Questrade vs BMO InvestorLine – 2025 Comparison

With more online brokerage options than ever, Canadian investors have many choices for DIY investing. Brokerages are actively competing for new clients by offering incentives such as commission-free trades, no minimum account requirements, low fees, and cash back promotions.

In this comparison of BMO InvestorLine vs. Questrade, we’ll examine how one of Canada’s leading traditional banks measures up against one of the top discount brokerages in Canada.

Choosing the right platform requires multiple considerations. The best brokerage for you will depend on your specific goals and preferences. Top factors to consider include security, ease of use, platform features, fees, account accessibility, customer support, and any current sign-up bonuses or promotions.

Questrade vs BMO InvestorLine Quick Comparison

BMO InvestorLine vs Questrade Fees

While BMO Investorline (along with its big bank brothers at RBC Direct Investing, TD Direct Investing, CIBC Investor’s Edge, and Scotiabank iTrade) pride themselves on the full package of bells and whistles available – along with strong customer service – there is no denying that Questrade has significantly lower trading fees.

Whether it is their free ETF and stock trades, or their low-cost options trading, they just can’t be topped when it comes to price (as evidenced in the quick compare chart above).

Questrade vs BMO InvestorLine GIC Rates

Much like the discussion in regards to safety or account options, both Questrade and BMO will allow you to invest in Guaranteed Investment Certificates (GICs). These are obviously very safe investments that belong in the “fixed income” part of your portfolio. 

Currently, Questrade is offering commission-free GICs, but the minimum purchase amount for most GICs is $5,000. Previously, you had to call a customer service agent to purchase a GIC through Questrade, but you can now research and make purchases online.

BMO InvestorLine also previously required that you need to call or book an appointment with one of their representatives in order to purchase GICs. However, you can now purchase online by clicking the “Sign In To Buy” button. The site also offers a wealth of information on GICs, as well as lists the GICs they have on offer.

They have a range of short-term and long-term GICs with yields ranging from 0.05% to upwards of 6.0% or more. These higher-yielding GICs are “Market-Linked Investments” which have a guaranteed minimum return for the term, but also list a maximum return for the term. For example, the BMO Canadian Market GIC, linked to the S&P/TSX 60 ESG Index, with a term of 6 years, has a minimum return of 6.00% and a maximum return of 42.00%.

For my money, when it comes to GICs, I’d check out our EQ Bank Review for the best GIC rates in Canada.  That said, if you want to keep life simple, most Canadian online brokers will allow you to invest in a very similar range of GICs.

Questrade vs BMO Investorline Account Options

Whether you choose Questrade or BMO Investorline, you’re going to have access to the full range of Canadian discount brokerage account options.  Simply stated, these are both mature companies that have consistently added to their product lines year after year.

While most Canadians will simply make use of the TFSA, RESP, and RRSP options, both BMO Investorline and Questrade also offer a full variety of non-registered accounts, corporate accounts, spousal RRSP accounts, USD accounts, and pretty much anything else that you can think of. Questrade has also added the newer FHSA to its line of account offerings, which is something we are waiting to see offered by BMO InvestorLine as well.

BMO InvestorLine vs Questrade Mobile App Review

With more DIY traders using the mobile apps to complete their investment transactions, it’s essential to know that the brokerage you choose has a functional app.

With the money and power a Big Bank like BMO has, one would expect that they have a world-class mobile app. So, how does their app fare? 

The app has all of the features you would expect from a brokerage, such as being able to see all of your accounts in one place and complete transactions, along with extras such as being able to create customized watchlists. With the BMO InvestorLine app, you can rest assured that it’s safe and secure, as the iOS version offers both face and touch ID authentication. Both the Android and iOS apps offer encryption and firewall protection. 

Currently, the BMO broker app, BMO Invest, has a 4.4 star rating on the App Store and a 4.6 star rating on the Google Play store.

Since we’ve started tracking the ratings of the BMO InvestorLine and Questrade apps, Questrade has risen from a 2-3 star rating up to nearly 5 full stars. We love to see companies taking user feedback and making measurable improvements.

Adding to user satisfaction with Questrade is the fact that they have 2 distinct apps. According to Questrade, the 2 options are as follows:

• QuestMobile: A user-friendly mobile app designed for convenient trading and managing investments on the go.
• Questrade Edge Mobile: A more advanced platform with enhanced features and capabilities for a seamless trading experience.

As of writing, the Questrade apps have a 4.6 star (QuestMobile) and 4.2 (Questrade Edge) star rating on the App Store and a 4.8 star (QuestMobile) and 4.7 (Questrade Edge) star rating on the Google Play Store.

On the app, you can place real-time stock and options trades, withdraw money from your Questrade account, transfer money between Questrade accounts, create watchlists using their simple and straightforward interface, and more (especially on Questrade Edge). 

As noted by user ratings, both online brokerages offer comprehensive and functional apps for trading. For more specific details about trading through your phone, visit our best stock trading apps page.

Qtrade vs BMO InvestorLine or Questrade

Even though this article focuses on BMO vs Questrade showdown, I’d be remiss if I didn’t include some information on the MDJ #1 rated overall Canadian online broker Qtrade.

In many ways, Qtrade hits the sweet spot between the low fees of Questrade and the focus on convenience and support that BMO Investorline brings to the table. Unlike BMO InvestorLine, Qtrade and Questrade offer free ETF purchases and sales, putting these 2 ahead of BMO. 

However, Qtrade’s promotion? It is far more generous than Questrade’s: earn up to $150 in instant cash back when you open an account with as little as $1,000. For deposits, or transfers from another broker of over $5,000, the full $150 reward applies – significantly better than Questrade’s $50 in free options trades, and with no comparison to BMO Investorline, which has no promotion!

Add to all this that Qtrade consistently outperforms in third-party rankings, earning top marks from dependable media sources such as The Globe and Mail, Surviscor, and MoneySense. They are also leading when it comes to the best customer service.Read our full Qtrade review and our Qtrade vs Questrade comparison for more information on my favourite discount brokerage.

Questrade or BMO – Frequently Asked Questions

BMO InvetorLine or Questrade – Which is Better For You?

If you’re already a BMO customer, value the option of in-person support at a branch, and are comfortable paying a bit more for added convenience, BMO InvestorLine could be the right choice for your DIY investing rather than Questrade.

On the other hand, if keeping costs low is a priority – especially when it comes to trading fees and account fees – Questrade may be the better fit to help you maximize your investment returns.

Want a deeper dive into each online brokerage platform? Be sure to read our full BMO InvestorLine Review and Questrade Review.Still exploring your options and want more brokerage comparison articles? Check out our detailed Qtrade vs Questrade Comparison to see how Questrade stacks up against Canada’s top-ranked online discount brokerage.