Questrade and BMO InvestorLine both offer commission-free, user-friendly stock trading platforms for Canadian investors. But which is the better brokerage platform? Let’s compare Questrade vs BMO InvestorLine head-to-head to find out.
| Questrade | BMO InvestorLine | |
|---|---|---|
| Founded in | 1999 | 1988 |
| Best for | Go with this platform if you want commission-free trading and access to advanced trading tools | Go with this platform if you want commission-free trading and the security of a Big Bank broker |
| Stock and ETF trading fees | $0 | $0 |
| Minimum deposit |
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| Fractional shares | Yes, for eligible US securities | No |
| After-hours trading | Yes, 22 hours a day for 5 days a week for US-listed stocks and ETFs | Yes, for the TSX and major US exchanges, but only available over the phone |
| Funding methods |
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| Withdrawal methods |
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| Customer support | Available via phone, email, live chat and in person at Questrade’s North York location | Available via live chat and phone |
| Get started |
Questrade is an independent Canadian brokerage platform that was founded in 1999. It lets you trade stocks and ETFs commission-free, while you can also trade options, bonds, international equities and more. You can invest using a web-based platform, the Questrade mobile app, or the Pro platform for experienced traders.
BMO InvestorLine Self-Directed is the Bank of Montreal’s online trading platform. Like Questrade, it lets you trade Canadian and US stocks and ETFs with $0 commissions, plus you can invest in options, bonds, GICs and more. InvestorLine also offers advanced trading tools for experienced users with the BMO Active Trader platform.
The right trading platform for you will provide access to all the assets and markets you want to trade. Let’s look at a breakdown of the investments available on each platform.
Who’s the winner?Questrade comes out on top.
| Fee type | Questrade | BMO InvestorLine |
|---|---|---|
| Account fees | $0 | $0 |
| Trading fees |
|
|
| Management fee | 0.2% – 0.25% | 0.4% – 0.7% |
| Currency conversion fee | 1.5% | 0.4% – 1.6% |
| Withdrawal fee | $0 (up to $50,000 CAD or $25,000 USD) | $0 |
| Deposit fee | $0 | $0 |
| Inactivity fee | $0 | $0 |
| Account transfer fee | $150 | $0 |
Who’s the winner?It’s a tie. While there are some differences in fees, there’s no clear winner here.
There’s more to online investing than simply trading using a cash or margin account. Happily, both brokers support a wide range of account types, so you can choose from options that include:
There are minimal differences here, but Questrade does support registered disability savings plans (RDSPs) while InvestorLine does not.
Who’s the winner?Questrade. Both platforms offer a comprehensive selection of registered and non-registered account types, but Questrade’s support for RDSPs gives it the edge.
Some people like to have complete control over their investments, but others prefer a hands-off approach. If you fall into the second category, both Questrade and BMO have their own managed investment portfolios.
Questrade’s Questwealth Portfolios provide diversified ETF portfolios based on your goals, timeline and the level of risk you’re willing to take on. You can choose from Aggressive Growth, Growth, Balanced, Income or Conservative, or opt for a socially responsible portfolio instead. Management fees range from 0.20% – 0.25% (plus underlying ETF management expense ratios), and you’ll need to invest a minimum of $250 to get started.
Meanwhile, there are a couple of different managed investing options to choose from over at BMO. The first is SmartFolio, which mixes a robo-advisor service with professional portfolio management. After filling out a questionnaire, you’ll be matched with one of five ETF portfolios—Capital Preservation, Income, Balanced, Long Term Growth or Equity Growth—which is then managed by BMO for fees of 0.4% – 0.7% (plus ETF MER fees).
The second option is BMO InvestorLine adviceDirect, a hybrid offering that blends personalized investment advice with self-directed investing. This allows you to get trade recommendations and dedicated advisor support, but it’s up to you to actually place the trades. Management fees start at $300 per year.
Who’s the winner?BMO InvestorLine offers a wider range of managed investing options with SmartFolio and adviceDirect. However, Questrade’s lower management fees make it a very appealing option.
If you want to trade US-listed stocks and ETFs, the good news is that both Questrade and BMO InvestorLine support dual-currency accounts. This means you can hold both CAD and USD in registered and non-registered accounts, avoiding costly currency conversion fees every time you trade US assets.
Who’s the winner?It’s a tie. Both platforms allow you to hold USD in your accounts.
Margin accounts allow you to borrow funds from your broker to invest, using your existing portfolio as collateral. This increases your buying power and potential returns, but also magnifies potential losses.
Both platforms offer margin accounts, but interest rates vary depending on whether you’re borrowing CAD or USD and the size of your debit balance:
| Questrade | BMO InvestorLine | |
|---|---|---|
| CAD | 7.70% – 8.70% | 5.25% – 6% |
| USD | 10.50% – 11.50% | 7.75% – 8.75% |
Who’s the winner?BMO InvestorLine. BMO InvestorLine offers significantly lower margin interest rates than Questrade.
Both Questrade and BMO InvestorLine provide a straightforward and user-friendly experience for everyday traders. However, there are a few subtle differences between the two brokers.
If you want to trade on the go, Questrade offers two dedicated mobile apps: Questrade and Questrade Edge. BMO InvestorLine users can trade via the BMO Invest mobile app or by logging into their account using their web browser.
There are differences in customer support too. Questrade customer service is available by phone, email, live chat and in person at its North York, Ontario hub. InvestorLine customer support is available by phone and live chat.
Who’s the winner?Questrade. Questrade edges out InvestorLine thanks to its multi-channel customer support and separate apps for beginner and advanced traders.
Questrade and BMO InvestorLine both provide an extensive range of research tools to help inform your investing decisions.
With Questrade, you can access Morningstar research reports, customize watchlists and view screeners. You can also analyze potential investments with TipRanks and stay on top of the latest financial news.
With BMO InvestorLine, you can view market commentary and analysis from Morningstar, TipRanks and BMO Capital Markets. BMO Market Pro provides customizable watchlists and interactive charts, while you can also use stock and ETF screeners and access technical insights from Trading Central.
Who’s the winner?It’s a tie. Both platforms offer plenty of tools and resources to help you conduct in-depth investment research.
Experienced traders will be happy to hear that both brokers offer platforms with advanced tools and features to suit their needs.
Questrade Edge is available as a web and desktop platform, and there’s also a dedicated mobile app. Edge gives you access to advanced order types, customizable charting and Level 2 market data, plus an option to trade in the pre- and post-market.
BMO Active Trader is a web-based platform with specialized tools for active and advanced traders. It offers customized trading layouts, advanced order types and shortcuts, pre- and post-market trading, and access to Level 2 data. However, there’s no desktop platform available.
Who’s the winner?Questrade. Questrade Edge provides access to advanced trading capabilities on desktop, web and mobile, while BMO Active Trader is web-only.
Questrade and BMO InvestorLine are regulated by the Canadian Investment Regulatory Organization (CIRO). This organization oversees Canadian investment dealers to ensure they comply with industry regulations and standards.
Both platforms are also members of the Canadian Investor Protection Fund (CIPF). This fund provides coverage of up to $1 million for eligible assets if a member firm becomes insolvent.
Who’s the winner?It’s a tie. Both brokers are CIRO-regulated and provide CIPF protection.
Questrade and BMO InvestorLine employ a range of security measures to keep your account safe, including data encryption, biometric login, and 2-factor authentication.
Questrade’s Online Security Guarantee provides a 100% reimbursement for any unauthorized transactions in your account. BMO’s 100% Electronic Access Guarantee offers the same level of protection for InvestorLine users, giving you peace of mind that your funds and data are safe.
Who’s the winner?It’s a tie. Both platforms offer robust security measures and 100% guarantees to protect against unauthorized transactions.
Both brokers provide free real-time Level 1 market data to users. This means you can view real-time bid and ask prices to help you decide when to enter and exit trades.
Level 2 data, which gives you deeper insights into market liquidity and the order book, is also available from both platforms for an additional fee.
Who’s the winner?It’s a tie. Both platforms offer free Level 1 data and provide Level 2 data for a fee.
A user-friendly mobile app is essential for any broker that wants to lay claim to the title of Canada’s best stock trading platform.
The Questrade app (formerly known as Questmobile) certainly ticks this box, offering a clean and modern user interface. It’s easy to place trades, check on your portfolio and monitor the market on your device, so it’s no surprise that the Questrade app has generally received positive reviews.
Experienced traders will also appreciate the fast and smooth user experience of the Questrade Edge mobile app. Edge provides access to tools like advanced order types, options chains, full-screen advanced charts and customizable watchlists.
Meanwhile, existing BMO customers will feel right at home in the BMO Invest app. Its user interface is perhaps not quite as polished as Questrade’s, but there’s absolutely nothing wrong with what it has to offer. It’s quick and easy to check your holdings across your investment accounts, review watchlists and place trades.
Check the table below for a snapshot of how users rate each broker’s app.
| Questrade | Questrade Edge | BMO Invest | |
|---|---|---|---|
| Apple App Store rating |
4.7 –
★★★★★ 19,000 Questrade reviews |
4.5 –
★★★★★ 4,900 Questrade Edge reviews |
4.6 –
★★★★★ 7,900 reviews |
| Google Play rating |
4.6 –
★★★★★ 12,257 Questrade reviews |
4.1 –
★★★★★ 4,207 Questrade Edge reviews |
4.0 –
★★★★★ 2,332 reviews |
Who’s the winner?Questrade. Both platforms have well-reviewed mobile apps, but Questrade offers two separate apps that cater to both beginners and advanced investors.
Questrade and BMO InvestorLine both run regular promotional offers for new customers. At the time of writing, Questrade was offering up to $250 cash back when you transfer an account from another broker to Questrade, while BMO was offering a cash back bonus of up to $5,000 for new InvestorLine accounts.
Questrade supports fractional share trading for eligible US stocks and ETFs. This means you can buy a portion of a share rather than an entire share, making it more affordable to invest in companies with high share prices. BMO InvestorLine does not support fractional shares.
Questrade offers a Passiv integration that lets you set up recurring buy orders. This means you can dollar-cost average into investments and build a portfolio over time with automated investing. BMO InvestorLine does not support recurring stock orders.
Questrade now offers a Questrade AI feature that can answer your questions about your investments and portfolio performance. InvestorLine doesn’t currently offer an AI-assisted trading feature.
What does Reddit think of the Questrade vs BMO InvestorLine debate?Reddit users are divided in the Questrade vs BMO InvestorLine debate.
There are many who lean towards BMO InvestorLine, pointing out that now that it offers commission-free trading, it’s a better option than Questrade. These users highlight the convenience of having their banking and investments in the one place, the security of dealing with a Big Six bank, and the fact that you can invest in mutual funds for free.
On the other hand, there’s also plenty of support for Questrade. Users highlight the fact that you can hold USD in your account without paying extra, while the ability to trade extended hours also earns plenty of praise. Some users also report that Questrade’s user experience is superior to InvestorLine’s.
It’s a tough call, but we think Questrade is a better choice for more people. It’s cheap, easy to use, and offers convenient features like recurring buy orders, fractional shares, AI integration and advanced tools to suit active traders.
But now that BMO InvestorLine has gone commission-free, it’s well worth a look if you already bank with BMO and you like the security of trading with a Big Bank broker.
If neither Questrade nor BMO InvestorLine feels like the right fit for your investing needs, there are plenty of other options to choose from. Some alternatives you may like to consider include:
Read our full Interactive Brokers review
Like InvestorLine, CIBC Investor's Edge is a brokerage that offers the security of Big Bank backing. It does charge trading commissions, but they’re waived for young investors and there are discounts available for active traders and students. You also get the flexibility to choose from a variety of account types, plus access plenty of research tools to help inform your investing decisions.
Read our full CIBC Investor’s Edge review
Read our full Wealthsimple review
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