Qtrade Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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This broker is a scam. It does not approve withdrawals. I was creating a withdrawal request with QFX on 12 April 2023 and they refused my withdrawal 3 times because I was trading from VPS. After I was trading from home and requested again my withdrawal they blocked my access to the portal and didn`t even give my deposit back. Stay away...QFX scam broker
Qtrade has established itself as a prominent player in the Canadian online brokerage landscape, particularly appealing to both new and experienced investors. This review synthesizes insights from various sources to provide a comprehensive overview of Qtrade's offerings, user experiences, and expert evaluations. Key features include a user-friendly platform, a wide range of investment options, and competitive pricing structures, albeit with some noted drawbacks regarding fees and mobile app performance.
Note: It is important to recognize that Qtrade operates as a Canadian entity, and its services may differ from those of similar platforms in other regions. This review strives for fairness and accuracy by consolidating information from multiple reputable sources.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8 |
| Tools and Resources | 7 |
| Customer Service and Support | 7 |
| Trading Setup (Experience) | 7 |
| Trustworthiness | 8 |
| User Experience | 6 |
| Overall | 7.3 |
How We Rated the Broker: Ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding Qtrade's services.
Founded in 2000, Qtrade Direct Investing is a division of Credential Qtrade Securities Inc., based in Vancouver, Canada. The platform is designed for self-directed investors, offering a proprietary trading platform that supports a variety of asset classes, including stocks, bonds, ETFs, mutual funds, and options. Qtrade is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF), which provides additional security for client assets.
Regulated Regions: Qtrade primarily serves Canadian residents, with no services available for non-residents.
Deposit/Withdrawal Currencies: Qtrade supports both CAD and USD accounts, providing flexibility for investors.
Minimum Deposit: There is no minimum deposit requirement to open an account, making it accessible for all.
Bonuses/Promotions: Qtrade offers various promotions, including a sign-up bonus of up to $150 and cashback incentives for transferring assets over $15,000.
Tradable Asset Classes: Investors can trade a wide array of assets, including Canadian and U.S. stocks, ETFs (including 100+ commission-free options), mutual funds, bonds, GICs, and options.
Costs (Spreads, Fees, Commissions): Trading commissions range from $6.95 to $8.75 per trade, with lower fees available for high-volume traders or those in the Young Investor program. A quarterly account maintenance fee of $25 applies unless specific conditions are met.
Leverage: Margin trading is available, allowing investors to borrow against their securities.
Permitted Trading Platforms: Qtrade utilizes its proprietary trading platform, which is accessible via a web interface and mobile app.
Restricted Regions: Currently, Qtrade only accepts clients residing in Canada.
Available Customer Service Languages: Customer support is primarily offered in English and French.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 8 |
| Tools and Resources | 7 |
| Customer Service and Support | 7 |
| Trading Setup (Experience) | 7 |
| Trustworthiness | 8 |
| User Experience | 6 |
Account Conditions (8/10): Qtrade offers a variety of account types, including cash, margin, TFSA, RRSP, and RESP accounts. The absence of a minimum deposit requirement is particularly appealing to new investors. However, the quarterly maintenance fee can be a drawback for those with lower balances.
Tools and Resources (7/10): The platform includes essential research tools, including a stock screener and portfolio analysis features. While educational resources are available, some users have noted that advanced trading tools may be lacking compared to competitors.
Customer Service and Support (7/10): Qtrade provides multiple avenues for support, including phone and email, but lacks 24/7 assistance and live chat options. Users have reported varied experiences with response times.
Trading Setup (Experience) (7/10): The trading interface is generally user-friendly, but some users have experienced glitches with the mobile app, impacting their overall trading experience.
Trustworthiness (8/10): Qtrade is regulated by IIROC and offers CIPF protection, ensuring a level of security for client funds. However, some reviews have raised concerns about the mobile app's reliability and the potential for unexpected fees.
User Experience (6/10): While the desktop platform is well-received, the mobile app has received criticism for performance issues. Users have expressed a desire for more robust mobile functionality.
In conclusion, Qtrade stands out as a solid choice for Canadian investors seeking a user-friendly platform with a diverse range of investment options. While it excels in areas such as account flexibility and regulatory protection, potential users should be mindful of its fees and the performance of its mobile app. For those considering Qtrade, this review serves as a comprehensive guide to help navigate its offerings and make informed investment decisions.
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