Questrade vs Qtrade in 2024

Back in 2008 when I started writing about Canadian online brokers, the Qtrade vs Questrade rivalry was already in full swing, with each having their share of avid supporters.  Sixteen years later, I would say the main difference is that both Qtrade and Questrade have opened up an even wider gap between themselves and Canada’s big bank brokerages.

As a longtime Canadian personal finance author, I’ve opened over a dozen broker accounts over the last couple of decades.  I’ve answered hundreds of questions and comments on brokers over the years, and when I update these brokerage comparison articles, I often ask our staff writers for their input as we are all DIY investors.

For me, the Questrade vs Qtrade battle comes down to:

1) Qtrade is consistently ranked higher via third party media sources such as The Globe and Mail, Surviscor, and Moneysense.

2) Qtrade simply has the best customer service in Canada right now.  That’s a major advantage for retail investors.

3) Qtrade’s free ETF buying AND selling beats Questrades free ETF purchases (it charges to sell ETFs).

4) Qtrade’s current $100 cash + up to $2,000 in cash back offer is better than Questrade’s $50 in free trades.

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.

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

Brokerage Investing Account Options

Back when MDJ started to compare online broker investing account options there were some big differences between the “haves” and the “have nots”. Thankfully, competition has essentially guaranteed that most brokers now offer all of the major Canadian account options.

When we specifically compare the account options for Qtrade and Questrade, we find that there isn’t much difference at all.

Both of our leading brokerages offer the main accounts that most Canadians will use: RRSP, TFSA, RESP, non-registered trading accounts, margin trading accounts, and joint investment accounts.

Additionally, both Qtrade and Questrade offer the following investing account options: USD accounts, spousal RRSP accounts, options trading accounts, corporate trading accounts, and basically any account that you’ll find anywhere else. RDSP accounts continue to be the forgotten account in Canadian personal finance.

February 2024 Update: Qtrade and Questrade were two of the first brokerages out of the gate when it came to offering FHSA accounts.

The only differentiator between Qtrade and Questrade FHSA accounts is that Qtrade currently has a promotional offer available where you can get hundreds of dollars in instant cash back (available for a limited time).  Other than that, they are virtually identical.

You’ll need to have a minimum payment of $250 to get started and you can contribute up to $8,000 per year, to a lifetime maximum of $40,000. For more information, read our FHSA guide.

Customer Service Comparison

While Questrade continued to lead the pack when it comes to per-trade fees in Canada, the rush to DIY investing – combined with Covid-related logistics issues – led to customer frustration with Questrade throughout 2020 and 2021.  With many commenters reporting wait times of 3-5 hours whether they used the call-in feature or online messaging, there was a premium to be put on customer service.  

Now that’s not to say that Questrade won’t adapt and adjust to these new market realities in 2024, but for now, Canadians’ consistent expectation of solid customer service means that Qtrade has climbed to our #1 position when it comes to crowning the King of the Discount Brokerage mountain. 

Questrade has reported that they’ve made an effort to substantially boost their customer service manpower, so we wait and see to what degree long-term improvements have been made.

All of that said, if you’re an experienced investor that rarely requires help when using your discount brokerage platform, then the consistent commitment to low fees might mean that Questrade is still the best fit for you.

Qtrade, on the other hand, has really doubled down when it comes to hiring enough customer service professionals, and making sure they are prepared to their high standards.

Don’t just take my word for it…

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

MARK BROWN, INVESTING AND RANKINGS EDITOR FOR MONEYSENSE

“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.

What it really boils down to is that Qtrade has a decade-and-a-half of experience when it comes to being the leader of online broker customer service. 

There simply is no comparison if you’re looking for a long-term brokerage solution that you can trust to stay on top of the game.

Frugal Trader, MillionDollarJourney Founder

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)
• iShares Core Equity ETF Portfolio (XEQT)

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: Qtrade charges a $25 quarterly account fee – but it will be automatically waived in either case if you follow the steps we’ll outline below. Questrade currently has no inactivity fee.
• ETF Trading: Qtrade’s commission free ETFs are free to buy and sell with no minimums, whereas ETFs at Questrade are only free to buy.
• 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 Account Fees

If you want to make the best use of 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.

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?

Yes!

Both Qtrade and Questrade are extremely safe to use from a cyber security standpoint.

The two brokers stand as safe havens in the Canadian financial landscape, mirroring the security level of Canada’s renowned banks such as TD, RBC, BMO, CIBC, and ScotiaBank.

Their commitment to safeguarding investor assets is evident not just through advanced digital security measures but also through their membership in the Canadian Investment Protection Fund (CIPF). This government-backed initiative ensures that investments are protected up to $1 million CAD in various accounts, offering peace of mind to investors.

Note: That’s not $1 million in combined accounts, that’s $1 million in your RRSP, $1 million in a joint account, plus the money in a TFSA, RESP, etc.

However, it’s crucial to understand that this safety net guards against institutional risks like fraud or bankruptcy – not market volatility. Investment decisions, especially those involving high-risk assets, rest solely on the investor’s shoulders. The assurance provided by Qtrade and Questrade is about the security of your funds being held, not a guarantee against investment loss.

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.

Globe and Mail Qtrade vs. Questrade Comparison

We were happy to see that Rob Carrick over at the Globe and Mail agreed with our Qtrade vs Questrade take, with Qtrade taking home the highest rating, but Questrade coming in right behind with a solid B+.

In his 2022 broker comparison Carrick wrote:

“As has often been the case in this ranking over the years, Qtrade Direct Investing is the broker that does it best. Other brokers beat Qtrade in specific areas like commission costs, but Qtrade’s overall goodness becomes apparent as soon as you log in and find a neat little dashboard to get you up to speed on your investments.”
Qtrade’s consistently strong showing in this ranking speaks to another of its virtues, constant improvement. Other brokers get better in fits and starts, while Qtrade moves ever forward.
There are huge amounts of embedded value, starting the moment you log into your account and see a dashboard that is second to none in showing what you need to know about your portfolio.”

To be fair, he does leave our favourite broker some room for improvement when it comes to showing analyst research (my personal least important factor when choosing a broker as I prefer to do my own research).

When it comes to Questrade, Carrick writes:

“What is it with the “Q” brokers, Qtrade and Questrade? Both are outstanding in the way they never let up on making improvements. A big add for Questrade lately is instant deposit, which lets you transfer money, typically as much as $3,500 a day, into your account in real time. Questrade has a sharp mobile app and a crisp, all-business website for clients.”

Ultimately, it’s always good when our own conclusions on the two top brokers in Canada are confirmed by Canada’s top personal finance columnist!

Surviscor 2023 Rankings: Qtrade vs Questrade

Each January for the past two decades a company called Surviscor releases Canadian broker service experience rankings.  These rankings are the end result of over 100,000 points of data being collected on user experience via desktop and mobile, as well as a variety of customer service and investor education efforts.

As you can see from the results above, Qtrade was fairly dominant in the 2023 rankings.  The only comparable online brokerage was the very niche CGD – which is not really an option for much of the country.

Questrade still pulled in a very respectful 3rd place and Surviscor gave them high marks for their much improved customer response times, chat services, and the beginner-friendly nature of their mobile app.  Some work still to be done in the areas of ETF fees, service experience, and ECN Fees.

Glenn LaCoste, the Preside of Surviscor Group stated, “Congratulations to Qtrade Direct Investing for its continued service response excellence and its breadth of service interaction choices for all types of digital investors.”

Christine Zalzal, the Head of Online Brokerage and Digital Wealth over at Qtrade was happy to accept the award stating, “What makes a great online brokerage firm for investors is not only a great online trading experience but also being supported by a great service team. At Qtrade, we’re always listening to our customers. A strong customer-focused culture is embedded into our DNA. As more Canadians explore the world of self-directed investing, we’re continuing to invest in our people and our platform to help build their confidence to build their wealth.”

The Surviscor data continues to support my anecdotal experiences with both companies, as well as the combined wisdom of our editorial team.

Questrade vs. Qtrade: Frequently Asked Questions

Comparing the Qtrade vs Questrade Promo Offers

As we begin 2024, the Questrade vs Qtrade comparison continues to be the main decision for new and existing Canadian DIY investors. In their battle for investors’ business, Qtrade has rolled out the best promo offer that I’ve ever seen (even topping their offer from last year).

They’re offering up to $2,00 in direct cash back to folks who open a qualifying account and make a deposit before December 31, 2024.

Here’s how much cash you can snag from Qtrade just for using their platform:

New Funds / Assets Transferred	Cashback Bonus
$1,000 – $4,999	$0 (only $100 sign up bonus)
$5,000 – $24,999	$250 Cash Back + $100
$25,000+	1% Cash Back, Capped at $2,000

Some other details include:

• If you’re just getting started – that’s ok. Qtrade will still send 100 bucks your way if you open an account and deposit $1,000.

• There is a further $50 bonus for starting up an FHSA with Qtrade!

• Total assets across all new Qtrade account will qualify. In other words, if you switch over your TFSA and RRSP from another brokerage, plus start an RESP or FHSA with Qtrade, you can combine all of the assets in those accounts in order to meet the funding thresholds in the chart above.

Questrade also has a unique promo offer code available at the moment, where they will provide you with $50 in free trades when you open a new account. While that’s better than what you’ll find at most Canadian brokerages, it just doesn’t compete with this monster offer from Qtrade. While I’m a big fan of Questrade’s commercials, I’m an even bigger fan of Qtrade’s strategy to put money back in the pockets of their new customers! 

We’ve seen this Qtrade promo offer once in the past, and it just has yet to be matched by any other brokerage in Canada. Don’t delay if you want to take advantage of that Early Bird bonus!

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 2024

I’ve been writing about Canadian online brokerages for almost twenty years now! In that time, I’ve always tracked the Qtrade vs Questrade comparison quite closely, as they were often the two leading brokerages (with the odd leap in innovation from one of the big bank brokers).  

Qtrade’s current $2,100 promotional offer is not only the best current offer on the table – it’s tied for the best one that I’ve seen in the last two decades!

Aside from that easy win, I simply find that the advantages that Qtrade has when it comes to customer service and an easier-to-navigate platform – plus the free ETF sales consideration – are worth the $2-per-trade advantage that Questrade has when it comes to stock trading.

Qtrade’s consistent excellence over the years includes winning the battle for the #1 spot in the Globe and Mail rankings in 2023, 2022, 2021, 2020, 2019, 2018, 2016, 2014, 2011, 2010, 2009, 2008, 2007, and 2006.

I personally hate paperwork. So one of my biggest considerations when choosing a product such as an online trading platform or bank account is their long-term track record. I don’t want to have to invest hours into switching services at some point. 

Qtrade has consistently proven itself to be head and shoulders above other Canadian discount brokerages when it comes to innovation and constant upgrades.

As customers become more cost-conscious during this inflation-heavy time, the Qtrade vs Questrade rivalry for your DIY dollars has led to an increasingly innovative final product – delivered at lower price points – for both brokerages.