Questrade Review 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
Feb 27, 2023
Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
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4.5/5

4.5 rating based on 5 ratings

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In a nutshell: Questrade is a Canadian brokerage founded in 1999 that offers investment services to Canadian citizens with a valid Canadian address.

As one of the discounter brokers, Questrade aims to offer competitive pricing & fees to its clientele. As one would expect, the platform offers everything the active trader would need access to, including support for various asset types (such as stocks, mutual funds, and precious metals), market intelligence, a desktop version, a mobile platform, and excellent customer service.

If you’re a Canadian citizen who’s been looking at various online brokerages, you might be wondering if Questrade could be a good option for you. Find out below in this Questrade review!

As low as 1¢/share (stocks Free (buying ETFs)
1¢ per share (selling ETFs)
$9.95/trade + $1/contract
(Options)
$19.95/mo (Real-Time Options)
$89.95/mo
(Advanced U.S. Streaming)
$89.95/mo
(Advanced CDN Streaming)

Questrade is best for…

Canadian investors who want access to self-directed investing services with lower fees (compared to alternative trading platforms). Although investors will still be responsible for a currency conversion fee, Questrade trading—in general—does a good job at offering affordable trading commissions.

The service is good for average investors in general, but there is a major caveat: you will need a valid Canadian address! Simply being a Canadian citizen isn’t enough. This means that while Canadian residents will be able to open an account, Canadian citizens with a U.S. address will not.

Pros & Cons
Pros
  • Supports multiple asset types
  • Offers tax-free savings account
  • Established in 1999
Cons
  • Forex/CFD requires separate platform
  • Expensive market data packages
  • Requires Canadian address

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.

External Questrade Review & Ratings

SiteRating
Comparewise5
Greedy Rates5
Savvy New Canadians4.7
Broker Chooser4.5
Fortunly4.5
Benzinga4.3

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.”

Features

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.

  • OptionsPlay
  • Quantcha
  • Trading Diary Pro
  • VectorVest
  • YCharts

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!

Free

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.

Paid

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.

Limitations

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!