Robinhood vs Questrade — which broker is better?

Pros

• Equity and ETF options carry no commission and no per-contract fee — only about USD 0.04 per contract of pass-through, against USD 0.65 at Schwab and Fidelity
• USD 0 commission on US stocks and ETFs, fractional orders from USD 1, and no account minimum
• Among the lowest retail margin rates in the US market, 5.25% on balances up to USD 50,000 on a standard account as well as on Gold (rates as of 16 September 2026), with the first USD 1,000 of margin interest-free for USD 5/month Gold subscribers
• Robinhood Gold pays 3.35% APY on eligible uninvested brokerage cash with no cap and no minimum — far above Schwab's default sweep
• Retirement accounts with a 1% contribution match, rising to 3% for Gold members — no other major US broker matches IRA contributions at all
• Futures at USD 0.75 per contract per side (USD 0.50 for Gold), plus index options at USD 0.50 (USD 0.35 for Gold)
• The mobile app is the benchmark for the category, with 90+ technical indicators and genuine feature parity with the web platform
• Around 22 cryptocurrencies alongside equities in the same account, plus prediction markets — an unusually broad retail shelf for one login

Cons

• Four significant regulatory settlements since 2020 — SEC USD 65m in 2020, FINRA USD 57m in 2021, NYDFS USD 30m in 2022 and FINRA USD 26m plus USD 3.75m restitution in 2025 — covering order-flow disclosure, supervision, AML and reporting failures
• USD 100 to transfer your account out, versus USD 0 at Fidelity — a deliberate exit cost, and one of the most common complaints on public review sites
• No bonds, no mutual funds, no international exchange access and no forex; the equity universe stops at US listings and ADRs
• Research is thin: no economic calendar, no sector heat maps, no yield curve tools and limited fundamental data, with AI Digests reserved for Gold
• Support has no direct phone line for prospective clients and no branches — it runs on in-app chat and callback requests, which is a poor fit for anything urgent
• No conditional order types or backtesting on any platform

Pros

• CAD 0 commission on every Canadian and US stock and ETF trade, on both the buy and the sell side, with no ECN fees at all on Canadian orders
• CAD 0 contract fee on US-listed equity options and free assignment — one of only two Canadian brokers offering this
• Questrade Pro is free to all clients and includes Level 2 depth, time and sales, chart trading, hot keys and a multi-leg options strategy builder
• No inactivity fee, no annual account fee and no minimum balance on any registered or non-registered account
• Dual-currency registered accounts let you hold USD inside a TFSA or RRSP, removing forced conversion on every US dividend and sale
• Fractional shares, pre-IPO access, private credit, bonds, GICs, mutual funds and a separate FX & CFD account under one brand
• CIRO-regulated with CIPF coverage of CAD 1,000,000 per account category, and a record as Canada's largest independent broker going back to 1999

Cons

• The 1.5% CAD/USD conversion charge is high and unavoidable unless you deliberately manage currency; on a CAD 20,000 US-stock purchase it costs CAD 300, dwarfing any commission saving
• Cash earns effectively 0% below a CAD 250,000 balance — the published formula is prime minus 8.50%, floored at zero — while Wealthsimple pays 1.25% or more on chequing balances
• CAD 150 to transfer an account out, full or partial, and CAD 9.95 per journalling request unless you pay CAD 19.99 a month for Questrade Plus
• The 'margin rates as low as prime minus 2.5%' headline applies only to USD borrowing for clients trading 5,001+ US options contracts a month; the standard CAD non-registered rate is prime plus 4.25%, and registered accounts pay prime plus 8.10%
• No spot crypto, no exchange-traded futures, and no meaningful international equity access — non-US foreign shares cost 1% of trade value with a USD 195 minimum per side
• Questrade advertises no practice or paper-trading account for self-directed clients, so there is nowhere to learn Questrade Pro without real money at risk