Questrade vs CIBC Investor’s Edge 2022

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by Enoch Omololu

Updated

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To begin your investing journey, you want to choose a suitable brokerage platform, robo-advisor, or go with your bank’s mutual funds.

Questrade and CIBC Investor’s Edge are among the best online brokerages in Canada where you can open a brokerage account and start investing.

Both are great for DIY investors who want to actively trade the markets and take control of their portfolios.

This Questrade vs. CIBC Investor’s Edge comparison takes you through their investment products, account types, trading fees, trading platforms, minimum investments, and more.

What is Questrade?

Founded in 1999, Questrade is a top independent online discount brokerage platform in Canada. It is based in Toronto, but its services are primarily online and are available throughout Canada.

The brokerage platform has been named one of the best and fastest growing online brokers, with over $30 billion in assets under management, and more than 250,000 new accounts opened every year.

Questrade offers simple and advanced trading platforms that allow both newbie and seasoned investors to take control of their investment portfolios.

Users can access a wide selection of investment accounts and products, including ETFs, stocks, options, CFDs, FX, mutual funds, and more. It is excellent for self-directed investors who want to actively trade market securities and manage their portfolios.

Conservative investors can also take advantage of QuestWealth, a Robo-advisor that invests and manages your portfolio at a fee.

Questrade

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Trade stocks, ETFs, options, etc.

Low and competitive trading fees

Top platform for advanced traders

Get $50 trade credit with $1,000 funding

What is CIBC Investor’s Edge?

CIBC Investor’s Edge is a self-directed online brokerage platform owned by a big bank. It is operated by CIBC Investors Securities Inc, a subsidiary of the Canadian Imperial Bank of Commerce (CIBC).

CIBC has been in the banking game since 1867, employs over 45,000 employees, and boasts over 10M+ customers worldwide.

Thus, the brokerage platform gives you the confidence of investing with one of the biggest banks in Canada.

Like Questrade, CIBC Investor’s Edge offers a wide selection of investment accounts, products, and platforms to allow DIY investors to own their investment game.

Learn more about the platform in this CIBC Investor’s Edge review.

Questrade vs CIBC Investor’s Edge

Questrade vs CIBC Investor’s Edge: Account Types

Both Questrade and CIBC Investor’s Edge offer registered and non-registered accounts to meet the investment needs of different users.

Registered accounts come with tax incentives, and are great if you want to invest for the future. While non-registered accounts don’t defer your taxes, they work well for users looking to invest more.

Both brokers offer almost similar accounts in both categories. Questrade and CIBC Investor’s Edge registered accounts include:

  • Tax-free Savings Account (TFSA)
  • Registered Retirement Savings Plan (RRSP)
  • Registered Education Savings Plan (RESP)
  • Registered Retirement Income Fund (RRIF)
  • Locked-in RSP (LRSP)
  • Locked-in Retirement Account (LIRA)
  • Locked-in Retirement Income Fund (LRIF), and

Both brokers offer the following non-registered accounts:

  • Margin accounts
  • Trusts
  • Investment clubs,
  • Corporate/partnerships
  • Estate accounts
  • Personal accounts

Questrade vs CIBC Investor’s Edge: Investment Products

Both Questrade and CIBC Investor’s Edge offer almost similar investment products.

While CIBC Investor’s Edge offers only about 7 products, Questrade offers up to 10 market securities. Common investment products offered by both brokers include:

  • Stocks
  • Bonds
  • ETFs
  • Options
  • Mutual funds
  • GICs
  • Precious metals

In addition, Questrade offers IPOs, Foreign Exchange, and CFDs.

Open a Questrade Account

Questrade vs CIBC Investor’s Edge: No Commission ETFs

Platforms like Wealthsimple have popularized fee-free trading in Canada. That has made no-commission ETFs a factor when choosing the best online trading platform in Canada.

Questrade offers no-commission ETFs for buy orders, but you’ll pay a fee of 1 cent per share and a minimum of $4.95 to a maximum of $9.95 per trade when selling.

CIBC Investor’s Edge does not offer commission-free ETFs, and you will incur a flat fee of $6.95 per trade when buying and selling ETFs on the platform.

Questrade vs CIBC Investor’s Edge: Trading Fees

Trading fees are one of the top factors to consider when sorting through discount online brokerages. That’s because they eat into your returns, and even a slight difference in trading fees can result in a big difference in ROI in the long run.

Questrade charges a higher maximum fee of $9.95 per trade while CIBC Investor’s Edge charges a relatively lower fee of $6.95 per trade and $5.95 per trade for student traders.

However, both platforms offer a discounted trading fee of $4.95 per trade for active traders.

Questrade vs CIBC Investor’s Edge: Admin & Other Fees

Questrade does not charge account maintenance fees, but you’ll incur an account transfer fee of $150 when transferring your investment account in full to another investment firm.

Advanced data package fees may also apply depending on what you choose and whether you qualify as an active trader.

CIBC Investor’s Edge charges admin and account maintenance fees, including:

  • $100 annual fee for non-registered with a balance of $10,000 or less
  • $100 annual fee for registered accounts with a balance of $25,000 or less
  • $100 for full RRSP plan withdrawal
  • $50 for partial RRSP withdrawal
  • $25 for RRIF or LIF account closure
  • Investment account transfers: $135

Questrade vs CIBC Investor’s Edge: Trading Platform and Tools

Both Questrade and CIBC Investor’s Edge are accessible through stock trading mobile apps and web-based trading platforms.

CIBC Investor’s Edge offers the following trading platforms:

  • CIBC Web Platform: Offers charting tools and real-time market data, stock screeners, up to 20 customized watch lists, trade notifications, alerts, and research and investment education from Trading Central.
  • CIBC Mobile Wealth App: This allows you to buy and sell stocks on the go.
  • CIBC’s Learn: An education platform that gives you access to articles and educational content on various investment topics and products written by CIBC industry experts.

Questrade trading platforms and tools include:

  • Questrade Trading: Browser-based trading platform to learn, research stocks, trade, and manage your portfolio
  • Questrade Edge: A downloadable desktop platform with advanced research tools and trading tools for advanced order types.
  • Quest Mobile: Allows you to move money, trade securities, and track your portfolio’s performance on the go.
  • Questrade Global: For trading CFDs and FOREX in international markets.

Questrade vs CIBC Investor’s Edge: Minimum Investment

If you want to start small, a high minimum investment requirement can be a hurdle. That makes the minimum investment an important factor to consider when comparing online brokerages.

CIBC Investor’s Edge has no minimum investment requirement, but Questrade requires you to deposit $1,000 in your account to start investing.

Visit CIBC Investors Edge

How do Questrade and CIBC Investor’s Edge compare when you consider their customer service, security, and promotions? See below.

Customer Service

Questrade offers customer service via chat, telephone, and email. You can reach out to their customer reps Monday to Friday from 7:30 am to 8:pm.

CIBC Investor’s Edge offers customer service via phone, chat, and mail. Services are available Monday to Friday from 8 am to 8 pm ET.

Security

Both Questrade and CIBC Investor’s Edge are members of the Canadian Investor Protection Fund (CIPF) and are regulated by the Investment Industry Regulatory Organization of Canada  (IIROC). Thus, your account is protected against insolvency with up to $1M.

Plus, Questrade protects your account with an additional $10 million in private insurance, while CIBC offers a 100% digital banking guarantee against unauthorized transactions on your account.

You’ll get a 100% compensation for funds transferred from your account illegally.

Promotions

Questrade offers $50 in free trade credit if you open an account and invest at least $1,000.

CIBC Investor’s Edge does not have a promotional offer at this time.

Questrade vs Wealthsimple Trade vs CIBC Investor’s Edge

Below, I compare how these brokerage platforms fare when compared with Wealthsimple Trade.

 QuestradeWealthsimple TradeCIBC Investor’s Edge
Stock trading fee1 cent/share; min $4.95; max $9.95 $0$6.95
ETFsFree to buy: $4.95-$9.95 per “sell” trades$0$6.95
Options$9.95+$1 per contractN/A$6.95+$1.25
Account typesTFSA, RRSP, RESP, RRIF, LIRA, and non-registered accounts.RRSP, TFSA, crypto, and individual non-registered accountsTFSA, RRSP, RESP, LIRA, RRIF, and non-registered accounts
ProductsStocks, bonds,Options, mutual funds,ETFs, GICs, IPos, International Equities, Precious metals, FX & CFDs.Stocks and ETFsStocks, Bonds, ETFs, Options, Mutual funds, GICs, and Precious metal certificates 
Minimum investment$1,000NoneNone
Maintenance feeNoneNone$100 per year; waived with a balance of $10k+ on non-registered accounts and 25k+ on registered accounts
PlatformsWeb, mobile, and desktopWeb and mobile appWeb and mobile app
Promo offerGet $50 in free trades when you invest at least $1,000Get a $150 cash bonus when you invest $300+ N/A

Questrade vs CIBC Investor’s Edge: Conclusion

Both Questrade and CIBC Investor’s Edge are top stock trading apps that make investing for Canadians easier by allowing self-directed people to take control of their investment portfolios.

The two brokers offer web and mobile platforms with advanced trading tools, top security, and similar investment accounts and products.

Though CIBC Investor’s Edge has lower trading fees and no minimum investment requirement, Questrade wins with more investment products, zero account maintenance fees, commission-free ETF purchases, and a downloadable desktop platform for advanced order types.

Related:

Questrade vs CIBC Investor’s Edge 2022

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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