How to Buy IPOs on Questrade: A Complete Guide
You can buy IPOs on Questrade before they hit the open market through its IPO Centre. You need a self-directed account and must commit to at least $5,000 per new issue, with shares allocated based on demand. Here is how to participate, what else you can buy, and how Questrade compares to Wealthsimple.
How does buying an IPO on Questrade actually work?
Questrade has offered launch-day access to initial public offerings since 2013 through a tool it calls the IPO Centre. When the underwriting syndicate allocates shares of a new issue to Questrade, the firm passes a portion to retail clients who register their interest, at the same offering price institutions pay. You are buying in before the stock starts trading on the open market, not chasing it after the bell. Questrade is a member of CIRO and the Canadian Investor Protection Fund, so the account holding those shares carries standard Canadian investor protection.
What do you need before you can participate?
Two things. First, open a Questrade self-directed investing account; managed Questwealth portfolios do not qualify. Second, enough cash to meet the floor, because Questrade requires you to commit to buying at least $5,000 of the security in any single new issue. You also have to read the prospectus before committing, which is where the genuine risk disclosure sits. If you want the full picture on Questrade's pricing and platform first, see our Questrade review.
How do you buy an IPO on Questrade, step by step?
The path is short, but timing matters because good deals fill fast. You open and fund a self-directed account, subscribe to the IPO Bulletin so you hear about issues early, browse the IPO Centre and read the prospectus, then register your interest and commit at least $5,000. After that you wait for allocation, and the shares settle once the issue prices. Check our sign-up bonuses page for any current new-account offer before you fund.
Why might you not get all the shares you requested?
Allocation is the part most first-timers misjudge. Questrade can only distribute the shares the underwriter gives it, and sought-after deals are routinely oversubscribed, meaning client demand outstrips the supply. When that happens, Questrade scales everyone back, so you might receive a fraction of your $5,000 commitment or, occasionally, nothing at all. This is how IPOs work everywhere, not a Questrade limitation, so treat any allocation as a maybe rather than a guarantee.
What can you buy beyond IPOs?
The IPO Centre is broader than first-time listings. Alongside equity IPOs you can request several other new-issue types:
Canadian equity IPOs across large, mid, and small cap
Secondary offerings from companies that already trade publicly
Corporate bonds, from investment grade through high yield
Hybrids such as convertible bonds, preferred shares, REITs, and income trusts
Structured notes, both principal protected and at-risk That range is one of the IPO Centre's quieter advantages over single-purpose IPO tools.
Can Canadians buy U.S. IPOs through Questrade?
Usually not. As a Canadian dealer, Questrade can generally only offer new issues that file the required documentation in Canada, and most U.S. IPOs are filled by domestic American demand without ever seeking Canadian subscription. The occasional U.S. deal that wants wider subscription does show up, and once any stock is trading publicly you can buy it like any other security, U.S. listings included.
What is Questrade's new pre-IPO private markets platform?
Separate from the IPO Centre, Questrade announced in mid-2026 that it is building a private markets platform, planned to launch over the summer, that reaches companies while they are still entirely private, before any IPO filing. It is expected to begin with pre-IPO opportunities and institutional-grade private credit. The important caveat is access: the platform is open only to accredited investors, not to every self-directed client. Questrade has said it will drop the minimum well below the roughly $25,000 floor common in the industry, which would let qualifying investors take smaller, more diversified positions. The firm has also said it will not offer pre-IPO access to the SpaceX listing specifically.
Who counts as an accredited investor?
Under Canadian securities law, you generally qualify with net income above $200,000 (or $300,000 combined with a spouse) in each of the last two years, or net financial assets above $1 million. Most retail investors do not clear that bar, which is the dividing line between the IPO Centre, open to any self-directed client, and the new private markets platform, restricted to accredited investors.
How does Questrade IPO access compare to Wealthsimple?
Wealthsimple launched its own IPO Access feature in May 2026, and the two systems behave differently. Wealthsimple lets you request shares with no minimum order and no added fee, but it bars you from future offerings if you sell or transfer allocated shares within 90 days. Questrade carries the $5,000 minimum, yet folds IPOs into a much wider new-issue menu that includes bonds and structured products. If the lowest barrier to entry is what you want, Wealthsimple wins on the minimum; if you want range and no holding restriction, the IPO Centre is deeper. Our Wealthsimple review and broker comparison lay out the rest of each platform.
What are the risks of buying an IPO?
An IPO is not a shortcut to easy returns. Newly listed shares are volatile, the seller usually prices them to its own advantage, and research on retail IPO-access products has found they tend to underperform. Hotter names can also carry lock-up dynamics that affect when insiders can sell and how the price behaves afterward. Buy a new issue because you want to own the business for the long run, not because the ticker is everywhere this week. If you are still deciding which broker fits you, our guide to choosing a Canadian online broker is the place to start.
The bottom line
If you already trade with Questrade and want occasional access to new issues at the offering price, the IPO Centre is a real perk, as long as you can clear the $5,000 minimum and you treat allocation as a maybe. For most Canadians chasing a single hyped listing, Wealthsimple's no-minimum IPO Access is the easier on-ramp, and the pre-IPO private markets platform is irrelevant unless you are accredited. Decide on what you actually want to own, then open a Questrade self-directed account or weigh the field on our broker comparison. Broker Guide Canada may earn a commission through affiliate links. This does not influence our editorial rankings. See our full disclosure.
FAQs
Do you need a minimum amount to buy an IPO on Questrade?
Yes. Questrade requires you to commit to at least $5,000 of any single new issue through the IPO Centre. You choose which issues to join, but the minimum applies to each deal you participate in.
Can you hold Questrade IPO shares in a TFSA or RRSP?
IPO purchases run through a Questrade self-directed account, and self-directed accounts include registered options like a TFSA, RRSP, and FHSA. Whether a particular new issue can settle into a registered account can depend on the deal, so confirm eligibility for that specific issue before you commit.
Can you sell IPO shares on the first day of trading?
In most cases, yes. For the typical Questrade new issue you can sell once the stock starts trading, though this varies by deal and some carry restrictions, so the prospectus is the place to check the exact terms.
Why didn't you receive the full number of shares you requested?
The deal was almost certainly oversubscribed. Questrade can only allocate the shares it receives from the underwriter, so when demand exceeds supply, every request is scaled back and you may get a partial fill or none.
Can Canadians buy U.S. IPOs on Questrade?
Generally no. Most U.S. IPOs are absorbed by American demand and never seek Canadian subscription, so they do not appear in the IPO Centre. You can still buy U.S. stocks once they are publicly trading.
What is the difference between the IPO Centre and Questrade's private markets platform?
The IPO Centre is open to any Questrade self-directed client and offers new issues at the public offering price. The private markets platform, announced for summer 2026, reaches still-private companies earlier in their life cycle but is limited to accredited investors.
