How to close Qtrade brokerage account Canada?

Last Updated: 21-Nov-2022

Short Answer

You are required to email Qtrade at customersupport@qtrade.ca from your registered email ID. Know important details for closing your Qtrade brokerage account.

Detailed Answer

Qtrade: An overview

Qtrade is one of the well-known online brokerage platforms that is a good alternative for the big 5 banks. You can open a cash account, Tax-free savings account (TFSA), RRSP (registered retirement savings plan), margin accounts, Life income fund (LIF), Retirement income fund (RIF) etc., with Qtrade. The cash account can be opened in the name of individuals, joint accounts, companies, estates, trusts, investment clubs, societies, or religious organisations.

How to close a Qtrade brokerage account in Canada?

  1. In the first place, sell and liquidate all your holdings held within a Qtrade account.
  1. Pay all your outstanding fees and dues within Qtrade.
  1. Make sure you do not have a negative balance.
  1. Make sure you have a bank account or another trading platform opened, in order to receive your funds.
  1. Transfer your funds to your desired cash account or investment platform. 6. In order to withdraw funds and request for a cheque, follow this route on the Qtrade website.
  • Go to https://www.qtrade.ca/en/investor.html
  • Accounts
  • Service Centre
  • Cheque Request
  1. From your registered email ID, send an email requesting closure of your brokerage account to customersupport@qtrade.ca.
  1. Please note that if you are to close a registered investment plan such as TFSA, RRSP or a RESP, you need to deregister the account with Qtrade. For this, follow this path.
  • Go to https://www.qtrade.ca/en/investor.html
  • Accounts
  • Transfer Funds
  • Withdraw Registered funds
  1. Please note that if you decide to close your Qtrade account within the first year of opening your account, you need to pay $100. If you wish to transfer the funds, you are required to pay $150.

Closing your Qtrade Account

It is to be noted that if your account has been dormant for a long duration, Qtrade charges an inactivity fees. Hence, it is prudent to close your account if you foresee no trading activity in the near future.

The major disadvantages of the Qtrade account is that it is not offered to US residents and you cannot use your funds in a credit card or an electronic wallet for trading activities.

Having said this, Qtrade is popular for its customer service. If you know more information, please email them at info@Qtrade.ca or call them at 877-787-2330.

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You are required to email privacy@questrade.com from your registered email ID, requesting Questrade to close your trading account. What's the reason for closing your Questrade account? Do share with us.