Questrade 2024 Review: What Canadian Investors Need to Know

For more than two decades Questrade has served Canadian investors with competitive pricing across a broad range of assets — including stocks, mutual funds, ETFs, IPOs, bonds, and precious metals like gold and silver. If you’re comparing discount brokerages in Canada, you’ve likely encountered Questrade. It’s one of the country’s most popular online brokerages and a frequent alternative to services such as Wealthsimple.

Questrade offers several tailored services for different investor profiles. Questwealth Portfolios is its robo-advisor, built for first-time investors or anyone who prefers a hands-off, professionally managed portfolio. The self-directed brokerage is aimed at do-it-yourself (DIY) investors and traders who want full control and more sophisticated tools. Questrade has also expanded into mortgages, broadening its footprint in financial services. Below is an overview to help you decide whether Questrade fits your needs.

What’s Questrade’s background?

Questrade was founded in 1999 by entrepreneur Edward Kholodenko and three partners in Toronto amid the early days of online trading. The company set out to give DIY investors a lower-cost alternative to Canada’s big banks and full-service brokerages. After surviving the dot-com crash, Questrade grew steadily and became one of Canada’s fastest-growing online brokerages.

In 2014, Questrade launched Questwealth Portfolios, its robo-advisor, offering pre-built portfolios made of low-cost ETFs for investors who prefer automated management. Edward Kholodenko continues to lead the company, which now administers roughly $30 billion in assets and opens about 250,000 new accounts annually.

Who is Questrade best for?

Questrade appeals to a wide audience: cost-conscious investors, novice savers seeking a simple robo-advisor, and experienced traders who want advanced tools. The common factor is value — Questrade’s fees are among the lowest in Canada. Its new Questrade Edge app targets active traders who need real-time data, advanced customization and in-depth research.

What account types and investments are available?

Questrade’s platforms let you open most account types online, including tax-sheltered registered accounts and taxable accounts:

Registered accounts such as RRSPs, TFSAs, RESPs, LIRAs, RRIFs, life income funds (LIFs) and FHSAs
Taxable non-registered accounts, including margin and foreign exchange accounts

Most accounts require a $1,000 minimum to start trading; FHSAs require $250 to open. You can trade stocks, bonds, North American ETFs, mutual funds (including low-cost Series F funds), GICs, options, IPOs and alternative assets such as precious metals, FX and CFDs.

If you prefer a managed option, Questwealth Portfolios asks questions about your goals and risk tolerance, then allocates an ETF-based portfolio — aggressive, growth, balanced, income or conservative. SRI (socially responsible investing) versions are available, focusing on environmental, social and governance criteria.

Portfolios differ by asset allocation: aggressive portfolios hold a higher share of equities for potential long-term gains, while conservative portfolios increase fixed-income exposure to reduce volatility.

How much does Questrade cost?

Fees vary by service (self-directed vs. Questwealth) and by product. There are no account opening or transfer-in fees. Questrade’s commissions and management fees are generally competitive and among the lowest in Canada.

Self-directed trading fees

ETFs: Free to buy; selling costs $4.95–$9.95 per trade. ETF providers charge MERs ranging roughly from 0.05% to over 0.25%.
Mutual funds: $9.95 per trade
Stocks: $4.95–$9.95 per trade
Bonds and GICs: Minimum purchase $5,000; early withdrawal fees may apply
International equities: 1% of trade value; $195 minimum
IPOs and new issues: Free to purchase; $5,000 minimum
Precious metals: US$19.95 per trade
Options: $9.95 plus $1 per contract

Active traders can access lower fees by subscribing to premium market-data packages that also unlock “active trader” pricing.

Questwealth Portfolios fees

Management fee: 0.25% annually for balances under $100,000; 0.20% for $100,000 and over
ETF MERs: Each ETF carries its own MER, typically 0.17%–0.22% for core portfolios and 0.21%–0.35% for SRI portfolios

For example, a $50,000 managed portfolio typically costs about $185–$235 per year for a core portfolio, or $205–$300 for an SRI portfolio.

Market data and rebates

All accounts receive free snap quotes and basic market data, including price charts, essential statistics, TipRanks ticker analysis and Benzinga news feeds. Questrade Edge users can subscribe to real-time streaming data so quotes update automatically.

Real-time options streaming: $19.95/month
Advanced Canadian streaming: $89.95/month
Advanced U.S. streaming: US$89.95/month

Paid data subscriptions are refundable. Subscribers who generate sufficient monthly commissions receive partial or full rebates: $19.95 is rebated when commissions meet $48.95, and the $89.95 advanced fee is waived when monthly commissions reach $399.95.

Research and tools

Questrade offers several research tools to help investors make informed decisions.

1. Mutual Funds Centre (Morningstar)

A free tool on the trading platform that lets you screen and analyse mutual funds by performance, fees, risk and Morningstar categories to help you choose suitable funds.

2. Intraday Trader (Recognia)

A technical pattern recognition tool that flags trading opportunities in Canadian and U.S. equities and sends annotated alerts when your specified signals are triggered.

3. IPO Centre

Provides information on recent IPOs, secondaries and structured products and allows eligible clients to participate in new issues.

4. Newsletters

Bonds Bulletin: Daily listings of liquid bonds and fixed-income offerings; orders require a minimum trade size (typically $5,000).
The Morning Brief: Daily market summary with global overnight news, analysis and technical outlooks for the trading day.

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Pros and cons

Pros:

Low fees: Competitive trading and admin costs, with free ETF purchases.
Account variety: Wide range of registered and non-registered accounts, including early FHSA support.
Wide product selection: Stocks, ETFs, mutual funds, bonds, GICs, IPOs and alternatives.
Instant deposit options: Multiple funding and withdrawal methods, including instant bank deposits and debit card funding.
Paperless onboarding: Fully online account opening and management.
Improving customer service: Multiple support channels including chat, phone and email.
Managed ETF portfolios: Five core Questwealth portfolios plus SRI variations to match different risk profiles.

Cons:

Minimum funding: $1,000 minimum to activate most accounts (FHSA $250).
Multiple platforms: Several apps and platforms may be overwhelming for beginners who prefer a single simplified interface.

Bottom line

Questrade is a strong choice if you want a low-cost, full-featured Canadian brokerage that serves both self-directed investors and those who prefer managed portfolios. With a broad product line, competitive fees, and tools for both beginners and active traders, Questrade is hard to beat for investors seeking value and flexibility in an online investing platform.