Questrade is one of the best Canadian brokers that was established in 1999. It offers Canadian residents an alternative way of forex trading and investment. Questrade online broker is registered under the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund (CIPF). Canada’s leading discount brokerage has over $30 billion in different assets and more than 200,000 accounts opened annually. However, read our unbiased Questrade review further and know the insights into its brokerage services.
Questrade Overview
| Official Website | https://www.questrade.com/ |
| Headquarters | Toronto, Canada |
| Founded Year | 1999 |
| Regulated | CIPF, IIROC |
| Product Offered | Stocks, ETFs, Options, FX, CFDs, Mutual Funds, Bonds, GICs, International Equities, IPOs, New Issues, Product Precious Metals |
| Minimum Initial Deposit | $1,000 |
| Maximum Leverage | 1:40 |
| Islamic Accounts | No |
| Demo Account | No |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| Trading fees | Low |
| Inactivity fee | No |
| Withdrawal fee | Free via EFT; otherwise, it depends on payment methods |
| Supported currencies | CAD, USD |
| Customer Support | Email, Live Chat, Phone, FAQs, & Social Network Support |
Questrade, an online broker in Canada, provides trading in ETFs (exchange-traded funds), bonds, options, stocks, and mutual funds. Forex and CFD trading is also available along with GIC (guaranteed investment certificates), access to IPOs (initial public offerings), precious metals, international equities, and many more. Questrade offers a desktop trading platform that is completely intuitive, easy to use, and innovative for building Questrade portfolios. The customizable trading platforms include Questrade trading, Quest Mobile, Questrade Edge, & Questrade Global.
In addition, active traders who have already registered with other Canadian brokers can transfer their money to Questrade or open an account on the Questrade platform. Questrade makes the platform a great alternative to other brokerages by charging low fees. The rock-bottom spreads, and commissions are quite popular among DIY traders and investors who wish to avoid trading fees that may impact their returns. Questrade clients get to experience one of the best brokers that offer a variety of accounts, including tax-free savings accounts, enriching educational materials and platform tutorials, research tools, a wide range of market data packages, etc.
This in-depth Questrade review highlights the platform’s user experience, features, services, pros and cons, trading platforms, market instruments, registration process, account types, and many more.
More About Questrade
Headquartered in Toronto, Canada, and established in 1999, the foreign exchange trading platform, Questrade promises to offer the best brokerage service to Canadian investors and traders and can unlock active trader pricing. Questrade is the fastest-growing online brokerage platform due to its excellent choice of trading platforms, investment products, account types, trading tools, and Questrade’s low fees. It has also won awards like Best Managed Companies 2022 by GLOBE NEWSWIRE and has also won the best Canadian brokerage award in 2022.
Questrade is a member of the Canadian Investor Protection Fund (CIPF) and the Investment Industry Regulatory Organization of Canada (IIROC). These regulatory bodies ensure that Questrade is fair to all its clients, especially the most active traders, and provide a smooth Questrade trading platform for a variety of trading options, including stock trading, ETFs, options trading, forex, CFD platform, equities, mutual fund trading, bonds, IPO Centre, and GICs.
Canadian citizens can use different Questrade account types, which include the RRSP, TFSA, Cash, and RESP. Each QuestWealth account has special benefits for maximizing profits even during high market fluctuations. Questrade Inc. and Questrade Wealth Management Inc. are members of the Questrade Group, which means both are registered as Investment Fund Manager, Exempt Market Dealer, and Portfolio Manager.
Questrade User Experience
Regarding user experience, there are two platforms available: IQ Web, a web-based platform, and IQ Edge, desktop-based. The IQ Web platform is easy to use, has a user-friendly control scheme, and has a remarkable interface. In addition, traders can track and watch their existing trading stocks with a flat $4.95 per trade in the web version, making Questrade the best forex broker. Stock charts, option chains, and live streaming watchlists are fully customizable without any hassles, and traders can customize the user interface with 8 additional widgets. This platform is suitable for both professional and novice traders.
On the other hand, IQ Edge, the desktop platform, exclusively works with Mac and Windows operating systems. IQ Edge gives more customization options and trading tools than IQ Web; hence, it is the favorite platform for active traders and investors with more experience. The charting options of the IQ Edge feature additional choices such as the Quick Trade tab to set alerts for particular options or stocks. Most interestingly, the intraday trader benefits from the Skip option, which allows them to secure trades quickly without any additional steps.
What Features Does Questrade Offer?
Instant Deposits – Make instant deposits up to $3500 daily with Visa debit card Interac.
Actively Managed Portfolios – Traders who wish to have portfolios managed by experts can opt for the digital advisory service. Portfolio managers help limit losses and find opportunities to improve returns.
Roundup & Cashback Rewards – Make regular purchases and earn free cash rewards from shopping at selected retailers.
Real-time Rebalancing – QuestWealth portfolios’ assets are consistently adjusted and monitored as market conditions fluctuate.
Lower Taxes – Registered portfolio managers use tax laws to reduce capital gains tax in registered accounts.
Proven Returns – All standard portfolios have more than five years of proven historical performances evidently showing positive returns.
Reinvested Dividends – Traders receive dividends that are automatically reinvested so that the money never remains idle.
Questrade Services
According to several Questrade reviews, the exchange offers helpful services via self-directed platforms for trading and investment. It may seem intimidating at first, but as the active trader learns about each feature and product and works with the given knowledge and financial budget, the platform becomes one of the best go-to destinations.
Fortunately, unlike other online brokers, Questrade offers various tools that make it simpler for new investors to decide which type of product to trade. The Questrade FX Global app offers the same features and functionalities and is beginner-friendly. The services are exceptional, and traders can choose between real-time streaming and basic versions. The brokers offer several helpful avenues to understand and research more on certain products.
Is Questrade Regulated?
Questrade Inc. and Questrade Wealth Management Inc. are members of the Questrade Group of companies, and its affiliates provide deposits, loans, investments, mortgages, securities, and other services and products.
Questrade is a registered investment dealer by the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. Questrade Wealth Management is a registered Portfolio Manager, Exempt Market Dealer, and Investment Fund Manager. This makes the trading platform regulated and safe for online investing and trading activities.
Questrade Review: Pros and Cons
| Pros | Cons |
| No inactivity fees. | High minimum investment ($1000). |
| Instant deposits and withdrawals. | Interest rate charged on margin accounts. |
| No transfer fees for ETF purchases. | |
| SRI or Socially Responsible Investing options. | |
| A variety of trading accounts accessible both on website and mobile apps. |
Types of Trading Platforms at Questrade
Compared to others, Questrade online brokerage has introduced all-in-one trading platforms that offer everything a trader needs to invest, trade, and check accounts in one place that is easy to use. The online brokerages have two platforms – all-in-one and advanced trading platforms. All-in-one platforms include the Questrade Trading platform and Questrade IQ Mobile platform, whereas the Advanced trading orders are placed on Questrade IQ Edge.
Questrade Trading
Questrade Trading is suitable for beginner investors as well as professionals. The main web-based version allows traders to make trades securely, manage their accounts, research and buy stocks and check their performances. With Questrade trading, traders can learn about investing with the built-in Learning mode. They can check their account balances and quickly access performance stats and news. Explore market data and reports on any instrument, and buy or sell stocks with some clicks.
Questrade IQ Edge
Questrade IQ Edge is more suitable for professional traders as it offers a powerful and fast trading platform. It is available in desktop and web versions and research tools that take basic trading and investments to a whole new level. With Questrade Edge, long-term investors can utilize the easy-to-use and customizable trading platform. The key features include charting tools, alerts, and economic calendars that keep them updated about important dates, including their earnings, guidance, dividends, and more. Questrade Edge offers a more customizable workspace so that traders can monitor and keep track of market data and execute trades and investment goals within a few clicks.
Questrade IQ Mobile
Quested IQ mobile trading app enables users to research and trade stocks and free ETF purchases with the necessary tools to make informed trading decisions. With this mobile trading app, traders can get snap quotes in real-time without delay on the market prices. It offers a consolidated mobile app and consolidated charts showing snapshots of all investment accounts. The mobile app is compatible with all Android and Apple devices, and yes, you don’t have to pay; it is free to download! The online brokers have ensured that the money is secure with data encryption protocols, facial ID, login notifications, and biometric fingerprints.
Available Market Instruments at Questrade
An active trader can explore an array of investment products for all financial goals, risk levels, and comfort without worrying about hidden fees on the Questrade website. The available market instruments are:-
Forex
Forex is the conversion of one currency to another. Questrade traders can trade on more than 110 currency pairs with target spreads starting as low as 0.8 pips under standard market conditions. Trade currencies and pay spread may vary based on the currency pair’s exchange rate.
Stocks
Questrade offers trading of stocks at only 1¢ per share, with a minimum of $4.95 and a maximum of $9.95 per trade.
Options
Options trading, also known as derivative investments, gets its value from another asset class such as ETFs or stocks. Traders at Questrade can enjoy the utmost flexibility of buying and selling investments at a price set at a later date.
Precious Metals
Traders can trade directly in silver and gold to boost their QuestWealth portfolios.
GICs
Questrade offers guaranteed investment contracts or GICs Free, which are investment products that offer guaranteed rates of return on deposits held with Questrade over a fixed time.
CFDs
Traders at Questrade can trade contracts for difference (CFDs) on international stocks, commodities, indices, and many more.
IPOs
Questrade offers IPOs or initial public offerings where new shares of private companies go public for traders to trade and invest in for the first time.
Bonds
Traders can also invest in bonds which are debt securities where institutional and individual investors lend money to corporations, governments, and other such entities for a fixed amount of time.
International Equities
Traders can boost their return potential by investing in international equities like non-US stocks.
Mutual Funds
Mutual funds are managed products that Questrade traders can trade in while the fund’s designated portfolio managers manage the investments within the fund.
Range of Trading Instruments at Questrade
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Questrade offers the following range of trading instruments:-
- 110 forex currency pairs including AUD/CAD, EUR/AUD, GBP/CAD, NZD/CAD, and more
- 19 Commodity CFDs including corn, live cattle, UK gas oil, coffee, platinum, US natural gas, and more
- 16 index CFDs including Australia 200, Denmark 20, US Tech 100 NAS, Switzerland 20, Hong Kong 50, and more
- 19 stock CFDs including Canada, USA, Austria, Australia, Denmark, Germany, and others
Questrade Account Opening Process
Anyone can open an account with Questrade brokers by following the simple steps mentioned below:-
- Create user ID
- Build the profile
- Set up a registered account.
Traders can open TFSA, RRSP, or RESP accounts, but they may have to submit or upload a few documents or snippets of information for verification, such as:-
- A registered email ID, name, and residential address as mentioned on the government ID.
- After creating the user ID, a new Questrade login and unique password must be created.
- A social insurance number (SIN).
- Employment information mentioning annual income and income from other sources.
- A government photo ID, including a driver’s license or passport that can be scanned documents or pictures.
Questrade creates an investment account after verifying the documents, and the registered account can be used for holding USD and start investing on the platform.
Questrade Account Types
Questrade has a unique trading account for all kinds of traders. Trading and investment can be done seamlessly and confidently based on the financial goals of each trader. Here are the self-directed accounts offered by Questrade:-
Individual Forex & CFDs
An Individual foreign exchange and contracts for different accounts give access to the financial market larger than the scope of the Canadian stock market. Traders with an individual forex and CFD account can enjoy low transaction fees and high liquidity and trade 24 hours a day with extremely low spreads.
Joint Forex & CFDs
Joint forex and CFD account allows traders to enjoy the benefits of an individual account but with a bigger stake in the financial markets. Traders with a joint account can potentially mitigate losses or risks with a group of two or three accounts to trade in global financial markets.
TFSA – Tax-free Savings Account
TFSA is offered to help Canadian citizens accumulate wealth by saving and investing in taxes. Traders with TFSA accounts can enjoy easy access to funds without paying annual fees and tax-free growth and savings for short- and long-term goals.
RRSP – Registered Retirement Savings Plans
RRSP account holders enjoy lower income taxes and can grow their investments tax-deferred until they withdraw money from the account.
Margin – Individual Margin Accounts
Individual margin accounts allow account holders to steer their investments how they want to and use investments and assets as leverage for bigger and newer opportunities. These accounts offer investments with utmost convenience and flexibility.
RESP – Registered Education Savings Plans
RESP account holders can enjoy extra incentives, free government grants, flexible beneficiary rules, and funds withdrawal at the beneficiary’s tax bracket.
Spousal RRSP-Spousal Registered Retirement Savings Plan
Spousal RRSP account holders enjoy the same benefits as the RRSP account, but here, account holders can allow their spouses to contribute to their RRSP account and tax deductions if one spouse is under 71.
LIRA – Locked-in Retirement Account
Locked-in retirement account holders can keep their provisional pension growing and personally manage their pensions. LIRA account holders can convert their provisionally-registered employer pension plan to LIRA and have full control over their investments.
Locked-in RRSP – Locked-in Registered Retirement Savings Plan
Locked-in RRSP account holders can keep their provisional pension growing and convert their locked-in RRSP to LIF after retirement.
RIF – Registered Retirement Income Fund
RIF account holders can grow their savings during retirement and set withdrawals for stable income. RIF allows holders to roll over their RRSP/Spousal RRSP accounts.
LIF – Life Income Fund
LIF is similar to RIF, but one major difference. LIF allows holders to maximize their tax deferrals and relocate their employer-created or group pension account.
Family RESP – Family Registered Education Savings Plan
Family RESP allows account holders to enjoy withdrawal flexibility, free government grants, and add beneficiaries as the family grows.
Questrade Leverage & Margin Requirements
Questrade traders can take advantage of up to 1:40 leverage during market movements. Trading CFDs stock can be done with a maximum leverage of up to 6x so traders can maximize their cash. This availability of margin rates potentially has a massive impact on the trades. Margin trading refers to borrowing money from the broker to buy securities like stocks CFDs. It is like a loan that allows traders to buy more positions than they normally would. For a Questrade margin account, traders can trade with margins when they do not have available cash to purchase a position. Following are the margin requirements for different Questrade financial instruments:-
- Gold – 20%
- Silver – 30%
- Long position Stocks – 30% to 100%
- Short position Stocks – 30% to 100%
- Forex – 5% to 28%, depending on the currency pairs
- Commodity CFDs – 4% to 27% depending on the commodity
- Index CFDs – 7% to 20% depending on the indices
- Stock CFDs – 15% to 50% depending on shares
Questrade Fees
Questrade is a perfect fit for beginners and professional Canadian traders who wish to avoid high fees placed on investors who hold investments at financial institutions. Questrade offers complete flexibility to Canadian traders, including an automated portfolio builder and substantially lower fees. Let’s find out more about the deposit and withdrawal methods offered by Questrade, along with different account fees, applicable exchange or stamp fees and trading commissions charged by the trading platform:-
Trading Commissions & Fees
One of the biggest advantages of trading at Questrade is that the platform does not charge any electronic communication networks or ECN fees, inactivity fees, or any annual fees while opening(opening fees) or closing(closing fees) a trading account. However, you may have to pay a minimum fee or trading commission for trading certain financial instruments, but even then, most brokers have made sure that they charge extremely low fees.
For this reason, Questrade is known as Canada’s low-cost leader in the industry. Questrade brokers reimburse transfer fees of up to $150 per account, which is a great deal for forex traders. Traders can also convert their currencies to save on foreign exchange and ETF fees. Avoiding unnecessary currency conversion fees is one of the ways to keep the money working for the traders. Those who spend more than $48.95 in monthly commissions can earn a partial rebate and get an automatic rebate of $19.95 on the package fees.
Another trick to avoid a hefty monthly fee is to buy and sell more with the platform. Questrade has a fully transparent fee structure so tr aders can worry less about hidden charges and enjoy free trades. In 2021, it reduced their foreign exchange fees to 1.45%.
Fees for Self-Directed Investing
| Trading Assets | Trading Fees |
|---|---|
| Stocks | As low as 1¢/share (min: $4.95 & max: $9.95) |
| ETFs | Buy for Free (Sell 1¢/share; min: $4.95 & max: $9.95) |
| Options | Trade for $9.95 (+ $1/contract) |
| FX | Spreads as low as 0.08 pips |
| CFDs | Spreads as low as 0.08 pips |
| Mutual Funds | $9.95/Trade |
| Bonds | Min: $5,000 purchase |
| GICs | Min: $5,000 purchase |
| International Equities | 1% of the trade value |
| IPOs and New Issues | Free to Buy |
| Product Precious Metals | $19.95 USD/Trade |
Fees for Questwealth Portfolios Pricing
It takes low fees for better returns: 0.25% with a balance of $1,000 – $99,999 & 0.20% with a balance of $100,000+. However, there are no fees for account opening, trading, & electronic fund transfer with no hidden fees too. Although, check out the below table to know more:-
| Management Expense Ratio (MER) Fees | ETFs (0.17% – 0.22%) & SRI Portfolios (0.21% – 0.35%) |
| Currency Exchange Fee | Fee of 100 basis points (or 0.01) added to the exchange rate |
| Administrative Fees | Variable |
Fees for Active Traders
| Fixed | Variable | |
|---|---|---|
| Stocks | $4.95/Trade | 1¢/share (min: $0.01 to max: $6.95) |
| Options | $4.95 + $0.75/Contract | $6.95 + $0.75/Contract |
| ETFs | Buy for Free (Sell for $4.95/Trade) | Buy for Free (Sell for 1¢/Share) (min: $0.01 to max: $6.95) |
| FX & CFDs | Pips as Low as 0.8 | Pips as Low as 0.8 |
Note: Although to know more about Questrade pricing in detail, refer to its official website & learn the insights.
Deposit & Withdrawal Methods Supported by Questrade
Questrade allows instant deposits of funds to either a self-directed account or QuestWealth accounts using any Canadian Visa card or Interac debit card. The Questrade minimum deposit requirement is $3500 per transaction. Making instant deposits is simple and takes only about a few minutes so that traders can transfer funds immediately and start their trading and investing activities.
There are different ways of withdrawing funds from Questrade, and the popular ones include Wire and EFTs. Note that although there are EFT fees, they may take up to 5 business days to process. On the other hand, wire transfers are much faster, but you have to pay some processing account fees.
Questrade’s Mobile App
The freedom to buy and sell ETFs and stocks on the go has been made possible with the launch of the Questrade app. Questrade is a web-based platform that is also mobile-enabled via the newly launched Questrade mobile app that works flawlessly on various devices, including smartphones and tablets. The display is adjustable, and the watchlists created by the web platform are accessible on various operating systems, including Apple, Windows, and Android. Trading CFDs and forex requires the Questrade FX Global mobile app. Both the apps operate in the same way and have the same functions allowing traders to trade multiple markets.
Questrade Bonuses & Promotions
Traders at Questrade can give their funds the most rewarding boosts with innovative and easy programs like Refer a Friend and My Family. The referral program pays $25 for every referral friend or family who creates an account with the platform, and the referrer also gets a $50 bonus for every third referral.
Under the My Family program, traders can connect their account with a close relative or friend’s account and collectively qualify for a lower fee. Apart from these two programs, the current promotions available are:-
- 5 Free Trades – New traders can use the promo code 5FREETRADES while opening an account and start trading with 5 commission-free trades.
- Month of Free Market Data Plans and Trades – Active traders can trade without any additional fee and get a full month of free trades with additional live streaming data with the promo code – ADVANTAGE14. Level 1 streaming data is free with all accounts.
- Transfer Accounts Commission Free – While moving existing accounts to Questrade, the brokers rebate the transfer fee charged for the switch.
Questrade Partnership Programmes
Unlike other top forex brokers in the market, Questrade features two partnership programs – Affiliate Program and Partner Center. These are additional programs existing traders can earn by bringing traction to the platform.
- Partner Center
- Questrade Partner Center is a one-stop shop for all partners. The Questrade API enables developers to create their fully featured analytical and trading apps via the brokerage account. Existing traders can get in-depth technical analysis, tax reporting assistance, advanced data packages, and trading platforms from partner apps, discount brokerage, and special offers.
- Affiliate Program
- As an affiliate, Questrade traders can get a fixed fee based on the number of referrals they bring to the platform. For every new self-directed account created by the referrals, the affiliates earn $50. QuestWealth ETF portfolio customers can get up to $10,000 managed free for a year.
Educational Resources Offered by Questrade
When Questrade compare with its competitors, it believes in educating each and every investor to make sound trading and investment decisions built on the foundation of knowledge. New and existing traders at Questrade can use the different categories mentioned below for diving into the rich educational content and starting learning about the basics of trading:-
Questrade Basics
Questrade Basics features fundamental lessons on how to use the platform, fund, and create an account, explore QuestMobile, trading platforms, third-party deposits and more.
Platform Tutorials
Platform tutorials cover topics like currency conversion, researching investments, investment tools, advanced charting and studies, introduction to market data, and many more.
Investment Concepts
Investment concepts focus on order types, margin 101, RRSP, order durations, how to put investing on autopilot, and many more essential lessons.
The Markets
Traders can also learn about financial markets and related theories that help understand why and how the market moves. Some interesting lessons covered in this section include the details of a stock market and how it works, investments made during a crisis, and how to invest in a slow market.
Goal Tracking
Goal Tracking allows traders to figure out how to make a goal-focused investment plan, the different kinds of investments available for a trader’s portfolio, and concepts related to asset allocation.
Questrade Restricted Countries
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Questrade traders must have a Canadian address to create an account. Questrade does not allow non-registered accounts for U.S. citizens, even if they are Canadian citizens.
Questrade Security Measures
Questrade prioritizes its client security by using industry-leading security measures and practices to protect client funds and accounts. According to this Questrade review, the platform uses a 256-bit SSL encryption protocol that encrypts both response and request transactions. Additionally, the platform uses a two-step verification method which acts as an added layer of security and ensures only the registered traders can access their account information. It is completely safe for every Canadian citizen.
Questrade Customer Service
According to this Questrade Canada review, the platform offers excellent customer service that can be accessed from the Support page at the website’s bottom. Questrade’s customer service answers all client queries and helps them confidently take control of their financial future. The website has a page dedicated to FAQs that answers all the common investing questions.
There is also a Submit a Ticket option where new customers can contact the most efficient Questrade representative. They can also be contacted via live chat, phone, or e-mail support. The online chat support is available 24×7, whereas the phone support is available from Monday to Thursday from 8:30 AM to 8 PM and on Friday from 8:30 AM to 5:30 PM.
Questrade Review: Our Verdict
To conclude this Questrade review Canada, this trading platform is the best discount broker for Canadian markets that offers a variety of financial instruments, research analysis, and reports on managed companies available from Market Intelligence, fundamental research, and data service. Traders with a registered account with any Canadian financial institution can transfer their bank account to Questrade and start buying ETFs, stocks, CFDs, and other instruments on the platform that offer basic charting, watchlists, quotes, and research tools.
Both the web-based and mobile-based platforms are user-friendly, allowing traders to set instant notifications/push notifications on any operating system, including iOS and Android devices. Traders can enjoy commission-free ETF purchases, but they must note that ETF sales come with a maximum fee of up to $6.95 per trade. All in all, active traders can get access to the intraday trader feature at Questrade and take advantage of the Toronto Stock Exchange, which offers advanced Canadian security measures to traders. Take a peek inside Questrade charges, bonuses, and promotions to make the most of the trading platform today!
FAQs
Is Questrade Legit?
According to this Questrade review, the trading platform is legit and safe, with excellent regulation and security measures that reimburse clients for unauthorized transactions made on the platform. It is the best discount broker for Canadian markets that offers research analysis, and reports on managed companies available from Market Intelligence, fundamental research, and data service.
Is Questrade Actually Better?
Questrade gets the upper hand compared to other financial institutions, with key benefits like no maintenance fees, commission-free ETFs, low trading fees, etc.
Is Questrade Good for Beginners?
Questrade is suitable for beginners because of its easy-to-use interface and a growing collection of educational resources, competitive pricing, and commission rates for novice and experienced traders who trade frequently.
Is Questrade Safe to Use?
Questrade is safe to use with industry-leading security measures like 256-bit SSL encryption protocol and two-factor authentication method that add a layer of security and ensure the protection of client funds and accounts.
How Much Money Do You Need to Open a Questrade Account?
The minimum deposit requirement of the question broker is $3500.