Is Qtrade good for beginners in trading and investing?

Last Updated: 20-Sep-2022

Short Answer

When we as a beginner start our journey of investing, we need to learn a lot of new things and practice them for becoming a successful investor. See if an online stock broker like Qtrade is good for beginners trading and investing in Canadian stock market.

Detailed Answer

For a beginner, there are a lot of factors that are very important to be considered while choosing an online stock broker. Some of these include good educational resources, user-friendly interface, easy navigation, clear pricing, portfolio construction tools, paper trading, and great customer service.

Is Qtrade good for beginners in stock trading and investing?

Let’s observe these factors to conclude whether Qtrade is good for beginners or not:

1. Easy to get started

The process to get an account opened is complete online. All you have to do is apply online, wait for the application to get approved, add funds, and start trading.

2. Simple and User-friendly Interface

Qtrade is an easy-to-use platform and you can easily use it from the web as well as your smartphone. The interface is very user-friendly and easy to navigate.

3. Low commissions

Qtrade works on a fixed low commission of $8.75. Although there are brokers which provide you $0 commission trades, but they do not have tools and utilities like Qtrade.

4. Research

Third party research providers like Morningstar give great insights on stocks and Mutual Funds. Also, the fundamental analysis provided is excellent.

5. Qtrade Tools

Qtrade offers you various tools to determine where and when to invest. You can use screeners, dividend yield ratio, P/E ratio, expenses for funds, and other items. You have an option to use pre-set screeners or you can also customize them according to your needs.

6. Education resources

You can have access to an education centre and various information links for gaining knowledge about the market and companies. Also, calculators are there for estimating potential gains.

7. Account minimums

No account minimums are specified by Qtrade, and that attracts many new traders.

8. Wide offering

Qtrade offers you a wide range of investment offerings from Stocks, IPOs, ETFs, Mutual Funds, Bonds, and GICs to Options.

9. Commission Free Mutual Funds and ETFs

Qtrade offers 100 commission free ETFs and commission free Mutual Funds.

10. Protection by CIPF and IIROC

Qtrade is safe and secure as it is a member of IIROC (Investment Industry Regulatory Organization of Canada) as well as CIPF (Canadian Investor Protection Fund).

11. Responsive Customer Service

Qtrade is fantastic in terms or customer service. You can always email them at or call at toll free number 1.877.787.2330 from Monday to Friday 5:30 am to 5:00 pm. They are very responsive and helpful in terms of customer care support and every time you call them, they will resolve your problem.

On the basis of above points, you can feel that Qtrade is a good choice for beginners. With such low commissions, user-friendly interface and great tools and utilities, it could prove to be a useful online trading platform.

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