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Broker review
Qtrade Direct Investing Review
5% Cash Back on $1,000 to $10,000, Flat Amounts Above
- New clients only, promo code OFFER2026; open by 5 January 2027 and fund by 5 February 2027
- 5% of new money from $1,000 to $10,000; flat $550 to $5,000 on larger deposits
- Extra $100 for funding $25,000 within 30 days; transfer-out fees reimbursed up to $150 on $15,000 or more
Deposits must stay until 5 February 2028; the cash back is paid around 5 March 2028. A bonus is paid once; fees are paid every year, so treat it as a tie-breaker.
Full offer detail
Qtrade’s offer is for new clients who open an account between 1 September 2026 and 5 January 2027 with promo code OFFER2026 and deposit new money by 5 February 2027. Deposits from $1,000 to $10,000 earn 5% cash back. Above that the reward is a flat amount: $550 for $10,000.01 to $25,000, $600 to $50,000, $700 to $100,000, $1,000 to $250,000, $2,500 to $500,000 and $5,000 above $500,000. Funding at least $25,000 within 30 days of opening adds a $100 bonus, and Qtrade reimburses transfer-out fees charged by your old broker up to $150 when you move $15,000 or more. The money has to stay until 5 February 2028, and the cash back is paid on or around 5 March 2028. Check the terms on Qtrade’s site before applying.
Qtrade Direct Investing is a division of Aviso Financial Inc. and a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. It has placed near the top of Canadian brokerage rankings for years, historically on research and service rather than price.
Price is no longer the gap. Qtrade moved to $0 commissions on stocks, ETFs and mutual funds in October 2025, nearly a year before BMO became the first brokerage owned by one of the five largest banks to follow. It now costs the same to trade there as at Wealthsimple or Questrade, while offering screening and analyst research that neither advertises. So the useful question is not what Qtrade charges to trade. It is where the costs went instead.
Is It Right for You?
Good Fit
- You buy individual stocks or ETFs and want to research them first; Morningstar recommendations, screeners and fundamentals are included
- You want $0 on mutual funds as well as stocks and ETFs
- You are starting small: no minimum, no admin fee
- You want an FHSA, RESP or locked-in plan alongside the usual accounts
Look Elsewhere If
- Most of what you buy is priced in US dollars; Qtrade will not say what it charges to convert
- You want US dollars in a TFSA or RRSP without paying US$15 a quarter
- You may switch brokers later; leaving costs $150
What It Costs
| What you are doing | What Qtrade charges |
|---|---|
| Buying or selling a stock | $0 |
| Buying or selling an ETF | $0 |
| Buying or selling a mutual fund | $0 |
| Selling or switching a fund within 90 days | 1% of the trade, minimum $45 |
| Trading options | $0 commission plus $0.75 per contract |
| Keeping the account open | No general administration fee |
| Opening the account | No minimum deposit |
| Paper statements | $6 a quarter, waived for Investor Plus |
| Moving your account to another firm | $150 |
| Taking money out of a registered plan | $50 partial, excluding RESP, TFSA and FHSA. $125 full, including TFSA, Home Buyers’ Plan and Lifelong Learning Plan, excluding FHSA |
The 90-day fund charge is worth a second look. Buying a mutual fund costs nothing, but selling or switching it within three months triggers 1% with a $45 floor, so a $5,000 holding costs $50 to unwind. It is meant to deter short-term trading rather than to catch long-term investors, but it is easy to walk into if you change your mind about a fund.
What a Year Might Cost You
Worked from Qtrade’s own fee schedule for four common patterns: 12 ETF purchases a year, 60 stock trades, 100 options contracts across 10 trades, and converting $10,000 to US dollars once. Where pricing is per share we assume 100 shares an ETF purchase and 200 a stock trade. Illustrations, not quotes.
Buying US Stocks at Qtrade
A US stock settles in US dollars. If your account holds only Canadian dollars, the broker converts on every purchase and again on every sale, taking a markup each time. Holding US dollars means you convert once. Two things matter: whether you can hold US dollars, and what the conversion costs.
US-Dollar Side
Yes, on RSP, RIF and TFSA accounts. FHSAs are excluded.
What It Costs
US$15 a quarter, about US$60 a year, waived for Investor Plus clients.
Accounts You Can Open
Non-Registered
Cash and margin accounts, individually or jointly. Margin accounts add short selling and options.
Registered
TFSA, RRSP including spousal, FHSA, RESP, RRIF, LIRA, LRSP, LIF, LRIF and SRIF.
There is no minimum deposit to begin trading, so a small first account is possible.
The Platform and Research
Platform
You can hold stocks, ETFs, mutual funds, bonds, options and GICs. Order types include market, stop-loss, stop-limit and trailing-stop. There are real-time quotes, watchlists, customisable news feeds and alerts, and portfolio views by valuation, performance and allocation with account history from inception. Apps are available for iOS and Android.
Research and Data
On research, the platform carries Morningstar analyst recommendations for Canadian and US investments, stock screeners with prebuilt and custom filters, technical research tools, fundamental data from recent financial statements, peer comparison, access to new issues and a daily Morning News Call briefing. Net worth and goal-setting calculators are included.
We have not traded on this platform ourselves, so we make no claims about how it feels to use. Everything above is drawn from what Qtrade publishes.
Investor Plus
Investor Plus is Qtrade’s tier for larger or more active accounts. You qualify by holding $500,000 or more in total assets with Qtrade, or by completing 150 or more trades in the previous calendar quarter. Eligibility is reviewed periodically.
Since trading is already free for everyone, the benefits that matter are the waivers: no fee on US-dollar registered accounts, no paper statement fee, no physical certificate or DRS fees, and a dedicated phone line. For an investor with a large US holding the currency waiver is the valuable one, and the thresholds put it out of reach for most people.
Before You Open an Account
Where It Falls Short
Currency Transparency
Not publishing the conversion markup is the biggest mark against it, because for many investors that is now the largest cost of the relationship.
US-Dollar Registered Accounts Cost Money
US$15 a quarter is modest, but Questrade, Webull, Interactive Brokers, BMO, CIBC, RBC, Scotia and TD publish no such charge for the equivalent.
The 90-Day Fund Charge
1% with a $45 minimum is steep if you change your mind about a fund.
$150 to Leave
Wealthsimple and BMO have both dropped their transfer-out fee to zero. Qtrade has not.
Common Questions
Is my money safe at Qtrade?
Qtrade Direct Investing is a division of Aviso Financial Inc. and a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. CIPF coverage protects property held by a member firm that becomes insolvent, within set limits. It does not protect you against investments falling in value.
Is trading really free?
Trading stocks, ETFs and mutual funds costs $0, and there is no general account administration fee. Options carry $0 commission plus $0.75 a contract. What remains is currency conversion, the US-dollar registered account fee, the 90-day fund charge, paper statements and the $150 transfer-out fee.
Do I need a minimum to open an account?
No. Qtrade states there is no minimum deposit to begin trading. The current cash-back offer has its own funding thresholds, which are separate from opening an account.
Can I hold US dollars in my RRSP or TFSA?
Yes, for a fee. US-dollar registered accounts cost US$15 a quarter on RSP, RIF and TFSA accounts, excluding FHSAs, and the fee is waived for Investor Plus clients.
Brokerage terms change without notice. Verify current fees and offer terms with the broker before opening an account. This review is general information about a product. It is not investment advice and does not take your personal circumstances into account. MoneyMint is not a registered dealer or adviser. Consider speaking with a qualified professional about decisions that depend on your own situation.
Disclosure. MoneyMint has no paid relationship with Qtrade. The links on this page earn us nothing.