Can I invest in Cryptocurrencies on Qtrade?
The only way to invest in digital assets on the Qtrade platform is by buying crypto-related Stocks and ETFs. Some examples of this can be investing in Coinbase (COIN) stocks, which is a leading cryptocurrency exchange in the United States. Alternatively, the Grayscale Bitcoin Trust (GBTC), which is an ETF that tracks the underlying price of Bitcoin.
However, both these methods are typically inefficient and underperform investing in assets like Bitcoin (BTC) and Ethereum (ETH) directly. They also carry extra costs like GBTC for example that charges a 1.5% yearly management fee.
How to buy Crypto with a Qtrade Alternative
The best alternative in Canada to buy and sell digital currencies is the Bitbuy platform. They offer over 80 cryptocurrencies to trade with low fees starting at 0.1%. Customers can fund their account with Canadian Dollars (CAD) via Interac e-Transfer or alternative methods instantly and with very low fees.
You can get started with this simple guide:
- Sign up to Bitbuy Canada.
- Deposit Canadian Dollars (CAD) via e-Transfer from Bank account.
- Select the 'Product' menu button and select 'Express Trade'.
- Find the Cryptocurrency you want to buy and input the CAD amount to execute your transaction.
Qtrade Investing Fees
Qtrade does not have any cryptocurrency-specific investing fees, but you will be charged their standard stock and ETF trading commissions. For stocks and ETFs, Qtrade charges $8.75 per trade with a minimum of $19.95 for market orders placed online. If you place your order over the phone, there is a $30.00 fee.
For more information on their general fees, you can view their commissions and fees schedule here.
About Qtrade
Qtrade Investor is a top-ranked online brokerage that helps you manage your investments with ease and gives you the tools and resources you need to make informed investment decisions. They offer a wide range of products and services including online investing, trading, mutual funds, GICs, ETFs, and more.
Whether you're a first-time investor or a seasoned pro, Qtrade has the products and services to help you reach your goals. They offer competitive pricing, powerful tools and resources, and exceptional customer service. With Qtrade Investor, you can be confident that you're getting the best possible value for your investment needs.
Qtrade Investor is a division of Qtrade Canada Inc., one of Canada's leading online brokerages. Qtrade Canada Inc. is a member of the Canadian Investor Protection Fund (CIPF) and is a registered portfolio manager in all provinces and territories where it offers investment products and services.
