Questrade is Canada’s largest independent online brokerage that offers many investment options, including stocks, options, ETFs, bonds, mutual funds, precious metals, and GICs.
The broker offers flexibility, convenience and a portfolio builder feature that automates your investment process. While CFDs and forex require separate platforms, Questrade offers many other investment services, making it an attractive alternative to the big banks for Canadian investors.
This comprehensive Questrade review covers all aspects of the Questrade platform, including its features, fees, pros and cons, and how it compares to other brokerages in Canada.
Stick around to learn more, and I’ll provide you with an unbiased and professional Questrade Review to help you decide if it’s the right choice.
Pros, Cons, and Key Takeaways for 2024
- Free tax-loss harvesting
- Low management fees
- Several investment options
- Automatic portfolio rebalancing
- Active management
- Ease of use
Questrade is one of Canada's best independent online brokerages that offers an intuitive web-based and desktop-based platform, IQ Web and IQ Edge. It provides access to various retirement account options. It offers transparent pricing with commission-free trades and discounts available for active traders. There are no annual fees, and Questrade accounts can only be opened by Canadian residents, but accounts can be held in US or Canadian dollars.
- Low Trading Fees
- Socially Responsible Investing (SRI) options
- No Inactivity Fees
- The mobile app and web pages are easy to navigate
- The research tools are limited
- If you want quotes to be streamed in real-time, you will need to subscribe
- Minimum investment requirement ($1000)
Questrade Products Offerings and Services
Questrade offers a long list of options for trading and investments. Some of these services may require different platforms for you to use them. These products are:
- Foreign equities through a live broker
- Stocks
- Mutual funds
- Bonds through a live broker (minimum amount is $5,000)
- Transaction on precious metals
- Multi-leg/simple alternatives
- Initial public offerings (IPOs)
- You can engage in forex and CFDs (this is done on a separate platform)
> Check out the full list of Questrade products
Questrade Portfolio Analysis
When you’re trading, it’s important to know exactly where you stand. Questrade makes it easy to keep track of your account activity, balances, and positions with their platforms’ portfolio analysis features, helping you to track your portfolio.
Questrade Trading and IQ Edge provide snapshots of your account balances and positions in real-time, not to mention your buying power, too.
Arranging widgets for optimal display of balances and account activity is a feature you can enjoy on IQ Edge. This way, you can access and assess information at a glance.
Related: Best Trading Platforms in Canada
Questrade Research Features
Investors can research stocks using a news feed that provides all the latest trends in the business and investment world.
You can access research reports from Morningstar’s Market Intelligence on assets traded on TSX (Toronto Stock Exchange), NYSE (New York Stock Exchange), NASDAQ (National Association of Securities Dealers Automated Quotations), and other big North American markets. It is also worth mentioning that technical or statistical criteria are not provided on the research feeds.
Traders can utilise Intraday Trader. This is a pattern recognition software that digs out patterns across market histories and informs the trader if these patterns surface again (especially if these patterns can potentially provide profitable outcomes for traders).
Pros and Cons of Questrade Research
Pros
Questrade Educative Features
Questrade provides educational content for investors in different formats. There’s also a “Help & How-To” section with answers and solutions to popular questions about investing.
Questrade also has a YouTube page that has some helpful videos.
Pros and Cons of Questrade Education
Pros
- Access to a demo account
- Trading platform tutorials are available
- Educational videos provided
Cons
- The educational section is challenging to navigate
Questrade Account Options: Self-Directed Trading vs Robo-Advisor
If you are a “do-it-yourself” investor who likes to keep control and make decisions, the Questrade Self-directed investing account is probably the right choice for you.
Here, you choose which stocks or bonds to buy and how much you want from each asset class in your portfolio. Everything is up to you.
However, suppose you prefer to have someone else make the decisions. In that case, a passive investing account might be right for you. Questrade Portfolios chooses a selection of ETFs based on your investment goals and risk capacity.
To start investing with Questrade or Questrade Portfolios, you need a minimum of $1,000.
Related: Best Dividend ETF in Canada.
Questrade Trading Platforms and Experience
Questrade offers two trading platforms for desktop computers and a mobile app for trading on the go.
With Questrade Trading (the web-based platform), you can customise your charting, quotes, research tools, and watchlists. Order entry defaults are also available if you’re a fan of customisation features.
Their desktop platforms also include streaming quotes and data, but you have to pay to access these services.
If you’re looking for more customisation options, features, and a downloadable platform that’s great for active traders, then Questrade’s IQ Edge is the platform for you. It has advanced order types and customisable options like hotkey functions and charts. You can also save advanced layouts with the IQ Edge.
Pros of Questrade Web Trading Platform - Intuitive and user-friendly interface | Pros of Questrade Mobile Trading Platform - Intuitive and user-friendly interface |
Cons of Questrade Web Trading Platform - Lack of a transparent fee report |
Questrade Customer Service
Questrade offers excellent customer service, characterized by courteous staff providing prompt and detailed responses across various channels. However, it’s worth noting that customer support is not available 24/7.
Pros
- Phone Support
- Live Chat
- Fast Response Time
Cons
- No 24/7 Support
Questrade Fees and Costs
While some online brokerages in Canada charge between $50 and $100 annually as maintenance fees for your RRSP or TFSA, Questrade charges no annual fees. If you meet the balance requirements for Questrade, you won’t have to worry about paying annual fees or inactivity fees for your account.
Furthermore, the standard pricing is $0.01 per share, with a minimum of $4.95 and a maximum of $9.95/stock (ETF transaction). When a Questrade client purchases an Advanced Data Package, active trading pricing is automatically activated.
The Advanced-Data Packages are $89.95 (specifically in Canada). If you generate a 30-day commission of more than $48.95, you get a $19.95 reimbursement on the fees of the package. A total reimbursement on package fees is given to customers when they generate $399.95 in commissions in 30 days.
Other special costs include:
- Check fees cost $50
- The cost of opening or shutting down an order of a solitary share is $4.95. As for the cost of opening or shutting down a thousand shares, $9.95 is the cost.
- ETF positions are free of charge in terms of opening them, but shutting them down draws the normal commissions expected.
- The fee for the commission of option base to open and close is $9.95.
- The fee is $1 for options per contract.
- For 50 contracts, the fee is $59.95 only.
- The fee for a covered call trade of five hundred shares (including five contracts) is $19.95.
- The fee for the assignment/options exercise is $24.95 only.
- As for mutual funds, the fees are $9.95 for every transaction.
- There is no fee for account closure.
- For a whole transfer, the fee is $150. But for a partial transfer, $25 is the cost.
- As for wire fees, it is $20 in Canadian dollars ($30 for the US dollar and $40 for the rest of the world).
- Account statements (confirmations of paper trade) are $20.
- As for live brokering, the fee is $45 only.
- The Advanced Data Packages cost $89.95 Canadian dollars for the Canadian package on Questrade.
Pros and Cons of Questrade Fees
Pros
- Affordable non-trading fees
- Low fees for stocks and ETFs, with the added benefit of free stock trading
- Competitive fund fees
Cons
- Significantly high margin rates
Is Questrade Safe?
Yes, Questrade is a safe broker.
The company holds over $25 billion in customer assets and is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Questrade is also a member of the Canadian Investor Protection Fund (CIPF), which means that your account is insured for up to $10 million if something goes wrong.
Plus, Questrade will even reimburse 100% of losses related to unauthorised account transactions.
How Questrade Compares To Other Discount Brokers
With a history dating back to 2000, Qtrade Direct Investing is among Canada's oldest trading platforms, catering to beginner and advanced investors with equal aplomb. Its intuitive design and well-thought-out interface make it an excellent choice for novices, while its advanced research tools cater to the needs of more experienced investors.
There are several online discount brokers available in Canada. Some of the best brokerages that can rival Questrade include BMO InvestorLine and Qtrade Direct Investing.
The table below compares the brokers mentioned and displays their key differences/similarities:
Features Questrade Qtrade Direct Investing BMO InvestorLine Basic stock trading commission 1 cent per share ($4.95 minimum/$9.95 maximum) $8.75 $9.99 Minimum non-registered account size for inactivity fees None $25,000 for all accounts or 5 other conditions or $50/month deposit for Young Investors $25,000 for RRSPs $10,000 for non-registered Mobile app/website availability Yes Yes Yes
Final Thoughts on Questrade Review
Questrade offers a lot of value to its clients. With low commissions and rebates, active traders are well-positioned to execute their trades at a discount, which goes a long way towards helping them make money.
The platform is top-notch, with access to dedicated advisors who can save you time and do everything they can to ensure you succeed. Investors are well-served with solid tools such as free ETFs and access to a digital advisor service.
Overall, you should have a fulfilling experience using Questrade if you know the right platforms. If you need more convincing, you can check out our article comparing Questrade vs Wealthsimple.
FAQs on Questrade Review
What Trading Technology Does Questrade Use?
Confidentiality about the routing of the orders on its platforms is something Questrade is very protective of. There is yet to be official or authoritative information on their routing.
Is Questrade Good for Beginners?
Questrade is a good broker for beginners, especially those interested in trading Canadian (and the United States) stocks and ETFs at fees on the low side. Its website and platforms are easy to use, though it has room to improve the scope of its educational content for beginners beyond platform tutorials.
Questrade’s desktop trading platform, Questrade Trading, is intuitive and easy to use. All the tools needed to place trades are on one page with no clutter. The platform integrates well with Questrade’s site, so I can easily manage my account from either location.
What Is the Best Online Broker in Canada?
Considering their low prices, innovation, and impressive customer service, Qtrade is a strong contender. Questrade could also lay a claim to the crown.
Ultimately, the best online broker account for you is the one that suits you best. So, study their differences and make your choice.
What Portfolio Should I Focus On With an Online Broker?
It all depends on what you want. If cash flow is your priority, then dividend investing is right for you. ETFs are also viable options if you are aiming for something with little complexity.
Can I Buy Stocks on My Mobile App?
Yes, of course. It’s 2024, and technology has made things super easy.
Whether on desktops or mobile devices, it is possible to be an investor on the go (if your investment platform has the capacity to let you be one).
