Qtrade Direct Investing Review
Canadian Online Brokerage Review
Pricing Fees
As of September 26th 2014, Qtrade is officially part of the group of online brokerages offering sub-$10 standard commission trades. Their new pricing has two tiers known as “investor” and “investor plus”.
For the “investor” pricing tier, equity commissions are $8.75 per trade and options trades are $8.75 + $1.25 per contract. The next commission pricing tier, “investor plus” offers clients equity commission fees of $6.95 per trade, however to be eligible for this pricing clients must either trade 150 (or more) times per quarter or have at least $500,000 in assets with Qtrade.
While they have reduced commission fees, Qtrade Direct Investing has introduced administration fees of $25 per quarter for clients with combined Qtrade account balances under $25,000. Fortunately, the fee may be waived by placing at least 2 commission generating trades per quarter, or 8 commission-generating trades during the preceding 12 months, or by making $100+ recurring monthly contributions.
The fees for US dollar accounts has increased from $50 per year to $60 per year ($15/quarter) and the fee structure for registered accounts has also changed: the minimum threshold to avoid administration fee is now $25,000 (combined across all accounts) and the amount of the administration fee is now $100 per year.
Account Types
Qtrade Direct Investing offers self-directed investors two main categories of online trading accounts – “Investment Accounts” and “Self-Directed Registered Plans”.
The “Investment Accounts” consist of cash accounts and margin accounts, both which can be in either Canadian or US dollars.
The “Self-Directed Registered Plans” include tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and registered education savings plans (RESPs).
In both categories of account, individuals are able to trade stocks, bonds, mutual funds and options. Like other Canadian online brokerages, there are some restrictions. Short selling and complex options trading are only allowed in margin accounts and there are limitations on options trading in registered accounts.
Platform
Qtrade offers a primarily web-based trading platform. From web-based platform it is possible to perform the standard order functions present with most brokerages. In terms of accessing additional market data, Qtrade also offers Qtrade Streamer which provides 15 minute delayed data for $1.99/mo or $14.99 + exchange fees per month for real time. For level 2 depth, the cost comes to $34.99/mo + exchange fees.Qtrade Direct Investing Brokerage Brokerage Experience
Qtrade provides a minimal website that keeps a clutter free experience which makes it easy to navigate through the website. The app and mobile view also follow the same sleek approach, allowing users to easily use Qtrade.
Can I use Qtrade Direct Investing Brokerage to buy Bitcoins or other cryptocurrencies?
Qtrade does not exchange any sort of cryptocurrency. This means that Qtrade does not trade Bitcoin, Ethereum or any other forms of cryptocurrency in the market. It’s worth noting that Qtrade could be mistaken for the cryptocurrency platform qTrade.
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How does Qtrade Direct Investing Brokerage compare to other Brokerages?
Qtrade provides upfront costs allowing users to choose exactly how they wish to trade, combined with a clean interface and easy to use app, Qtrade has a competitive advantage that experienced traders could appreciate.
Who is Qtrade Direct Investing Brokerage Best For?
Listen to the industry experts
Finding the best online brokerages based on these criteria can be a bit of a chore. Fortunately, there are good third-party evaluations to turn to, including annual rankings of online brokerages from The Globe and Mail, Surviscor and MoneySense.
Best in class
Qtrade has consistently received strong reviews from industry evaluations.
Take the example of The Globe and Mail, which has been publishing columnist Rob Carrick’s review of online brokers for well over a decade. Over those years, Qtrade has continually finished in the top-tier, including nine number-one rankings.
No other broker is good in so many different areas and no other broker makes such consistent year-by-year improvements.”
Does Qtrade Direct Investing Brokerage Have an app? Full review!
Qtrade Direct Investing currently does have an app for iPhone,
Qtrade Direct Investing also has an app for iPad. Qtrade Direct Investing also provides a mobile web browser interface if you don’t wish to install the app.
Qtrade Direct Investing currently does have an app for Android, Google, and Samsung.
Therefore, Qtrade Direct Investing fully supports mobile based trading.
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What is Qtrade Direct Investing Brokerage Fees?
Account fees
Administration fee 1
$25 / quarter
Waived if you hold $25,000; if you make a minimum number of commissionable trades; if you establish a recurring electronic funds contribution of $100 a month or more; or if you qualify for our Young Investor offer.
Formal trust accounts
$100 setup + $50 / year after first year
Account closure
$100 (within first year only)
Account transfer out
$150
Documents
Electronic statements / confirmations
Free
Paper trade confirmations 2
$2.50 / trade
Paper account statements 2
$6 / quarter (waived for Investor Plus)
Registered accounts
U.S. dollar registered accounts — RSP, RIF and TFSA
US $15 / quarter / account
LIF, RIF, LRIF additional payments 3
$50 (scheduled payments are free)
Partial de-registration (withdrawal)
$50 (excludes RESP and TFSA, includes HBP and LLP)
Full de-registration (withdrawal)
$125 (includes TFSA, HBP and LLP)
Trading
Swap
$45 / security
Credit sell out
$20 (plus phone commission rate)
One-time sales
$50 (excluding commission)
Foreign depository (outside Canada and U.S.) settlements
US $100 / transaction
Administrative fees
Confirmation or statement replacement
$10
Dishonoured items
$40
Investigative account inquiries
$50 / hour (min. $50)
Physical certificate or direct registration system (DRS) withdrawals
$125
Estates
$250 min.
Safekeeping
$30 / certificate / month
Cheque requests
$10 / cheque, fee may apply
Certificate re-registration (includes GICs)
$50 / certificate
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What account types does Qtrade Direct Investing Brokerage Brokerage offer?
Does Qtrade Direct Investing Brokerage have TFSA accounts?
Qtrade Direct Investing Brokerage offers TFSA accounts in both Canadian and US Dollar. Is there a fee to use the TFSA accounts? Yes, there is a fee to use the TFSA accounts.
Does Qtrade Direct Investing Brokerage have RRSP accounts?
Qtrade Direct Investing Brokerage offers RRSP accounts in both Canadian and US Dollar. Is there a fee to use the RRSP accounts? Yes, there is a fee to use the RRSP accounts.
Does Qtrade Direct Investing Brokerage have RESP accounts?
Qtrade Direct Investing Brokerage offers RESP accounts in ONLY Canadian, but not US Dollar. Is there a fee to use the RESP accounts? No, there is no fee to use the RESP accounts.
Does Qtrade Direct Investing Brokerage have Cash accounts?
Qtrade Direct Investing Brokerage offers Cash accounts in both Canadian and US Dollar. Is there a fee to use the Cash accounts? No, there is no fee to use the Cash accounts.
How to switch to Qtrade Direct Investing Brokerage?
Transfer to Qtrade: offer details
Transfer to Qtrade and we will pay you up to $150 (plus applicable taxes) to cover your transfer-out fees — subject to the following:
- Each transfer must have a minimum value of $15,000 or the account must reach a minimum value of $15,000 within 30 days of the completion of the transfer.
- For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade at 604.484.2627 and indicate your Qtrade account number.
- Payment of transfer-out fees will be applied as a credit to each eligible account within 60 days of the account transfer.
Note: Qtrade Direct Investing reserves the right to restrict or revoke this offer at any time and is not responsible for any liability arising from, or in any way relating to, this offer or any restriction, revocation or modification. This offer is void where prohibited by law.
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How to switch from Qtrade Direct Investing Brokerage?
To switch from Qtrade Direct Investing Brokerage, please refer to the guide for the brokerage you are looking to transfer from. SparxTrading takes pride in providing up to date information, please see the brokerage review you are looking to transfer to for assistance on how to transfer to that brokerage.
