According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- Mobile application
- Proprietary platform
- Margin trading is available
- Trading assets with fixed profit is available
Our Evaluation of Qtrade
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Qtrade is a broker with higher-than-average risk and the TU Overall Score of 4.87 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Qtrade clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
Qtrade is a broker that is suitable for novice investors and for professionals. The company created conditions for comfortable active trading, while there are no opportunities for passive investing.
Brief Look at Qtrade
Qtrade is a Canadian stock broker that has been providing financial services in the market for over 20 years. Its operation is overseen by IIROC, and the company is also a member of the Canadian Investor Protection Fund (CIPF), which provides financial insurance for Qtrade clients in case the broker files for bankruptcy. Qtrade specializes in providing access to trading stock exchange assets: stocks, bonds, options, exchange-traded funds (ETFs), mutual funds, and securities. The broker’s trading conditions are designed to suit both professional investors and novice traders. Over the years of operation, the broker received many awards, including Best Online Brokerage (The Globe and Mail), Best Online Brokerage Experience (Surviscor) and Best Independent Online Broker (MoneySense).
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- Before opening a live account, investors can test the broker’s trading conditions on a free demo account.
- The company offers accounts for the clients with different needs, including retirement accounts.
- The broker does not have a minimum deposit requirement: the trader chooses the amount to deposit on the account.
- Qtrade clients can trade using their PC or mobile device, through the Qtrade application.
- The company provides instruments that allow users to assess portfolio effectiveness and possible risks.
- Wide selection of instruments provides for an opportunity to build a diversified portfolio.
- Clients’ equity is protected, as the broker is a member of the Canadian Investor Protection Fund.
- Only the residents of Canada, residing in the territory of the country, can open an account on Qtrade.
- The broker does not have featured passive income programs or a partnership program and bonuses for trading.
- Opening an account can take from 2 to 7 days depending on the company’s workload.
TU Expert Advice
Financial expert and analyst at Traders Union
Qtrade (Q trade) is a Canadian broker offering conditions for active investing in stocks, mutual and exchange-traded funds, bonds, securities, options and other stock assets. The broker’s conditions are suitable for users with any level of experience: from novice investors to professional traders. Qtrade does not have minimum deposit requirements, while only residents of Canada, residing in the territory of the country, can open an account.
Qtrade offers a wide selection of trading instruments, which allows investors to build portfolios with a high degree of diversification. Using Portfolio Score, investors can evaluate their portfolios based on five criteria. This service also features a simulation that helps the beginners to learn how to create portfolios.
Minimum commission is $0 if the investor is trading free ETFs offered by the broker. The commission is higher for trading other assets.
Qtrade Summary
| 💻 Trading platform: | Proprietary trading platform, mobile application for iOS and Android |
|---|---|
| 📊 Accounts: | Cash (Individual, Joint, Trust, Estates, Society, Religious organization, Investment Club, Company), Margin, TFSA, RSP (RRSP), LIRA/LRSP, RESP, RIF (RRIF), LIF |
| 💰 Account currency: | USD, CAD |
| 💵 Deposit / Withdrawal: | Electronic transfer, wire transfer via an account linked to the personal account, personal cheque |
| 🚀 Minimum deposit: | 1$ |
| ⚖️ Leverage: | Margin trading is available |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | No data |
| 💱 EUR/USD spread: | Fixed, depends on the type of account and asset |
| 🔧 Instruments: | Stocks, bonds, mutual funds, ETFs, options, IPO, GIC, securities |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No data |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Order execution: | No |
| ⭐ Trading features: | Trading assets with fixed profit is available |
| 🎁 Contests and bonuses: | No |
Trading conditions on Qtrade meet the needs of active investors and also clients who want to open savings accounts. The company provides access to trading stocks, options, securities, bonds, mutual funds and other assets. A trader can open a cash account to perform transactions only using his/her own equity and also use a margin account. However, it is worth noting that the margin applies to trading a limited number of instruments, while an investor with a margin account must meet a number of requirements: have a minimum deposit of USD 2,000 and also amounts to cover short sales, options on indices. Qtrade does not have minimum deposit requirements; the client decides on the amount to deposit. Trading is performed on the broker’s proprietary platform and also via a mobile application.
Qtrade Key Parameters Evaluation
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Trading Account Opening
Only the clients who opened an account with Qtrade can trade with the broker and benefit from its advantages. Below is a step-by-step guide on how to do it:
Access the official website of Qtrade. On the home page, in the upper right corner, you will see the Open an Account button. Click on it in order to open an account.
Read the information in the left column: it specifies all documents you will need for opening an account and also a short guideline on the registration procedure. Next, fill out the questionnaire on the right: provide First Name, Last Name, Email, Confirm Email, and create a password you will use to access your Personal Account on Qtrade.
After you fill out the questionnaire, the broker will send you a letter to your email with a unique four-digit code. Enter it in the box on the page below. If you didn’t receive the code, check your Spam folder or click on Resend button to receive it again.
Next, select the account type you want to open, specify personal data and verify your account providing documents that confirm your identity. Fund the account for any amount, place an electronic signature and send the document to Qtrade. In 2-7 days, depending on the broker’s workload, you will receive a letter with approval or denial of your application for account opening.
Regulation and safety
Qtrade is registered in the territory of Canada and guarantees reliability to its clients. The Investment Industry Regulatory Organization of Canada (IIROC) is the broker’s regulator, which monitors the company’s operation to make sure it provides quality service and fulfills its obligations to the regulator and the clients.
CIPF provides for the protection of the funds. The Canadian Investor Protection Fund will pay financial compensation in the amount of up to USD 1 million to the investors in case Qtrade files for bankruptcy.
The broker also guarantees client data security, including information on financial transactions. For this, Q trade employs a reliable data encryption system and requests that the users use browsers that support 256-bit encryption.
In the event that the client adhered to all security rules, including did not disclose personal data, but encountered unauthorized activity on his/her account, Qtrade undertakes to investigate and compensate the losses in full. The exception is the cases, when an investor intentionally or accidentally provides access to their account to a third party.
Advantages
- Partnership with CIPF guarantees financial compensation in case Qtrade goes bankrupt
- Client personal data is protected
- IIROC controls the activity of the company
Disadvantages
- The broker does not use segregated accounts for holding investor funds
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Cash | From USD 6.95 | Electronic transfer – free |
| Margin | From USD 6.95 | Electronic transfer – free |
| TFSA | From USD 6.95 | Zero fee |
| RSP (RRSP) | From USD 6.95 | Zero fee |
| LIRA/LRSP | From USD 6.95 | Electronic transfer – free |
| RESP | From USD 6.95 | Electronic transfer – free |
| RIF (RRIF) | From USD 6.95 | Electronic transfer – free |
| LIF | From USD 6.95 | Electronic transfer – free |
Additionally, the broker may charge 1% commission (a minimum of USD 45), if an investor holds a mutual fund for less than 90 days. Account closure fee is USD 100 within the first year only.
We also compared trading commissions charged by Qtrade and its competitors — Charles Schwab and Ally. You can see the results of comparison in the table below.
| Broker | Average commission | Level |
|---|---|---|
|
$6.95 | |
|
$4 |
Account types
The broker works with the residents of Canada residing in the territory of the country. The broker does not work with residents of Canada, who moved to live in other countries. Qtrade offers different types of trading accounts, including Cash, Margin, retirement and savings accounts. All accounts imply access to trading assets offered by Qtrade.
Account types:
Before starting to trade on a live account, users can create a trial account to review trading conditions of the company and test different trading strategies without the financial risk. The account is free and is available for a period of 30 days.
Deposit and withdrawal
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Qtrade offers three methods for making a deposit: electronic transfer, transfer of funds from your bank account or send a personal cheque to the broker.
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The broker does not specify the timeframe for crediting the funds to the trading account or withdrawing the funds to the personal account. However, we recommend using electronic transfer for faster transactions.
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If an investor uses RSP/TFSA accounts for withdrawal, the withdrawal fee is not charged. There is no information about the withdrawal fees on other methods of withdrawal.
Investment Options
Q trade offers great conditions for investors with different trading strategies, although the broker is focused on working with active users willing to earn profit from trading in the markets. For this reason, there are no passive income programs that imply earning income without taking trading actions. Qtrade also does not have an automated trading feature.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Qtrade’s affiliate program
Q trade does not have a partnership program, which in the majority of cases implies financial or other kinds of bonuses to the trader for referring new clients. The broker does not offer conditions for earning passive income; it is possible to earn a profit only through active trading.
Customer support
Customer support is a team of broker’s employees a trader can turn for assistance in case of experiencing difficulties with trading, transfer of funds or other transactions. Customer support also replies to all questions a client may have. You can contact customer support from Monday till Friday, from 5:30 am until 5:00 pm PT.
Advantages
- Qtrade provides different methods of contacting customer support
Disadvantages
- No online chat
- No callback option
- Customer support only operates on working days
- The response time may be longer than desired
There are several ways to contact the operators of customer support:
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Call on a local or toll free number;
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Write an email;
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Send a fax.
The broker can also be found on social media: Facebook, Twitter, LinkedIn, YouTube. At the moment, it is impossible to visit the offline offices of the broker.
Contacts
| Foundation date | 1999 |
|---|---|
| Registration address | 1111 West Georgia Street Vancouver, British Columbia, V6E 4T6 |
| Regulation | IIROC, CIPF |
| Official site | https://www.qtrade.ca/ |
| Contacts |
604.484.2627
|
Education
Q trade provides conditions for experienced investors and for the beginners. There is a section on the broker’s website featuring articles for novice investors that provide knowledge on the topic of investment. More experienced market players can improve their skills using the materials published in the Education section. The information is free and available to Qtrade clients and also to unregistered users.
Investors can test the knowledge obtained from the articles as well as new strategies and Qtrade trading conditions on a trial account without the risk of losing equity.
Detailed Review of Qtrade
Qtrade is a broker that offers acceptable conditions for investing to the clients from Canada. The company is prepared to work both with professional investors and the beginners and does not have a minimum deposit requirement. With Qtrade, you can trade using your own equity or margin, and also open savings and retirement accounts. Access to trading instruments is granted regardless of the account type an investor decides to open.
Qtrade in figures:
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The broker offers a list of 100 free ETFs.
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$0 — minimum deposit.
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Qtrade received the Best Online Brokerage Award from The Globe and Mail 12 times.
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The company has been providing financial services for over 20 years.
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Trial account period is 30 days.
Qtrade is a broker for novice and professional investors who prefer active investing
Qtrade is a company that provides investors with access to trading stocks, mutual funds, bonds, options, securities, ETFs, and GIC. The broker’s clients have access to basic order types, including stop loss, stop limit and stop trailing, and also an instrument that allows them to evaluate an investor's portfolio by five criteria and make it effective and diversified. Q trade offers individual, joint and corporate accounts. The accounts in the name of an underaged person are registered to their parents.
In order to trade, a Qtrade client needs to use the broker’s proprietary platform, which allows them to monitor market situation and be up to date on the latest quotations. Trading from mobile devices is also available – you simply need to install the app for iOS or Android.
Useful services by Qtrade:
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FAQ. In this section, investors can find answers to frequently asked questions about margin trading, trading conditions, commissions, account opening, etc.
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Portfolio Score. This is an analytical instrument that will help evaluate your portfolio: its effectiveness, diversification, protection against losses, profitability and level of commissions. Also, novice investors can build virtual portfolios here using a special simulator in order to learn how to properly build portfolios.
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Weekly Market Pulse. This section features articles based on the results of the previous trading week.
Advantages:
The broker offers different account types, including margin account, cash and retirement accounts.
Investors can build a highly diversified portfolio through investing in different instruments.
Q trade does not have minimum deposit requirements; the client can fund the account for any amount.
The broker’s conditions are suitable for investors with different levels of skills.
Qtrade provides access to free materials for novice investors and professionals.
Users can perform transactions using their personal computer or a smartphone, via a mobile application.
If Qtrade becomes insolvent, its client will receive financial compensation from CIPF.
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