A few months ago, my friend Priya called me frustrated. She’d just checked her TD Direct Investing account and realised she’d quietly paid over $300 in trading commissions the year before — for a portfolio she barely touched. “I just buy a couple of ETFs every quarter,” she said. “Why am I paying $10 every time?”
The answer: she didn’t have to be. And if that sounds familiar, this review is for you.
Questrade is Canada’s largest independent online brokerage, with over $50 billion in client assets and 25 years in business. But the question isn’t whether it’s big — it’s whether it’s right for you. We dug into every fee, every account type, and every platform quirk so you don’t have to.
💡 Heads up: LoonieSmart doesn’t provide licensed financial advice. This is independent, informational content only.
Quick Summary: Questrade now charges $0 commissions on stocks and ETFs, has no account fees, and offers TFSA, RRSP, FHSA, Margin, and Questwealth accounts. It’s best for self-directed investors who want real tools at low cost. Complete beginners may prefer Wealthsimple Trade for its simpler interface.
📋 Questrade at a Glance — 2026 Quick Summary
| Feature | Details |
|---|---|
| 🏦 Type | Self-directed online brokerage |
| 💸 Stock & ETF Commissions | $0 NEW 2025 |
| 📊 Options | $0.99/contract (volume discounts available) |
| 💱 CAD→USD Conversion | 1.5% |
| 💰 Account Minimum | $0 to open |
| 🔒 Investor Protection | CIPF up to $1M + $10M supplemental |
| 📱 Platform | Questrade Edge (free) / Plus ($11.95/mo) |
| 🏦 Accounts | TFSA, RRSP, FHSA, Margin, Cash, Questwealth |
| ⭐ Best For | Self-directed investors who want tools + low fees |
🧠 LoonieSmart Take: If you’re currently paying commissions at a big bank brokerage, switching to Questrade is almost certainly worth it. The math usually works out within the first two trades.
💸 The Fees — What Questrade Actually Costs You
Stock and ETF Commissions: Now $0
In early 2025, Questrade dropped commissions to $0 on Canadian and U.S.-listed stocks and ETFs — both buying AND selling. For years, Questrade’s model was free ETF purchases but $4.95–$9.95 to sell. That friction is now gone entirely.
To put it in Priya’s terms: her four ETF transactions per year? Now free. The $300 she was quietly paying TD? Gone.
🛑 The Fee Most Reviews Bury — Currency Conversion
Here’s what most comparison sites gloss over. Marcus is a 34-year-old engineer from Winnipeg who opened a Questrade account to buy U.S. tech ETFs. He transferred $20,000 CAD and started buying. What he didn’t notice until his third statement: every time he converted Canadian dollars to buy U.S. securities, Questrade charged a 1.5% currency conversion fee.
On $20,000 CAD converted to USD, that’s $300 gone — before his investments made a single cent. To be fair, Wealthsimple Trade charges the same. But it’s the fee that catches people off-guard.
The workaround: Experienced investors use a strategy called Norbert’s Gambit — a multi-step process to convert currency at near-interbank rates. If you’re mainly buying Canadian ETFs (like VGRO or XEQT, which hold global assets in CAD), you won’t trigger this fee at all.
Options Trading
At $0.99 per contract (with volume discounts that can reach $0.00 for active traders), Questrade is one of the more competitive options platforms in Canada. If you’re just starting out, ignore this section for now.
🛑 Mutual Funds: $9.95/Trade
Mutual fund trades cost $9.95 per transaction — a genuine dealbreaker if that’s your preference. The honest advice? Switch to ETFs. They’re cheaper, more tax-efficient, and in most long-term studies outperform actively managed mutual funds anyway.
✅ No Monthly Account Fees
No account fees. No inactivity fees. $0 to maintain your TFSA, RRSP, or FHSA month after month. This alone makes Questrade significantly cheaper than most big bank brokerages, which often charge $25–$100/quarter in account maintenance fees.
🏦 Account Types — Which One Do You Need?
TFSA — Your Most Powerful Starting Point
Any growth, dividends, or capital gains inside your TFSA are 100% sheltered from the CRA. You don’t pay a cent on withdrawal either. The 2026 TFSA contribution limit is $7,000, with a cumulative lifetime room of $102,000 for anyone eligible since 2009.
🧠 LoonieSmart Take: If you only open one account, make it a TFSA. Max it out before anything else. If you’re not sure what to put in it, a single all-in-one ETF like XEQT or VGRO is a perfectly solid starting point.
RRSP — Best If You’re in a Higher Tax Bracket Now
An RRSP lets you contribute pre-tax dollars and defer taxes until retirement — reducing your taxable income today. If you’re earning over $55,000/year, an RRSP is worth serious consideration alongside your TFSA.
FHSA — The Newcomer You Shouldn’t Ignore
The First Home Savings Account is one of the best accounts the federal government has ever introduced. You get up to $8,000/year in tax-deductible contributions and tax-free withdrawals for a qualifying first home purchase. Lifetime limit: $40,000. Questrade offers it — a feature some smaller platforms still haven’t implemented.
Questwealth Portfolios — Set It and Forget It
Not ready to pick your own investments? Questrade’s robo-advisor builds and rebalances a diversified ETF portfolio for you. Minimum: $250. Management fee: 0.20%–0.25%/year — a fraction of what most Canadian mutual funds charge (often 1.5%–2.5%).
🔒 Is My Money Safe? CIPF Protection Explained
Questrade is a member of the Canadian Investor Protection Fund (CIPF) — the investment account equivalent of CDIC (which covers bank deposits). If Questrade ever went bankrupt, CIPF steps in.
- $1 million for general accounts (TFSA, FHSA, Cash, Margin — combined)
- $1 million for registered retirement accounts (RRSP, RRIF, LIF — combined)
- $1 million for RESPs
On top of that, Questrade carries $10 million in private supplemental insurance. One important note: CIPF does not protect you from your investments losing value. It only activates if Questrade as a company fails.
📱 The Questrade Edge Platform
The Questrade Edge platform is built for investors who want real tools. Advanced charting, customizable watchlists, earnings calendars, dividend tracking, TipRanks research — it’s genuinely impressive if you know how to use it.
For someone who just wants to buy $300 of XEQT every month? It can feel like walking into a professional trading floor when you just want to grab a coffee. You’ll find what you need, but there’s a learning curve.
The mobile app is functional and fast — though some users find it less intuitive than Wealthsimple’s famously clean mobile experience.
Questrade Plus ($11.95/month) adds Level 2 quotes and deeper charting. For casual investors, unnecessary. For active traders, worth a look.
🔍 What Most Sites Won’t Tell You About Questrade
1. The forex fee hits hardest on smaller accounts. On a $1,000 U.S. ETF purchase, $15 goes to currency conversion — 1.5% of your investment before a single price movement.
2. Customer service can be inconsistent. Questrade has phone, chat, and email support — but it’s not 24/7, and response times during volatile market periods can be slow.
3. Questrade is not beginner-hostile — but it’s not beginner-designed. Wealthsimple Trade was built from the ground up for new investors. Questrade was built for people who already know what a limit order is.
⚖️ Questrade vs. Wealthsimple Trade — The Real Comparison
| Feature | Questrade | Wealthsimple Trade |
|---|---|---|
| Stock & ETF Commissions | $0 | $0 |
| CAD→USD Conversion | 1.5% | 1.5% |
| Mutual Funds | $9.95/trade | $0 |
| Account Types | TFSA, RRSP, FHSA, Margin, Cash, Questwealth | TFSA, RRSP, FHSA |
| Margin Accounts | ✅ Yes | ❌ No |
| Platform Depth | Advanced (Edge) | Simple & clean |
| Mobile Experience | Good | Excellent |
| Best For | Experienced self-directed investors | Beginners & simplicity-first |
🧠 LoonieSmart Take: Wealthsimple is the better onboarding experience. Questrade is the better long-term home. Many Canadians start on Wealthsimple and migrate to Questrade once they’re comfortable. There’s no shame in that path — it’s actually a sensible one.
🎁 Questrade Promotions (April 2026)
Refer a Friend: Both you and a friend get $50 CAD each when they open and fund an account with $250 within 60 days. Up to 30 referrals per year.
Transfer Fee Rebate: Questrade typically rebates the transfer-out fee your old broker charges — usually $50–$150.
LoonieSmart Referral Bonus: When you open a Questrade account using our referral link and fund it with $250 or more within 60 days, you’ll receive a $50 bonus. If you’re interested in Questwealth (the robo-advisor version), you can also get your first $10,000 managed free for a year.
Questrade Pros & Cons — No Marketing Spin
✅ Pros
- $0 commissions on stocks and ETFs — the biggest shift since launch
- No account fees or inactivity fees
- Full suite: TFSA, RRSP, FHSA, Margin, Cash, Questwealth
- Advanced Questrade Edge platform for serious investors
- CIPF protection up to $1M per account category + $10M supplemental
- Canada’s most established independent brokerage (25+ years, $50B+ AUM)
- Transfer fee rebates when switching from another broker
🛑 Cons
- 1.5% CAD→USD conversion fee (same as competitors, but still stings)
- $9.95/trade for mutual funds
- Steeper learning curve than Wealthsimple Trade
- Advanced features cost $11.95/month (Questrade Plus)
- Customer support not available 24/7
- Mobile app less polished than Wealthsimple’s
How to Open a Questrade Account (15 Minutes)
- Visit Questrade.com and click “Open an Account”
- Choose your account type — TFSA is the right starting point for most
- Enter your details — name, address, Social Insurance Number (SIN)
- Answer the regulatory questionnaire — required by law for all Canadian brokerages
- Fund your account — Interac e-Transfer, bank transfer, or account transfer
- Make your first investment — once deposit clears (1–3 business days)
No minimum deposit required. Questwealth Portfolios has a $250 minimum.
Alternatives to Questrade
📈 Wealthsimple Trade — Best for beginners and simplicity lovers. $0 commissions, beautifully simple app, TFSA/RRSP/FHSA.
🏦 TD Direct Investing / RBC Direct Investing — Big bank comfort and branch access, but you’ll pay $9.99/trade and often quarterly fees.
🔒 EQ Bank — Not a brokerage, but if you’re parking cash while deciding your strategy, EQ Bank’s TFSA Savings Account offers one of Canada’s top rates. Fully CDIC insured.
📊 Questwealth Portfolios — Questrade’s own robo-advisor. Hands-off approach at 0.20%–0.25%/year.
Frequently Asked Questions
Is Questrade safe and legit?
Yes. Questrade has operated since 1999 and is CIPF-insured up to $1 million per account category, plus $10 million in supplemental private coverage.
Is Questrade good for beginners?
It’s manageable but not designed specifically for beginners. If you plan to simply buy and hold a broad ETF like VGRO or XEQT, the complexity is largely ignorable. For a gentler first experience, Wealthsimple Trade is better.
Does Questrade have monthly fees?
No monthly or account fees. The optional Questrade Plus plan costs $11.95/month — most investors never need it.
Can I open a TFSA with Questrade?
Yes — TFSA, RRSP, FHSA, margin, and cash accounts are all available.
What’s the minimum deposit?
$0 for self-directed accounts. $250 for Questwealth Portfolios.
How does Questrade compare to TD Direct Investing?
Questrade: $0 commissions, no account fees, advanced tools. TD: $9.99/trade, quarterly fees, branch access. For investors focused on building wealth efficiently, Questrade wins on cost.
✅ Is Questrade Right for You? Answer 3 Questions to Find Out
Question 1: Are you comfortable choosing your own investments (even just one all-in-one ETF)?
→ Yes → Keep going
→ No → Consider Questwealth Portfolios or Wealthsimple’s managed option
Question 2: Do you currently pay trading commissions or account fees at your broker?
→ Yes → Switching to Questrade will almost certainly save you money
→ No (already on Wealthsimple) → Questrade is worth it only if you want more advanced tools
Question 3: Are you investing primarily in Canadian ETFs, or heavily in U.S. securities?
→ Mainly Canadian ETFs (XEQT, VGRO, XBAL) → Great fit, forex fee won’t affect you
→ Heavy U.S. exposure → Learn Norbert’s Gambit or factor in the 1.5% conversion cost
If you answered “yes” to questions 1 and 2 — Questrade is likely worth opening today.
Disclaimer: LoonieSmart is an independent personal finance website. We are not licensed financial advisors. This article is for informational purposes only and does not constitute financial advice. Always conduct your own research or consult a registered financial advisor before making investment decisions.