Questrade Review and Guide for Canadians 2025

Updated March 2025 · 12 min read

Questrade is Canada's largest independent online brokerage and the platform of choice for millions of self-directed Canadian investors. Founded in 1999, Questrade built its reputation on low fees, free ETF purchases, and a strong platform. This guide covers everything you need to know about using Questrade in 2025 — from opening your account to executing your first trade.

Questrade at a Glance

• Founded: 1999, Toronto, Ontario
• Regulated by: IIROC (Investment Industry Regulatory Organization of Canada)
• CIPF member: Yes — accounts protected up to $1 million per account category against brokerage insolvency
• ETF commissions: Free to buy; $4.95–$9.95 to sell
• Stock commissions: $4.95–$9.95 per trade (1 cent/share, min $4.95, max $9.95)
• Account minimum: $1,000 for most accounts
• Account types: TFSA, RRSP, FHSA, RESP, LIRA, RIF, margin, non-registered, corporate

Questrade's Key Advantage: Free ETF Purchases

Questrade's defining feature is that all ETF purchases are commission-free. You only pay when you sell ($4.95 minimum, $9.95 maximum per trade). For a buy-and-hold ETF investor who contributes monthly and rarely sells, this essentially means zero trading costs. Over a 30-year investing career, this saves thousands of dollars compared to bank-owned brokerages charging $9.95 each way.

Note: Questrade charges $4.95–$9.95 to sell ETFs, unlike Wealthsimple Trade and NBDB which are fully commission-free both ways. For most long-term investors, selling infrequently makes this a minor cost.

Account Types Available at Questrade

Registered Accounts

• TFSA (Tax-Free Savings Account): All gains tax-free. 2025 limit $7,000, cumulative room up to $95,000.
• RRSP (Registered Retirement Savings Plan): Tax-deductible contributions, tax-deferred growth. 2025 limit: 18% of prior income, max $31,560.
• FHSA (First Home Savings Account): For first-time home buyers. $8,000/year, $40,000 lifetime. Tax-deductible contributions, tax-free withdrawals for qualifying home purchase.
• RESP (Registered Education Savings Plan): For children's education. Government adds 20% CESG grant on first $2,500/year.
• LIRA (Locked-In Retirement Account): Holds pension funds transferred from a former employer.
• RIF/RRIF: Retirement income funds for converting RRSP assets.

Non-Registered Accounts

• Individual margin account
• Joint margin account
• Corporate/business account

How to Open a Questrade Account

1. Visit questrade.com and click "Open an Account"
2. Provide your personal information (name, address, SIN, employment)
3. Complete identity verification (government ID upload)
4. Choose your account type (TFSA is recommended for most new investors)
5. Fund your account via bill payment, EFT, or cheque (minimum $1,000)
6. Wait 1–3 business days for funds to be available for trading

How to Buy ETFs on Questrade

1. Log in and select your account (e.g., TFSA)
2. Click "Buy/Sell" or search for the ETF ticker (e.g., XEQT)
3. Select "Buy" and choose "Limit" order type
4. Enter quantity (number of units)
5. Set limit price slightly above the current ask (e.g., ask is $30.05, set limit at $30.10)
6. Review and submit — ETF purchases are free

USD Accounts and Norbert's Gambit

Questrade supports CAD and USD accounts, which is essential for Norbert's Gambit — the strategy of converting Canadian dollars to US dollars cheaply by buying and "journaling" a dual-listed ETF (like DLR/DLR.U). This avoids Questrade's 1.75% currency conversion spread on direct CAD-to-USD conversions. Questrade supports Norbert's Gambit, though journaling requires a phone call or chat with customer service.

Questrade Fees to Know

• ETF purchases: Free
• ETF sales: $4.95–$9.95
• Stock trades: $4.95–$9.95
• Options: $9.95 + $1 per contract
• Account inactivity fee: $24.95/quarter if balance under $1,000 and no trades in the quarter — waived above $1,000
• RRSP/TFSA account fee: None
• Transfer-out fee: $150 per account (often reimbursed by receiving institution)
• USD wire fee: $25 (avoid with EFT)

Questrade Platform: Questrade Edge

Questrade Edge is the main trading platform available on web and mobile. It's more feature-rich than Wealthsimple Trade but less complex than dedicated active trading platforms. Key features include real-time quotes, advanced charting, watchlists, options trading, and market research. The mobile app is well-designed and suitable for managing a long-term ETF portfolio.

Questrade IQ Edge is a downloadable platform for more advanced traders needing Level 2 data and advanced order types.

Questrade Pros and Cons

Pros

• Free ETF purchases — ideal for buy-and-hold investors
• Full range of account types including RESP and corporate accounts
• USD accounts available for currency management
• Strong platform with good research tools
• CIPF member — regulated and trustworthy
• Norbert's Gambit supported

Cons

• $4.95–$9.95 commission to sell ETFs (Wealthsimple Trade and NBDB are fully free)
• $1,000 minimum to open an account
• Customer service can be slow during peak periods
• No fractional shares (unlike Wealthsimple Trade)
• Auto-invest feature not available for ETFs (unlike Wealthsimple Trade)