Questrade Day Trading Review: Best Platform for Active Traders? (2026)
Questrade is Canada’s most popular discount broker — but is it actually good for day trading? We tested its commission structure, IQ Edge platform, Level 2 data access, and how it compares to Wealthsimple Trade for traders who place multiple orders a day.
Affiliate disclosure: Rate Raiders earns a referral fee if you open a Questrade account through links on this page. Our assessment is editorially independent.
Questrade is Canada’s most popular independent brokerage — and for good reason. For most Canadian retail day traders, it’s the best combination of competitive commissions, capable tools, and reasonable account minimums. But “most popular” and “best for day trading” aren’t always the same thing.
Here’s the honest breakdown of what Questrade does well for day traders, where it falls short, and who it’s actually right for.
Questrade at a Glance
| Feature | Detail |
|---|---|
| Commission (stocks) | $4.95–$9.95 per trade |
| Commission (ETFs) | Free to buy; $4.95–$9.95 to sell |
| Options | $9.95 + $1.00/contract |
| Forex | Spread-based |
| Minimum deposit | $1,000 |
| Margin accounts | Available |
| Short selling | Available (margin required) |
| CIRO regulated | Yes |
| Markets | TSX, TSX-V, NYSE, NASDAQ, AMEX, options markets |
Commission Structure: Is Questrade Cheap for Day Trading?
Questrade charges $0.01 per share, with a minimum of $4.95 and a maximum of $9.95 per trade. For most Canadian day traders working with mid-to-large-cap stocks, this means paying $9.95 per trade — since a 1,000-share purchase at almost any reasonable price triggers the cap.
At 50 trades per month: 50 × $9.95 = $497.50 in commissions
At 100 trades per month: 100 × $9.95 = $995.00 in commissions
At 150 trades per month: Compare to TD Active Trader’s $0 threshold
For very high-volume traders (150+ trades per quarter), TD Active Trader’s $0 commission model is mathematically cheaper. But for the majority of Canadian day traders doing 10–100 trades per month, Questrade’s fees are competitive and predictable.
ETF purchases are free: If your strategy involves trading ETFs intraday (a common approach for those trading index products like XIU or XQQ), Questrade’s free ETF purchase policy is a meaningful advantage.
The Questrade Trading Platform
Questrade offers two trading platforms:
Questrade Trading (web + mobile): The standard platform. Clean interface, real-time quotes, basic charting with common indicators, limit/stop/stop-limit orders, and account management. Suitable for most active traders who don’t need advanced tools.
Questrade IQ Edge (desktop): The advanced platform, available for download on Windows and Mac. Features Level 2 quotes and market depth, advanced charting with custom indicator sets, portfolio analytics, paper trading mode, and more complex order types including bracket orders and conditional orders.
For active day traders, IQ Edge is the better tool. The paper trading feature inside IQ Edge is one of the best available on any Canadian platform — you can simulate real market conditions with fake money before committing capital.
Mobile trading: Questrade’s mobile app is solid for monitoring positions and placing basic orders. It’s not ideal for active intraday trading where speed and multi-screen views matter, but it works well for trade management on the go.
Is Questrade Good for Day Trading?
Yes — with an important qualification. Questrade is excellent for day traders who are making 10–100 trades per month and want a platform that’s capable without being overwhelming.
Where Questrade wins:
– Commission cap at $9.95 means predictable costs on large share orders
– IQ Edge’s paper trading mode is a genuine training asset for beginners
– Level 2 data available through IQ Edge
– RRSP and TFSA accounts available (though active traders should use non-registered accounts for the reasons outlined in our day trading taxes guide)
– Strong Canadian regulatory standing under CIRO
Where Questrade falls short:
– $4.95 minimum per trade means small share quantities cost proportionally more
– Options pricing ($9.95 + $1/contract) is higher than some competitors
– IQ Edge’s interface can feel dated compared to professional terminals
– No $0 commission tier for high-volume traders (unlike TD Active Trader)
– Customer support wait times can be long during peak market hours
Questrade vs. Wealthsimple: Which Is Better for Day Trading?
For serious day trading, Questrade wins clearly.
Wealthsimple Trade offers $0 commissions on Canadian stocks and ETFs, which sounds appealing. But it lacks Level 2 data, supports fewer order types on the free plan, and doesn’t offer short selling. For an intraday trader who needs reliable execution and proper tools, these limitations matter. For a complete breakdown, see Can You Day Trade on Wealthsimple?
Questrade’s commission cost is real, but the platform compensates for it with more robust tools and order execution.
Who Should Use Questrade for Day Trading?
Questrade is a strong choice if you:
– Are making 10–120 trades per month
– Want Level 2 data without paying for a separate data subscription
– Prefer a platform built for active trading, not casual investing
– Want access to both Canadian and U.S. markets in one account
– Are a beginner who wants paper trading to practice without risk
Consider alternatives if you:
– Trade 150+ times per quarter (TD Active Trader’s $0 rate is better)
– Need professional-grade algorithmic tools (Interactive Brokers is better)
– Trade exclusively forex (OANDA Canada is purpose-built)
– Want $0 commissions as a beginner (Wealthsimple Trade, with its limitations)
For a side-by-side comparison of all major Canadian platforms, see our guide to the best day trading platforms in Canada.
How to Open a Questrade Account for Day Trading
- Apply online at Questrade.com. The application takes approximately 15–20 minutes.
- Select account type: For day trading, choose a non-registered (Individual) account. A margin account requires a separate application but can be added later.
- Fund your account: Minimum $1,000. Questrade accepts electronic funds transfer, bill payment, and cheque.
- Download IQ Edge: For active trading, the desktop platform is significantly better than the web interface.
- Paper trade first: Use IQ Edge’s paper trading mode to familiarise yourself with the platform and test your strategy before trading real money.
Frequently Asked Questions
Is Questrade good for day trading?
Yes — Questrade is one of Canada’s best platforms for retail day traders. The $9.95 commission cap is predictable, IQ Edge provides the tools active traders need, and the platform is stable and well-regulated.
Can you day trade on Questrade with a TFSA?
Technically yes, but active day trading inside a TFSA creates CRA reassessment risk. If the CRA determines your TFSA is carrying on a business, gains can be taxed as income retroactively. Use a non-registered account for active trading.
Does Questrade allow short selling?
Yes. Short selling is available through Questrade margin accounts for eligible securities.
What is Questrade IQ Edge?
IQ Edge is Questrade’s downloadable desktop trading platform. It offers Level 2 quotes, advanced charting, paper trading, and more complex order types compared to the standard web-based platform.
How does Questrade compare to TD Active Trader?
Questrade charges $4.95–$9.95 per trade regardless of volume. TD Active Trader drops to $0 for traders making 150+ trades per quarter. For high-volume traders, TD Active Trader is cheaper. For most active traders, Questrade’s tools and lower minimum deposit make it the more accessible starting point.