Qtrade Review Score: A –
Qtrade, not to be confused with Questrade, is a very good Canadian Stock Broker. It’s not quite as good as Questrade, which if you read our review, you will find is almost a perfect broker for most Canadians, but it comes very close! On to our review:
Signing up for Qtrade is quite easy and fast. And their fees are quite low. It’s a great brokerage for low net worth individuals, especially if you are young (under 30). You require a Minimum Balance of $1000 CAD to open an account.
- Stock trade commissions are $8.75 per trade.
- Options Trade at $8.75 + $1.25 per option contract
- ECN fees may apply if your trading is judged to be high volume, so this is a negative
- $25,000 balance required for no inactivity fees ($100/yr otherwise)
- Can trade 100 select ETFs with no fees
For individuals under 30, they offer trades for $7.75 commission and you do not need to carry a minimum balance in your account. You just need to add a minimum of $50 per month to your account. This is a great way for young people who are interested in self directed investing to get started.
Features and Tools
- TFSA trading accounts are allowed
- RRSPs are allowed
- USD cash balances are allowed
- Smart phone app is slick, modern and easy to use
- Income reports are decent and available
- Research tools are great
By all accounts customer service is good. With fast response times and helpful staff, we haven’t encountered any serious complaints from the half-dozen or so Qtrade clients we’ve consulted.
Final Verdict: A-
Qtrade would be a nearly perfect Canadian broker if their fees weren’t a bit higher than the competition.