Questrade Review (2026)
*Questrade, Inc. is a registered investment dealer and a Member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). Free ETF buying excludes applicable ECN exchange fees. Standard stock commissions apply when selling ETFs. Customer accounts are protected by CIPF up to $1,000,000 CAD per general account category.
The Vibe Check
"Questrade is the backbone of Canadian self-directed indexing. For over two decades, it has served as the antidote to Canada's Big 5 banks (RBC, TD, Scotiabank, BMO, CIBC) and their extortionate $9.99-per-trade tickets. With **commission-free ETF buying**, Questrade is tailor-made for monthly Couch Potato index accumulators building wealth inside a TFSA, RRSP, or FHSA. Crucially, unlike domestic neobrokers like Wealthsimple, Questrade provides **native dual-currency sub-wallets**: you can hold physical US Dollars without forced conversion, and they fully support **Norbert's Gambit**, allowing you to convert Canadian Dollars to US Dollars at pure interbank rates. Just stay alert to **pass-through ECN fees** on market orders and an aggressive **$150 transfer-out exit fee**."
The Fine Print: Valerie's Questrade Fee Audit
Questrade eliminates front-end purchase commissions on exchange-traded funds, but charges traditional ticket fees on common stocks and options executions:
| Fee Type | Questrade Pricing Schedule | Valerie's Audit Notes |
|---|---|---|
| ETF Purchases (Buy) | $0.00 Commission | Free to buy all Canadian and US exchange-traded funds. Minor pass-through ECN fees may apply if removing liquidity. |
| Stock Trades & ETF Sales | 1¢ / Share (Min. $4.95, Max. $9.95) | Standard pricing tier. Selling an ETF incurs standard stock commissions. Active Trader pricing lowers tickets to $4.95 flat. |
| Options Contracts | $9.95 + $1.00 / Contract | ⚠️ High base ticket fee on standard plan. Active Trader packages reduce this to $4.95 + $0.75/contract with live data subscriptions. |
| Norbert's Gambit (FX Arbitrage) | $4.95 – $9.95 Total Flat Fee | Buy DLR.TO, request journaling to DLR.U.TO via live chat, and sell in USD. Completely eliminates the bank 1.5%–2.0% FX spread. |
| Auto FX Conversion Spread | ~1.50% – 1.99% Markup | ⚠️ Charged only if you allow Questrade to auto-convert currencies on order execution instead of holding native USD or running Norbert's Gambit. |
| ECN / ATS Pass-Through Fees | ~$0.0035 / Share | ⚠️ Levied on orders that remove order-book liquidity. Avoid by placing non-marketable limit orders inside regular trading hours. |
| Inactivity Charge | $0.00 (Eliminated) | Questrade permanently abolished its historical $24.95 quarterly account inactivity fee in 2020. |
| Account Transfer-Out (Exit) | $150.00 CAD Flat | ⚠️ Full outbound transfer-out fee. Partial transfers cost $25. (Many competing recipient brokers will rebate this fee up to $150). |
*ECN fees are assessed by electronic communication networks (like TSX, Alpha, or Chi-X) and are passed through transparently on trade confirmations.
The Core Edge: Free ETF Buying, Dual-Currency Shelters & Norbert's Gambit
Questrade's dominant market position in Canada rests on three structural pillars that the big institutional banks refuse to replicate:
First, **free ETF purchases** make dollar-cost averaging mathematically viable for retail accumulators. Buying $300 worth of broad-market index funds (such as VEQT, XGRO, or VOO) every month at a traditional Canadian bank costs $9.99 per trade—a crippling 3.3% entry drag. At Questrade, that purchase costs $0.00.
Second, Questrade provides **true dual-currency sub-wallets** across all registered tax-advantaged accounts (Tax-Free Savings Accounts [TFSA], Registered Retirement Savings Plans [RRSP], and the First Home Savings Account [FHSA]). Unlike zero-commission apps that force automatic conversions back to CAD on every dividend and sale, Questrade lets you hold physical US Dollars indefinitely.
Third, they actively facilitate **Norbert's Gambit**. By purchasing the Horizons US Dollar Currency ETF (DLR.TO on the TSX) and requesting their support team to journal the shares over to its US-dollar counterpart (DLR.U.TO), Canadian investors can convert tens of thousands of dollars between CAD and USD for a nominal $5 to $10 stock ticket, bypassing the 1.5% to 2.0% currency spread that Canadian banks quietly extract.
Pros and Cons Breakdown
What We Love
- $0.00 commissions on all Canadian and US exchange-traded fund purchases
- Native dual-currency holding: keep physical CAD and USD side-by-side in registered accounts
- Full support for Norbert's Gambit to convert large sums at interbank foreign exchange rates
- Full registered account suite: TFSA, RRSP, FHSA, RESP, LIRA, RRIF, and corporate accounts
- Backed by CIRO oversight and statutory $1,000,000 CAD CIPF depositor protection
- Zero monthly account maintenance or inactivity charges
- Advanced Questrade Edge desktop workstation with Level 2 market data for active traders
Where It Falls Short
- Common stock trades are not free: costs 1¢/share ($4.95 minimum up to $9.95 maximum)
- Pass-through ECN fees can add unexpected cents per share to aggressive market orders
- Standard options pricing is expensive ($9.95 + $1.00/contract) compared to Interactive Brokers
- High $150.00 CAD transfer-out fee if you close and move your registered account
- 1.5%–1.99% currency conversion spread applied if you fail to utilize Norbert's Gambit manually
Valerie's Final Verdict
"Questrade is the default, battle-tested standard for Canadian passive indexers and registered account builders. If you are building a diversified portfolio of low-cost ETFs inside your TFSA, RRSP, or FHSA, the combination of $0 purchase commissions, native USD cash holding, and Norbert's Gambit support makes it significantly superior to Canada's Big 5 banks. However, if you are an active day trader who scalps individual US stocks or trades options contracts frequently, Interactive Brokers Canada provides significantly lower commission rates and tighter margin financing."
Open An Account If:
You are a Canadian investor buying ETFs on a monthly schedule, maximizing registered accounts (TFSA/RRSP/FHSA), or managing US dividend-paying stocks.
Skip It If:
You trade complex equity options frequently, scalp high-volume penny stocks, or want pure zero-commission stock sales (where Wealthsimple excels on domestic TSX shares).
Questrade, Inc. is a registered investment dealer and member of CIRO and CIPF. All investments are subject to risk, including the loss of principal.