for active traders. Users also face a myriad of account maintenance and admin fees, including a $25/quarter for non-registered accounts with $15,000 or less, a $150 account transfer out fee, and many others.
Pros & Cons of BMO InvestorLine
Pros
- Multiple account types
- Several investment products
- Advanced trading features/charting tools
- 80+ commission-free ETFs
- Commission-free mutual fund trades
Cons
- High fees
- No fee discounts for active traders
- Doesn’t support cryptocurrencies
- A myriad of account maintenance and admin fees
What To Look for in a Trading Platform
Top factors to consider when choosing a Questrade alternative in Canada include:
- Investment products and account types offered
- Trading commissions charged
- Account maintenance/admin fees
- Whether the broker operates in your region
- Trading platforms offered
- Supported trading features and charting tools
Trading Platforms Like Questrade: Conclusion
Questrade is one of the best stock trading apps in Canada, offering multiple account types, a wide selection of market securities, commission-free ETF purchases, and low active trader commissions.
However due to its high minimum investment, high regular fees, and absence of crypto offerings, it may not work for everyone.
Luckily, there are other trading apps like Questrade that you can use, including Interactive Brokers, Wealthsimple Trade, and others discussed above. Look into them based on the factors listed above and choose the one that works for you.
FAQs
Yes, Questrade offers options trading.
Wealthsimple Trade is better than Questrade for users looking to invest in crypto, ETFs, and stocks in one place. But if you want to access multiple investment accounts and products, Questrade is a top choice. Read my Questrade vs Wealthsimple review here.
Both are great investing platforms, but Questrade offers low fees and more investment products than TD Direct Investing.
Wealthsimple Trade is the best free trading platform in Canada. It offers commission-free trading of stocks, ETFs, and crypto in one place.
Interactive Brokers and Questrade are the best day trading platforms in Canada due to their wide selection of investment products, advanced trading features/charting tools, commission-free ETFs trades, and low-trading commissions.
Yes, IBKR offers lower trading commissions than Questrade and supports cryptocurrencies, which Questrade doesn’t offer.
Yes, Questrade is a legit online brokerage that’s regulated by IIROC and is a member of CIPF.
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