Questrade Review 2026: Is It Right for XEQT?
Questrade is Canada's largest independent online brokerage, built entirely outside the big banks. It joined the commission-free trading club in June 2025. At 0.20%, XEQT on Questrade costs exactly the same as on Wealthsimple. So which platform should a Canadian XEQT investor choose? We ran the numbers, tested both platforms, and documented every difference that matters.
What Is Questrade?
Questrade launched in 1999 as Canada's first major independent discount brokerage. Unlike the platforms operated by the big banks, it has no parent bank cross-selling mortgages and chequing accounts on the side. Its singular focus has always been self-directed investing, and that focus shows in the product.
As of early 2026, Questrade serves over 450,000 accounts and holds more than $50 billion in assets under administration. It is regulated by CIRO (the Canadian Investment Regulatory Organization) and is a member of the Canadian Investor Protection Fund (CIPF), which protects eligible client assets up to $1 million per account category.
The June 2025 move to $0 commissions on Canadian and US ETFs was significant. Questrade had previously offered free ETF purchases but charged $4.95 to $9.95 per sell. Now both sides are free. The catch is ECN (Electronic Communication Network) fees of approximately $0.0035 per share, which apply to some order types depending on whether your order adds or removes liquidity from the market. For a typical XEQT purchase, ECN fees are negligible On 100 units at $39, the ECN fee would be roughly $0.35. They exist, and Wealthsimple does not charge them.
Questrade Fee Structure: The Full Picture
The headline is $0 commissions on ETFs. But commissions are not the only cost of investing, and Questrade's full fee picture requires a closer look.
| Fee Type | Questrade | Wealthsimple |
|---|---|---|
| ETF purchases (buy) | $0 | $0 |
| ETF sales (sell) | $0 | $0 |
| ECN fees | ~$0.0035/share (some orders) | None |
| Stock trades | $0 | $0 |
| Options (per contract) | $0.75/contract | Not available |
| TFSA maintenance | $0 | $0 |
| RRSP maintenance | $0 | $0 |
| FHSA maintenance | $0 | $0 |
| RESP maintenance | $0 | Not available |
| Minimum deposit | $0 | $0 |
| Transfer-in rebate | Up to $150/account | Up to $150 |
| FX conversion (US trades) | ~1.75% spread | ~1.5% spread |
Fees as of March 2026. Verify current rates at questrade.com before transacting.
On a $5,000 XEQT purchase of approximately 128 units, the ECN fee at $0.0035/share is roughly $0.45. Across 12 monthly purchases per year, that is about $5.40 annually. Meaningful? Barely. Worth switching platforms over? No. But you should know it exists.
Buying XEQT on Questrade: Step by Step
XEQT is fully available on Questrade across all account types: TFSA, RRSP, FHSA, RESP, and non-registered. Purchases are commission-free. The process requires more steps than Wealthsimple but is straightforward once the account is set up.
Account opening
Account opening is fully digital and typically takes 24 to 48 hours for approval. You need a SIN and government-issued photo ID. Unlike bank brokerages, there is no requirement to have an existing account with Questrade or any bank. The minimum deposit is $0 for self-directed accounts.
Funding
Electronic Fund Transfers (EFTs) from any Canadian bank account are free and clear within 1 to 3 business days. Questrade does not have a linked bank account the way Wealthsimple integrates with Wealthsimple Cash, so transfers require a couple of extra steps on your first deposit. Subsequent deposits from a linked account are straightforward.
Placing the XEQT order
Search for XEQT in the Questrade platform (IQ Edge desktop or the mobile app), ensure the exchange shows TSX and the currency shows CAD, enter the quantity or dollar amount, and submit a market or limit order. During market hours the fill is typically near-instant. DRIP (dividend reinvestment) for XEQT is available through BlackRock's PACC program after you hold at least one unit. This is separate from Questrade's own DRIP feature, which does not include XEQT.
DRIP limitation: Questrade's in-platform automatic DRIP does not include XEQT. To reinvest XEQT distributions automatically, you need to enrol directly with BlackRock Canada's PACC/DRIP program. On Wealthsimple, XEQT DRIP is available directly in the app. This is a meaningful convenience difference for long-term buy-and-hold investors.
Automatic recurring contributions
Questrade does not offer native automatic ETF purchases the way some newer platforms do. You can set up recurring EFT transfers into your account, but placing the actual buy order each time is manual. For investors who want fully automated paycheque investing, where money deposits and XEQT purchases happen without any manual steps, Wealthsimple's automation is significantly more seamless.
Platform Quality and Account Range
Where Questrade genuinely earns its reputation is in platform depth and account variety. If you ever want to go beyond XEQT into options, individual stocks, fixed income, or US markets, Questrade has the infrastructure to support that evolution. Wealthsimple does not.
Questrade IQ Edge
The desktop platform is one of the most capable in Canada for self-directed investors. Real-time Level 2 data (with subscription), advanced charting, options chains, pre-market and after-hours trading, and customisable watchlists. This is a professional-grade tool. For someone buying XEQT monthly, it is significant overkill, but the depth is there if you need it.
Mobile app
The Questrade mobile app handles the essentials well: placing trades, reviewing positions, monitoring watchlists, transferring funds. It has improved considerably since 2023 but remains less polished than Wealthsimple's mobile experience. The UI is functional rather than delightful.
Account types available
Questrade's account breadth is one of its most underrated advantages. The full list includes: TFSA, RRSP, Spousal RRSP, FHSA, RESP, RRIF, LIF, LIRA, PRIF, non-registered (cash), non-registered (margin), and corporate accounts. For most XEQT investors the relevant accounts are TFSA, RRSP, and FHSA, all available at zero maintenance cost. The RESP is a meaningful addition for parents investing for children, which Wealthsimple does not support in its self-directed product.
Questrade vs Wealthsimple: The Honest Comparison for XEQT Investors
Both platforms are commission-free, CIRO-regulated, and fully capable of holding XEQT in a TFSA, RRSP, or FHSA. The differences are in the details.
Questrade Pros and Cons
- Free ETF trading with no commission on buys or sells
- Nine account types including RESP and corporate
- Professional-grade IQ Edge desktop platform
- Options trading at $0.75/contract
- Up to $150/account transfer-in rebate
- Independent from the big banks
- Strong reputation built over 25 years
- Real-time data and advanced order types
- ECN fees on some trades (not zero like Wealthsimple)
- No native automatic XEQT DRIP
- No automated recurring ETF purchases
- Mobile app less polished than Wealthsimple
- More complex interface for beginners
- Account opening takes longer (24-48 hrs)
- No bank integration for instant transfers
Is Questrade the Right Platform for You?
Questrade is the right choice if you want commission-free XEQT investing but also need capabilities that Wealthsimple's self-directed product does not offer.
Questrade is ideal if:
You are an investor who wants to hold XEQT as the core of your portfolio but also trades options, holds individual stocks, invests in US-listed ETFs, or needs an RESP for your children. The platform's depth means you will never outgrow it. If your financial situation is complex A corporate account, LIRA, or RESP alongside your TFSA and RRSP can all be held under one Questrade login.
Questrade is less ideal if:
You are a true buy-and-hold XEQT investor who wants the simplest possible experience: deposit money, buy XEQT automatically, reinvest distributions, never think about it. For that investor, Wealthsimple's seamless automation and cleaner mobile app is meaningfully better. The platforms are equally capable of holding XEQT commission-free, but the experience of doing so is smoother on Wealthsimple.
For more on the specific comparison, read our detailed Wealthsimple vs Questrade guide and our analysis of whether Wealthsimple is safe.
Questrade 2026: Excellent Platform, Runner-Up for Pure XEQT Investing
Questrade scores 8.2 out of 10 and is one of the best online brokerages in Canada. The June 2025 move to fully free ETF trading removed the main cost objection, and the platform's depth, which includes nine account types, options trading, and professional-grade research tools, makes it a compelling choice for investors who want more than just XEQT.
For the specific use case of buying XEQT commission-free in a TFSA, RRSP, or FHSA with automatic recurring contributions and one-click DRIP, Wealthsimple edges ahead on simplicity and automation. The ECN fee difference is negligible in dollar terms, but the automation gap is real.
If you have complex account needs such as an RESP, a corporate account, or options trading alongside your XEQT, Questrade is likely the better home. If you are a straightforward long-term XEQT investor, Wealthsimple is the simpler choice. Both are excellent. Neither is wrong.
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Both platforms are commission-free, CIPF-protected, and fully capable of holding XEQT.
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For informational purposes only. Not financial advice. This page contains affiliate links. We may receive compensation if you open an account through our links. This does not influence our review scores or conclusions. All fees verified from official platform documentation as of March 2026. Always verify current fees at questrade.com before opening an account.