Questrade vs Interactive Brokers for Canadians
This comparison is under how to invest in Canada. Wealthsimple against Questrade, including the shared 1.5% conversion on the pages reviewed in September, is Wealthsimple versus Questrade. The journal that avoids a conversion at Questrade is Norbert's gambit. Whether the US-listed fund is worth owning at all is VFV versus VOO and US withholding by account. There is no affiliate link on this page.
- Questrade: $0 online commissions for stocks and ETFs listed in Canada or the United States. Other fees still apply. Canadian orders have no ECN fee. US orders can, when they remove liquidity.
- Questrade currency conversion is 1.5%, included in the rate, last updated on Questrade's page on November 18, 2023. Accounts are dual-currency, so you are not forced to convert if you already hold the currency and, for registered accounts, you have not elected to settle everything in CAD.
- IBKR Canada, fixed, for Canada: CAD 0.01 a share, minimum CAD 1.00, maximum 0.5% of trade value, and no third-party fees on that fixed line. Tiered starts at CAD 0.008 a share under 300,000 shares a month, same CAD 1.00 minimum, and passes through exchange, clearing, and regulatory fees.
- IBKR Canada, United States, fixed: USD 0.005 a share, minimum USD 1.00, maximum 1% of trade value. Tiered starts at USD 0.0035, minimum USD 0.35. Regulatory fees still apply on the US fixed schedule.
- IBKR spot FX, first tier: 0.20 basis points times trade value, minimum USD 2.00. Auto currency conversion is a separate 0.03% add or subtract, with no separate commission. Neither number is a 1.5% spread.
Choose Interactive Brokers if you will hold US-listed securities in size, especially inside an RRSP where the treaty can matter, and you would otherwise pay 1.5% to buy the currency. The per-share commission is the price of that FX schedule. It is still a small number next to 1.5% on a large conversion, and it is not small on a one-share test trade that hits the minimum.
What does each broker charge to trade?
| Item | Questrade | Interactive Brokers Canada |
|---|---|---|
| Canadian and US stocks and ETFs, online | $0 commission. The footnote limits that promise to stocks and ETFs listed on an exchange in Canada or the United States, placed online. Trade-desk orders add $45. | Canada fixed: CAD 0.01 a share, minimum CAD 1.00, cap 0.5% of trade value. US fixed: USD 0.005 a share, minimum USD 1.00, cap 1% of trade value. Tiered rates are lower per share and add third-party fees. |
| CAD/USD conversion | 1.5% when you convert. Dual-currency accounts can hold both dollars so a later trade does not convert again, if the cash is already there. | Spot: 0.20 basis points on the first tier (monthly spot value up to USD 1 billion), minimum USD 2.00. One basis point is 0.0001. Auto conversion: 0.03% added or subtracted, no separate commission. |
| ECN or exchange fees | No ECN fees on Canadian securities. US ECN fees do not apply to every trade. They are likely when an order removes liquidity. | Canada fixed line: third-party fees "none." Canada tiered line: exchange, clearing, and regulatory fees. US fixed line: regulatory fees. US tiered line: regulatory, exchange, clearing, and pass-through. |
| Options, the line actually printed | Canadian options: $0 plus CAD 0.99 a contract. US equity option contract fees: the page's $0 online line. US index options: variable. Exercise: $24.95. | Not quoted here. The stock page reviewed does not set the option schedule. Open the option page before you trade one. |
| Account minimum, on the pages reviewed | Not stated on the transaction page. This comparison does not invent one. | The stock-commissions page says no account minimums, no added spreads, no ticket charges, and no platform fees. Introduced or advisor clients can pay more. The page says so. |
Table as of October 2026. Questrade figures are from its transaction-fee page and its pricing page. IBKR figures are from the Interactive Brokers Canada stock-commissions page and the spot-currency page. IBKR says it may change rates at its discretion, and that published rates are for direct clients. TSX stocks denominated in US dollars use a different IBKR row: tiered USD 0.006 and fixed USD 0.008, minimum USD 0.80, cap 0.4% of trade value. Do not apply the CAD row to those symbols.
What does 1.5% cost next to 0.20 basis points?
Questrade's 1.5% on $10,000 is $150. That fee is inside the rate, so you will not see a separate $150 line. IBKR's first-tier spot commission is 0.20 basis points, which is 0.002% of trade value. On $10,000 that is $0.20, below the USD 2.00 minimum, so the schedule's floor is USD 2.00 if the minimum applies to that order. IBKR's auto-conversion add-on of 0.03% on $10,000 is $3, with no separate commission. The gap between $150 and a few dollars is the reason this comparison exists. It is arithmetic on the published rates, not a quote, not a spread on a live market, and not a promise that $10,000 of CAD buys a stated number of USD. Higher IBKR tiers, above USD 1 billion of monthly spot value, are irrelevant to a household.
A $0 commission does not touch that $150. Norbert's gambit, at Questrade, is the other way to avoid it. The gambit has its own steps and its own residual costs, described in that guide. This page does not restate a journaling fee it did not re-read in October 2026. If you will convert once a decade to buy a Canadian-listed ETF, pay neither the 1.5% nor a per-share commission in USD. Buy the Canadian ticker.
CAD 0.01 × 100 = CAD 1.00, which is also the minimum, so the commission is CAD 1.00 if the cap does not bind. The cap is 0.5% of trade value. On a stock worth CAD 1.00, 100 shares are CAD 100 of value, and 0.5% is CAD 0.50, which is below the minimum. IBKR's own US footnote describes the case where the maximum replaces the minimum. Read that footnote before you trade a penny stock. Questrade's online commission on the same Canadian stock is $0. The CAD 1.00 matters if you trade constantly. It does not matter next to a 1.5% conversion on a five-figure USD purchase. One hundred shares is an illustration of the minimum, not a recommended order.
Which account menu actually matters?
Questrade's pricing page says all accounts are dual-currency, so you can hold Canadian and US dollars at the same time. The footnote adds the condition that matters: you need sufficient cash in that currency, and for a registered account you must not have elected to settle all transactions in CAD. A dual-currency RRSP that you immediately convert back to CAD on every dividend has not avoided the 1.5%. It has paid it on the way out.
IBKR's page says there is no account minimum and no platform fee on that commissions overview. Market data is a different page. This comparison does not quote a data subscription it did not open. If you need a live US quote, price that subscription before you call the commission the whole cost. CIPF membership, for the dealer that holds the securities, is the coverage question. It is not a performance guarantee. Read cipf.ca for the limit. A US-listed ETF inside an RRSP is a tax decision, not a broker trophy. The withholding guide is the test. The brokerage guide is the rest of the desk.
Frequently asked questions
Is Questrade actually free?
The online stock and ETF commission is $0 for securities listed in Canada or the United States, on the page reviewed. Currency conversion is 1.5%. ECN fees can apply to some US orders. Options are not all $0: Canadian contracts are CAD 0.99, and the trade desk adds $45. "Free" on the homepage is the stock and ETF commission line, read with the footnote.
Does Interactive Brokers charge 1.5% to convert?
Not on the spot-currency page reviewed. The first tier is 0.20 basis points, with a USD 2.00 minimum. Auto conversion is 0.03%, with no separate commission. Those are IBKR's published schedules for direct clients. An introducing broker can add its own commission. Confirm you are a direct client before you use the table.
Which one is better for a TFSA full of Canadian ETFs?
Questrade's $0 online commission matches that job. IBKR's per-share minimum is a cost you do not need if you never convert and never trade US listings. Revisit the choice when an RRSP is large enough that a US-listed fund and the treaty are worth the ticket. The investing hub is that sequence.
Do I still need Norbert's gambit at IBKR?
Usually no, if you can convert at the spot or auto-conversion schedule. The gambit exists to avoid a percent-style conversion at brokers that charge one. At 0.20 basis points, the journal is a complication, not a saving, unless your order is so odd that the minimums and the spread say otherwise. Price the actual ticket.
Are the tiered rates the ones I will pay?
Only if you are on the tiered plan and your monthly share volume is in that band. Under 300,000 shares a month, IBKR Canada's tiered Canada rate is CAD 0.008, and third-party fees sit on top. Fixed is CAD 0.01 with third-party fees listed as none. A household that buys one ETF a month should assume the fixed line or the first tier, then read the confirmation. Do not underwrite the CAD 0.003 tier. That row is 20 million shares a month.
What about Wealthsimple?
It is the third desk, compared with Questrade on the other page. As of the September 2026 review of that page, both listed $0 stock and ETF commissions and 1.5% to convert. This page does not reopen Wealthsimple's USD-account subscription. If your choice is really "who converts cheaply," IBKR is the schedule to read. If your choice is "who is simplest for a Canadian ETF," start with the Wealthsimple comparison and stop when the FX line does not apply to you.
Sources
- Questrade: transaction fees
- Questrade: pricing, dual-currency accounts
- Interactive Brokers Canada: stock and ETF commissions
- Interactive Brokers Canada: spot currency commissions
The commission is a line. The conversion is the bill.
Account type still sets the tax. The 2026 tax guide is the TFSA, RRSP, and taxable side of the same transfer.
Get the 2026 Tax Guide — $49 CAD
