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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.
| 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 |
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.
Questrade supports several deposit methods:
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.
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.
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.
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.
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:
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 supports all major Canadian registered accounts:
| 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.
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Get KOHO Free →Last updated: March 2026. For informational purposes only. Not financial advice.