After several years of Questrade claiming the top spot in our list of best Canadian discount brokers 2022 proved to be the year that Qtrade claimed the crown.  

You can tell from our full length Qtrade review and Questrade review that we are big fans of both brokerages, and that any honest Qtrade vs Questrade comparison will show two brokerages closely competing on fees and platforms.

The deciding factors in choosing Qtrade over Questrade are:

1) Qtrade’s 2022 Promo (featured below) is vastly superior to what Questrade is putting on the table.

2) Qtrade has a decisive customer service advantage over every other online broker in Canada right now – and that is especially true vs Questrade.

3) We love Qtrade’s free ETF buying AND selling – whereas Questrade only allows you purchase ETFs for free.

The Qtrade vs Questrade Quick Comparison

If you are looking for a quick comparison of Questrade vs Qtrade, have a look at the somewhat visual chart below that touches all the main areas on our comprehensive broker reviews.



Free ETFs

Yes! free buying AND selling of 100+ ETFs.

Free buying of ETFs, BUT does charge the normal trading fee to sell ETFs.

User Experience

Consistently ranking #1, high availability and friendly to customers

Has made big gains over the last three years, rated just behind Qtrade by most publications

Customer Service

Truly elite customer service, basically, the #1 reason to go with Qtrade

Problematic. During the recent pandemic they saw wait times of 4+ hours to answer basic queries.

Trading Fees

Very Competitive, $6.95/ Trade for Investor Plus Program members / $7.75 for investors aged 18-30/ $8.75 for everyone else

A rock bottom $4.95 for up to 500 shares, to a maximum of $9.95. Questrade clearly shines here

ECN Fees (additional trading fees)

None whatsoever

Charged - often small amounts for most investors

Account Fees

$25 per quarter - WAIVED IF you hold $25,000 in the account OR you make 2 trades per quarter or 8 in the last 12 months OR you add $100+ automatic recurring monthly contribution (my preferred option)

$25 per quarter - WAIVED IF you hold more than $5,000 in the account, make one trade per quarter, or are younger than 25

Research Tools and Education Materials

Has been at the top of Canadian brokerage ranking in this category for over a decade

Made excellent gains in the last few years


CIPF Member
CIPF Member

Mutual Fund Purchases

Free of Charge
Fees Apply


Up to $2,000 in Cashback

$50 in Free Trades

Full Review

Sign Up

Please see our full-length Qtrade Review or Questrade Review for more information on our two leading brokers.

Brokerage Investing Account Options

Don’t ask me why the Canadian online brokers powers that be decided to give the two best brokers in Canada such similar names.  Someone must have done some market research and decided that “Q” had a magical effect on peoples’ trust levels.

In any case, when it comes to comparing what account options both Qtrade and Questrade have, there isn’t an advantage in either direction. 

They both offer anything that a Canadian could ask for including the basic non-registered trading accounts, margin trading accounts, RRSP accounts, TFSA accounts, and joint investment accounts.

Both Questrade and Qtrade also offer corporate account options, USD account options, spousal RRSP options, and pretty much any other account you’ll find anywhere else.

Customer Service Comparison

Until the market chaos earlier this year, I have to be honest in saying I was not aware of just how important the customer service element was in comparing brokerage companies. 

MDJ has gotten a few negative reviews of Questrade here and there over the years, but we basically figured that these were primarily due to the odd exotic trade offer not being handled correctly, or perhaps a rogue customer service employee.

That changed through the spring and summer of 2020!

What was once a trickle of negative emails, suddenly turned into a downpour.  No doubt a large amount of this negative feedback can be chalked up to people finding out about Questrade through our past recommendation, and consequently they directed their anger in our direction.  Nonetheless, it can’t be denied that as people raced to open new accounts and/or make new trades, Questrade’s customer service was overwhelmed.  You can find numerous Reddit threads that document 4-hour waits for both their phone lines and online chat help.

While customer service had never been Questrade’s strong suit, the overall feeling amongst many Canadian personal finance commentators was that they had been slowly improving this aspect of the platform over the years.  

When it comes to recommending a discount brokerage, I’ve come around to the idea that because many Canadians are venturing into this space for the first time, customer service can have an outsized importance. 

If it’s impossible to get a call returned during a busy day where you just potentially lost a lot of money, many Canadians will cite that experience as the reason they decided to pursue a DIY investment path.  This is obviously a really big negative, and in my estimation it’s one that outweighs the minor advantage that Questrade has on regular trading fees.

Qtrade on the other hand has always been known for their customer service excellence!

Don’t just take my word for it…

“Qtrade excels in every area—especially in customer service.”


“We congratulate Qtrade Investor for its convincing win…and for its commitment to innovation and unmatched service levels.”

Glenn LaCoste, President of Surviscor

Rob Carrick over at the Globe and Mail has given Qtrade the highest marks for several years now as well.

The bottom line is that Qtrade has over a decade of experience when it comes to continually refreshing their market-leading approach to customer service.  It was a deal breaker for us.

Questrade vs Qtrade ETFs

Much to my delight, both Questrade and Qtrade have prioritized their ETF trading strategies, and both discount brokers are far ahead of Canada’s big banks in this area.  Here’s the deal:

Qtrade: Will allow you to both buy AND sell ETFs over 100 ETFs for free.  While not all ETFs are covered, index investors (aka: Couch Potato Investors) can find everything they need on this list, including my favourites:

  • Horizons S&P/TSX 60 Index ETF  (HXT)
  • Horizons S&P 500 Index ETF (HXS)
  • iShares MSCI Emerging Markets Index ETF (XEM)
  • iShares Global Real Estate Index ETF (CGR)
  • iShares Canadian Government Bond Index ETF (XGB)
  • iShares Core Growth ETF Portfolio (XGRO)

If you are all about cutting fees to the absolute bone, opening an account with Qtrade and rebalancing using these ETFs is absolutely free.  You simply can’t beat that.

Questrade: Will allow you buy ETFs for free, BUT you have to pay when you sell ETFs.  This means that when you’re rebalancing your couch potato account, you will have to pay their normal trading fees for each ETF order that you sell, each time you sell it.  Buying ETFs for free is still a really good deal, it’s just not equivalent to what Qtrade is offering.

The Bottom line is that Qtrade does ETFs better.

Qtrade Investor vs Questrade Fees and Commissions

There is no doubt that Questrade really shines when it comes to fees and commissions.  They have continually emphasized this point over the years, and their basic trading fee of $4.95 for up to 500 shares, and a maximum of $9.95 per trade is an excellent value.

That said, Qtrade’s $8.75 price per trade (with a discount down to $6.95 for frequent traders) is no slouch either, and comes in below the trading fees for RBC, TD, BMO and Scotiabank.

Here’s a few other fee comparison points in the Qtrade vs Questrade battle:

  • ECN Fees: ECN fees are usually relatively small amounts tacked on to the base trading fee.  Qtrade never charges these fees while Questrade charges them when a trade “removes equity from the market”.  For most investors it’s a relatively small amount if it’s charged at all.
  • Account Fees: Both Qtrade and Questrade charge a $25 quarterly account fee – but it will be automatically waived in either case if you follow the steps we’ll outline below.
  • Mutual Purchase Fees: Questrade charges investors who purchase mutual funds while Qtrade does not.
  • Dividend Reinvestment Plan (DRIP) Fees: Qtrade and Questrade have both Canadian and American DRIPs that are completely free. 
  • Forex Spread Fees: Questrade will charge you roughly 5% more in order to transfer your money from Canadian Dollars to United States Dollars – or vice versa. 
  • Transfer Fees: Both Questrade and Qtrade will reimburse you up to $150 to transfer your broker account over to them. 

Avoiding the Qtrade and Questrade Account Fees

If you want to make the best use of either Questrade or Qtrade, it’s essential that you pay attention to how to avoid the pesky account fees.  These can chew at small accounts fairly rapidly. Each company makes the quarter fee easy to waive provided that you…

Qtrade – Do one of the following:

1) My recommendation to new investors is to set up an automated contribution to their brokerage account. This simply means that you send $100 (or more) from your bank account to your brokerage account each month.  This is an excellent initial goal for a new DIY investor. Qtrade refers to this as a “recurring electronic funds contribution” and it has no fees attached. 

If you set up this solid investment practice, then you can avoid Qtrade’s quarterly account fees no matter what your balance or trading levels.

2) Have at least $25,000 in assets on the last business day of each 3-month period (called “quarters” in the investing world). 

3) Complete two commission-generating trades in the preceding quarter.

4) Complete 8 or more trades in the last 12 months

5) The fee is also waived if you are considered a “Qtrade Young Investor” (aged 18-30) and set up a $50 PAC.

Questrade – Do one of the following:

1) Complete one commission-generating trade per quarter.

2) Complete a $150+ deposit each quarter.

3) Have at least $5,000 in your account.

Qtrade vs Questrade Fees Bottom Line

Qtrade is the best Canadian brokers for those whose portfolio and trades consist of mostly Canadian ETFs. Questrade is the cheapest broker for anyone else.

Are Qtrade and Questrade Safe?


Both Qtrade and Questrade are as safe as a financial platform can be in Canada.

For some reason, many Canadians out there believe that only products put out by Canada’s Big 5 banks attain the highest levels of safety.  If you’re one of those people, and just crave the convenience of doing all of your bankings and investing in one place, we recommend taking a look at our BMO Investorline Review.

The truth is that both Qtrade and Questrade are covered by the same protection package – and it’s one that represents the highest level of investor protection in Canada.  It’s known as the Canadian Investment Protection Fund. 

The idea behind the CIPF is that if your discount broker were to go bankrupt (which seems like a pretty far fetched notion considering that both Questrade and Qtrade are two of Canada’s quickest growing companies) then your investments would be protected. 

The limits on this coverage is up to $1 Million got all non-registered accounts, plus $1 Million on all registered accounts combined (excluding RESPs), and $1 Million for RESP accounts.  Long story short, the CIPF and Canada’s provincial security regulators have your back in a worst-case scenario. 

Both Canadian brokerages also use the latest in digital security techniques.

Of course, it needs to be pointed out that no investment platform can guarantee the results of your investments!  No discount brokerage can promise that your investments won’t go down in value.

Comparing Questrade and Qtrade Desktop and Mobile App Platforms

You can see from our displays below that both Qtrade and Questrade have really created and refined excellent desktop and mobile app platforms.

That said, the Qtrade app has higher ratings in both the Apple App Store and the Google Play Store.  

Overall you can’t go wrong with either option as far as their newest desktop rollouts go.  Personally, I think the user experience is excellent for both Questrade and Qtrade’s desktop platforms (which is why I use them and usually stay off of investing mobile apps altogether). 

That said, I think the Qtrade platform is a little more beginner-friendly.

Questrade vs. Qtrade: Frequently Asked Questions

Qtrade Refines Real-Time Account Opening

One area that Qtrade worked hard to refine in 2021 was their new account openings.

As a result, they have now streamlined the process to the point where an account can be opened within minutes (qualifying for their best-in-class cash back promotion) as opposed to the old 2-3 business days strategy.

It’s super fast and intuitive to get started, and pairs neatly with the new digital-friendly branding that Qtrade decided to go with in their latest design makeover.

The Head of Qtrade and VirtualWealth®, Christine Zalzal had this to say about Qtrade’s move to faster real-time account openings: “More Canadians than ever want to make their own investment decisions. Whether they are new or experienced investors, Qtrade is focused on empowering them to execute on their decisions quickly and with confidence. We know Qtraders will appreciate getting their account opened almost instantaneously when they apply.”

One of the ways in which Qtrade has been able to remain in the top echelon of Canadian online brokers from Day 1, is their continued commitment to innovative excellence.  It’s great to see that they show no signs of slowing down!

Why Qtrade Is Our Top Canadian Broker For 2022

Ultimately, the Qtrade vs Questrade debate boils down to how you personally feel about the $2 difference on trading fees vs the advantages that Qtrade brings to the table.

When I talked to the team of authors at MDJ, we came to the conclusion that Qtrades advantage in the following areas were substantially more valuable than a small trading fee difference (especially when you consider that Qtrade has lower fees in other areas).

  • The customer service difference proved to be very important in 2020.
  • The Free ETFs is a big deal for passive investors.
  • Qtrade offers some of the best education tools and resources in Canada.  That advantage grew in 2020 as they added a Dow Jones news service, sector-specific newsletters through Trading Central, AND a really cool Portfolio Score tool that acts like a report card for your overall investment portfolio, grading it across five financial dimensions.
  • It’s not just us recommending Qtrade. The Globe and mail has ranked Qtrade as the #1 discount brokerage in 2021, 2020, 2019, 2018, 2016, 2014, 2011, 2010, 2009, 2008, 2007, and 2006.  In the years Qtrade didn’t take the top spot it placed top 3.

If investing to you is a years-long journey of wealth-building for goals like retirement and your children’s postsecondary education, then you’ll get more value from Qtrade’s tools and informative website than you will by paying a few bucks less per trade: Grade: A+”


Switching brokerages is a pain.  Consequently, when you choose where to place your money, you’re essentially placing a bet that your selection will continue to keep up over the long term.  No discount brokerage in Canada can offer that same track record as Qtrade.

Canadian investors are best served through strong competition between brokerages, so let’s hope that the Qtrade vs Questrade battle continues to push both discount brokers for many years to come!

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FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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6 months ago

Questrade converts to USD and charges fee once and money stays as USD after you sell. Now you can buy and sell US stocks without paying any further conversation fees. This is the Reason I want to switch from Wealth simple. What about Qtrade?

Kyle Prevost(@kyle)
5 months ago
Reply to  Kinni

Qtrade definitely allows what you’re looking to do Kinni (in most accounts).

Simon Griffen
10 months ago

If you’ve ever tried to call Questrade for assistance or even to ask the simplest question you will quickly realize you don’t want to invest your hard earned money with them. The absolutely worst customer service in North America, anywhere.