My Qtrade platform review (April 2025)

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Warning!

Qtrade is not available for South African investors. To know the exact eligibility conditions of this broker, we recommend that you consult the official Qtrade website.

Qtrade is a Canadian investment platform primarily aimed at individuals looking to invest in stocks, ETFs, bonds, or mutual funds. The platform is well-regulated but remains very limited in terms of trading functionalities. Its Trustpilot score is particularly low (1.9/5 based on 35 reviews), reflecting a marked dissatisfaction with the overall user experience.

I have spent the last 6 months signing up, testing and thoroughly analysing Qtrade, and I have sought to compare the platform to other regulated and popular online brokers in South Africa as in North America.

In short, I was trying to answer questions such as: can Qtrade be trusted? Is the platform easy to use and intuitive for beginners? How much does it cost to invest with Qtrade, and is it possible to build a diversified portfolio of assets? What features does the broker offer compared to other Canadian and South African investment platforms?

So, I've scrutinized everything: account opening process, management and trading fees, available financial instruments, functionalities, simplicity of the platform (desktop and mobile), and trading tools, etc. Below is my in-depth analysis of the Qtrade broker (compared to other platforms tested).

What to think of Qtrade?

My general opinion on Qtrade

After several weeks of testing, I consider Qtrade more of a long-term investment platform than a true trading broker. The offering is clear: no CFDs, no Forex, no cryptos. Here, you buy and sell stocks, ETFs, and mutual funds on the North American markets. The selection of assets is therefore restricted to these classes, but it may suit those looking to manage a classic dividend or growth-oriented portfolio.

Qtrade's interface seemed quite outdated to me, especially compared to current standards. It's far from an experience like that offered by TradingView or even some mainstream brokers like Wealthsimple or Interactive Brokers. On the other hand, the fundamental analysis tools are well present, which makes sense for an investment platform. I also tested the mobile application, which does the job but remains quite basic. No customizable interface, few graphic tools, and a general ergonomics that does not favour quick decisions.

The fees are fixed and announced in advance: CAD 8.75 per order, which remains reasonable for occasional investors, but not very competitive if you place several orders per week. No hidden spread, but quarterly custody fees of CAD 25 must be added if your balance is less than CAD 25,000, which clearly penalizes small investors. Also note the absence of inactivity fees for retirement or tax-free savings accounts.

From a security perspective, the framework is reassuring: Qtrade is regulated by the FSCA in South Africa, and client funds are covered by the Financial Services Board (FSB). Despite these guarantees, the very low Trustpilot score (1.9/5 from 35 reviews) reflects widespread frustration related to customer service and frequent connection bugs.

Which trader profiles is Qtrade suited for?

=> For long-term investors, who are looking to build a portfolio of stocks or ETFs in the North American markets, using a registered account such as a retirement annuity or tax-free savings account. Qtrade's model is well suited to this type of profile, especially thanks to the integration of guided portfolios and financial planning services.

=> For users looking for discretionary management services via a managed portfolio solution. Qtrade offers a service called Guided Portfolios, which allows you to delegate management to experts, while maintaining some visibility on performance and investment choices.

=> For casual South African traders, who are not looking for advanced features such as technical analysis or scalping, but simply want to buy a few stocks per month to grow their savings in a tax-advantaged manner.

Conversely, Qtrade will be very unsuitable for active traders, scalpers or those who want exposure to other asset classes such as cryptocurrencies, CFDs or Forex. The lack of advanced charting tools, the absence of external platforms such as MetaTrader or TradingView, and especially the fixed cost of transactions make this platform completely unsuitable for this type of profile.

Qtrade in a few seconds, it's:

My opinion on the security and reliability of the Qtrade broker

Qtrade is a recognized player in the Canadian investment landscape, with rigorous supervision by local authorities. If you are looking for a secure platform to build a long-term portfolio, particularly within an RRSP or TFSA, the regulatory framework and guarantees offered are reassuring. However, some user feedback indicates technical slowness and difficulties in contacting customer support.

As a South African investor, Qtrade offers a serious and well-regulated framework. However, for an international or more active trader, the coverage remains too limited, both in terms of markets and tools offered.

My opinion on the fees, spreads and commissions applied to Qtrade

What struck me about Qtrade is the pricing structure that is primarily aimed at long-term investors, with a well-defined fee policy that can quickly penalise small portfolios. There are no spreads in the true sense of the word, as with CFD brokers, since the transactions involve real assets. However, fixed brokerage fees can become restrictive if you make frequent small orders.

The most active investors can access reduced pricing (ZAR 125.10 per order versus ZAR 157.50 standard), but this requires maintaining at least 150 transactions per quarter, a high threshold for most users. Also note: no inactivity fees, but quarterly custody fees of ZAR 450, unless certain conditions are met.

Let's now look in detail at the broker's fee schedule.

What are the account fees?

After using Qtrade for several weeks, I noticed that the fees are consistent with those of major Canadian brokerage platforms, but clearly geared towards high-value or passive strategy profiles. Custody fees can quickly become a burden if you do not hold at least R450,000 in your account or if you do not have an RA, TFSA or other registered vehicle.

Qtrade doesn’t impose any minimum deposit, which is a strong point compared to other brokers. This allows you to open an account gradually, without initial constraints. On the other hand, currency conversion fees are among the highest I have tested, which can become a real obstacle if you want to diversify internationally.

Trader Tip

To avoid high exchange fees, I used a service like Norbert's Gambit to convert my CAD funds into USD at a lower cost. And to avoid custody fees, it is often enough to hold an active retirement annuity or exceed the R25,000 invested mark. Also, consider grouping your transactions to reduce the unit cost of commissions.

What are the fees on shares and ETFs?

With Qtrade, you invest directly in stocks and ETFs, which means no spreads or leverage like with CFD brokers. Fixed commissions are in the Canadian average, but can quickly add up if you place a lot of orders. On the other hand, zero-commission ETFs (selection of free purchases) are an asset if you opt for a long-term strategy.

What are the fees on cryptocurrencies?

Qtrade does not allow investment in cryptocurrencies, whether in cash or in the form of derivative products. If you want to integrate cryptos into your portfolio, I recommend using a specialized exchange like Kraken or Coinbase, or a hybrid platform like eToro which allows direct investment with transfer to a wallet.

What are the CFD fees?

Qtrade does not offer CFD trading. All available investments are made directly (shares, ETFs, bonds, mutual funds, etc.), without leverage or derivative products.

If you're looking for a platform specializing in CFD trading with leverage, I would recommend brokers like IG, XTB, or CMC Markets instead, as they offer a wide range of assets with tailored risk management tools.

My opinion on the assets & markets available on Qtrade

Qtrade's offering is clearly aimed at traditional investors. The core of the platform is based on Canadian and American cash equities, ETFs, and bonds. There are also commission-free ETFs for purchase, making it easy to build a long-term portfolio.

On the other hand, for traders looking for more dynamic products like Forex, indices, commodities, or cryptocurrencies, Qtrade offers no solutions. It is not a platform oriented towards active trading, but rather passive investment and diversified portfolio management.

My opinion on the platform

As a trader, I found the user experience at Qtrade rather pleasant, but very oriented towards long-term investment. The platform is stable, intuitive, and highlights effective research tools for comparing funds and stocks. On the other hand, there is no advanced platform or real-time trading functionality. It is clearly a portfolio management tool rather than a trading station.

Trader Tip

For passive investors, finding ETFs with low fees is particularly easy on Qtrade. I recommend using the built-in filters to identify commission-free ETFs at purchase and optimise your long-term costs.

Client Reviews: What Users Think of Qtrade

Qtrade has an average rating of 1.9/5 on Trustpilot, based on 35 user reviews. This is a low rating that reflects a number of dissatisfactions expressed by customers in their recent comments.

Among the positive points, the simplicity of the platform for traditional investments (shares and ETFs) and the clarity of the analysis tools are regularly mentioned. Some also appreciate the Canadian grounding of the company, with good access to local markets.

However, negative reviews are very frequent and converge on several points: a sometimes outdated interface, high fees on certain transactions (especially withdrawals or account closures), customer service deemed slow or unresponsive, and technical problems when executing certain orders. Several clients also mention a lack of innovation compared to more modern brokers.

Examples of client reviews:

M.G. (January 8, 2024) "The platform is okay, but as soon as you need assistance, it's radio silence. Customer service is not up to par."

J.T. (February 3, 2024) "Clean interface but very limited. No advanced tools for technical analysis, and the fees surprised me on withdrawals."

K.M. (March 12, 2024) "Qtrade is good for buying Canadian ETFs, but for everything else, I find them outdated. Even their charts are basic."

Account Opening

Opening an account with Qtrade is done entirely online, but the process is a little longer and more rigid than with other brokers. I was able to create my profile in about thirty minutes, but full validation took 48 hours, while all the documents were being processed. The interface is clean but geared towards South African investors familiar with the local regulatory framework.

Here are the steps to follow:

• Visit the Qtrade website and click on “Open an Account”
• Fill in the form with your personal information, tax status, investment objectives
• Select the account type (individual account, TFSA, RRSP, joint account, etc.)
• Provide a valid form of identification and proof of address less than 3 months old
• Electronically sign the regulatory forms
• Wait for the confirmation email once the file has been validated

Good to know

Qtrade offers several types of tax-advantaged accounts for South African residents, but this implies a good understanding of the specific conditions. Support is available by telephone to assist you with the completion if needed.

Qtrade Deposits and Withdrawals

The deposit and withdrawal system at Qtrade is functional but limited: only bank transactions are allowed, which can lengthen the processing times. No fees are levied on deposits, but withdrawals may be charged depending on the account type and the method used. I recommend checking the specific fees in the client area before confirming a transaction.

Trader Tip

Remember to link your primary bank account upon registration to avoid any additional delays during your first transfer. Qtrade often takes more than a day to establish the connection with your bank, which can slow down your initial investments.

Account types available on Qtrade

Qtrade primarily caters to self-directed, longer-term investors looking to manage their portfolio in a South African securities account, a retirement annuity or a tax-free savings account. The platform doesn't offer derivative products like CFDs or algorithmic trading functionalities. Its offering is instead centered on traditional investment accounts and financial planning, with access to a wide selection of South African and US securities.

Conclusion: Should you invest with Qtrade?

After several weeks of use, I would say that Qtrade is a reliable and serious platform for those who want to invest in the stock market in Canada independently. It is not a broker designed for day trading or short-term speculation, but rather to build a long-term portfolio via stocks, ETFs or mutual funds.

I appreciated the clarity of the interface, the quality of the fundamental research tools, and especially the access to different types of tax-advantaged accounts. The absence of hidden fees, regulatory security and support are also significant advantages for an investor residing in South Africa.

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.