moomoo vs. Questrade
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
Questrade
- Tools for investing on a budget
- Low or no fees, easy-to-understand reports
- Accounts for every type of investment
moomoo vs Questrade
Fees
| moomoo | Questrade | |
|---|---|---|
| Trading Fee | $0 CAD | $4.95 CAD – $9.95 CAD |
| Deposit Fee | Free | Free |
| Withdrawal Fee | $0 CAD – $62 CAD | $0 CAD |
| Inactivity Fee | No | No |
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. Despite this, Questrade has high trading fees which is not ideal for trading.
Safety
| moomoo | Questrade | |
|---|---|---|
| Regulator | SEC, FINRA, MAS, ASIC, CIRO, SC, FSA | CIRO |
| Founding Year | 2018 | 1999 |
| Investor Protection | Yes | Yes |
Both Questrade and moomoo are very similar in terms of safety of use. Questrade has been around longer than moomoo, but has less governing bodies. Questrade 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 | Questrade | |
|---|---|---|
| Minimum Deposit | $0 CAD | $1,000 CAD |
| Bank Transfer Deposit | Yes | Yes |
| Bank Transfer Withdrawal | Yes | Yes |
| Credit/Debit Deposit | No | Yes |
| Credit/Debit Withdrawal | No | No |
| Paypal Deposit | No | No |
| Wise Deposit | No | Yes |
| Revolut Deposit | No | Yes |
| Other Electronic Wallets | No | Yes (Interac Online) |
Questrade has more options for deposits including credit/debit, which allows users to conveniently deposit money to start trading. However, the $1,000 CAD minimum deposit makes it less accessible to many people.
Overall
Overall, moomoo seems to have the better platform. Despite having withdrawal fees and less features, Questrade takes up to $9.95 CAD per trade, which is a significant commission to take as well as having a $1,000 CAD. 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.