moomoo vs. Qtrade
Compare your options. Get the facts on each platform before you use them to know which one is right for you.
moomoo
- Low commission trading
- Powerful trading tools
- Global markets & trading community
Qtrade
- Get a $100 bonus for new accounts
- Get $250 bonus for $5k deposit
- Invest and save with a variety of accounts
moomoo vs Qtrade
Fees
| moomoo | Qtrade | |
|---|---|---|
| Trading Fee | $0 CAD | $8.75 CAD |
| Deposit Fee | Free | Free |
| Withdrawal Fee | $0 CAD – $62 CAD | $0 CAD |
| Inactivity Fee | No | Yes |
moomoo has less fees overall, but a variable withdrawal fee depending on the method chosen. For EFT withdrawals, the first withdrawal each month is free, with a $2 CAD fee for subsequent withdrawals. For an RRSP account withdrawal, this is $50 CAD for the first withdrawal and $52 CAD for subsequent. For wire transfers, there is still a 1 free per month, with $12 CAD for additional withdrawals. RRSPs have the same $50 CAD charge with $62 CAD for additional.
Safety
| moomoo | Qtrade | |
|---|---|---|
| Regulator | SEC, FINRA, MAS, ASIC, CIRO, SC, FSA | CIRO |
| Founding Year | 2018 | 2000 |
| Investor Protection | Yes | Yes |
Both Qtrade and moomoo are very similar in terms of safety of use. Qtrade has been around longer than moomoo, but has less governing bodies. Qtrade is a Canadian trading platform and therefore only is regulated by CIRO. moomoo is a global company and has regulating bodies in the US, Singapore, Australia, Canada, Malaysia, and Japan.
Deposit and Withdrawal
| moomoo | Qtrade | |
|---|---|---|
| Minimum Deposit | $0 CAD | $0 CAD |
| Bank Transfer Deposit | Yes | Yes |
| Bank Transfer Withdrawal | Yes | Yes |
| Credit/Debit Deposit | No | No |
| Credit/Debit Withdrawal | No | No |
| Paypal Deposit | No | No |
| Wise Deposit | No | Yes |
| Revolut Deposit | No | Yes |
| Other Electronic Wallets | No | No |
Qtrade has more options for deposits including Wise, which allows users to easily convert currency to CAD in order to trade.
Overall
Overall, moomoo seems to have the better platform. Despite having withdrawal fees and less features, Qtrade takes $8.75 per trade, which is a significant commission to take. Taking into account most users can keep their withdrawals to 1 per month for free withdrawals, moomoo makes the better option for trading in Canada.