Questrade Independent Review: Features, Fees & Costs

Established in 1999, Questrade is a leader in the online trading and management of personal money. To this day, it’s still the largest discount broker and the fastest-growing online brokerage in Canada. They are responsible for $30bn in assets.

Questrade has been around for more than 20 years, having started in 1999. With over $20 billion in assets under management, the company created by Edward Kholedenko and three others is one of the fastest-growing online brokerage firms in Canada.

Since its inception, Questrade has competed head-on with the major banks. Still, it has leveraged its reputation as an underdog to its advantage.

Questrade has gained market share by providing its consumers with a comprehensive range of investing and trading tools at competitive prices. Although it does not provide banking services at the moment, it’s standing as a competitive Canadian financial organization is strong and increasing. In North America, Questrade was the first discount broker to provide zero-commission purchases of exchange-traded funds (ETFs) and $4.95 on trades. They have become the largest independent broker in Canada while maintaining its status as one of the most potent low-cost, and ideal internet brokers.

Investors who know that fees cut into profits are drawn to their business because of the significant discounts they provide. These astute traders utilize Questrade to their full advantage.

Several investing options are available via Questrade, a large brokerage firm. This comparison focuses mainly on the Questrade FX and CFD self-investing features.

Questrade provides user-friendly trading platforms for novice and seasoned investors alike. Their online, desktop, and mobile platforms are all built around the same theme to provide a seamless user experience across devices. This bargain broker can handle a diverse set of assets. Still, it’s up to the individual to take the reins and make all the necessary decisions.

With no physical premises to maintain, an internet broker can keep prices low. Their clientele benefit from these cost reductions in the form of inexpensive rates. With no annual fees and no commissions on ETF trades, Questrade continues to offer competitive pricing among Canadian brokers. Consistent traders who keep a certain sum in their trading accounts might take advantage of further discounts. Read the full broker compare review between Questrade & Wealthsimple.

Questrade Features & Services 

Regulations

Canadians can take advantage of their different foreign exchange trading and investing approaches. The Canadian Securities Administrators and the Canadian Investor Protection Fund have approved Questrade as a legitimate online broker (CIPF). More than 200,000 new accounts are established each year, making it the most significant discount brokerage in Canada.

As a participant in the Canadian Investor Protection Fund (CIPF) and the Investment Industry Regulatory Organization of Canada (IIROC), Questrade is committed to protecting its client’s interests (IIROC). Regarding Questrade’s stock trading, ETFs, options trading, forex, CFD platform, equities, mutual fund trading, bonds, IPO Centre, and GICs, you can trust that the Questrade interactive brokers will treat you fairly, regardless of how frequently you trade.

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Account types

Any sort of trader may open a personal trading account with Questrade. It’s now possible for investors and traders to make informed, stress-free decisions based on their own financial objectives. Questrade’s options for self-directed investors are as follows:-

Individual Forex & CFDs

Access to a global financial market larger than Canada’s stock exchange is provided via personal foreign exchange and contracts for multiple accounts. Individual forex and CFD accounts provide traders with cheap transaction costs, strong liquidity, and the ability to trade 24 hours a day with exceptionally tight spreads.

Joint Forex & CFDs

A forex and CFD joint account provides traders the flexibility of a personal account and the potential rewards of a more significant market investment. Trading in the global financial markets with a group of two or three accounts helps spread the risk and reduce losses.

Tradable Assets & Securities 

Whether you want to consolidate your tax-deferred accounts or dividend-paying assets, Questrade can help. If you value ease of use and convenience, this is a must-have feature in an online broker.

You may put money into the following markets with a Questrade account:

• International and Canadian Stocks
• International and  Canadian ETFs (purchases are free!)
• Mutual Funds 
• Options
• Initial Public Offerings (IPOs)
• Currencies
• Guaranteed Investment Certificates
• Precious Metals

Fees, Costs & Spreads

The absence of costs for electronic communication networks (ECNs), inactivity, yearly use, and the absence of fees for establishing or closing an account are two of Questrade’s most appealing features for traders. Certain financial products may need a minimum trading charge or commission. While this is the case, most brokers have ensured their costs remain low.

That’s why many in Canada consider Questrade to be the best discount broker. Foreign exchange (FX) traders benefit greatly from Questrade’s policy of covering transfer fees up to $150 per account. Foreign exchange and exchange-traded fund (ETF) expenses can be reduced by exchanging a trader’s currency. One approach for traders to maintain their capital actively earning is to avoid paying high currency conversion costs. Questrade provides customers with three levels of market data packages: Basic, Enhanced, and Advanced.

If you have a Questrade account, you can get the Basic package at no additional cost. For an additional $19.95 a month, investors can gain access to real-time trade data streams and potentially save $19.95 on trading commissions once they’ve invested $49.95. The Advanced subscription costs $89.95 per month. It includes premium live streaming data, active trader pricing, and the chance to get a rebate of $89.95 after spending $399.95 on trading fees.

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In addition, the United States and Canadian markets each have their own specialized Advanced packages. However, the monthly fee is the same in both countries at $89.95. A second Advanced account can be added for a charge when you already have one. With the Advanced data package, investors may access fixed and variable fees for stocks, options, and ETFs. The fixed costs might add to significant savings when buying many stocks. On the other hand, the variable fee structure can help you save money if you’re just investing in a few companies.

Leverage & Margin

During market fluctuations, Questrade investors can use up to 1:40 leverage. CFDs allow for leverage of up to 6x when trading stock. Margin rates being made available might significantly affect transactions. When investing in stocks or CFDs on margin, you borrow money from your broker to purchase the security. It functions similarly to a loan and enables investors to acquire more holdings than they would otherwise. When opening a Questrade margin account, traders can use margin to trade without using all their available cash. Questrade’s margin requirements for various financial products are as follows:-

• Gold – 20%
• Silver – 30%
• Long position Stocks – 30% to 100%
• Short position Stocks – 30% to 100%
• Forex – 5% to 28%, depending on the currency pairs
• Commodity CFDs – 4% to 27% depending on the commodity
• Index CFDs – 7% to 20%, depending on the indices
• Stock CFDs – 15% to 50% depending on shares

Deposits & Withdrawals

You may use any Visa or debit card to immediately deposit into a self-directed account or a QuestWealth account with Questrade. Questrade requires a minimum deposit of $3500 for each trade. Instant deposits are quick and easy to make, allowing traders to quickly transfer cash and get to work trading or investing.

Wire and EFTs are two of the most common ways to withdraw money from Questrade. You should know that there are EFT fees and that the transaction might take up to 5 business days. However, although wire transfers are quicker, they come with additional costs because of their processing accounts.

Education & Learning

Questrade stands out from the competition because of its dedication to empowering its customers with the knowledge they need to make educated trading and investing decisions. Anyone new to trading or an experienced pro may benefit from Questrade’s wealth of instructional materials by exploring the many subject areas listed below. –

Questrade Basics

Questrade’s “QuestMobile,” “trading platforms,” “third-party deposits,” and other services are introduced in the “Basics” section of the website.

Platform Tutorials

The platform’s educational materials span a wide range of market-related subjects, from basic to sophisticated.

Investment Concepts

Investment ideas include various topics, including order types, margin 101, RRSPs, order lengths, and automating your investment strategy.

The Markets

Traders can also educate themselves on the financial markets and the theories that explain market behavior. Investments made in times of crisis and how to invest in a sluggish market are just a few of the fascinating topics discussed here.

Customer Support

You may reach the broker’s helpful customer care team through the website’s Support page. The support staff at Questrade is always available to address customers’ concerns as they move forward with their financial plans. Suppose you have any broad questions about investing. In that case, you may find the answers to them all on the site’s dedicated FAQ page.

New clients can also use the Submit a Ticket feature to contact the best available Questrade agent. Aside from the traditional methods of communication (i.e., email, phone, and live chat), you may also contact them in this way. The chat feature is available at all hours, but the phone line is only staffed from 8:30 AM to 8 PM (GMT-5) Monday through Thursday and from 8:30 AM to 5:30 PM (GMT-5) on Friday.

User Experience

To let investors take command of their own portfolios, we designed the site from the ground up to be as user-friendly as possible. The design is easy on the eyes because of the excellent color scheme of whites, greens, and blues.

The site’s simple layout makes getting the information you need accessible. When you need more information or guidance, you can easily find pages dedicated to self-investing, portfolios, and education. Questrade provides an Accessibility Tool that allows you to tailor the platform to your specific needs.

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Questrade Trading Platform Overview

Each user can select from two distinct trading environments. The first, IQ Web, launches in the browser of your choice. The other is called IQ Edge, and it’s a program for your computer. This is compatible with both Mac and Windows PCs.

Most Questrade investors who don’t analyze thoroughly or make frequent trades may get by with the website alone. Though both platforms provide the same features, IQ Edge is the better choice for those who want to actively manage their investments. For example, it gives you greater leeway to tailor your trading experience to your preferences.

The IQ Web platform features a fantastic user interface, straightforward navigation, and simple controls. Questrade is the most OK forex broker since it allows traders to monitor and track their existing trading stocks for a fixed $4.95 per trade in the online version. Customization of stock charts, option chains, and real-time streaming watchlists is straightforward. Traders have access to a total of 8 widgets with which to personalize the interface. Any level of trading expertise is welcome on our site.

However, only Mac and Windows computers may use the IQ Edge desktop platform. Because of its superior customizable features and trading tools, IQ Edge is the preferred platform for professional traders and investors with extensive expertise.

The IQ Edge’s charting tools include extra features like the Quick Trade tab, where you can choose which stocks or options should trigger an alert. Most intriguingly, the Skip option is handy for intraday traders since it allows them to quickly and easily secure deals without taking further action.

Mobile trading apps

The Quested IQ mobile trading software equips users with the resources they need to conduct in-depth stock market analysis, place trades, and buy exchange-traded funds (ETFs) at no cost. Traders may obtain instantaneous, up-to-the-moment quotations on market prices using this mobile trading app. The service provides users with a single mobile app and real-time, graphical updates of their investment portfolios.

The software is available for no cost and works with both iOS and Android smartphones. With data encryption techniques, face ID, login notifications, and biometric fingerprints, online brokers have guaranteed the safety of the funds.

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Our Independent View

With access to Market Intelligence, fundamental research, data service, and a wide range of financial instruments, this Questrade review conclude that Questrade is the top discount broker for the Canadian markets. To begin trading ETFs, stocks, CFDs, and other products on the platform that provides basic charting, watchlists, quotations, and research tools, traders need just move their bank account from any Canadian financial institution to Questrade.

Web and mobile systems are user-friendly, allowing traders to configure quick alerts/push notifications on iOS and Android devices. While buying an ETF does not incur a charge, selling an ETF costs up to $6.95. Questrade’s intraday trader function and the Toronto Stock Exchange’s cutting-edge Canadian safety features are available to active traders.

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