Free ETF purchases, strong account selection, and genuinely lower costs than any Canadian bank. But there are real tradeoffs. Here's a straight account of what Questrade does well and where it falls short.
Questrade has been the default recommendation for cost-conscious Canadian investors for years — and it's earned that position. Founded in 1999 and regulated by IIROC, it's a legitimate independent brokerage with a track record long enough to matter. The core value proposition is simple: buy ETFs for free, hold them in a TFSA or RRSP, and pay dramatically less than any bank-managed fund.
For investors who've settled on a strategy — buy XEQT or VEQT, contribute regularly, leave it alone — Questrade is hard to fault. The fee structure rewards exactly that behaviour.
Where it struggles: the platform was built for a different era, customer service has friction, and anyone who ventures into US equities or active trading will encounter costs and limitations that aren't front-and-centre in Questrade's marketing. None of this disqualifies it, but knowing the full picture before you open an account is worth your time.
Where Questrade excels and where the experience frays.
One of Questrade's genuine strengths is account breadth. Most Canadian brokerages cover the basics; Questrade goes further.
| Account Type | Notes |
|---|---|
| TFSA | Tax-free growth. 2026 cumulative room up to $109,000. |
| RRSP | Tax-deferred. Waives US withholding tax on dividends — important for US equity funds. |
| RESP | Eligible for CESG government grants. Useful for parents investing for children. |
| LIRA | Locked-in Retirement Account — for pension funds transferred out of employer plans. |
| RRIF | Converts RRSP savings into retirement income. |
| Margin | Leverage available. Suitable only for experienced investors who understand the risks. |
| Corporate / Business | Non-registered account for incorporated businesses. Less common but available. |
The process is fully online and takes 15–20 minutes. You'll need a government-issued ID and your SIN.
Go to questrade.com/account-selection and choose your account type (TFSA and RRSP are the most common starting points). You'll create a login and start the identity verification process.
Questrade uses digital ID verification. Have a valid driver's licence or passport ready. The process takes a few minutes and is done through a third-party identity provider.
You'll answer questions about your investment experience and risk tolerance — standard regulatory requirement. Answer accurately; it determines what account features you're approved for.
Add your Canadian bank account and initiate a transfer. Bill payment (like paying a bill to "Questrade") is the slowest method. An EFT (electronic funds transfer) is faster — typically 2–3 business days. In-kind transfers from another brokerage are also possible but take longer.
Search for your ETF (XEQT, VEQT, etc.), choose "Buy," set the number of shares, and use a limit order. ETF purchases are free. Your first trade will feel slightly unfamiliar, but the mechanics are straightforward.
One common issue: Account approvals occasionally take longer than expected if identity verification doesn't go through automatically, requiring a manual review. If this happens, a follow-up call to Questrade support resolves it — it's not a red flag, just a limitation of their automated process.
Buy Canadian or US-listed ETFs and hold for the long term. Plan to contribute regularly to a TFSA or RRSP without active trading. Want access to an RRSP specifically for US equity ETFs (to benefit from the withholding tax exemption). Need an RESP for children's education savings. Manage more complex account types like a LIRA or corporate account.
Trade frequently — the ECN fees and FX conversion costs add up, and Questrade isn't optimized for high-frequency activity. Want a polished mobile-first experience — Wealthsimple's app is simply better. Primarily buy US individual stocks, where the ECN fee structure becomes more relevant. Want a fully managed portfolio without making any investment decisions — Wealthsimple Invest handles that better at a similar cost.
The typical Questrade investor buys XEQT or VEQT once a month, doesn't think about it again until the next contribution, and spends the rest of their time doing other things. For that investor, Questrade is about as good as it gets in Canada.
→ Compare platforms side by side: Questrade vs Wealthsimple | Wealthsimple full review
ETF purchases are free. TFSA, RRSP, and RESP accounts available. The application takes about 20 minutes.
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Nothing on this site is financial advice. Fee structures, features, and promotions at Questrade are subject to change — verify current terms at questrade.com before opening an account. This review reflects our assessment as of 2026. Some links on this page are affiliate links; we may earn a commission if you open an account, at no extra cost to you.