⚡ Questrade in a nutshell
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Free ETF purchases — unique in Canada. Questrade charges $0 commission to buy ETFs — you only pay to sell (1 cent per share, $4.95 min to $9.95 max). The most significant cost advantage for passive index investors in Canada.
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TFSA, RRSP, RESP and RRIF — full Canadian tax account suite. All major Canadian registered accounts available. Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) are central to Canadian wealth building.
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$4.95–$9.95 stock trades — most competitive in Canada. Questrade's equity trading fees are the lowest among mainstream Canadian brokers — significantly less than RBC ($6.95–$9.95 at best, much higher at full-service rate).
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CIPF protected — $1 million per account category. Canadian Investor Protection Fund (CIPF) covers eligible accounts up to $1 million per account category — higher than US SIPC's $500,000.
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$1,000 minimum deposit for self-directed accounts. Higher barrier than Wealthsimple Trade ($0). Not suitable for investors starting with less than $1,000.
⚠️ What to watch out for
- ⚠ $1,000 minimum deposit for self-directed accounts
- ⚠ ETF selling is not free — same $4.95–$9.95 commission as stocks
- ⚠ Options trading available but $9.95 + $1 per contract — not the cheapest for frequent options traders
- ⚠ Customer service wait times can be long during peak periods
- ⚠ No commission-free stock trading (Wealthsimple Trade offers $0 for Canadian/US stocks)
WhichBrokr Category Ratings
Overview
Questrade was founded in 1999 in Toronto and has grown to be Canada's largest independent online broker by assets, managing over $30 billion for 400,000+ accounts. IIROC regulated and CIPF member, it offers self-directed investing through TFSA, RRSP, RESP, RRIF, LIF, LIRA and margin accounts.
The signature feature is free ETF purchases — you pay $0 to buy any ETF on the platform, and $4.95 minimum ($9.95 maximum) to sell. For passive investors building an all-ETF portfolio (XEQT, VEQT, VBAL etc.), this eliminates commission costs entirely on the buy side, which is where most transactions happen.
Questrade also offers options trading ($9.95 + $1/contract), CFDs, forex, and gold/silver through its QuestWealth managed portfolios (robo-advisor). The platform — Questrade Trading and Questrade Edge — is functional but dated vs. newer platforms.
Pros & Cons
✅ Pros
- Free ETF purchases — most impactful for passive Canadian investors
- $4.95–$9.95 stock commissions — lowest among mainstream Canadian brokers
- Full registered account suite: TFSA, RRSP, RESP, RRIF, LIRA, LIF
- CIPF protection up to $1 million per account category
- QuestWealth Portfolios — robo-advisor from 0.20% advisory fee
- Options trading available ($9.95 + $1/contract)
- Active since 1999 — 27-year track record
❌ Cons
- $1,000 minimum deposit — higher than Wealthsimple Trade ($0)
- ETF selling not free — same commission as stocks
- Options commissions higher than Interactive Brokers for high-volume traders
- Platform feels dated vs. Wealthsimple Trade's modern interface
- Customer support can be slow — long wait times reported
🔍 Broker Audit Report
A structured assessment across 5 pillars — regulation, tax/legal, costs, features and platform accessibility. Updated July 2026.
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1. Legal Entity & Capital Protection
Questrade's Canadian regulatory framework
Licensed Entity
Questrade Inc. — registered with IIROC (Investment Industry Regulatory Organization of Canada). Member of CIPF.
Regulator
IIROC (Investment Industry Regulatory Organization of Canada)
CIPF Protection
Canadian Investor Protection Fund: $1 million per account category (general, RRSP, RRIF, TFSA) if Questrade becomes insolvent. Much higher than US SIPC ($500,000).
Track Record
Private company. 27 years of operation. $30bn+ AUA. 400,000+ accounts. No major regulatory incidents.
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2. Tax — Canadian Registered Accounts
Full suite of Canadian tax-advantaged accounts
TFSA
✅ Tax-free growth Tax-Free Savings Account. 2026 contribution limit: $7,000/year ($95,000 lifetime if never contributed). All gains, dividends and interest tax-free.
RRSP
✅ Tax deduction Registered Retirement Savings Plan. Contributions deducted from taxable income. Tax-deferred growth. Withdrawals taxed as income. Contribution room: 18% of prior year earned income (max $31,560 for 2026).
RESP
Registered Education Savings Plan. Government adds 20% CESG on contributions up to $2,500/year (max $500/year bonus).
RRIF / LIF / LIRA
Retirement income accounts for converted RRSP/pension funds.
Non-Registered (Margin)
Standard taxable account. Capital gains (50% inclusion rate) and dividend tax rules apply.
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3. Total Cost of Ownership
Questrade's fee structure
ETF Purchases
$0 — free to buy any ETF. Selling: $4.95 min, $9.95 max (same as stocks). The most important fee differentiator for passive investors.
Stock Commissions
$4.95 min to $9.95 max — 1 cent per share. For a 500-share trade, fee = $5.00. For a 2,000-share trade, fee = $9.95 (capped).
Options
$9.95 flat + $1 per contract. Exercise/assignment: $24.95.
Non-Trading Fees
$1,000 account minimum. $25/month fee if portfolio < $1,000 and no monthly activity (waived with activity). Registered account transfer out: $150. Currency conversion: 2.25% spread (use Norbert's Gambit to reduce).
QuestWealth (Robo)
Advisory fee: 0.20%–0.25% p.a. (lower on larger accounts). + underlying ETF fees (~0.17–0.22%). Total: ~0.37–0.47% p.a.
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4. Asset Catalogue
Canadian and US markets
Canadian Stocks
TSX and TSX Venture Exchange — full coverage
US Stocks
All NYSE and NASDAQ listed stocks
ETFs
All Canadian and US-listed ETFs — free to purchase
Options
Canadian and US equity options
Bonds / Fixed Income
Canadian federal and provincial bonds, GICs
Precious Metals
Gold and silver (via CFDs)
Crypto
❌ Not available through Questrade (use Newton or Bitbuy)
International Stocks
Limited beyond Canada/US
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5. Platform
Questrade Trading and Questrade Edge
Questrade Trading (web)
✅ Standard web platform — functional, not the most modern UX
Questrade Edge
✅ Advanced desktop platform — streaming data, advanced charting, options tools
Mobile App
✅ iOS 3.9★ / Android 3.8★ — functional but rated below Wealthsimple Trade
QuestWealth App
✅ Robo-advisor portfolio management — clean interface
Customer Support
Phone, chat, email. Wait times can be long during market hours.
Fees 4.0 / 5
Questrade's free ETF purchases are the defining cost advantage for passive Canadian investors. For stock traders, $4.95–$9.95 is competitive among mainstream Canadian brokers.
| Fee type | Questrade | Market Average |
|---|
| ETF purchases | $0 | $4.95–$9.95 (other CA brokers) |
| ETF sales / Stock trades | $4.95–$9.95 (1¢/share) | $4.95–$9.95 |
| Options | $9.95 + $1/contract | $9.95–$19.95 + $1–2/contract |
| TFSA / RRSP account | $0 annual fee | $0–$100 |
| QuestWealth advisory fee | 0.20%–0.25% p.a. | 0.20–0.50% |
| Min deposit | $1,000 | $0–$1,000 |
Safety & Regulation 4.3 / 5
| Regulator | IIROC |
| CIPF Protection | $1 million per account category |
| Account types | TFSA, RRSP, RESP, RRIF, LIF, LIRA, Margin |
| AUA | $30bn+ |
| Accounts | 400,000+ |
| Operating since | 1999 |
Products & Asset Catalogue 4.0 / 5
| Canadian stocks | All TSX + TSXV |
| US stocks | All NYSE + NASDAQ |
| ETFs | All CA + US listed (free to buy) |
| Options | ✅ CA + US |
| Fixed income | GICs, bonds |
| Crypto | ❌ |
| International stocks | Limited |
What investors say about Questrade
Community voice — strengths & concerns
Most praised
- Free ETF purchases universally praised by passive Canadian investors — "saves me $200+/year vs. bank brokers"
- TFSA and RRSP account management rated excellent
- CIPF $1 million protection gives confidence
- $4.95 stock trades most competitive in mainstream Canada
Common complaints
- $1,000 minimum excludes investors starting small — Wealthsimple Trade has $0
- Customer service wait times frustrating during peak markets
- Platform UX feels dated vs. Wealthsimple Trade
Based on user reviews on Trustpilot, Reddit, App Store and Google Play ratings. Data collected Jan–Jun 2026.
Verdict
WhichBrokr's Take
Questrade is the best self-directed broker in Canada for investors building a diversified portfolio of Canadian and US ETFs. Free ETF purchases, a full suite of registered accounts (TFSA, RRSP, RESP), CIPF protection to $1 million, and 27 years of track record make it the established standard for Canadian discount investing.
The $1,000 minimum is the main barrier — investors starting with less should use Wealthsimple Trade. For those who can meet the minimum, Questrade's lower fees and broader product range (options, bonds, US stocks) make it the better long-term platform.
Best for: Canadian investors building ETF portfolios in TFSA/RRSP, those wanting the lowest fees among mainstream Canadian brokers, and self-directed investors needing options access. Not ideal for: Beginners with less than $1,000 (use Wealthsimple Trade), crypto investors (use Newton or Bitbuy), or passive investors wanting full robo-management (use Wealthsimple Invest).
Frequently Asked Questions
| Is Questrade safe? | Yes — IIROC regulated, CIPF member ($1 million per account category). 27-year track record, $30bn+ AUA. No major regulatory incidents. |
| Are ETF purchases really free at Questrade? | Yes — Questrade charges $0 to buy any ETF. Selling ETFs costs $4.95–$9.95 (same as stock trades). Most passive investors buy far more often than they sell, making this a meaningful cost advantage. |
| Does Questrade offer a TFSA? | Yes — TFSA, RRSP, RESP, RRIF, LIF and LIRA all available. $0 annual account fee on all registered accounts. |
| What is the minimum deposit? | $1,000 for self-directed accounts. Questrade Portfolio IQ (QuestWealth) has a $1,000 minimum. |
Ready to open a Questrade account?
Free ETF purchases · $0.01/share for stocks · TFSA · RRSP · CIPF protected
Open Questrade Account →
Investing involves risk of loss. CIPF protects up to CA$1M per account category.