Photo: Ken Lund from Reno, Nevada, USA / Wikimedia Commons, CC BY-SA 2.0, cropped
Questrade vs Interactive Brokers Canada (2026): $0 Commissions, FX Fees, USD Accounts and Which Is Cheaper
Choose Questrade if you want a Canadian-owned, beginner-friendly broker with $0 commissions on stocks, ETFs and options, every registered account (TFSA, RRSP, FHSA, RESP, LIRA, RRIF), and a simple app. Use Norbert's gambit to avoid its currency conversion spread. Choose Interactive Brokers if you buy a lot of US or international stocks (IBKR converts currency at near-market rates, a fraction of a typical 1.5%–2% spread), want low margin rates, or trade actively on a professional platform. Both are CIRO members with CIPF coverage.
Questrade vs Interactive Brokers at a glance
| Feature | Questrade | Interactive Brokers Canada |
|---|---|---|
| Canadian stocks and ETFs | $0 online | Small per-share fee (IBKR Pro) |
| US stocks and ETFs | $0 online | Small per-share fee (e.g. US$0.0035/share, min US$0.35) |
| Options | $0 commission (contract fees may apply) | Low per-contract fees |
| CAD ↔ USD conversion | Spread of roughly 1.5%–2% on standard conversions | Near-market rate plus a small fee (min ~US$2) |
| USD accounts | Yes, including TFSA/RRSP | Multi-currency accounts |
| Registered accounts | TFSA, RRSP, spousal RRSP, FHSA, RESP, LIRA, RRIF, LIF | TFSA, RRSP, spousal RRSP and others (narrower list) |
| International markets | US and Canada | 150+ markets |
| Margin rates | Higher | Among the lowest in Canada |
| Platforms | Questrade Edge, web, mobile | Trader Workstation, Client Portal, IBKR Mobile |
| Ease of use | Beginner-friendly | Steeper learning curve |
| Protection | CIRO / CIPF | CIRO / CIPF |
Fees change. Verify on each broker's pricing pages.
The real cost difference: currency conversion
Since Questrade dropped commissions in 2025, the trading-fee gap has mostly closed. What remains is foreign exchange.
Example: buying US$10,000 of a US ETF with Canadian dollars
| Questrade (standard conversion) | IBKR | |
|---|---|---|
| Conversion cost | ~1.5%–2% spread ≈ $150–$200 | Near-market rate + ~US$2 ≈ a few dollars |
| Commission | $0 | ~US$1–$2 |
| Total (one way) | ~$150–$200 | ~$5 |
Do that every month and Questrade's standard conversion can cost well over $1,000 a year. That's why IBKR is popular with Canadians who invest heavily in US stocks.
The fix at Questrade: Norbert's gambit. Buy a dual-listed security (such as DLR) in CAD, have it journaled to the USD side, and sell in USD. You pay almost nothing. Our Norbert's gambit guide walks through it step by step, and the cheapest way to buy US stocks in Canada compares every method.
Where Questrade wins
- Simplicity. Questrade's platform and app are easier for beginners. See how to open a Questrade account.
- Account variety. Every major registered account, including FHSA and RESP.
- Truly $0 trades. No per-share fees on Canadian or US stocks and ETFs.
- Canadian support. Canadian-owned, with phone and chat support based in Canada.
- Managed option. Questwealth Portfolios for hands-off investors.
Where Interactive Brokers wins
- FX costs. Near-market currency conversion is the big one.
- Global markets. Buy shares directly in the US, Europe, Japan, Hong Kong and more.
- Margin rates. Some of the lowest in Canada, important for margin borrowers.
- Pro tools. Trader Workstation is a professional-grade platform.
- Interest on cash. Competitive rates on eligible balances.
Our guide on opening Interactive Brokers in Canada explains each step, including the W-8BEN.
TFSA, RRSP and US stocks
Whichever broker you choose:
- Hold US-dividend stocks in an RRSP where possible. The Canada–US tax treaty exempts US dividends from the 15% withholding tax in an RRSP, but not in a TFSA or FHSA.
- Use the USD side of your registered account to avoid converting back and forth.
- Sign the W-8BEN during account opening so you get the treaty withholding rate.
Which is better for...
| You are... | Pick |
|---|---|
| A new investor buying Canadian ETFs in a TFSA | Questrade |
| Buying US stocks every month | IBKR (or Questrade + Norbert's gambit) |
| Wanting an FHSA or RESP | Questrade |
| Trading international stocks | IBKR |
| Borrowing on margin | IBKR |
| Wanting a robo portfolio | Questrade (Questwealth) |
The bottom line
Questrade is the better fit for most Canadian investors: $0 trades, every registered account, and an easy platform. Its weak spot is currency conversion, which Norbert's gambit largely solves. Interactive Brokers is the better choice if you buy US or global stocks often, use margin, or want professional tools. Also compare Questrade vs Wealthsimple and our best online brokers in Canada.
This comparison is educational and not a recommendation. Fees and features change; confirm current pricing with each broker before opening an account.
Frequently asked questions
Is Questrade or Interactive Brokers cheaper in Canada?
For Canadian stocks and ETFs, both are effectively free or nearly free: Questrade charges $0 commissions and IBKR charges very small per-share fees on its Pro plan. For US stocks, IBKR is usually cheaper because it converts currency at near-market rates, while Questrade's standard conversion includes a spread of roughly 1.5% to 2%.
Does Questrade charge commissions in 2026?
Questrade removed commissions on online stock, ETF and options trades listed on Canadian and US exchanges in 2025. Other fees, such as currency conversion, may still apply.
Can I open a TFSA with Interactive Brokers Canada?
Yes. Interactive Brokers Canada offers TFSAs, RRSPs, spousal RRSPs and other registered accounts, though its menu of registered account types is narrower than Questrade's. Check IBKR's current account list.
How do I avoid currency conversion fees at Questrade?
Use Norbert's gambit: buy a dual-listed security such as DLR in Canadian dollars, ask Questrade to journal it to the US-dollar side, then sell it in US dollars. It costs very little and avoids the standard conversion spread.
Which is better for beginners, Questrade or Interactive Brokers?
Questrade is generally easier for beginners thanks to its simpler platform and Canadian customer support. Interactive Brokers is powerful but complex and better suited to experienced or active investors.
Are Questrade and Interactive Brokers Canada safe?
Both are members of the Canadian Investment Regulatory Organization (CIRO), and eligible accounts are protected by the Canadian Investor Protection Fund (CIPF) up to $1 million per account category if the broker becomes insolvent.
Primary sources
- Questrade — Pricing and fees
- Interactive Brokers Canada — US stock trading costs for Canadian residents
- Interactive Brokers — Commissions
- Canadian Investment Regulatory Organization (CIRO) — Dealer member directory
- Canadian Investor Protection Fund (CIPF)
- Canada Revenue Agency — Tax-Free Savings Account guide (RC4466)
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Nov 4, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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