Questrade Review 2021

  • Excellent platform and tools for investing on a budget
  • Low or no fees and easy-to-understand fee reports
  • Many account options for every type of investment

Get $50 cashback and a $150 transfer value when you sign up - Claim this offer

Questrade is a broker in Canada that first opened in 1999 to give Canadians an alternative to central banks for their investments. The brokerage firm offers many incentives to open an account, including access to the company’s website platform. Questrade’s website offers all the primary services of a big bank or financial institution, including electronic funds transfers, stock trading, mutual funds, exchange-traded funds, and bonds. Specialized services include GICs (guaranteed investment certificates), IPOs (initial public offerings, forex, and precious metals). Check out more details in our Questrade review.

What makes Questrade a Good Option?

If you’re new to Questrade, you’ll find it’s easy to set up an account on the company’s website. Several videos introduce the company’s options and offer, including Questrade’s available platforms and tutorials on transferring your funds from an existing account with a bank or another brokerage. The online trading platform offers two options for your desktop and a mobile app, so you can make quick transactions and access your account reasonably easily.

To open a Questrade account, all you need is a Canadian address and a few documents to verify your identity and residence in Canada. All the details you need to get started are outlined on the company’s website, so you can get started right away and open an account within minutes online. Once you’re registered, you’ll find navigating through the website reasonably easy, as you’ll have the option of viewing tutorial videos and step-by-step assistance for all your investing needs. There is a web-based platform and a downloadable option called IQ Edge so that you can conduct the research and compare funds before you invest.

Each platform offers manual updates on details, which may need to be reloaded to view current quotes, as they update these details often. The mobile version of the platform offers much of the same features as the desktop website, which is reduced in size and options to fit your device while giving you many options on the go.

The Pros and Cons of Questrade

To summarize our Questrade review, here are some pros and cons that can help you decide if Questrade is right for you.

Questrade has lots of significant advantages, as well as some drawbacks to keep in mind before you join. One of the most important criteria needed to open an account requires that the account holder is a Canadian citizen with an address in Canada. There are significant restrictions to who can open an account with Questrade, even if you are a Canadian citizen, including not opening an account on behalf of U.S. residents who are Canadian.

Pros or Advantages of Questrade

If you’re a citizen and resident of Canada, you’ll find many good reasons to open an account with Questrade. One of the initial benefits you’ll notice is the reasonable fee structure, which helps you avoid the restrictions and high charges associated with central banks. The company is one of the most flexible platforms for investors in Canada, so you can learn and build a portfolio as you invest and without paying a ton in fees.

Low or no fees and easy-to-understand fee reports

Many banks charge fees for every account and investment product, from user fees and monthly charges to transactional fees that can quickly add up to $25 or more each month. TFSA (tax-free savings accounts) and RRSP (registered retirement savings plans) can be easily set up with Questrade without any fees, which the company waives, unlike banks that charge regularly.

Fee reports are generally easy to read and understand. The website’s search function is good and offers clients access to any information without going through numerous screens and options to get there.

Excellent platform and tools for investing on a budget

Questrade is one of the top trading platforms for Canadians who want to invest on a budget. There are no fund fees charged for mutual funds, and all stock and ETF fees are low. There is no minimum deposit available, and the registration process is fully digital, so you don’t have to visit a branch or store to complete paperwork in person. If you need to withdraw funds from one of your Questrade accounts, there is no fee for this service, and your funds can be automatically deposited by bank transfer or electronic wallets for ease of access.

There is no minimum amount needed to open an account, though you’ll need to accumulate an amount of at least $1,000 before you can invest. The zero minimum requirement can be a great incentive for someone new to investing to start somewhere, even if it takes a while to build their balance and start a portfolio.

Solid learning tools, including tutorials and videos

A significant advantage of the company’s overall profile is its solid learning tools. You’ll find everything you need to know, even if you’ve never traded before, and gain confidence quickly. The tutorials and videos are also simple to follow, so you won’t have to read through numerous documents or manuals to get an idea of how trading and investing works.

Another significant benefit of registering with Questrade is the user-friendly platforms, both desktop, and mobile apps, which allow you to feel confident in trading, even if you’re new to investing and learning as you navigate the website. Questrade does an excellent job of informing new and intermediate investors on how to trade, which is an attractive feature, along with the low trading fees compared to Canadian banks and brokers.

Many account options

Suppose you’re uncertain of which investments or account types to register for initially. In that case, Questrade offers many different options, so you can get the most out of learning about their benefits before you make a choice. It’s also reasonably easy to switch accounts or open a second or third account once you’ve established a profile on the company’s site.

Cons or Drawbacks of Questrade

Considering the ease of using Questrade’s website, the ability to learn and research while avoiding many fees, are there any drawbacks to using Questrade’s products? There are a few disadvantages, which are essential to note to make an informed decision about your account options.

Limited research options on the company’s platforms

Research options are limited, which means you may not get all the information you want before making a firm decision or investment in a specific financial product. The company’s online screeners simplify data for stock options where more technical information isn’t available. This limitation may require additional online searches, which can be inaccurate due to the outside source or data collected on the specific fund type. While Questrade is an excellent source of investment options, some clients may feel hesitant due to the limited offerings on the company’s website.

Additional fees for real-time streaming subscriptions

Real-time quotes are only available through a subscription, which requires an extra fee. All Questrade investors have access to quotes, though the online platform needs to be reloaded or refreshed to see the accurate price. With streaming, which requires a subscription, is an excellent benefit, though it’s a drawback for those who don’t want to pay additional fees for real-time quotes. The cost for the real-time streaming service varies depending on the data level, which ranges from $19.95 to $89.95. While some of these fees can be offset by commission earned from trading, it can be off-putting for new investors.

No Minimum Requirement, but $1,000 is needed to invest

While Questrade offers no minimum amount to open your new account, you’ll need to grow the balance to at least $1,000 to avoid a quarterly fee of $24.95. This fee applies to any accounts with a small balance or no activity for an entire quarter. If you’re uncertain about when you’ll have a sufficient amount to begin investing, which requires a minimum of $1,000, you’ll likely be stuck paying low or no-activity fees every quarter, which can add up over time.

Platforms are a bit outdated

Another concern among Questrade users is that the platforms for both desktop and mobile apps are outdated, though this doesn’t impact their effectiveness. Fortunately, Questrade is committed to continuously improving its platforms, which are versatile now, and easy to use. There are also fewer options to customize your account or the layout of the platforms, which can be an issue for viewing charts and research. For most customers, especially those who subscribe to real-time streaming, the outdated appearance of Questrade’s website is not an issue.

Verifying documents to open an account and payment options

Although setting up your new Questrade account is entirely online-based, you’ll need to send in verifiable documents, which can take a bit of time to process before your account is opened. Canadians must have a valid social insurance number, and the turn-around time frame for setting up new accounts is a bit slower than average.

Payment options are a bit limited, especially for clients who want to invest their funds through an e-wallet or alternative funding source. Debit and credit cards are widely accepted, which works for most people, and in time, there may be the option to use other payment methods.

Questrade Quality of Products and Services

Questrade offers customers a self-directed platform for investing, which can seem intimidating for some until you learn about each product, its features, and what works best for your income, knowledge, and financial budget. Fortunately, Questrade offers many tools that make it easy and less uncertain for new investors to choose which types of products and services are a good fit for their investment goals.

What does Questrade offer when you sign up? Once you have at least $1,000 in your account, you’ll have a wide variety of fund products to consider. The most exciting option for investors is stocks, which offer some of the most outstanding returns in growth, along with a higher risk, with dividend income and the ability to own shares in a company. Exchange-traded funds focus on tracking specific indices or industries, with the option to expand your portfolio with high diversity.

The Company’s Range of Products and Services

Stocks and ETF (exchange-traded funds) typically charge small or no fees to invest, which makes the opportunity attractive once you’re willing to understand and accept the risks. The potential for high growth is one of the best features of these products. Self-directed investing gives you the ability to buy and sell while enjoying the flexibility of this service. Foreign exchange benefits allow for global investments with quick results.

GICs (guaranteed investment certificates), mutual funds, TFSA (tax-free savings accounts), RRSPs (registered retirement savings account), bonds, precious metals, and other everyday products compared to other brokers. The products are exceptional in quality. Whether you choose the basic version or real-time streaming, the platform’s services offer a lot of helpful avenues to research and understand more about the specific products that fit best for your portfolio.

Questrade’s Fee Structure

There are a few free options to consider when you open an account at Questrade. The company doesn’t require an annual fee for your account, though commissions on trades vary depending on the funds and amounts you buy and sell. Traders have an excellent level of control over their accounts and how much they pay when they buy, sell, and other options available, making the earning potential high while learning more about which options yield the best results.

Stocks trade at a low cost of $0.01 per share, with the minimum purchase requirement of $4.95 and a maximum of $9.95. Each trade requires a fee of $1.00 per contract, which makes the highest amount for Options Trades $10.95. ETF trades are commission-free, which is an attractive feature for some investors.

High-volume Trading Fees

If you’re planning on making a high volume of investments and trading frequently, there’s a unique fee structure known as the Questrade Advantage plan. This plan offers access to some great benefits once you purchase the advanced market data package, which gives you the live streaming feature for real-time quotes, and the option to choose between two plan types: fixed or variable. 

The fixed-rate plan is ideal for trading stocks at higher volumes over time, and you’ll pay a flat rate commission fee of $4.95 with a contract charge of $0.75. The variable model or plan offers $0.01 stock trades with no minimum amount of fee and a cap amount of $6.95 and $0.75 per contract. The primary benefit of both plans allows investors to buy ETFs without paying any fees.

Are Questrade’s investment products and services insured?

You can rest assured that Questrade is a safe and secure company to invest your funds. The company is regulated by the IIROC (Investment Industry Regulatory Organization of Canada), which means your Questrade accounts are insured up to $10 million (per client, not account). For additional protection, there is the option of private insurance to protect an additional amount of $1 million for each account insured through CIPF (Canadian Investor Protection Fund). These types of insurance offer protection in the event Questrade filed for bankruptcy, or a similar event occurs.

It’s also important to read about each account type and investment option to be well aware of each decision’s risks. Before you consider adding the extra insurance option, if desired, always read the limitations and benefits of this product, and make it an option if you intend to trade a high volume of funds.

Security and Safety in Questrade Accounts

Is it safe to invest in Questrade and use the services on online platforms? Questrade offers a safe website encrypted accounts where all your data is securely stored. Before you make a purchase, sale, or trade online, DigiCert is a feature that alerts you that it’s safe to process a transaction so that you can be confident your account details are protected at the highest level. While the login feature is well protected, there is no two-step verification process, which may be an issue for some clients who want that extra layer of security.

You’ll receive alerts with potential activity considered suspicious, with the date and time of your last log in. Biometrics is another feature that ensures only you have access to your Questrade, which is especially important for mobile apps. You will save time on security questions when you chat or call to speak with a customer service representative using a PIN or security code. In addition to all these security features, which offer more than enough protection, Questrade offers a 100% guarantee on your accounts’ security, so you know they take this matter seriously, and your funds are safe.

Promotions and Discounts

Questrade offers attractive promotions, discounts, and features for new accounts and clients opening their first investment account. One of the most popular offers is the $200 Questrade Coupon, which offers $50 cashback and a $150 transfer to enjoy this value. You’ll find stock coupons on various websites with investment offers and discounts, including stockcoupons.com and walletbliss.com. It’s worthwhile to review and search these sites, including Questrade’s platforms and other reputable trading websites.

Questrade Customer Service: Is it Good?

In addition to our Quuestrade review, there are mixed reviews about Questrade’s customer service, based on reports of clients who use the website regularly. In some experiences, customer support to assist with products and services is overall positive, though not all items or issues are adequately resolved as expected. Other feedback about team support for customers mentions there are sometimes issues with getting the correct, accurate information for reading investment activity reports and fixing technical issues associated with the website.

While the general experience of customer service is positive on the surface, with a polite demeanor and intentions to help customers, though there are deficits in the level of satisfaction provided to resolve or repair items in comparison to the level of expertise expected from Questrade’s support, it’s important to note that while there is room for improvement in assisting customers with their trading experience, and understanding reports and services offered from the company, there is also an inconsistency in completing documentation and requests that include funds transferred from your bank or another financial investment account to Questrade, and a lack of clarity or timelines in completing a task.

Suppose you’re looking to do business with Questrade, and register for a new account. In that case, you may want to set the expectations that customer service may need some following upon, especially where tight deadlines and urgent attention are needed. This is especially important if you’re new to trading and prefer additional support to carefully navigate through the website’s options and get familiar with how the mobile app and platforms work for you.

One of the best things you can do, once you set up your new Questrade account, is to provide feedback where you can, as this will give the company an idea of where they can improve on their ability to support customers. This feedback effectively focuses on their online and phone-based support reputation while improving their overall plan of action for every situation. It’s also essential to provide as much detail to customer service reps. Hence, they have as much to work with to resolve the matter and provide feedback and comments wherever possible on your experience with them.

How Easy are Questrade’s Website, Platforms, and Mobile Apps to Navigate?

Many people enjoy the user-friendly platforms for Questrade, available for desktop, download, and mobile app. The company regularly updates its apps and provides excellent resources that are easy to navigate and understand. One of the best tools on the company’s platforms is access to research and information to create a sound investment strategy for your personal and financial goals.

Questrade offers access comparable to leaders in the trading industry, such as TipRanks and Trading Central. Once you become familiar with a few markets or lists of funds you want to follow, to track progress and performance, the platform provides the feature to create “watchlists” to stay on top of those personalized lists so that you can stay on top of any significant changes and monitor activity anytime.

While there are additional features, including real-time streaming, that require an extra fee to access, you’ll find a lot of information at the beginner’s level to build confidence for your first self-directed investment experience. Questrade provides the best knowledge, access to research, and learning tools and tutorials to access the real-time market to make informed decisions.

Online Platform and Mobile App

There are two types of desktop platforms: web-based and downloadable. Both options offer all the tools you need to achieve your trading goals. Questrade is compatible with Android and Apple products so that you can install the company’s mobile app on any Android running at 5.1 or higher and Apple devices at iOS 10 or higher. Many platforms have both desktop and mobile options, while some individuals constantly on the go may stick mainly with the mobile app options for the bulk (or most) of their trading activity.

While the mobile app offers nearly everything you need to start investing with confidence adequately, the desktop platform layout offers more extensive information and details, which is ideal for beginners who may need time to research in-depth before making a firm decision on investments. If your smartphone isn’t compatible with the mobile app, you can easily log in, use the web-based platform from the browser, and conduct your trading anywhere. The mobile app from Questrade is free, without any fees for its use, which makes it an attractive feature to add to your phone.

The web-based platform and other online versions of Questrade’s online system offer a wide range of services that are easy to find with just a few clicks from the home page. It’s considered one of the most robust trading platforms for all levels of trading, offering an “all-in-one” product that allows you to monitor your accounts and trades carefully, so you have a full spectrum of services and product options for your individual goals.

Not Sure if Questrade is Right for You? Alternatives to Consider for Self-directed Investing

Are you looking for an alternative to Questrade? If you don’t feel this company is right for you, there are many alternatives to choose from to set up your investment portfolio. While Questrade is considered one of the best trading platforms for Canadians, it’s restrictive. It doesn’t allow Canadians living abroad or individuals from other countries to set up an account and begin trading.

Questrade is ideal for Canadian and U.S. markets, though registration and setting up an account for trading is only permitted for Canadians who reside in Canada. If you’re a beginner looking for a comparable user-friendly company for investing, Q-trade offers a similar platform focusing on the same markets. RBC Direct Investing is another option that’s similar to both Q-trade and Questrade, offering access to the same markets and investment portfolios.

If your goal is more research-focused with state-of-the-art trading platforms and many tools to find all the information you need, TD Ameritrade is a great option to consider. Fineco Bank is also highly recommended to traders who want to maximize their resources through the online platform and establish confidence in self-directed investing.

When choosing an alternative company to Questrade, it’s essential to compare the features that mean the most to you as an investor. For example, suppose mobile access platforms are your preferred method of trading. In that case, you’ll want to find a company that offers a user-friendly and secure system that’s compatible with your mobile device. Fee structures, incentives, sign-up promotions, and other factors are also essential to consider so that you can gain the most out of your decision.

Summary: Is Questrade a Good Trading Platform to Recommend?

Overall, Questrade is a decent company to set up an account for trading for all experience levels. It’s a great platform that we recommend for Canadians looking to start a new trading account and enjoy all the perks of learning, researching, and earning potential without high fees and monthly charges. While Questrade is limited in the client base they serve, it’s ultimately a good option for Canadians, which gives them exclusive access to a platform that’s versatile and easy to use for all levels of investing.

In weighing all the options, including the pros and cons, Questrade is a great starting point for many new investors and seasoned traders alike. The company appears to strive towards making improvements, even where some areas are a bit behind and take a while, such as additional platform features and customer service’s ability to resolve more issues fully and timely. It’s also an inexpensive way to put your money into the market, which makes Questrade an excellent company to start with, and you can always switch later if there is a better option suited to your investment strategy.

The Last Word on Questrade Review

Questrade is a great company in many ways, despite some of its weaker points or areas of improvement. It’s a fantastic business to begin your investment journey, whether you’re new to the world of trading or looking to shift from a broker-managed account to self-directing your investments and taking greater control of your assets.

Questrade differs from traditional banks and brokerage firms in that it offers clients a long-term focus on their investment experience. The company promotes educational tools, alerts on upcoming markets and changes, and supporting clients in their analysis and strategies for solid trading. It’s a company that goes beyond setting up an account and aims to build a relationship through webinars, educational tips, and suggestions from the very start.

It’s also rated one of the top trading platforms in Canada, so you know you’re in good hands when you start your investment journey with Questrade. If you’re new to the world of trading, take the time to learn as much as possible and take advantage of all the tools, reports, and comparison charts that Questrade has to offer so that you’ll maximize your potential from the beginning. The company’s platform system is also designed to cater to both new and experienced investors, so you can start your trading while connecting to other investors who know how to make the best decisions for their financial goals and find innovative ways to make your experience a success.

You might also like…

FAQs about Questrade

What is Questrade?

Questrade is a Canadian broker that allow for investments besides central banks. It offers similar services as banks and other financial institutions such as fund transfers, stock trading and bonds.

What makes Questrade a good option?

Questrade has a considerable fee structure compared to central bank’s high charges. It is also very flexible which means you can build an investment portfolio at little cost.

What is the cost for Questrade?

Stocks trade start at least $0.01 per share, with the minimum purchase requirement of $4.95 and a maximum of $9.95. Each trade is charged a fee of $1.00 per contract, which makes the maximum amount for Options Trades of $10.95.

Are Questrade's investment products and services insured?

Not to worry, Questrade ensures that all your investments are safe and secure. It is regulated by the Investment Industry Regulatory Organisation of Canada (IIROC) which means you get $10 million worth of insurance for your Questrade account.

How do I open a Questrade account?

It’s simple to open a Questrade account, you will need to verify your identity and must be a Canadian resident. Just go on the company’s website and start you application online.

You may also like

Anyone who owns anything needs insurance and, therefore, might find this APOLLO Insuran...
If you’d like to boost your productivity, this Shift review may hold the answers you ne...
If you’re unsure where your credit score stands, this Borrowell review might be helpful...
If you’re looking for a financial services provider offering easy personal loans, this ...
People rely on loans when they need money today, but they will have to pay back the loa...

Car loan?
Personal Loan?

Top deals await you just a short
application away!