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How to Use Questrade 2026 — Step-by-Step Guide for Canadian Investors

Questrade is Canada's largest independent online brokerage and a favourite among cost-conscious investors. ETF purchases are free (you only pay to sell), commissions on stocks are competitive at $4.95–$9.95, and it supports USD accounts that let you avoid constant FX conversion. This step-by-step guide walks you through everything from opening your account to buying your first ETF.

Questrade Fee Overview

Transaction Type	Fee
ETF Purchase	$0 (free)
ETF Sale	$4.95 min / $0.01 per share / $9.95 max
Stock Purchase	$4.95 min / $0.01 per share / $9.95 max
Stock Sale	$4.95 min / $0.01 per share / $9.95 max
Options (per contract)	$9.95 + $1.00/contract
US Dollar Conversion	~1.5–2% spread (or use Norbert's Gambit)
Account Maintenance Fee	$0 (no annual fee)
Inactivity Fee	$24.95/quarter if under $1,000 balance

Step 1: Open Your Questrade Account

1. Go to Questrade.com and click "Open Account"
2. Choose your account type: TFSA, RRSP, or non-registered (you can open multiple)
3. Complete the online application: SIN, employment info, investment knowledge questions
4. Verify your identity: upload government ID and a selfie (typically approved within 1–2 business days)
5. Receive your account number by email

There is no minimum deposit to open a Questrade account, but the inactivity fee ($24.95/quarter) kicks in if your balance falls below $1,000. Fund your account to at least $1,000 before placing your first trade to avoid this fee.

Step 2: Fund Your Account

Questrade supports several deposit methods:

• Electronic Funds Transfer (EFT): Link your bank account; free, takes 1–2 business days for the first transfer, often same-day thereafter
• Online bill payment: Add Questrade as a payee at your bank; free, takes 2–3 business days
• Wire transfer: Fast but may have fees from your bank
• Cheque: Mail a cheque; takes 5+ business days to clear

Step 3: Buy an ETF (Commission-Free)

1. Log in to the Questrade trading platform (browser) or mobile app
2. Click "Trade" then "Stocks/ETFs"
3. Search for your ETF ticker (e.g., XEQT, VFV, VGRO)
4. Select "Buy" and choose your order type
5. Enter the number of shares and confirm

For ETF purchases, a limit order at the ask price is recommended over a market order. A limit order guarantees you pay no more than your specified price. For liquid ETFs like XEQT, the bid-ask spread is typically 1–3 cents, so a limit order at the current ask price will fill immediately during market hours.

Understanding ECN Fees at Questrade

ECN (Electronic Communication Network) fees are a common point of confusion for Questrade users. These are small charges (typically $0.0035 per share) that apply when your order takes liquidity from the market — i.e., a market order or an aggressive limit order that fills immediately.

You can avoid ECN fees by placing limit orders that add liquidity — orders that sit in the book waiting to be filled rather than immediately matching. For example, if XEQT is trading at $30.50 bid / $30.52 ask, placing a buy limit at $30.50 (the bid) adds liquidity and avoids ECN fees, but may not fill immediately if the price doesn't drop to your level.

For most ETF investors buying $500–$5,000 at a time, ECN fees are pennies. Don't over-optimize this — just use a limit order at the ask for a quick, clean fill.

Step 4: Transfer Accounts to Questrade (In-Kind Transfer)

If you have investments at another broker (e.g., a bank brokerage), you can transfer them to Questrade without selling. This is called an in-kind transfer or ATON (Automated Transfer Order Network) transfer.

1. Log in to Questrade and go to Funding → Transfer an account
2. Enter your existing account details (institution, account number, account type)
3. Questrade submits the transfer request on your behalf
4. The receiving process takes 5–10 business days for most Canadian institutions
5. Questrade reimburses transfer-out fees charged by the sending institution, up to $150

In-kind transfers preserve your adjusted cost base (ACB) for tax purposes and avoid triggering capital gains or wash-sale issues. Always choose in-kind over liquidating and transferring cash if you can.

Step 5: Norbert's Gambit — Convert CAD to USD at Low Cost

Questrade's currency conversion spread of 1.5–2% can cost hundreds of dollars annually if you hold significant US equities. Norbert's Gambit is a legal workaround:

1. Buy DLR.TO (Horizons USD/CAD ETF) in your CAD account
2. Call Questrade (or use the "journal" feature) to transfer the shares to your USD account as DLR.U.TO
3. Sell DLR.U.TO in your USD account to receive US dollars
4. The total cost is just two small trading commissions + bid-ask spread on DLR

Norbert's Gambit saves approximately 1% on currency conversion. On a $50,000 USD purchase, that's $500 saved vs. using Questrade's standard conversion. The process takes 2–3 business days and is worth doing for large USD purchases of $100+.

Questrade TFSA vs RRSP vs FHSA

Questrade supports all major Canadian registered accounts:

• TFSA: Tax-free growth and withdrawals; ideal for Canadian and global equity ETFs
• RRSP: Tax-deferred; ideal for US equity ETFs (withholding tax exemption under Canada-US treaty)
• FHSA (First Home Savings Account): Available since 2023; tax-deductible contributions + tax-free withdrawals for first home purchase
• RESP: Government grants (CESG) match up to 20% of first $2,500 contributed annually per child
• LIRA/RRIF/LIF: Locked-in and retirement income accounts supported

Questrade vs Wealthsimple Trade: Which Is Better?

Factor	Questrade	Wealthsimple Trade
ETF purchase fee	$0 free	$0 free
ETF sell fee	$4.95–$9.95	$0 free
USD account	Yes	No (conversion on every trade)
Norbert's Gambit	Yes	No
Account types	All (incl. corporate, FHSA)	Most (TFSA, RRSP, non-reg, FHSA)
Platform quality	Desktop-first, more features	Mobile-first, simpler UI
Best for	Active investors, USD ETFs, large portfolios	Beginners, buy-and-hold Canadians

For a pure buy-and-hold ETF investor using CAD-listed ETFs, Wealthsimple Trade is actually slightly simpler and cheaper (no sell fees). Questrade wins for investors who want USD accounts, more sophisticated trading tools, or are investing $200,000+ in US-listed ETFs where Norbert's Gambit saves significant money.

Related Guides on bremo.io

• Wealthsimple Invest Review
• Best ETFs in Canada
• How to Invest in Stocks in Canada
• TFSA Investing Strategy
• Foreign Withholding Tax Guide
• RRSP Investing Strategy

Last updated: March 2026. For informational purposes only. Not financial advice.