Questrade Review
#1 Best Overall Canadian Broker
Best for: Canadian investors and active traders who want registered accounts (TFSA/RRSP/FHSA), free ETF purchases, the IQ Edge platform, and Norbert’s Gambit for cheap USD conversion.
Questrade at a Glance
| Minimum Deposit | $1,000 to begin trading |
| Account Types | TFSA, RRSP, FHSA, Margin, Cash, Corporate, RESP |
| Platform & Software Fees | IQ Edge desktop free; web & mobile free |
| Level 2 Data Costs | Optional real-time data packages (CAD/US) |
| Order Routing | Smart routing to Canadian & US venues |
| Short Locate Availability | Limited — margin short list, not a locate desk |
| Supported Countries | Canada (primary) · US market access |
Overview & Ideal Trader Profile
Questrade is our top-rated Canadian broker, and for good reason: it combines full registered-account support (TFSA, RRSP, FHSA, RESP) with low costs and a genuinely capable active-trading platform in IQ Edge.
The ideal user is a Canadian who wants one broker for both tax-sheltered long-term investing and active trading — someone who values free ETF buys, low FX costs via Norbert’s Gambit, and a modern platform over the legacy bank-owned brokerages.
Commissions, Platform & Level 2 Data Fees
ETF purchases are free (standard commissions on sells), and stock trades use low per-share or flat pricing. The IQ Edge desktop platform and web/mobile apps are free; real-time Canadian and US Level 2 data are optional paid packages.
The standout cost-saver is Norbert’s Gambit — buying a dual-listed security and journaling it across the border — which lets you convert CAD↔USD at effectively 0% instead of the ~1.5–2% banks charge.
Order Execution, Routing & Latency
Questrade uses smart routing across Canadian and US venues with solid, reliable execution for the retail and active-investor audience. IQ Edge supports advanced order types, watchlists, and hotkeys.
It’s not a sub-millisecond DMA scalping terminal in the mold of a dedicated US day-trading broker, but for Canadian active traders and investors the speed and fill quality are more than sufficient.
Short Selling & Locate Availability
Short selling is available on marginable securities from Questrade’s shortable list, but this is not a hard-to-borrow locate desk. Canadian regulatory structure and the broker’s audience mean the small-cap short-locate toolset is limited compared with US day-trading specialists.
For Canadians whose strategy is primarily long investing plus occasional shorts of liquid names, this is a non-issue.
Third-Party Trust, Safety & Reputation
Questrade is regulated by CIRO and client assets are protected by CIPF (the Canadian equivalent of SIPC) up to $1,000,000. It’s one of Canada’s largest independent brokerages with a long operating history.
Its Trustpilot score is harsh (~1.2) — feedback centers on support wait times and account-opening friction — but on safety, cost, and registered-account breadth it stands at the top of the Canadian field.
The Honest Breakdown
Pros
- Full registered accounts: TFSA, RRSP, FHSA, RESP
- Free ETF purchases
- Norbert’s Gambit for ~0% USD conversion
- Capable IQ Edge desktop platform
- CIPF-protected up to $1,000,000
Cons
- $1,000 minimum to begin trading
- Limited hard-to-borrow short locate tools
- Optional data packages add to cost
- Support responsiveness draws complaints
Sub-Score Breakdown
#1 Best Overall Canadian Broker
The Bottom Line
Questrade remains our top all-round Canadian broker — full registered accounts (TFSA/RRSP/FHSA), free ETF buys, Norbert’s Gambit for ~0% USD conversion, and CIPF protection up to $1M. Its harsh 1.2 Trustpilot score is driven mainly by support and onboarding complaints rather than safety, and its short-selling tools are limited, so it’s best viewed as an investing-first platform that also trades well.
Canadians who want one low-cost home for tax-sheltered investing and active trading, plus cheap USD conversion.
Hard-to-borrow short sellers, or US-based traders (it’s Canada-focused).
