Best canadian online broker

Best Discount Online Broker in Canada

Review of the best Canadian online brokerage firm in 2019. Top rated discount stock broker investment account in Canada. Note: not available for U.S. citizens.

Best Canadian Online Broker Fees

Stocks (Democratic Plan) $0.01 per share, $4.95 minimum, $9.95 maximum per trade
Stocks (Advantage Variable Plan) $0.01 per share, $0.01 minimum, $6.95 maximum per trade
Stocks (Advantage Fixed Plan) $4.95 per trade
ETFs All Canadian and U.S. ETFs are free to buy; standard commission to sell
Options $9.95 + $1 per contract ($6.95 + $0.75 per contract in Advantage Variable; $4.95 + $0.75 per contract in Advantage Fixed)
Options assignments$24.95
Mutual funds $9.95
Gold or Silver $19.95 per trade
Bonds $0 per trade
Forex spreads as low as 1-2 pips on the major currency pairs

Investments stocks, options, mutual funds, international stocks, gold, CNSX securities, bonds, term deposits, GICs, ETFs
Questrade minimum deposit to open account $1,000 ($250 minimum to keep an account open)

Questrade Account Types

  • Individual
  • Joint
  • Informal trust
  • TFSA (Tax free savings account)
  • RRSP
  • LIRA
  • RIF & PRIF
  • LIF
  • Individual RESP
  • Family RESP
  • Corporation
  • Investment club
  • Formal trust
  • Partnership
  • Sole proprietorship

Questrade New Account Setup

First, we signed up for Test accounts at Questrade (promo link: Get $50 in free trades with new Questrade account.), and played around a bit using some of the free features offered. What struck us about Questrade was that the sign-up process was rather simple. Everything we had to do we could do online – without posting a single document or visiting a branch. With Questrade, we could scan and upload everything – even the void cheque. So that was a huge convenience. Website/Trading Platform/Tools Review

Questrade provides both basic and advanced platforms to trade stocks and options. The basic platform (which is the most popular) offers free instant quotes. The advanced platform provides streaming quotes, and users can also customize the platform by adding additional market data. Combined with a commission rebate on data plans, customers can end up getting the advanced platforms for free – the more they trade, the bigger the rebate.

The basic platform, QuestraderWEB, is free, web-based, and it includes up to 1,000 instant quotes per month. Market data is available for the TSX, TSX Venture, Canadian options, NASDAQ, NYSE, AMEX, and U.S. options.

QuestraderWEB with Quotestream enhances the basic web-based platform by providing streaming data for a richer trading experience.

QuestraderPRO is a desktop platform recommended for active traders. All subscribed data is streaming.

QuestraderELITE is a superior version of QuestraderPRO that offers additional stock, chart, and order boxes along with bracket orders. All subscribed data is streaming.

The firm also offers a suit of great tools, such as:

Market Intelligence: Is great for Fundamental Investors because it leverages credible sources, like Morningstar, to provide filters, screeners and comparisons, as well as market moving news alerts and calendars.

Bulls Eye: Is an excellent stock research tool that provides investors an easy way to get both fundamental and technical assessments of a stock they are interested in. You also have access to expert opinions and extensive charting tools.

Intraday Trader: Is a day-trader's dream come true, as the tool scans the market and offers you trading ideas based on real-time data analysis from your watch lists and other screening criteria. The latest addition of an intraday high/low alert allows users to monitor a specific ticker for it's day's high/low price.

The Daily Ticker: Is yet another great feature. This is an email "news letter" that offers buy/sell/hold insights about at least two stocks (based purely on technical analysis) every day. We use these recommendations in combination with other fundamental information about the ticker, before making any investment decisions about a ticker.

Quick and easy Buy/Sell: With just a flick of the mouse, most of these tools allow you to launch a Buy/Sell transaction, even as you are studying the charts and analysis about that particular stock. And the coolest thing is that you can get an up-to-the second quote for the ticker you are viewing just by clicking the Snap Quote button. It'll appear just below your Order Entry screen, so you can Buy/Sell at the most appropriate price.

Great for Tablet users: The most recent enhancements in their IQ Essentials platform now makes it a delight for us to use Questrade on our tablet PC. Its full screen layout provides additional real estate that makes using the system less tedious.

Questrade Pros

  • Very good commissions on all products, except options
  • Ability to buy physical gold
  • No surcharges for large orders, stocks under $1, or extended hours trading
  • Ability to hold U.S. dollars
  • Forex trading is available
  • Online Trading Academy courses
  • Checking account (but with an annual fee)

Questrade Cons

  • Customer service needs improvement
  • Quarterly $20 inactivity fee if no trades were executed in a quarter AND account balance is less than $5,000
  • Outgoing ACAT of $125 - most companies charge this fee, but few set it so high


Questrade Review Summary

Questrade is a Canadian-owned and -operated online broker that provides brokerage services only to Canadian citizens and residents. The firm offers investing in both the U.S. and Canadian markets. The pricing is very competitive: 1 cent per share with a $4.95 minimum and $9.95 maximum per trade commission. Clients signed up for the active trader program, Questrade Advantage, get even lower, $0.01 per share, $0.95 minimum and $6.95 maximum per trade rate (or $4.95 flat rate per trade). Incredibly, any purchase of a Canadian or U.S. listed ETF is absolutely commission-free.

One unique feature of a Questrade account is the ability to buy, sell, and hold physical gold for $20 per trade. Plus, the firm will lend up to 80% on gold bullion in non-registered accounts, so customers can buy gold on credit and borrow on the bullion already in their margin account. Meanwhile the client's gold is kept safe at the Royal Canadian Mint. The price for storage of gold is $0.10 per ounce per month ($0.01 per ounce per month for storage of silver).

The ability to hold U.S. dollars is unique among Canadian brokerage firms. It could save some customers a fortune in currency conversion fees.

Unlike most other brokers, Questrade has no surcharges for large orders, penny stocks, or extended hours trading. The firm also has no account maintenance fees and no hidden fees. They offer to reimburse transfer-out fees of up to $150 for clients moving a minimum of CAD $25,000 from another brokerage into a new or existing Questrade account.

There is, however, a rebatable inactivity fee: $19.95 per quarter (January 1, April 1, July 1, October 1) will be charged to clients who have not completed at least one commissionable trade in the last quarter and have less than $5,000 combined equity in their accounts. The fee is rebated back as commission-free trades if the client makes at least one trade the following quarter.

We strongly recommend Questrade for a brokerage account (if you have at least $5,000), especially for more active investors and those wanting to invest in gold or trade in the forex market.

Questrade Promotion Code - click link below to get $50 in free trades: