$0 ETF purchases, $4.95 stock trades, USD accounts, margin accounts, and a powerful desktop platform
| Feature | Details |
|---|---|
| ETF purchases | $0 (free to buy) |
| ETF sells | $4.95–$9.95 per trade |
| Stock trades | $4.95–$9.95 per trade |
| Options | $9.95 + $1/contract |
| Account types | TFSA, RRSP, FHSA, RESP, Margin, USD |
| Minimum deposit | $1,000 |
| USD accounts | Yes — no conversion on USD holdings |
| CIPF protection | Yes |
Questrade is Canada's largest independent discount brokerage, founded in 1999. Unlike the big bank brokerages (TD Direct, RBC Direct, Scotia iTRADE), Questrade is not owned by a bank, which often translates into lower fees and a more investor-friendly product philosophy.
Questrade pioneered free ETF purchases in Canada long before Wealthsimple Trade existed. The model: buy ETFs for $0, sell them for $4.95–$9.95. For passive buy-and-hold investors who rarely sell, this is nearly as good as fully free trading.
The platform is also more sophisticated than Wealthsimple, with a proper desktop trading platform (IQ Edge), advanced order types, USD accounts, margin accounts, and options trading. It's the go-to platform for self-directed Canadian investors who've graduated from beginner apps.
All three major registered accounts are available. Questrade was one of the first to offer the FHSA. You can hold ETFs, stocks, bonds, GICs, and mutual funds inside all registered accounts.
Questrade offers RESPs — a major advantage over Wealthsimple Trade, which doesn't support them. RESPs allow you to save for a child's education with the 20% Canada Education Savings Grant (CESG) on the first $2,500/year.
Questrade supports margin accounts, letting you borrow against your portfolio to increase buying power. Margin rates are competitive but vary by balance. Margin is best suited for experienced investors who understand leverage risk.
This is one of Questrade's strongest advantages. You can hold a separate USD account and avoid currency conversion entirely when trading US securities. If you receive USD dividends, they stay in USD. This is critical if you're investing in US ETFs or stocks regularly.
IQ Edge is Questrade's downloadable desktop trading platform. It offers real-time streaming quotes, customizable watchlists, advanced charting, Level 2 market data (subscription required), and a wide range of order types including stop-loss, trailing stop, bracket orders, and more.
For active traders or anyone managing a larger portfolio, IQ Edge provides capabilities that the Wealthsimple app simply doesn't have. There's also a web platform and a mobile app for trading on the go.
| Transaction Type | Fee |
|---|---|
| ETF purchase | $0 |
| ETF sale | $4.95–$9.95 |
| Stock purchase/sale | $4.95–$9.95 ($0.01/share, $4.95 min, $9.95 max) |
| Options | $9.95 + $1.00 per contract |
| Mutual funds | $9.95 per trade |
| Currency conversion | ~1.75% spread (can avoid with USD account) |
| Inactivity fee | $24.95/quarter if under $5,000 balance |
| Account transfers in | Free (Questrade reimburses up to $150) |
| Feature | Questrade | Wealthsimple Trade |
|---|---|---|
| ETF buys | Free | Free (CAD) |
| Stock commissions | $4.95–$9.95 | $0 |
| USD accounts | Yes — native | Premium ($10/mo) |
| RESP | Yes | No |
| Margin | Yes | No |
| Desktop platform | Yes (IQ Edge) | No |
| Options | Yes | Yes |
| Minimum | $1,000 | $0 |
| Best for | ETF investors + active traders | Beginners, mobile investors |
Questrade is ideal for:
It's less ideal for absolute beginners starting with very small amounts (the $1,000 minimum and inactivity fees apply) or those who primarily trade individual Canadian stocks and want zero-commission on each trade.