Qtrade review: A closer look at why it’s a top choice for Canadian investors

Qtrade supports the following account types: 

• Cash accounts: Standard trading accounts for buying and selling securities without leverage.

• Margin accounts: Accounts allowing you to borrow funds for investing, using your investments as collateral.

• Tax-Free Savings Accounts (TFSA): A tax-advantaged account where investment income and withdrawals are tax-free.

• Registered Retirement Savings Plans (RRSP): A tax-deferred account designed for retirement savings.

• Registered Education Savings Plans (RESP): Accounts to save for a child’s post-secondary education, benefiting from government grants.

• Registered Retirement Income Funds (RRIF): A registered account that generates income from RRSP savings in retirement.
• First Home Savings Account (FHSA): A registered plan that allows first-time home buyers to save for their first home tax-free. 

• Locked-In Retirement Accounts (LIRA): Accounts holding pension funds that can’t be withdrawn until retirement.

• Life Income Funds (LIF): Accounts designed to provide income from locked-in pension funds.

• Registered Disability Savings Plans (RDSP): Accounts created to assist Canadians with disabilities in saving for long-term financial security.
• Restricted Locked-in Savings Plan (RLSP): Similar to a locked-in RRSP that can only be established as a result of a trasnfer of funds from an RLIF
• First Home 

❌ No corporate investment accounts, no joint non-registered accounts, no trust accounts, no US Dollar registered accpounts (they do offer US versions of the TFSA and RRSP), no non-personal (estate or charity) accounts, no foreign investments accounts for non-Canadian residents or those managing international investments. 

Qtrade Direct Investing™ is a Canadian investment platform from Aviso Wealth, a major financial services company in Canada, offering investment opportunities in the Canadian and US markets. It offers commission-free ETFs as well as stocks, options, mutual funds, options, and more. Qtrade Direct Investing is the online brokerage division of Credential Qtrade Securities Inc, a Canadian brokerage.

Account holders can invest in Canadian and US markets, benefiting from relatively low trading fees and commissions.The trading platform offers numerous financial instruments and trading options, including:

• Stocks
• ETFs
• Mutual funds
• Options
• Securities
• Commodities (ETFs and mutual funds)

 Its online brokerage services are available to Canadian investors. The platform balances the affordable trading fees and educational resources favoured by beginner traders with a broad range of investment options and research tools for seasoned investors.

The company was formed in 2001, but its current form is the result of a merger between Credential Financial, Qtrade Financial Group, and NEI Investments. This merger created Aviso Wealth, the parent company of Qtrade Direct Investing.

Opening a Qtrade account is relatively easy. I did not like that what I had started in the app took me to the website to create my account. I entered the standard name, email and password, got the confirmation number sent to my email and got to work. 

The next step is to choose whether you’re opening an individual or joint account. This page also gives you the opportunity to enter any promotional codes. I’d be a fool not to, so be check out our promo code section below. It's regularly updated. 

Then, for beginner investors, you can have Qtrade choose the right accounts based on your goals. I assume this is how you'd access Qtrade's Guided Portfolios, where it's automated investing with a human touch similar to a robo advisor. 

If you request help choosing accounts, It starts with the simple question of goals. This makes sense – your long-term savings goals affect which account types would be best for you.

I chose to select the accounts myself. Below, you're essentially guided through non-registered and registered account selections. There's a learn more button for people who want to know more of what's available. If you scroll all the way to the bottom, Qtrade gives you an out to tell them your investing goals making it super easy to browse through. 

The sign-up process is helpful because it’s not a black-and-white choice between “let Qtrade Direct Investing choose my accounts for me” and “throw me in at the deep end.” At every stage, there’s as much help available as you want.

Then, they ask if you want to trade in USD or CAD before arriving at some more personal details. 

Be ready to enter your birthdate, social insurance number, marital status, phone number, address (PO BOX is not acceptable), employment status including industry, job title, employer name. They also want your spouse's information — first and last name as well as their employment status and occupation. They finally wrap it up with a quick financial profile asking for your annual income (and your spouse's), your assets (fixed and liquid) and liabilities. 

It doesn’t take long to enter my details, but, on mobile, it did say the ID verification process can take up to 15 minutes. I took a lunch break, did some work and came back a few hours later. 

To confirm your identity, I highly recommend doing this on mobile because the camera is better and you can place your driver's license on a flat surface rather than trying to hold it straight in front of the camera. 

You also have to take a selfie. It's super easy and fast (though, for me at least, the selfies never look good, but, it's not for my social media profile!). After those images are uploaded, they recommend you signing into your account on a laptop or desktop computer. You'll be signing important documents next. 

I signed the paperwork, essentially confirming all the details I entered. I can then review or download the documents. Finally, I can check the progress of my application. 

This process is also available in French – just click the button at the top-right of the desktop screen.

You can fund your account directly from your bank account.

As the trading platform lets you trade in Canadian and US markets, you can fund the account either with Canadian dollars, US dollars, or both.

If you wish to purchase US stocks, it may be a better idea to fund your account with USD, as Qtrade charges a quarterly account fee of $15 for USD RRSP (Registered Retirement Savings Plan) and USD TFSA (Tax-Free Savings Account) investments. There is no account fee for Cash, Margin, CAD TFSA or CAD RRSP accounts.

Depending on any special offer outlined in this Qtrade Direct Investing review, you may wish to adjust your initial deposit accordingly. However, it’s ultimately about making a deposit you feel comfortable with.

Qtrade Direct Investing provides numerous educational videos and other materials for beginner investors. I highly recommend that you check these out, even if you’re confident in your knowledge and skills.

We’ve talked about Qtrade’s commitment to younger and less experienced investors. Its educational materials are permanently available at the base of the homepage and include everything from a trial account to its weekly Market Pulse newsletter.

Educational resources include a portfolio simulator tool, which is extremely useful if this is your first time working with ETFs and mutual funds. These instruments are a major part of Qtrade’s offering, so play around with them and test investment strategies before investing with real money.

Related:  Best ETFs in Canada

It’s also worth checking out the analytical/portfolio management tools on Qtrade’s platform before going live. This means you’ll be able to track your investments from the moment you start trading.

Qtrade Direct Investing takes user education seriously. For me, that’s one of the best recommendations for a platform.

Qtrade Direct Investing offers:

• Stocks - How to invest in stocks
• ETFs - How to invest in ETFs
• Mutual funds - How to invest in mutual funds
• Options - How options trading works
• Bonds - How to invest in bonds
• Commodities - How to invest in gold

ETFs are its most talked-about feature, but I’ve found that stock trading on Qtrade is also a great experience.

Qtrade stocks come with great educational resources and research. You can also access Qtrade’s robo-advisor Qtrade Guided Portfolio.

Qtrade Guided Portfolios is a division of Credential Qtrade Securities Inc. Between Qtrade Direct Investing and Qtrade Guided Portfolios, investors can make moves on:

• The Toronto Stock Exchange
• The Canadian Securities Exchange
• The TSX Venture Exchange
• The New York Stock Exchange
•  Other markets (e.g. NASDAQ)

Self-directed investors typically prefer more control, but Qtrade Guided Portfolios is an attractive tool for newcomers.

There’s no minimum balance for using Qtrade – this makes the platform very attractive for newcomers.

Note that if you choose a Qtrade Guided Portfolios account for automated investing, investments will begin automatically once you’ve provided $2,000 in funds.

Qtrade Guided Portfolios

Qtrade Guided Portfolios is a digital investing service that offers automated portfolio management, making it similar to robo-advisors like Wealthsimple Invest and Questwealth Portfolios. Designed for Canadian investors seeking a hands-off approach, Qtrade Guided Portfolios creates and manages a diversified portfolio based on your financial goals, risk tolerance, and investment horizon. It simplifies investing by handling everything from rebalancing to optimizing returns, so you don’t have to worry about the details.

While it operates like a robo-advisor, Qtrade Guided Portfolios has unique features that set it apart. It offers access to professionally managed portfolios, combining the ease of automation with human expertise. This hybrid approach is a key differentiator, providing a level of active oversight not typically found in fully automated robo-advisors like Wealthsimple. Additionally, Qtrade Guided Portfolios focuses heavily on low-cost, diversified ETF portfolios that aim to minimize fees while maximizing long-term returns.

Qtrade Guided Portfolios is ideal for those who value a trusted name in Canadian investing and appreciate a straightforward platform with transparent fees. However, its management fees (ranging from 0.25% to 0.60%) can be slightly higher than Wealthsimple Invest’s flat 0.50%. Compared to Questwealth, Qtrade Guided Portfolios may lack the emphasis on socially responsible investing but offers a more personalized touch.

How Qtrade Guided Portfolios works

As a user, you begin by answering a series of questions about your financial goals, time horizon, and risk tolerance. Based on your responses, the platform recommends a professionally managed portfolio tailored to your needs. These portfolios are composed of low-cost ETFs and are designed by investment experts to ensure diversification and alignment with your objectives.

Once you've selected your portfolio, based on risk level or investment goals, Qtrade Guided Portfolios takes over. It automates the process of portfolio management, including:

• Rebalancing: Adjusting your portfolio periodically to maintain the target allocation.
• Optimization: Ensuring your investments are in line with market conditions and your financial plan.
• Monitoring: Active oversight by professionals to ensure the portfolio stays aligned with your goals. 

How it differs from a typical robo advisor

1. 1.

   Professional oversight: Unlike fully automated robo advisors like Wealthsimple, Qtrade Guided Portfolios involve human portfolio managers who actively monitor and adjust the ETF selection. This hybrid model blends automation with expert input.

2. 2.

   Customized advice: While many robo advisors offer generic portfolios based solely on algorithms, Qtrade Guided Portfolios provide a more personalized approach with active oversight.

3. 3.

   Flexibility in selection: You don’t choose individual ETFs or stocks, but you do select a portfolio that matches your risk level (e.g., conservative, balanced, or growth). The human expertise ensures these portfolios are optimized over time.

Let’s start with everybody’s favorite feature: trade fees. And the news is in – I’m pleased to report that Qtrade Direct Investing has extremely low commissions. This includes:

Standard trading rates

• $8.75 per trade is the standard rate
• Some commission-free options for ETFs (see more below)

Active trader rates

An active trader pays $6.95 per trade. To qualify, you must either makes 150+ trades each quarter, or someone with $500,000+ invested in Qtrade. This also provides access to other benefits in the Investor Plus program (see below).

Rewarding active traders is always something I can get behind, so the reduced costs for high-use Qtrade accounts are especially welcome.

Young Investor rates

Qtrade Young Investors trade for $7.75 and are defined as clients aged 18 to 30 who set up a monthly pre-authorized contribution of at least $50.

Part of what keeps the Qtrade's trading costs down is that ECN (Electronic Communication Network) fees aren’t charged along with commission.

Old dogs like me will be delighted to learn that account fee waivers aren’t just for young pups. There are several achievable ways to get the quarterly fee removed entirely.

These include:

• Holding $25,000+ in funds
• Meeting the minimum trades requirement (this is just two commission-generating trades in equity or options markets or eight commission-generating equity or option trades during the immediately preceding 12 months)
• Implementing a recurring monthly deposit of $100+

The last of these is pretty easy to maintain. The account administration fee is only $25 per quarter, which isn’t too bad, but automatically depositing $100 per month is a simple workaround.

Why pay more?

Qtrade Direct Investing offers well over 100 free ETFs thanks to partnerships with ETF providers, including popular options such as: 

• Vanguard
• Horizons
• iShares

The commission-free ETFs benefits Qtrade (attracting more users) and the ETF providers by increasing their exposure and fund inflows. 

Typically, these commission-free ETFs are selected to promote long-term investing using diversified investment strategies. Many of these ETFs track broad indexes (like the S&P 500) or are low-cost, passive investment vehicles, making them ideal for buy-and-hold investors. 

Qtrade prides itself on its ETF portfolio offering, and with good reason. The absence of fees combined with solid educational resources makes it a top choice for beginner and advanced ETF traders alike.

It also provides access to thousands of mutual funds. This includes a great selection of low-MER (Management Expense Ratio) funds – combined with the platform’s affordable trading fees, it’s a very attractive selection.

More: Best Canadian ETFs

It also features Morningstar research for ETFs and mutual funds

Morningstar is a world-renowned financial research and analysis company. It’s partnered with Qtrade to give investors access to professional analysis of mutual funds and ETFs.

Given that mutual fund and ETF trades are a central part of what Qtrade offers, this is a superb touch. Morningstar is one of the best in the business, and no matter how experienced you are, there’s no sane investor who would pass up the opportunity to look over a report from their analysts.

I’m here for it – a Qtrade review highlight.

Qtrade has upped its game with a brand-new feature called "My News," and I’ve got to say—it’s a game-changer. Powered by PersonaFin’s AI-driven technology, this personalized newsfeed brings you tailored market insights right at your fingertips. Located in the platform’s top navigation, "My News" makes it effortless to stay ahead in today’s fast-paced investing world.

Here’s what I love about it: the feature uses advanced data analytics to deliver actionable investment insights, cutting through the noise so you can focus on what matters most. The intelligent search capabilities are another standout — it’s not just smart; it’s intuitive, making it easy to find the exact information you need without wading through irrelevant updates.

What really sets it apart, though, are the AI-driven recommendations. Based on your unique interests and the latest market trends, "My News" keeps you informed in a way that feels like it was built just for you. If you’re serious about staying informed without spending hours scrolling, this is one feature you’ll want to check out.

Qtrade’s new Options Lab, powered by Trading Central, is here to make options trading simpler and smarter—whether you’re just starting out or already experienced. This tool takes the guesswork out of crafting options strategies. All you need to do is select a stock, answer a few straightforward questions about your goals and risk tolerance, and Options Lab will deliver tailored strategies designed just for you. You’ll find it conveniently under the Investment Tools menu in your Qtrade account.

Qtrade offers a range of innovative portfolio management tools available through both its web browser and its mobile app.

These include:

Portfolio score. This tool helps you measure risk and grades your portfolio’s likely performance. Lower scores indicate that you’re risk-prone. The metrics it uses are downside protection, diversification, income, fees, ESG score, and overall performance.

Portfolio simulator. This is an essential tool for newcomers, but experienced investors can also benefit from simulating a portfolio’s performance before moving to live trading. A/B testing is one of the best risk management tools in your kit – Qtrade makes it easy.

Portfolio creator. This is used for developing a risk-resistant ETF portfolio. It uses three risk assessment ratios – Sharpe, SFRatio, and Sortino. It’s fun to play around with and should be essential viewing for novice traders.

Qtrade’s mobile app is available for both Android and iOS devices. It’s free and easy to download.

The mobile trading platform has all most of the features available on the browser version and has been nicely optimized. You’ll have access to all the portfolio management tools you need, as well as customer support.

While most platforms carry a mobile app these days, the quality can really make or break its useability. Nobody wants to be stuck waiting to make a move until they get home to their PC, right?

Young Investor offer

Younger investors may not have the resources or experience to make the 150+ quarterly trades necessary for reduced trading fees, so their Young Investor account type offers a more accessible alternative.

This is available to traders aged 18-30. All you need to do is set up a recurring $50 or more monthly deposit (which may be a barrier to some on a tighter cash flow, but if you can figure a way to afford it, time in the market beats timing the market every time). 

Young Investor benefits

• $7.75 trading commissions across the board (down from $8.75)
• No minimum balance for your account
• Zero quarterly account fees

If you meet the qualifications, you might choose Qtrade for its broader range of account types, comprehensive research tools, and award-winning customer support, which provide a more robust investing experience compared to some of the free platforms. 

Investor Plus program

The Investor Plus program is designed for high-value investors or active traders seeking cost savings and premium support.

Qtrade’s Investor Plus program is what grants users the reduced $6.95 commission fee. To qualify, users must either maintain $500,000+ of funds or make 150+ trades each quarter. Depending on the quarter, there are 60-66 trading days in each for an average of 63, so you'll need to make 2.38 trades per day (12 per week), on average, to qualify. 

Investor Plus program members also get some extra benefits. USD registered (USD TFSA, USD RRSP) accounts won’t incur fees, which is great news for anyone looking to invest in both Canadian and US markets.

You’ll also have access to a dedicated hotline with quicker, more personalized service. Who doesn’t love the VIP treatment? That said, while the program provides cost reductions and improved service, it lacks the extensive VIP perks some other platforms offer, such as deeper fee discounts, exclusive investment opportunities, or concierge-like services.

The Investor Plus program is ideal for those who want competitive pricing without switching to a higher-cost or U.S.-focused platform, offering a balance of affordability and tailored benefits for Canadian investors.

Qtrade Direct Investing is a very well-regulated brokerage.

Here’s an overview of its regulatory bodies.

✅ Investment Industry Regulatory Organization of Canada

Qtrade is regulated by IIROC, which is no less than I’d expect from any top-tier trading platform. IIROC is a highly respected body and protects investors from dubious platforms.

✅ Canadian Investor Protection Fund

Customers’ Qtrade accounts are protected by the Canadian Investor Protection Fund (CIPF). This fund protects customers against brokerages becoming insolvent or collapsing.

So is Qtrade safe? I’d certainly say so.

It’s regulated by Canada’s leading bodies, it uses 256-bit data encryption (you can’t use it if your browser doesn’t support this), and it has a host of digital security measures to keep investors safe.

Solid regulation helps prevent unauthorized online brokerage activity from affecting customers and (mostly) guarantees you’re working with a trustworthy platform.

You can contact Qtrade Direct Investing via:

• Secure site messaging
• Live chat
• Email: [email protected], please include your name and phone number
• Phone: Call 1.877.787.2330 toll-free, or 604.605.4199 locally, Monday to Friday, 8:30 AM to 8 PM ET
• Mailing address: Qtrade Direct Investing, 700 - 1111 West Georgia Street, Vancouver, BC V6E 4T6

Qtrade’s customer support team has won numerous awards, including a first-place spot in Survisor’s Best Customer Service award several times over the past few years. The platform is also a frequent recipient of The Globe and Mail’s Best Online Brokerage Services award.

If you need to close your Qtrade account, you must first withdraw all funds and leave no cash or holdings.Then, you can email [email protected] to close your account.There is a $100 plus tax fee if you close your account within the first year.