What is Questrade?
Questrade is a Canadian broker that offers trading services to North American investors with a valid Canadian address.
The service offers low-price trading commissions, a wide range of services (such as savings accounts, retirement savings plan options, active trader pricing, etc.), and various resources for beginner investors.
Questrade allows you to open a fresh account or transfer your account over from another Canadian financial institution. It’s easy to open an account as there’s no minimum investment required (excluding bonds & IPOs)!
Although Questrade does technically offer additional services like robo-advisory services, forex, contracts for difference, and access to your own Questwealth portfolio (ETF portfolio), these are accessed via a separate platform.
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External Questrade Review & Ratings
|Savvy New Canadians
Here are some reviews from traders who have experienced the platform firsthand:
“I use Questrade for my stock and options investing. The platform is easy to use and has low processing fees, so even if you’re investing with small amounts, you can still make profits, without losing your gains with investment fees. The phone app and desktop version work very well together.”
“I use Questrade to manage various portfolios, on both registered and unregistered accounts. The scope of my use case is being able to buy/sell securities, manage the various portfolios, and track monthly realized/unrealized P&L to advise on future investment strategies/decisions. Questrade makes this all very simple to do with its easy-to-follow user interface and great customer support.”
“I’ve dealt with Questrade for many years and have only had excellent experiences across the board.”
“I have had nothing but exceptional service with Questrade since joining last year – the online chat system is super convenient as you don’t have to wait on hold over the phone. They always fix any issue I have right away, and the platform is so easy to use.
They also have a ton of online resources to help with research and FAQs.”
This Canadian broker has a bunch of different features you’ll want to be aware of, the first being your platform options. Questrade can be accessed via a web browser, through the dedicated Windows application, or through the app (offered for iOS & Android).
Depending on their budget, Questrade users will have access to either Level 1 limited stream options data or advanced Level 1 & 2 data packages for the U.S. and/or Canadian exchanges.
The trading service itself gives users various tools to work with, including charting tools, scanners, watchlists, news feeds, Intraday Trader, and hotkey functions. Questrade users will also have access to the following third-party research tools, although using these may incur additional costs.
- Trading Diary Pro
Pricing & Plans
Creating a Questrade trading account is free, but even the most basic trading moves can result in fees. That said, the service does offer commission-free trading, so it’s important that you become familiar with the applicable fees before joining the platform.
Although the fees—as a whole—-are very minimal, you’ll still want to know the fees ahead of time, whether you’re an active day trader or a long-term investor with years to hit your investment goals!
As mentioned above, Questrade is free to use. Free users have access to commission-free ETF purchases, although selling ETFs will cost 1¢/share. IPOs are free to buy, although they have a minimum purchase requirement of $5,000.
Snapshot quotes are included for free.
Most transaction types of Questrade incur some type of fee, often with a minimal fee requirement. Stock trades cost 1¢/share; options cost $9.99 per trade (plus $1 per contract).
Other types of trading—such as forex trading—will incur additional fees as well. Users will also be responsible for a currency conversion fee (if applicable).
Questrade users have access to limited stream data (Options, Level 1) for $19.95 CAD/month, but advanced data packages will cost $89.95 per month. U.S. exchanges and Canadian exchanges are offered as separate packages.
Although Questrade does offer competitive pricing, most trading fees have minimum requirements. More advanced services like forex trading are offered via a separate platform, the educational resources aren’t particularly expensive, and the service could use more native trading tools to help users reach their investment goals without needing to use partnered services.
Is Questrade Right for You?
If you’re a Canadian citizen who’s been considering various online brokers and investment dealers, Questrade is definitely an appealing option. As long as you have a valid Canadian address, this platform can certainly help you reach your financial goals.
With low fees, a wide variety of supported asset types, the option for Level 1/Level 2 data, and a UI for nearly any type of device, we think Questrade has more than earned this positive review.
Click here to try this platform out for yourself!
Get Started With Questrade