Questrade Review 2024

One of the first things we noticed as we compiled our Questrade review is the generous promotional offers available to new signups. Questrade aim to go that extra mile to provide their clients with additional value, so there are regular offers and promotions to help you make the most of your assets.

Refer a friend to Questrade and you’ll receive a $25 bonus, increasing to $50 for every third successful referral. You can also benefit from a friends and family offer that allows you to connect accounts with a friend or family member for reduced fees.

Our Questrade review also picked up on the fact that the site will rebate any transfer fees charged for moving your accounts to the broker. And there are two more offers currently available right now for new signups. Use the code ‘5FREETRADES’ to receive your first five trades completely free of all commission charges. Or use the code ‘ADVANTAGE14’ to receive a month’s worth of free trades, as well as level 2 market data streaming, to get you off to a flying start.

According to the findings of our Questrade review, the site was developed to enable investors to take charge of their own portfolios, so accessibility has been built into the site from the outset. There’s a cool color palette of whites, greens and blues, which makes the design very easy on the eye.

Clear navigation makes it easy to find the parts of the site you’re looking for, with a site map included so you can easily source the information you need. There are clear links to self-investments, portfolios and educational resources, as well as links to the help and support pages if you need any extra assistance. And Questrade have even included an Accessibility Tool, so you can configure the site according to your specific needs.

Our Questrade review uncovered two distinct account types, enabling new traders at the site to either invest their own funds, or to select a managed portfolio. If you decide to go down the self-investment route you’ll find a choice of options, including:

Margin Account

The Margin Account is non-registered and taxable.

Tax-free Savings Account

A registered account holding Canadian and US dollars that lets you grow your investment tax free.

Retirement Savings Plan

Your investments will grow tax free until you decide to withdraw them.

Forex and CFDs

Trade across a wide variety of global markets and currencies, and benefit from price movements without investing in actual stock.

Investors and traders who don’t want to study the markets and spend time managing their assets can opt for a managed account. Sign up for a Questwealth account and you’ll be matched with a portfolio of ETFs, managed on your behalf by skilled and knowledgeable traders. You can select socially responsible options too, if that’s your preference.

As we’ve already explained earlier in our Questrade review, there’s a wide range of accounts available, so it makes sense that you have a few options when it comes to trading platforms too.

Questrade Trading

Questrade Trading is the broker’s proprietary trading platform, offering opportunities for just about everyone to trade, manage accounts, research stocks and check on performance. Keep track of all your account balances as you monitor, research and trade your investments. The platform even includes an integrated Learning Mode, enabling you to finesse your trading skills as you go.

QuestMobile

Trading on the go isn’t a problem if you download the QuestMobile app, which is available for Android and iOS handheld devices. Check on the performance of your portfolio from anywhere, using the smartphone app which lets you research securities, make trades in real time and much more, all with the minimum of fuss, thanks to an intuitive interface. And just like the Questrade Trading platform, the app includes the Learning Mode feature, so you can develop your understanding of trading.

Questrade Edge

Our Questrade review discovered that Questrade Edge is an advanced trading platform, aimed at professional traders looking for additional features. The platform allows every trader to set up their own, unique and fully customized trading environment. Suitable for desktop and web traders, the Edge platform lets you trade advanced order types, and there’s access to loads of research tools too, including TipRanks, Morning Star and Trading Central.

Questrade Global

The Questrade Global platform has been developed to facilitate quick and easy foreign exchange trades across international markets. Trade in forex and CFDs from wherever you happen to be, create and personalise your own watchlists and activate advanced transactions, including multi-leg options.

You can deposit funds into your Questrade account in either CAD or USD, with a good range of options for doing so. Bear in mind though, that some deposit methods, such as transferring funds from another broker, can take up to 20 days to action. However, most methods are much quicker, with Visa and Interac debit card payments processed instantly.

Bank wire transfers, bank drafts, certified cheques and money orders take up to two business days to process, whilst pre-authorized deposits can take up to four days for deposits of $10,000 or less, and up to seven days for larger sums. Credit cards and credit card cheques aren’t supported as deposit methods.

Fees – Clear and transparent pricing at Questrade

As a major part of our Questrade review we examined the fees and pricing structure and discovered that all charges are explained in great detail, so you won’t have any unpleasant surprises. The fees depend on whether you choose to take charge of your own trades and investments, or if you prefer the broker to manage them for you.

Self-Directed Investments

Self-Directed Investing pricing is set as the default and offers the best deal for traders. Buy stocks from just $0.01 per share, with a minimum cost of $4.95, rising to a maximum of $9.95. You won’t be charged for ETFs when you purchase them, only when you sell. Options trading comes in at a flat rate of $9.95, with an additional $1 contract fee.

Active Trader Program

First you’ll need to subscribe to one of the advanced market data services, followed by a choice of variable or fixed-rate pricing. Stocks cost $0.01 per share, with a maximum of $6.95 for the variable plan, and $4.95 for each trade on the fixed plan.

If you trade options, you’ll be charged at $6.95 plus a $0.75 contract fee on the variable plan, and $4.95 plus $0.75 on the fixed plan. ETFs are free to purchase but attract a commission fee of $4.95 when sold on the fixed plan. The cost is 1% per share with the variable plan, up to a maximum of $6.95.

Questwealth Portfolios

Only available for Canadian residents, Questwealth Portfolios are managed for you, attracting an annual management charge of 0.25%, decreasing to 0.20% for investments valued at $100,000 or more.

If you’re looking for even more fee-free trading opportunities, be sure to take a look at our AvaTrade review while you’re on our site.

If you need any help or advice during your trading experience, our Questrade review discovered that you have plenty of options. The site has a huge database in its support section, covering everything from setting up your account to articles on advanced trading strategies. If the answer to your question can’t be resolved from checking out the onsite help, you can reach out to the customer support team in a number of ways.

Questrade invites contact via its social media channels, but if you’re looking for a more discreet approach the fastest response will be received via Live Chat. Email and telephone contact details are also provided, with clients reporting a speedy and efficient response from friendly and helpful staff. Be aware that the service doesn’t operate 24/7 though, so help will only be available during normal business hours.

You can rest assured that Questrade is no fly-by-night organization, as it’s been around since 1999. Our Questrade review discovered that Questrade is a member of the Canadian Investor Protection Fund, and that it’s fully regulated by the IIROC. That means your assets are covered for up to CAD 1 million, as well as additional insurance up to CAD 10 million, which is almost unheard of from an online brokerage.

Our Questrade review unearthed the site’s Research Center, which gives access to research tools, including Intraday Trader, for real-time trading signals. Stocktwits gives access to a Twitter-style feed from other users keen to share their analyses.

There are some excellent investing opportunities across Canadian stock markets as well as US securities on the NYSE and NASDAQ. No matter which account you choose you can access precious metals, bonds, ETFs, options, mutual bonds and stocks. There are over 100 forex currency pairs available, and a separate account for CFDs.