Our Qtrade Review takes a look at how to use this broker. Qtrade is a Canadian online brokerage platform owned by Aviso Wealth, one of Canada’s largest independent wealth management firms. The platform is only available for Canadian residents. It has over $95B in AUM and over 500,000 clients.
Qtrade allows investors to trade stocks, bonds, options, GICs, mutual funds, and ETFs through a self-directed account. It offers industry-leading tools, an award-winning platform (ranked #1 28 times in the last 18 years), and Canada’s best customer support (#1 8 times in the previous six years). If you are Canadian, here is everything you need to know about Qtrade.
Qtrade’s objective is to provide self-directed Canadian investors with the tools, resources, and education to make informed investment decisions and manage their portfolios effectively. This Qtrade review finds them user-friendly online and a mobile platform that offers fast access to the US and Canadian markets.
You can find Morningstar analyst recommendations, in-depth fundamental and technical research, stock screening tools, news feeds, and market insights. These resources give new investors all the resources needed to identify opportunities and make data-driven decisions.
Investors using Qtrade can use the platform’s tools to protect their net worth, establish investment plans for retirement, learn more about the financial markets, and monitor their portfolio performance against benchmarks.
Since every investor has different knowledge and experience in the stock market, Qtrade provides an education portal with a wide range of articles and resources on trading and investing topics.
Qtrade Partnerships
Qtrade has partnered with over 150 Canadian credit unions to expand its customer base. Per this Qtrade review, their members can access Qtrade’s online brokerage services directly through their online banking platforms. This collaboration helps credit unions enhance their service and retain customers.
In the past, Sun Life, Great West Life, and other insurance companies, banks, and financial institutions partnered with Qtrade. However, most developed their software or acquired other companies to build a complete brokerage platform.
It is more convenient for investors and brokers to have everything under one umbrella instead of multiple accounts. Today, Qtrade must stand out from the competition to keep its customer base and look for new opportunities.
Trading Accounts
This Qtrade review finds they offer standard trading accounts for Canadians in both $CAD and $USD. Here is the complete list.
- Cash account (Individual, society, joint, religious organization, trust, investment club, estate, and company)
- First Home Savings Account (FHSA)
- Tax-Free Savings Account (TFSA)
- Retirement Savings Plan (RSP)
- Locked-in Retirement Account (LIRA)
- Registered Education Savings Plan (RESP)
- Retirement Income Fund (RIF)
- Life Income Fund (LIF)
Qtrade also offers a free 30-day trial account. You can access a few features, such as some stock analysis and sample reports, use ETF and mutual fund screeners, and read current market and economic news. You can also create a watchlist for future purchases. Let’s continue with our Qtrade review.
Investments Offered
Qtrade offers various Canadian and US securities so that investors can build a diversified portfolio. Here’s a Qtrade review breakdown.
Stocks
Qtrade offers Canadian stocks on the TSX, TSXV, CSE, and the Aequitas NEO Exchange. It also offers US and foreign stock trading in the NYSE, NASDAQ, and OTC markets. Additionally, you can purchase rights and warrants. There are thousands of stocks to choose from.
ETFs
You can purchase over 100 Canadian and US ETFs for free from various sectors and industries. You will have to pay a commission for the remainder of the ETFs. We’ll discuss Qtrade’s fees in the next section.
Mutual Funds
If you like mutual funds, there are thousands to choose from. Qtrade also offers low MER Series D funds.
Bonds
Qtrade offers Canadian and US government and corporate bonds, commercial paper, strip coupons, and t-bills.
New issues
Unlike some brokers, Qtrade does offer you a chance to invest in IPOs and secondary or treasury offerings. Surprisingly, there aren’t any commissions for these investments.
GICs
If you like to be safe and predictable, you can buy GICs with different rates and maturities. They are also commission-free.
Options
Contrary to GICs, options are much riskier and more unpredictable and come with fees.
Robo-advisor
Finally, in this section of our Qtrade review, Qtrade has its robo-advisor called Qtrade Guided Portfolios. It provides an automated and hands-off approach to investing by building and managing a diversified investment portfolio based on your goals, risk tolerance, and values.
The robo-advisor will recommend a suitable portfolio after answering an online questionnaire about financial goals, risk profile, and preferences (socially responsible investing, etc.). Once the account is funded, Qtrade Guided Portfolios will handle portfolio monitoring, quarterly rebalancing, and optimization as needed.
Qtrade’s robo-advisor can be cheaper than some funds and brokers, depending on your portfolio value. Here is a breakdown of the quarterly fees.
Portfolio Value | Annual Interest Rate |
First $2000 to $100,000 | 0.60% |
Following $400,000 | 0.50% |
| Following $500,000 | 0.40% |
| $1M + | 0.35% |
As of May 27th, 2024, from Qtrade’s Guided Portfolio website.
For example, if you invest $350,000, you will pay $1850 in yearly fees (0.6% x $100,000) + (0.5% x $250,000).
Qtrade Review of Pricing
Qtrade’s platform seems complete until you meet its fees. I find it unacceptable that brokers charge such high fees per trade in Canada. It is less common in the US because so many platforms exist, and competition forces brokers to lower or even remove their fees.
Let’s get back to a Qtrade review of fees. Qtrade offers two investor profiles. If you make 150+ trades per quarter or your total assets surpass $500,000, you qualify for the “Investor Plus” profile. Here is a breakdown of the fees.
| Investor | Investor Plus | |
Equities | $8,75 per trade | $6.95 per trade |
Options | $8.75 + $1.25 per contract | $6.95 + $1.25 per contract |
Select ETFs | Free | Free |
| Other ETFs | $8.75 per trade | $6.95 per trade |
| Mutual Funds | $8.75 per trade | $6.95 per trade |
Fixed income and Exchange-traded debentures | $1 per $1000 face value $24.99 min / $250 max | $1 per $1000 face value $24.99 min / $250 max |
Margin CAD Prime rate 7.2% USD Prime rate 8.5% (as of July 2023) | CAD <$100,000 – P+1.55% >100,000 – P+1.50% USD <$100,000 – P+1.25% >100,000 – P+1.20% | CAD <$10,000 – P+1.30% $10,000-$99,999 – P + 1.05% >100,000 – P+0.30% USD <$10,000 – P+1.25% $10,000-$99,999 – P + 1.00% >100,000 – P+0.50% |
| Bonus | N/A | -Dedicated phone number -Free USD account |
Other fees
That’s not all in this Qtrade review. Qtrade also charges an admin fee (waived if you hold $25,000 in assets on the quarter’s last business day, if you complete two commission-generating trades per quarter, if you direct deposit $100 on a monthly recurring basis, or if you qualify for the ‘’Young Investor Program’’ and set up a monthly recurring deposit of $50).
There are also substantial fees for trust accounts, transfers and closures, paper trades, registration and deregistration, estates, etc. It can add up quickly. For a full summary, you can visit Qtrade’s fee page.
What about Qtrade’s Young Investor Program? If you are aged 18-30 and set up a recurring monthly deposit of $50
- Admin fees don’t apply to you
- The commission is $7.75 flat per trade
- A minimum balance is not required
Qtrade Review Pros
To begin with, in our Qtrade review, Qtrade has a user-friendly platform and an intuitive interface, and it is suitable for investors of various levels.
Thanks to its reports, ratings, and charts, investors have the necessary tools to invest confidently. There are plenty of support channels (phone, email, live chat), so it is easy to get assistance quickly.
That is a major advantage since some newer platforms only offer live chat or email responses. Qtrade also offers a decent repertoire of investments for those looking at conventional assets.
Qtrade Review Cons
However, in this Qtrade review, Qtrade is far from perfect. It feels like a platform that was successful during the 2010s and forgot to innovate to remain relevant.
Compared to other brokers, it charges higher trading fees for certain products, which may concern active traders. The platform’s investments are limited to those seeking diversity (no commodities, crypto, forex, or alternative investments).
Since Qtrade is only a broker, you must have a chequing account elsewhere, which can be inconvenient. The platform has some potential but requires many additional features to stay competitive.
Final Thoughts: Qtrade Review
To conclude our Qtrade review, Qtrade is a decent platform but doesn’t provide anything outstanding. If you are a Canadian looking for basic investments and a good enough trading platform, I would suggest looking elsewhere (maybe Wealthsimple or a big Canadian bank).
The platform’s fees will quickly pile up unless you have an Investor Plus account. Otherwise, many agree that the customer service is good and the tools offered are practical. However, there are better options out there. I think Qtrade lags behind many competitors and will have trouble staying relevant.
If you want to learn more about profiting from the stock market, head to our free library of educational courses. We have something for everyone, including trading options for those with small accounts.
Frequently Asked Questions
Qtrade and Questrade are different platforms.
Your money is safe with Qtrade because it is regulated by the Canadian Investment Regulatory Organization (CIRO).
Qtrade doesn’t require a minimum deposit.
