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    • Qtrade Review 2023: Features, Fees, &Offers

    Qtrade is a prominent discount brokerage platform in Canada that provides self-directed investors with access to a wide range of investment options, including stocks, ETFs, options, and more. In this comprehensive review, we’ll delve into Qtrade’s main features, its pros and cons, fee structure, safety measures, and how it compares to other stock trading platforms in Canada.

    How To Invest With Qtrade

    Qtrade offers a robust selection of investment products and account types to cater to the diverse needs of self-directed investors:

    Investment Choices:**

    1. Stocks: Qtrade allows you to trade stocks on both Canadian and U.S. exchanges, including over-the-counter stocks, rights, and warrants.
    2. Exchange-Traded Funds (ETFs): You can trade hundreds of ETFs from various providers, including iShares (BlackRock), Vanguard, Horizons, and Desjardins, listed on Canadian and U.S. exchanges.
    3. Mutual Funds: Qtrade offers thousands of mutual funds for investors looking to diversify their portfolios.
    4. Bonds: The platform provides access to government and corporate bonds, along with other fixed-income assets like commercial paper, strip coupons, and treasury bills.
    5. Guaranteed Investment Certificates (GICs): You can easily invest in term deposits and GICs with varying maturities and rates.
    6. Options: Experienced investors can engage in various options trades.
    7. New Issues: Qtrade also offers initial public offerings (IPOs) and secondary offerings for those interested in new securities.

    Qtrade Accounts:

    Qtrade offers a variety of investment accounts tailored to your needs, including individual and joint taxable accounts, as well as registered accounts such as RRSP, TFSA, LIRA, RESP, RRIF, LIF, cash, and margin accounts. Additionally, corporate and business investment accounts are available for entities like investment clubs, trusts, estates, and religious organizations. Notably, you can trade in either Canadian or U.S. dollars, allowing you to avoid currency exchange fees.

    Qtrade Fees:

    While Qtrade’s trading fees and commissions are higher than some no-commission competitors like Questrade and Wealthsimple Trade, they remain competitive compared to big bank brokerages like TD Direct Investing and RBC Direct Investing. Here’s an overview of the standard trading fees on the platform:

    CategoryStandard FeeActive Traders Fee
    Stocks$8.75/trade$6.95/trade
    ETFs$8.75/trade (some free)$6.95/trade
    Mutual FundsFreeFree
    Options$8.75 + $1.25/contract$6.95 + $1.25/contract
    Fixed Income$1 per $1,000 of face value ($24.99 min; $250 max)$1 per $1,000 of face value ($24.99 min; $250 max)
    Qtrade also offers discounts to active traders making 150 or more trades per quarter and commission discounts for investors with an investment balance of at least $500,000 through their Investor Plus program. Young investors aged 18 to 30 who deposit at least $50 monthly receive a $1 discount for stock and ETF trades ($7.75/trade), along with waived quarterly administration fees.

    It’s important to note that holding mutual funds for less than 90 days before selling or switching may incur a 1% fee (minimum $45). Telephone trades of stocks and options placed with Qtrade representative assistance have their commission structure based on stock and option prices.

    In addition to trading fees, Qtrade has several account fees, including a quarterly account administration fee for accounts with balances below $25,000, fees for account closures within the first year, fees for transferring accounts to other financial institutions, and fees for U.S. dollar-denominated registered accounts, paper account statements, and paper trade confirmations.

    Qtrade Free ETF Trading:

    Qtrade offers commission-free trading on over 100 ETFs with no minimum investment requirement. To qualify for this offer, investors need to hold the eligible ETF for at least one business day and opt for electronic documents.

    Qtrade Trading Platform:

    Qtrade provides a user-friendly web-based trading platform accessible from both computers and smartphones, along with dedicated iOS and Android apps. The platform offers screening tools to filter stocks, mutual funds, and ETFs based on specific criteria, as well as access to technical analysis tools and comprehensive research on various securities. Notable portfolio analysis tools include Portfolio Score, Portfolio Simulator, and Portfolio Creator. Qtrade also offers a trial account for up to 30 days for those interested in trying out the platform before committing to it.

    Qtrade New Account Promotion ($150 Offer):

    For a limited time, Qtrade is offering a new account promotion where investors can earn cashback bonuses ranging from $50 to $150. To qualify, you need to open a new Qtrade account by October 31, 2023, fund it, and make at least one qualifying trade within 60 days of account opening.

     

    Funded AmountBonus
    $1,000 – $9,999$50
    $10,000 – $24,999$100
    $25,000+$150

    Is Qtrade Safe and Legit?

    Yes, Qtrade is a safe and legitimate financial institution. It operates as a division of Credential Qtrade Securities Inc., which is regulated by the Canadian Investment Regulatory Organization (CIRO), formerly known as IIROC. Additionally, Qtrade is a member of the Canadian Investor Protection Fund (CIPF), which means that your securities are protected against insolvency for up to $1 million. The platform also employs robust 256-bit encryption to safeguard your data. In case of losses due to unauthorized online brokerage activity in your Qtrade account, Qtrade offers 100% reimbursement, subject to terms and conditions.

    Pros:

    1. Qtrade reimburses transfer fees for larger transfers.
    2. A generous sign-up bonus for new clients.
    3. Access to innovative portfolio management tools.
    4. Diverse product offerings and account types.
    5. Strong reputation for customer service and support.
    6. Choice of Canadian and U.S. dollar accounts.

    Cons:

    1. Standard trading commissions are average, with lower-cost or no-fee alternatives available elsewhere.
    2. The quarterly $25 account maintenance fee can add to costs for investors with modest account balances; however, this fee can be waived under certain conditions.

    Qtrade Canada FAQs:

    What is the minimum balance to open a Qtrade investing account?

    There is no minimum balance requirement to start trading using Qtrade.

    Is Qtrade the same as Questrade?

    No, Qtrade is owned by Aviso Wealth Inc., while Questrade is owned by the Questrade Group of Companies.

    Which online broker is the cheapest in Canada?

    Wealthsimple Trade, National Bank Direct Brokerage, and Disnat are discount brokers that offer zero-commission stocks and ETF trades in Canada.

    Conclusion

    In conclusion, Qtrade is a reputable and well-rounded brokerage platform in Canada, offering a wide array of investment options and account types. While it may not be the absolute cheapest option in terms of trading fees, its diverse product offerings, portfolio management tools, and safety measures make it a compelling choice for many investors.
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