For Canadian investors looking to minimize their trading fees as much possible their search inevitably leads them to a Questrade vs Virtual Brokers comparison. Both of these Canadian discount brokerages seek to attract the same cost-conscious demographic and offer excellent overall value.
We appreciate that both Questrade (see our full Questrade Review) and Virtual Brokers offer paperless setup, have a wide variety of platforms available depending on your preferred complexity level of investing, offer rock bottom per-trade costs, and free ETF purchases.
That being said – there can only be one Champion! Read on to find out who took home the low-cost title.
Easy Questrade vs Virtual Brokers Comparison
|Questrade Advantages:||Virtual Brokers Advantages:|
|An excellent Questrade promo offer code of $50 in free trades when you sign up.||Slick initial updates when you login to your account.|
|Virtual Brokers charges a $15 quarterly fee, per registered USD account – whereas it is totally free with Questrade. If you and your wife each have some USD denominated stocks or ETFs in a TFSA and RRSP, that’s $240 per year!||Commission-free trades IF you purchase their elite-level trading platform package ($150 per month)|
|The Live Chat feature and every improving customer services give Questrade a solid edge in this department. Virtual Brokers had consistent complaints on several online forums about long 3-day waits on email inquiries and 2-hr+ phone delays.||Offers no-fee purchasing of mutual funds (which we recommend against investing in).|
|RESP plans with more than $15,000 have $0 in administration fees at Questrade vs $25 annually at Virtual Brokers.|
|Lower wire transfer and EFT fees.|
While Virtual Brokers is certainly amongst Canada’s better discount brokerages and a good option for mutual fund investors, (not our thing) Questrade is still #1 for us based on the commission-free ETF purchases (VB requires the premium account for that) and the slightly lower account fees in several areas.
Try Questrade today using our free promotion – Simply click the link below (no promo code required)
Who Should Choose Virtual Brokers
You might want to try Virtual Brokers if you:
- Are interested in mutual funds. (Not something I recommend!)
Actively trade more than 200x per month.
Want to spend several hundred dollars per month on an elite trading platform.
Don’t want to hold any USD stocks or ETFs (such as those traded on the New York Stock Exchange) in any TFSA, RRSP, or RESP accounts .
Who Should Choose Questrade
Questrade might be a better fit when it comes to the Questrade vs Virtual Brokers competition if you:
- Value having live chat feature that will get you help quickly and efficiently.
Will be purchased any stocks or ETFs in USD (such as those trade on the New York Stock Exchange.
Want an automatic $50 in free trades when you start up. (click here or use the code a1b9d1d9).
Want to have an RESP plan for your child.
Will make use of the extensive customer education tools.
Want access to a robo advisor option (Portfolio IQ)
Why Questrade Wins our Virtual Brokers vs Questrade Debate
With these low-cost discount brokerage competitors offering many of the same perks such as no-fee ETFs (if the premium account is purchased), we believe that the considerable fee difference in USD account gives Questrade the decisive edge in the Questrade vs Virtual Brokers matchup. The $15 quarterly fee per USD account can add up in a hurry. (We also gave Questrade the edge in our Questrade vs Qtrade matchup.) When you combine that substantial difference with a lack of Norbert’s Gambit availability and our $50 in free trades Questrade promo offer code.