Questrade Review

Overview

If you are looking for brokers with experience, you’ll probably stumble upon Questrade. The brokerage firm was founded back in 1999 and it has been one of the trading heavens for Canadians ever since. It is a platform that offers bonds, stocks, options, ETFs, and mutual funds trading.

So, it is safe to say that a lot of Canadians are tempted to use it. But the issue is that you don’t know how safe it is unless you do a lot of research, or you actually try it out. Before you start trading with Questrade, you should be aware of its safety levels, so you know whether you are making the right choice or not.

We’ve prepared this Questrade review for you, which is full of useful information for people who are unsure whether to use the broker or not.

Who Is Questrade for?

Questrade is a wonderful option for people who are looking to start DIY investing and saving. If you’re someone who wants to buy some of the best stocks on Stockchase or start investing in TFSA, then you can look towards Questrade. It is also a good option if you live in Canada because Canadian users don’t have to deal with high fees.

People looking for a platform that works smoothly will also enjoy using Questrade. Since both the web and mobile platforms come with such great and simple layouts, they are similar, and they are easy to use.

Individuals looking for something with good customer service can also choose Questrade. The customer service is excellent, and you will always be able to get in contact with someone quickly and ask them different questions or report potential issues.

Things We Like

Customer service is probably one of our favorite aspects of Questrade. It is obvious that the operators are professionals and they like helping people out. For this reason, their customer service is outstanding, and people would be more willing to get in contact with the staff. Besides, it is easy to get in contact with them as there is a live chat feature.

We also liked how the ETF and stock fees are very low, which can attract more people who are interested in trading these products. The research tools are amazing as well. This is great because all traders need high-quality research tools if they want to make some successful trades.

Both the mobile and web platforms are great, and this is also something that is very important for all traders.

Things We Don’t Like

A few things here and there could be improved, as we discovered a few aspects that were quite disappointing. For instance, non-Canadians have a high withdrawal fee. So, while Canadians may have nothing to complain about in this regard, people who are not from Canada may be put off by this extra fee.

Moreover, non-Canadians are at a disadvantage when it comes to the account opening process. Sure, you can open an account, but it will all happen very slowly. You will have to wait quite long to be able to trade, and that’s the last thing you want.

Not to mention that there are very few base currencies when compared to other brokers, which is a con as well.

Safety and Regulation

You should be aware of how safe Questrade is before you create an account and start trading. So, here is what the Questrade package includes:

Who Is Questrade?

Questrade is a brokerage firm from Canada, and it was established in 1999. The trading platform is directed mostly at Canadians, particularly those who want to trade and invest with large banks. If you own an account with a Canadian financial institution or broker, you can simply transfer it to Questrade.

The company’s headquarters are in Toronto, and they currently have more than $8 billion in assets. Besides, they bring a large selection of investment account types for their users, and people can trade bonds, mutual funds, options, stocks, and ETFs.

Also, Questrade was the first brokerage firm in Canada that made U.S. dollar holdings possible in its registered accounts.

Is Questrade Regulated?

Questrade is regulated by one large authority. They are a member of the Canadian Investor Protection Fund, and they are also regulated by the Investment Industry Regulatory Organization of Canada.

Questrade Licenses

• Authorized by the Investment Industry Regulatory Organization of Canada

Is Questrade Safe or a Scam?

Most people would consider Questrade a safe platform, particularly if we’re talking about Canadians. After all, the broker is regulated by a top-tier Canadian authority, so that is a good thing. A few other things also add to its safety.

For example, it has a CAD 10 million per account extra insurance, and there is also investor protection of a very high level. On top of that, most users belong to a top-tier financial authority, which is great.

Since the platform was also established a very long time ago, it has plenty of experience. So, the fact that it’s been around for so long is a good sign when it comes to safety.

It is not the safest out there, though. It is not listed on the stock exchange, and it does not have a banking license either. Not to mention that it brings no negative balance protection.

Countries It Accepts Clients from

Questrade is a Canadian broker so it will automatically accept users from Canada. But the platform is available for clients from other countries too, such as Japan, Ireland, Hong Kong, China, Germany, India, the United Kingdom, and many others. It is not available for people from the United States, though.

Awards

Questrade won the Best Canadian Brokerage Award from Stockchase, and they also won Canada’s Best Managed Companies designation multiple times.

Range of Offerings and Products

The great thing about Questrade is that it has a large asset selection. You can trade Forex, fund, options, stocks, ETFs, bonds, and CFDs. Crypto and futures trading is not available, though.

There are 116 Forex currency pairs, 145 fund providers, 1,500 bonds, and 6 options markets. Besides, there is 1 commodity CFD, as well as 16 stock index CFDs, 8,800 stock CFDs and 26 stock CFD markets.

Leverage Offered

You can leverage your stock trading if you have a margin account at Questrade, and you can also leverage precious metal trading.

Trading Platforms

With Questrade, you get a very cool web trading platform that is user-friendly and has a lot of order types. It has price alerts as well. The search function is very basic, and you get a 2-step login as well.

Sadly, it has no clear fee report, and the customizability is limited. The Desktop one is similar, except its customizability is good. It is user-friendly as well. Still, you should know that it is a better option for advanced traders. The Desktop platform it uses is called IQ Edge.

Lastly, the mobile trading platform is amazing. It was designed very nicely, and it is user-friendly too. The 2-step login adds an extra layer of safety.

Account Types

Questrade has a large selection of account types. You can open a Forex & CFD Account, margin account, retirement account, tax-free savings account, entity account, or registered education savings plans account.

Demo Account

You can also open a demo account with Questrade, especially if you don’t want to start trading at high risk from the get-go.

Deposits and Withdrawals

You can make deposits and withdrawals for free as a Canadian. Also, you can make deposits using bank transfers, e-wallets, and Visa cards. There are only two base currencies, though, respectively USD and CAD. For non-Canadians, the process is more expensive and difficult.

What Is Questrade’s Minimum Deposit?

Questrade’s minimum deposit is $1,000.

Withdrawals

Withdrawals are done using the same methods, but wire withdrawals have a high fee. The process is also very slow.

Questrade Promotions

Questrade offers promotions from time to time. For instance, if you refer a friend, you can get a bonus of $25. Every third referral will also get a $50 bonus.

Client Support and Education

There are a lot of educational materials offered by Questrade. First of all, you get a demo account. Secondly, you have webinars, educational videos, platform tutorial videos, educational articles, and many other things. Sadly, the section is not easy to navigate.

Verdict – Overall Rating

Questrade is great, but not the best option for people who are not from Canada. The platform has high fees for non-Canadians. Also, there are very few base currencies. So, you can only choose Questrade if the products offered are up your alley.

Methodology

All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.

The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.

What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.

Risk Disclaimer

There is a very high degree of risk involved in trading securities.

With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.

All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.

There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.

Looking for more information on brokers and trading? Have a look at our trading guides:

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Review Sources

1. https://www.questrade.com/

Questrade is Canada's leading discount brokerage. It offers a great balance of platforms, a range of markets to trade, and many more services.

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