Wallet Adviser is supported by its readers. Purchases through our website can generate an affiliate commission. This does not affect our impartial and independent review process.

Qtrade: Review, Analysis and Complete Guide

Qtrade is a Canadian financial broker created in 2000, regulated by IIROC which is the agency that regulates the Investment Industry in Canada. It is a secure operator with vast experience that offers easy to use platforms.

Qtrade is an independent broker based in Vancouver, British Columbia that has formed business alliances with several financial institutions to provide its clients with better trading services.

Qtrade clients can invest in stocks, ETFs (listed investment funds), mutual funds and options, among other trading operations. Ideal for investors who wish to manage their own investments through a reputable broker.

If you are looking for a beginner’s broker, this trader also suits your needs because his website contains online tools and tutorials that will guide you through the investment decision process.

In the following sections we will explain and analyze the different features of Qtrader, its investment options, its trading platform, user opinions and everything you need to know to decide if Qtrader is the ideal broker to start investing.

Pros and Cons of Qtrade

Pros

  • Competitive rates.
  • Secure brokerage.
  • No initial deposit.
  • Simple trading platforms.
  • Good customer service.

Cons

  • Fee for closing the account.
  • Investments limited to Canada and the United States.

Qtrade Financial Products

Stocks and financial products

  • Stocks: Qtrade offers the possibility to invest in Canadian stocks listed on the Toronto Stock Exchange (TSX), the TSX Venture EXchange, the CSE (Canadian Securities EXchange) and the Aequitas NEO Exchange, all based in Canada.

The trader may also invest in U.S. and foreign stocks listed on the New York Stock Exchange and Nasdaq. Over-the-counter or over-the-counter trading is also possible, as well as trading of warrants and subscription rights.

  • ETFs: Qtrade offers 100 exchange-traded funds with no commissions. All ETFs are Canadian and US based. No commission is charged for either buying or selling these 100 EFTs which have been carefully selected to create a diversified portfolio.

The list covers a wide range of asset classes, industry sectors, capitalization size and currencies. Diversification also extends beyond North America and into economies such as Europe, Latin America and the Middle East.

Qtrade ofrece numerosos productos financieros online

  • Mutual Funds: Mutual funds are another alternative offered by Qtrade. D-Series mutual funds with low management ratios (MER). There is also no commission charged for trading these funds.
  • Bonds: Qtrade offers US and Canadian government bonds as well as corporate bonds. It also offers the ability to invest in products such as trading papers, strippable bonds and Treasury bonds.

The offering also includes the issuance of new IPO bonds or secondary or Treasury offerings.

  • GICs or Guaranteed Investment Certificates: Besides not charging a commission in this case either, the offer is flexible with rates and maturities that adjust to your needs.
  • Options: With Qtrade you can sell options short or long, with spreads, with covered or uncovered positions. Options trading is very flexible.

Crypto-Currencies

Qtrade covers only the Canadian and US markets with a wide range of investment products. However, Qtrade does not offer the ability to invest in certain asset classes such as Forex, Futures, CFDs and cryptosystems such as Bitcoin or Bitcoin Cash.

Unique Programs

Qtrade offers several account types to suit every investor’s needs. All of them provide the option of trading in Canadian or US dollars. No minimum deposit is required to open an account with Qtrade.

Cash: Simple to trade to buy and sell stocks, bonds, mutual funds and a wide range of instruments. Available for individual, joint or group accounts.

TFSA: Ideal for all investors with own initiative to invest in stocks, bonds, ETFs, mutual funds. No Canadian taxes are paid on earnings in this account. Withdrawals are tax-free.

RRSP: With the same investment flexibility as the above, RRSP is an ideal account for the retirement savings plan. No administration fee if turnover is regular or if you keep more than $25,000 in your account. Can be opened individually or as a “spouse”.

LIRA: If you already have other retirement plans from previous jobs, simplify them all into one Qtrades account and you will benefit from the investments this broker offers.

RESP: It is designed to invest in your children’s future with a very low cost modality. A simple and flexible investment to contribute to your children’s secondary education.

Qtrade ofrece numerosas herramientas de trading

RIF: Before your 71st birthday, you can close your RSP account to avoid paying taxes on the total amount and convert it to a RIF. You can receive income monthly, quarterly, semi-annually or annually.

LIF: Designed to convert the assets in your other accounts and receive monthly, quarterly, semi-annual or annual income. Qtrade offers you the flexibility to keep your investment in stock and not pay taxes on the withdrawal of funds you make.

How to Open a Qtrade Account

Opening an account on Qtrade is extremely simple, it is a fully digitized process that only takes a couple of minutes. First, you need to register by providing your first and last name, email account and password.

Once registered, the account will be opened and the verification can take between 2 and 3 days. In order to start trading you will be able to transfer funds directly from your bank account, sign and send the application form.

Cómo registrarse en Qtrade

To summarize, the process is as follows:

  1. Login with email and password;
  2. Choose account type and base currency;
  3. Enter personal information such as address and date of birth;
  4. Answer some verification questions related to your financial situation;
  5. Select investment options;
  6. Signing and sending. Waiting for approval via email, or request for additional documentation.

Requirements and verification

In order to validate your account in Qtrade you need to send certain documents that will confirm your identity and some other financial data: social security number, a tax ID and details about your income, assets and net worth.

The verification process takes between 2 and 3 days, after which the investor will receive an email accepting their entry or requesting additional information. This process allows your trade to be a secure process.

Demo Account

Qtrade offers the possibility to practice with a demo account before starting to trade with real money. According to some users’ opinions, this possibility is not well explained on the broker’s website unless you look for this information specifically.

Other opinions that emerged among users is that the demo account is not always updated. Nevertheless, it is a good tool to know for 30 days how to trade and invest through this experienced broker.

Using this tool, clients can research and analyze their investment options before depositing funds into their live account. However, as we said before, this tool should be informed on the home page of the broker’s website.

Available Countries

Qtrade is a Canadian broker and is only available to clients in Canada and the United States of America. Qtrade offers various trading accounts and its clients in Canada and the United States can trade a variety of instruments in the currencies of both countries.

Qtrade can only operate in jurisdictions where its services are legally authorized. It is not available in certain countries due to legal restrictions in those jurisdictions.

Tipos de cuentas de Trading en Qtrade

How to Use Qtrade

Easy to use, Qtrade provides quick access to markets and the ability to act on precise instructions safely. To achieve your goals, this broker offers powerful research tools to evaluate investment ideas.

Desktop Platform

Qtrade does not have a desktop platform. Instead, it offers a basic web-based trading platform with a system of price alerts and order confirmations. This platform provides clarity in its rates and a good search engine.

The web trading platform provides quick access to the markets for stocks, ETFs, mutual funds, bonds, options, GICs, among others. This platform takes advantage of market opportunities quickly and easily.

By simple instructions to buy or sell, using stop-loss, stop-limit or trailing-stop to determine parameters such as the maximum price for a sell order.

The web trading platform is only viable with browsers with 256-bit encryption. Qtrade protects its servers with a series of firewalls and digital certificates to ensure a more secure website browsing experience.

Mobile Platform

The Qtrade mobile trading platform has virtually the same functionality and design as the web trading platform. Qtrade protects the security of the trader’s account information with the latest encryption technology.

The app automatically synchronizes online with the trader’s account, so it is always up to date. It is available for iOS and Android. Most features are the same as for web trading.

Plataforma de Trading para Forex de Qtrade

Research and Visualization Tools

Qtrade offers various research and analysis tools to give you a better chance to invest with confidence and skill. Among those tools we can highlight the following:

  • Projection tools to review hundreds of stocks, mutual funds or ETFs to find the one that best suits your objectives. Technical research allows us to filter potential investments and evaluate technical indicators that will guide us to enter or exit on time.
  • Morning News: Reading this daily report will give you indicators about stocks, the market and the economy. You can also access daily notifications with information on public offerings.
  • Evaluation of actions: Reading the analysts’ recommendations will help you make informed decisions based on accurate investment advice from experts.
  • Real-time quotes allow you to follow market movements. News with the profits and developments of the world’s leading companies.
  • Monitoring lists to create a portfolio of stocks you would like to monitor. Alerts with market events or changes in stock prices.

Qtrade Deposits, Withdrawals, Fees and Limits

According to some users’ opinions, the methodology used by Qtrade to make deposits or request withdrawals is simple.

Deposit and Minimum Deposit Methods

The deposit method is simple and does not require a minimum deposit. The main problem with Qtrade is that it does not accept credit or debit cards and does not have electronic purses.

The base currencies are the US dollar and the Canadian dollar. Accepted deposit methods are electronic transfer from the trader’s account or through online banking.

Withdrawal Methods

Qtrade does not charge commissions for withdrawals and uses the same payment methods as for deposits: transfer or online banking. It also does not accept credit/debit cards or electronic purses.

The delay period for withdrawing funds is two working days. The process is simple, safe and quite fast: you enter the account, in the “My Accounts” menu you choose the option “Transfer Funds”, you choose the transfer method, the account from which to withdraw along with the currency and the destination account.

Fees and Commissions

In general, Qtrade’s rates are low. It does not charge inactivity fees but has an account maintenance fee of $25 per quarter. It also charges quite high fees for options.

The highest fees are charged for investment in stock market shares. However, it is possible to get a discount on stock and option fees if the account balance is higher than usual or if the investment is larger.

Qtrade does not charge commissions for mutual fund trading and the bonds have very low commissions.

The composition of the commission and fee structure is easy to understand and quite transparent.

Análisis de las mejores plataformas de Trading online

There are other fees, for example, if the trader decides to close his account within the first year of its opening, Qtrade charges $100. Transfer of assets costs $150.

In case the monetary base of the account is set in US dollars, Qtrade charges a fee of USD 15.

Limits

Qtrade allows its investors to use stop-market and stop-limit orders to restrict potential losses. Practicing these actions with the demo account is an option, especially for those who are taking their first steps.

A stop-market order will automatically trigger the sale of your shares once the stock price falls to a predetermined level – the stop price. The order is placed at the market price.

In the case of a stop-limit order, it sets two prices: the stop price and the limit price. Once the stock price falls to the stop price, the order becomes a limit order. Your shares will be sold only at the specified limit price or at a better price.

Is Qtrade Safe?

Qtrade is a secure broker because it is regulated by IIROC and also because it offers several methods of protection for its investors and has solid financial backing. However, this broker is not listed on a stock exchange and does not present annual balance sheets.

All Qtrade clients are protected by Credential Qtrade Securities Inc, an insurance company member of CIPF offering coverage up to $1 million. But it does not provide negative balance protection.

Regulation

Qtrade is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

Strong regulation ensures greater investor protection and makes Qtrade a safe broker.

Compensation Scheme

Qtrade guarantees its investors’ accounts through the CIPF, which is a Canadian Investment Protection Fund in case Qtrade goes bankrupt or enters into a call. Investments in GIC are guaranteed through an insurance of up to $100,000 per issue.

Client accounts are protected by the Canadian Investment Protection Fund within limits specified by that entity, which are available on its website www.cipf.ca.

Customer Service

According to users’ opinions, Qtrade’s customer service is generally good, although they warn that not having a live chat makes it difficult to solve queries or difficulties immediately.

Soporte y servicio de atención al cliente online

Qtrade offers the following means of customer service and technical support:

  • Email: the client must include their name and phone number;
  • Fax;
  • Local telephone communication Monday to Friday from 5:30 am to 5:00 pm
  • Free phone number Monday to Friday from 5:30 am to 5:00 pm

The telephone support is relatively fast and offers accurate information and friendly service. As for email support, the service is slower and can take up to two days to respond.

As mentioned above, there is no live chat and no 24/7 service. The customer must wait the first business day to consult technical support,

Qtrade opinions

Next we will bring you the opinions of some users who are already operating or have been clients of this broker. These opinions will also help you decide if Qtrade is the ideal online broker to invest your money.

Among the different opinions of users, Ralph M. said: “I am happy with Qtrade’s services in general although I would like to have live chat so that queries are answered more quickly”.

Another user’s opinion is that of Samuel D. who said: “I have worked with this broker for several years investing in shares, but I have had to diversify with another broker because Qtrade does not offer crypto currencies and I am investing in Bitcoin and Bitcoin Cash”.

Also, among the opinions of the users, we find that of Dawn S. who said: “The rates of Qtrade are unbeatable but I would like them to add more means of payment and withdrawal because today they are very limited”.

Finally, another opinion was that of Oliver F.: “I’m already retired and I’m very happy with the way they’re managing my account, I’m actually making more profit than expected.”

Qtrade Alternatives and Competitors

If after reading all the features and reviews on Qtrade you still need to know the reviews on other service options, you can also choose from other brokers. Currently, there are several companies that offer the online broker service.

Here are some reviews from other brokers so you can rate and compare features and opinions:

Our Selection Best Broker Forex - 2020

1

Our Choice

Open an account

Free

No minimum deposit

2

Best Forex Broker

Open an account

Free

No minimum deposit

3

Best for Funds

Open an account

Free

No minimum deposit

4

Best for Bonds

Open an account

Free

No minimum deposit

5

Best for CFDs

Open an account

Free

No minimum deposit

Conclusion

Qtrade is a secure and regulated broker although, as it is not listed on a stock exchange, it does not present annual transparency reports. Its product portfolio is relatively large but it does not operate in the Forex, CFD or crypto-currency markets such as Bitcoin or Bitcoin Cash.

While deposit and withdrawal methods are efficient, they are scarce because they do not handle credit or debit cards, or electronic purses. However, it is very good that there is no minimum deposit to open an account.

Trading platforms are efficient with good research and monitoring tools. However, it does not have the MetaTrader platforms that some users have marked as a disadvantage.

Finally, we cannot fail to mention that Qtrade is only available to customers with residence in Canada and the United States, which limits access to customers from other jurisdictions due to legal restrictions.

Qtrade data sheet and characteristics

Main Features Qtrade
VPN
Countries where it is regulated 2
Price Free
View offer
Minimum Deposit $0
Time to open account 1-3 days
Available currencies 2
Available products
Withdrawal fee $0
Inactivity fee 1
Trading Rates Low
Bank card deposit
Deposit with electronic wallet
Demo account available?
Easy to use platform?
View offer

Frequently Asked Questions about Qtrade

🔥 What is Qtrade?

Qtrade is a Canadian financial broker created in 2000, with vast experience and offering easy to use platforms. It is an independent broker headquartered in Vancouver, British Columbia, which has formed business alliances with several financial institutions to provide its clients with better trading services.

➕ How does Qtrade work? How can I use it?

Qtrade is easy to use. It does not have a desktop platform but has developed a web trading and a compatible app for iOS and Android. It also provides multiple research and analysis tools for better investment decisions.

✨ How to Sell on Qtrade?

Qtrade has several accounts according to the client’s needs. It is possible to invest easily through the web trading platforms and the mobile app, and also through more sophisticated accounts for more experienced investors.

➡ How to make money on Qtrade?

Qtrade platforms give clients quick access to markets for stocks, ETFs, mutual funds, bonds, options and GICs, among others, so they can buy and sell, setting parameters such as maximum prices to pay or minimum price to accept an order. This gives the investor full control over his or her assets.

⭐ Is Qtrade Secure?

Although Qtrade is not listed on the stock exchange, we can say that it is a safe broker because it is regulated by IIROC and, moreover, because it offers several methods of protection for its investors and has a solid financial backing.

✅ Is Qtrade regulated?

Qtrade is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

Qtrade User Opinions and Experience

Have you used Qtrade's services before? Would you recommend it? Tell us about your experience using a Qtrade service in the comments.

Deja un comentario

Su dirección de correo electrónico no será publicada. Los campos obligatorios están marcados *