Questrade Review 2022: Canada’s Best Discount Brokerage

If you are curious about investment and trading platforms you can trust, then this Questrade review will be useful to you.

Questrade offers a web-based platform that is intuitive and easy to use. It also has an excellent mobile application for iOS and Android, though its mobile App Trading is only available to clients who hold an account with Questrade.

Questrade is a strong discount broker that allows you to trade stocks, options, mutual funds, ETFs, and bonds. If CFDs or forex are your primary concern, then they have separate platforms for those, too.

Stick around and we will tell you all you need to know.

What Is Questrade?

Questrade is a discount broker that allows you to trade stocks, options, ETFs, bonds, and mutual funds all from the comfort of your home. In addition, CFDs or forex are also traded, but they have separate platforms specially designed for them by Questrade.

With Questrade, you get to utilize a web-based platform that is intuitive and easy to use. It also has an excellent mobile application for iOS and Android. Its mobile App Trading is only available to clients who have an account with Questrade.

If your intention is to avoid restrictions put on investment holders at banks, then Questrade is the choice for you. It is also a viable option if you wish to avoid fees that are on the high side. With its portfolio builder option (which is automated), you can access services that are flexible and convenient.

Questrade Pros and Cons

Questrade Features

Questrade Products and Services

There is a litany of options when it comes to trading and investment on Questrade. Keep in mind that some Questrade services require different platforms for you to use them. These offerings are:

• Foreign equities through live broker
• Stocks
• Mutual funds
• Bonds through live broker (minimum amount is $5,000)
• Transaction on precious metals
• Multi-leg/simple alternatives
• Initial public offerings aka IPOs (minimum amount is $5,000)
• You can engage in forex and CFDs (this is done on a separate platform)

Questrade Portfolio Analysis

When you’re trading, it’s important to know exactly where you stand. They make it easy to keep track of your account activity, balances, and positions with their platforms’ portfolio analysis features.

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.

Also, if you want a trading journal to track your gains and losses, Questrade does not have those built into their platforms. But there are some great third-party applications out there if that’s something that interests you.

Questrade Research Features

Questrade’s clients can research stocks using a news feed on all the latest trends in the business and investment world. In addition, clients have access to 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 utilize Intraday Trader. This is basically 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). Pretty smart technology, isn’t it?

Questrade Educative Features

Questrade has a straightforward interface, but it doesn’t have the support you might need to get started. There’s a Help & How-To section with answers and solutions to popular questions, but it’s not very easy to navigate and you’ll probably get frustrated if you are looking for answers through them.

Questrade also has a YouTube page that has some helpful videos, but these are hard to find too (and if you’re looking for live events or webinars, you’re out of luck).

Questrade Account Options: Self Directed Trading vs Robo-Advisor

Are you a do-it-yourself kind of person who likes to keep control and make decisions? If so, a self-directed investing account is probably the right choice for you. 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.

If you prefer to have someone else make the decisions, then a passive investing account might be right for you because Questwealth Portfolios chooses a selection of ETFs for you based on your own investment goals and risk capacity. To start investing with Questrade or Questrade Portfolios, you need a minimum of $1,000.

Here are some features and facts about Questrade accounts that you should keep in mind:

• The dividend reinvestment plans are something you can join.
• If you are looking forward to using the stock loan program, you are not in luck. Unfortunately, this feature is not available on Questrade.
• Cash balances don’t have interests paid on them.
• Portfolio margining is a feature that is not available on Questrade.

To learn how to get the best out of your ETFs, check out our article on the best dividend ETF in Canada. You can also learn more about Questwealth Portfolios.

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 customize your charting, quotes, research tools, and watchlists. Order entry defaults are also available if you’re a fan of customization features.

Plus, with Questrade, you’re always getting more than you pay for. Both of their desktop platforms include streaming quotes and data, but you have to pay to access these services.

If you’re looking for more customization options, more 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 customizable options like hotkey functions and charts as well. Saving advanced layouts is also possible.

If you are a Forex trader, then you will need a Questrade platform that is different from IQ Edge and Questrade Trading. The platform has impressive customization features. You will also get charting and mouth-watering access to eight CFDs and well over 55 currency pairs. Quite interesting, isn’t it?

The S&P 500, and West Texas Intermediate (WTI) Crude Oil are just some of the CFDs covered (not to mention the Dow Jones Industrial Average). The others are Gold, Silver, Copper, Natural Gas, and Corn.

Questrade Fees and Costs

Keep in mind that the standard pricing which is $0.01 per share with a minimum of $4.95 and a maximum of $9.95/stock (or 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 a customer when they generate $399.95 in commissions in a 30-day period.

Other peculiarities of the 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 covered call trade of five hundred shares (including 5 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 carried out.
• 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.

Questrade Customer Service

• There is no proper FAQ section on Questrade’s website
• On the website, there is an online chat for people who want to sign up or current customers
• As long as market hours are still on, live brokers are available
• It may take anywhere between 1-3 days to get a reply if you send them an email

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 up to $10 million if something goes wrong.

Plus, Questrade will even reimburse 100% of losses related to unauthorized account transactions.

How To Sign-Up On Questrade

It’s as easy as ABC to sign up on Questrade. Just have the following information available, and you will be ready to go in no time.

• Your phone number
• Your email address
• Your Questrade login and password
• Your social insurance number
• Employment info
• Government-issued photo ID
• Your full name and home address

Don’t forget to transfer funds from your bank account to your Questrade account to complete the process.

How Questrade Compares To Other Discount Brokers

There are several online discount brokers available in Canada. Some of the very best that can rival Questrade include BMO InvestorLine, TD Investing, National Bank Direct Brokerage, and Qtrade Direct Investing.

The table below compares the brokers mentioned and displays their key differences/similarities:

Our Final Thoughts on The 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 advice is top-notch as well, with access to dedicated advisors who can save you time and do everything they can to ensure you succeed. Investors are well-served as well, 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 to use. Your desires and your pocket will determine your platforms of choice.

If you’re not convinced, you can check out our article that covers the Questrade vs Wealthsimple debate. You might end up going for Wealthsimple instead

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 who are 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 of the tools that I need 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, which has comprehensively been discussed in this article, 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 that does not come with a lot of complexity.

Can I Buy Stocks on My Mobile App?

Yes, of course. It’s 2022, 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).