Our Qtrade Review: The Best Online Brokerage?
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Discover the methodologyOnline brokerages have empowered individuals to invest their own money independently. But with so many options available on the market, it is not always easy to pick the best investment platform.
Is Qtrade Direct Investment the right online brokerage for you? This guide takes a deep dive into Qtrade, what it offers, fees and our review.
For example
Qtrade: the basics
- Founded in 2001
- Owned by Aviso Wealth
- CEO is William Packham
- Financial partnerships with 150 Canadian institutions
- Member of the Investment Industry Regulatory Organization of Canada (IIROC)
- $11+ billion in assets
What is Qtrade?
Qtrade is a leading Canadian online brokerage platform for both beginners and veteran investors. It prides itself on being intuitive and easy to use. A Qtrade investor can trade stocks, ETFs, options, mutual funds, bonds, GICs and other securities, all at competitive prices. A trusted name, it has been on the market since 2001.
Qtrade is based in Vancouver. It offers direct investing to its users. This means that an investor can buy, sell and trade in whatever financial products they choose. As the brokerage is entirely online, the investor saves money and time by accessing the market directly and not having to work through a traditional broker. Investors can make quick decisions and trades but must rely on themselves to stay up-to-date and informed about the state of the market.
Our Qtrade review
Qtrade is well established in Canada with strong partnerships with wealth management firms, insurance companies, credit unions, digital banks and more. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) which means that investors' assets are protected according to the rules set by the Canadian Investor Protection Fund (CIPF). This means that Qtrade is a safer way to invest than, say, a cryptocurrency exchange.
Qtrade allows you to monitor and analyze investments with real-time prices, watch lists, alerts, comprehensive data, account history and more. The platform allows you to assess your net worth with intuitive planning tools and calculators. Then you can develop an investment plan to help you reach your financial goals. Qtrade's analysis tools can help you find the right investments for you and your portfolio. To assist you in your decisions, Qtrade also offers analysts' evaluations as well as fundamental analyses of company performance. With all these tools at your disposal, you can confidently select your investments with Qtrade as your financial advisor.
Our conclusion
Qtrade Direct Investing is a great choice for beginner and experienced investors. The trading platform is comprehensive, affordable and easy to use.
Pros
- Intuitive platform with iOS and Android apps
- Wide variety of financial products to trade in
- Canada-based service
- Decades of experience and a trusted financial institution
- Qtrade advisor
Cons
- Investors are expected to educate themselves about the market
- Cannot top up accounts from e-wallets
Interested in what other brokerage platforms have to offer?
Ready to start trading stocks today?
What is Qtrade Investor Plus?
The Investor Plus profile is for investors making more than 150 trades per quarter or with assets over $500,000. The Investor Plus profile offers customers access to a huge range of award-winning investment resources and tools, such as:
- Quick and easy account setup, provisioning and management
- Margin and options trading
- Independent Research
- USD Accounts
- New Issues Service
- Detailed portfolio performance information
What does Qtrade offer?
Qtrade can be used by investors of all different levels of experience. It offers a wide variety of financial products with varying levels of risk so that you can find the level you are comfortable with and learn at your own speed. To help you better understand the platform we have created the table below to lay out what you are able to do and what securities you are able to trade in.
| Qtrade | About |
|---|---|
| Who is Qtrade for? | Beginner, intermediate or expert |
| Available securities |
|
| Accounts |
|
| Platforms |
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| Minimum balance | $0 |
Ready to invest in the stock market? Compare other virtual brokers vs Qtrade now and start investing in just a few clicks!
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How much are Qtrade fees?
Qtrade charges a $25 quarterly administration fee. It is waived under several conditions including holding more than $25,000, qualifying as a Young Investor and more.
Here is a further breakdown of their pricing:
| Service | Investor | Investor Plus |
|---|---|---|
| Equities | $8.75 | $6.95 |
| Options | $8.75 + $1.25 per contract | $6.95 + $1.25 per contract |
| Select ETFs | Free | Free |
| Other ETFs | $8.75 | $6.95 |
| Mutual funds | Free | Free |
| Fixed income and Exchange-traded debentures | $1 per $1,000 face value | $1 per $1,000 face value† |
| Qtrade transfer out fee | $150 | $150 |
† $24.99 min / $250 max.
Interested in seeing how these fees compare to other leading competitors? Use our comparison tool by hitting the button below.
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How to use Qtrade?
In order to help you understand what it is like to use the Qtrade platform, we have laid out a short guide below taking you step by step through the process, from how to transfer money to Qtrade to how to withdraw funds from Qtrade.
How to open a Qtrade account?
Opening a Qtrade Direct Investing account is easy to do. First of all head to the Qtrade website and click Open Account. This will take you to a form where you can input your name and email address and choose a password. Once you have validated your email address you will need your Government-issued ID and your social insurance number. You will also need PDFs or JPEGs detailing any e-investments that you already own.
Qtrade requires you to disclose your existing assets, wealth and income for tax purposes. You can transfer money into your new account via EFT or bill payment.
Watch out!
If you do not select the EFT service while setting up the account then you will not be able to use it later.
How long does it take to open a Qtrade account?
It takes just 15 minutes to complete your investor profile and upload the required documents on their website. Qtrade will ask you to select an account type and enter your personal information and financial background. Qtrade will give you the choice of what kind of investor account you want. Here are the account options:
- Cash accounts
- TFSA
- RRSP
- Margin Accounts
- LIRA/LRSP
- RESP
- RRIF
- LIF
Good to know
Get up to $2,000 cashback when you open any new self-directed trading account with Qtrade Direct Investing.
How to add money to Qtrade?
You are not able to add funds to Qtrade using a credit or debit card. Funds must be transferred directly from another financial institution. First, use your Qtrade login to access your account. Then hit Transfer Funds. You will have the choice between Transfer Account and Electronic Funds Transfer.
Transfer Account: this option allows you to transfer all assets and securities that you currently hold with another Canadian brokerage into your Qtrade account. If you wish to transfer from a mutual fund or from a bank then you should print and sign a transfer form and send it to
Qtrade Investor
Accounts Department
700 - 1111 West Georgia Street
Vancouver, BC V6E 4T6
Transfer cash: You can transfer cash into your Qtrade account either by EFT or by paying funds into them like a bill by setting Qtrade as a payee and adding your 8-digit investor number.
Watch out!
If transferring funds from a bank account it must be in the same name as your Qtrade investor account.
Qtrade: how long to transfer money?
The time it takes to transfer funds to a Qtrade account depends on the method being used.
EFT: An EFT payment should take 1 to 2 days to arrive in your account. However, it may take up to 10 days for the money to be cleared by Qtrade.
Bill payment: a payment from a bank account should take 1 to 2 days to appear in your Qtrade investor account.
How to buy ETF on Qtrade?
There are more than 100 ETFs to trade on the Qtrade brokerage platform. All of them can be traded without paying a commission. Using the investor tool you can choose between different strategies like fixed income, money market and equity ETFs.
Qtrade allows you to buy EFTs from around the world. Markets include North America, China, Europe, India, Latin America and Japan. You can also choose between a range of sectors like industrial, real estate and precious metals.
How to transfer money from Qtrade to your bank?
First, you will need to use your Qtrade client login to access your account. Once you are logged in, you can access the Qtrade asset management dashboard via the Account button. Here you will see a button marked Transfer Funds and then one marked Withdraw Registered Funds. Then you can select your linked bank account and send yourself the money you wish to withdraw.
How to close a Qtrade account?
Use your Qtrade sign in to access your account and make sure that all funds have been withdrawn. This can be done in two different ways:
- Transfer all assets and holdings to another brokerage platform.
- Sell all of your assets and withdraw the cash to a bank account.
Watch out!
If you choose to close your Qtrade investor account within a year of opening it you will have to pay a $100 fee plus taxes.
Would you like to see what other Canadian investment platforms offer?
Ready to start trading stocks today?
Qtrade vs Questrade: Which is Best?
Questrade is a large and experienced broker that has been offering Canadians alternatives to trading and investing with traditional big banks since 1999. It offers bonds, stocks, options, exchange-traded funds (ETFs), mutual funds, contracts for differences (CFDs) and forex. Questrade has slightly higher fees than Qtrade but also offers a has a wider selection of assets for investors to buy and trade.
Questrade offers a referral system that will pay you $25 for every friend you bring on board, with a $50 bonus for every third referral.
| Securities | Qtrade | Questrade |
|---|---|---|
| Equities | $8.75 | $4.95 per trade or $9.95 per 1,000 trades |
| Options | $8.75 + $1.25 per contract | $9.95 (plus $1.00 per contract) |
| EFTs | free or $8.75 | Buy: Free / Sell: $4.95 |
| Mutual funds | free | $9.95 per transaction |
| Withdrawal fees | $150 | $150 |
Qtrade vs Wealthsimple: Which is Best?
Wealthsimple is an online brokerage firm based in Toronto. It offers many of the same features as Qtrade with a few key differences. The biggest advantage that Wealthsimple offers over Qtrade is the ability to trade in cryptocurrencies.
To help you compare we have laid out a table to compare Questrade and Wealthsimple's fees.
| Securities | Qtrade | Wealthsimple |
|---|---|---|
| Equities | $8.75 | free on Canadian equities, 1.5% on international |
| Options | $8.75 + $1.25 per contract | free on Canadian options, 1.5% on international |
| EFTs | free or $8.75 | free on Canadian EFTs, 1.5% on international |
| Mutual funds | free | 0.5% management fee |
| Withdrawal fees | $150 | $0 |
Want some more information on how Qtrade stacks up with the competition?
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How to contact Qtrade ?
You can get in touch with Qtrade via their website, www.qtrade.ca, or through email, by phone or by sending a letter. All of the portals by which you can contact Qtrade are listed below.
Qtrade phone number
Monday through Friday between 8:30 am and 8:00 pm ET
- Toll-free: 1-877-787-2330
- Local: 604-605-4199
- Fax: 604-484-2627
Qtrade email
To reach Qtrade by email write to [email protected]
Good to know
Be sure to include your name and phone number in your message as well as your Qtrade client login details.
Qtrade postal address
Qtrade Direct Investing
700 - 1111 West Georgia Street
Vancouver, BC V6E 4T6
