If you last compared Questrade and Interactive Brokers a few years ago, the key thing that changed as we head into the 2026 RRSP season is that free trading has dramatically changed among Canada’s best online brokers.
Both Questrade (as well as our #1-rated brokerage Qtrade) built their reputation on being the low-cost and DIY-friendly options. But now that they also offer $0 trades and some of the most aggressive RRSP transfer promotions in the country. The gap in the Questrade vs Interactive Brokers (IBKR) competition has only gotten larger.
Interactive Brokers comes at things from a completely different angle. It’s a global trading platform with powerful tools, ultra-competitive margin rates, and best-in-class currency handling. For active traders, option users, or people investing across many different niche stock markets (like say in Germany or Saudi Arabia), then IBKR might still be the right choice. But for everyone else… I don’t think the Questrade vs Interactive Brokers battle is what it used to be.
Questrade vs Interactive Brokers Comparison Chart
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|---|---|---|
| Canadian ETFs |
$1 CAD minimum, maximum of .5% of total purchase or sell value |
Free buying of ETFs and stocks |
| User Experience | Mediocre at best. Aimed at professional stock traders. Good value if you need day trading platforms, and rarely need questions answered. | Has made big gains over the last three years, rated just behind Qtrade by most publications. |
| Option Trading Fees | $2 + $0.80/contract |
|
| Foreign Exchange Capability | #1 in World | None (other than CAD to USD). |
| RESP / RRIF Accounts | Not Available | Available |
| Safety | CIPF Member | CIPF Member |
| promotion | None | 1% Cash Back |
| Sign Up | Visit Interactive | Visit Questrade |
Questrade vs Interactive Brokers Trading Fees
Interactive brokers has earned a reputation worldwide as one of the cheapest international brokerages to trade with. It also has low margin rates if you want to buy and sell with money that you borrow from IBKR (just watch out for margin calls that can force you to sell your investments at the worst times).
While IBKR still has a margin rate and forex advantage, Questrade (and Qtrade) are now actually cheaper per trade. I mean… it’s tough to get cheaper than $0 trades right?
| Questrade review | Interactive Brokers review | |
| ETF Fees | Free | $1 CAD minimum, maximum of .5% of total purchase or sell value |
| Per Share Trading Fees | $5-$10 (usually close to $5) | $1 CAD minimum, maximum of .5% of total purchase or sell value |
| Margin Rates | 5-6% | 1.037%-1.537% |
| Options Trading Fees | $0 + $0.99 contract | $2 + $0.80/contract |
The Better Choice for You
In looking at the Interactive Brokers Canada vs Questrade discount brokerage comparison the key takeaway is that unless you’re an investors with very specific and unique trading needs, you’d be better off looking at the Qtrade vs Questrade battle for your investment dollars.
Here are the key differentiation points as I see them:
1) Check out our Interactive Brokers Canada review and make sure that you’re ok with possible American inheritance tax laws being applied. For me, this along with the RESP + RRIF advantage, makes it pretty easy to choose Questrade over IBKR Canada.
2) Options trading used to be an advantage for IBKR. As of 2026 this is no longer true as Questrade is actually cheaper on most options contracts.
3) Do you want to open an RESP or RRIF account – now or in the future? These are two of the most popular investing accounts for Canadians, and pretty much every Canada-based broker offers them. The thing is, IBKR isn’t Canada-based, and consequently, doesn’t offer these brokerage accounts.
4) Do you like to borrow money in order to invest? Most Canadians don’t “trade on the margin” with money that they are lent by their brokerage. If you do, you might want to consider the lower interest rates on loaned money that IBKR brings to the table. If you’re not sure about using “leverage” though, I wouldn’t factor this in.
5) Are currency conversion rates important to you? Norbert’s Gambit is the preferred way to exchange CAD for USD (for almost no money), but if you’re trying to trade on the London or Hong Kong stock exchanges then you’re going to need to first turn your Canadian Dollars into other currencies. Interactive Brokers has built their whole company around having the best foreign exchange services in the business.
Questrade has come a long way over the years, and their streamlined desktop/mobile upgrades have really given the company a much more user-friendly platform than Interactive Brokers. This is especially important for new investors, or folks who just want to keep life simple.
Questrade vs Interactive Brokers FAQ
The Bottom Line
For the average Canadian investor who wants to keep things simple with an online brokerage that offers the account types you are looking for at a low cost, Questrade is more likely to give you exactly what you want.
With Questrade you’ll have access to all Canadian account types such as RESP and RRIF, and that alone can save you from paying a high tax on your earnings later down the line. Plus, you’ll save money in the short run too, especially if you plan to purchase mainly ETFs, which won’t cost you a thing.
If you do happen to need more complex trading tools and options, and you want to save money on currency conversions, IBKR could be the right choice. For most Canadian investors, IBKR just won’t give you what you need at the price you want. To see how Questrade compares to another top Canadian Brokerage, Qtrade, check out our full Questrade vs Qtrade Comparison.
