Questrade Review

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Questrade Review and Experiences, updated for 2020 Investing doesn’t have to be a quest with Questrade. Questrade is Canadian broker with an alternative to trading and investing with the big… more

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Broker Questrade
Website URL
Founded 1999
Headquarters North American Centre 5700 Yonge St North York, ON M2M 4G8 Canada
Support Number 1.888.783.7866
Support Types phone, email, live chat
Languages English
Trading Platform Questrade Trading|Questrade app|Questrade IQ Edge
Minimum 1st Deposit $1,000 CAD
Minimum Account Size $1,000 CAD
Minimum Trade Amount None
Maximum Trade Amount None
Bonus First $10,000 managed for free
Payout Within 2 working days
Leverage Depends on asset or financial istrument and account settings
Spread With Questrade, you get competitive pricing on over 110 currency pairs with target spreads of as low as 0.8 pips under normal market conditions.
Free Demo Account Open Demo
Regulated Yes
Regulation Questrade, Inc. is a registered investment dealer, a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF), the benefits of which are limited to the activities undertaken by Questrade, Inc. QWM is not a member of IIROC or the CIPF. Questrade Wealth Management Inc. is a registered Portfolio Manager, Investment Fund Manager, and Exempt Market Dealer.
Fees Yes
Fee Info $24,95 quarterly inactivity fee
Commissions Yes
Commission Info 01 per share, with a minimum charge of $4.95 and a maximum charge of $9.95. Options trades are $9.95 + $1 per contract and ETFs are commission-free.
Account Types TFSA, RRSP, Margin, RESP, 90 day practice account
Deposit Methods Online banking bill payment, Interac Online, Pre-authorized deposit, Transfer from another broker, Wire transfer, Certified cheque, bank draft, Non-certified cheque, Money order, Stock certificate
Withdrawal Methods CAD$ electronic fund transfer (EFT), USD$ electronic fund transfer(EFT), CAD$ wire transfer, USD$ wire transfer, International wire transfer, CAD$ and USD$ uncertified or certified cheque, Transfer out an account to another institution or partial transfer of account to another institution, estate settlement
Number of Assets 1000+
Types of Assets Forex pairs, Canadian stocks, International stocks, precious metals, commodities, bonds, options
Option Types Options
Trading Currency Over 55 forex pairs including major pairs, minor pairs and exotic pairs
Account Currency CAD, USD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 7.5

Full Review

Questrade Review and Experiences, updated for 2020

Investing doesn’t have to be a quest with Questrade. Questrade is Canadian broker with an alternative to trading and investing with the big banks. Before you read even further I have to warn that as per regulation that U.S. residents cannot hold regular accounts with Questrade, even if they are Canadian citizens. A good thing though, is if you already have a broker account with any Canadian broker or financial institution, you can transfer to Questrade free of charge. If you don’t have a Questrade account yet, you can just visit their website and sign up for a free account.

Questrade Company Information

Questrade is founded  in 1999 and allows stock trading and offers other financial assets like forex, options, bonds, ETF’s, CFD’s and mutual funds. Additionally, they also offer GIC’s international equities, access to IPO’s and precious metal purchases.

Questrade Trading Platforms

Questrade offers three different trading platforms, including a forex and CFD trading platform. The Questrade Trading platform is a web-based trading platform, which offers basic charting, quotes, watchlists and research tools. One can also fully customize the layout and interface of the trading windows and tabs.


Questrade Trade platform

IQ Edge, not to mistake with IQ Option, which is a totally different broker, is a downloadable version of Questrade’s web-based trading platform and contains all the same features as the web-based version. IQ Edge also has extra features like advanced order types and is also fully customizable with hotkey functions, dynamic charting and savable layouts.

Forex and CFD trading at Questrade happens at yet a different platform and I have to say that for traders who trade multiple markets or asset classes, using two platforms can be quite a hassel. For forex traders, however, the platform is great. Over 55 currency pairs are available to trade and 8 CFD’s that cover the S&P 500, the Dow Jones Industrial Average (DJIA), West Texas Intermediate Crude, Natural Gas, Gold, Silver, Copper and Corn.

I’d say the trading platforms of Questrade are quite easy to use, I mean placing orders is very straightforward and initiating a trade window as well. The general user experience is very good, especially for people new to trading software.

Advanced traders might find that the software is lacking some features here and there. For instance, common features like basket orders and market on open/close are non-existent at Questrade.

Questrade Mobile Trading

Questrade is also available on smartphones and tablets. Of course, traders just use the same login and trader’s data is synchronized with all other platforms. Traders can view and alter their watchlists and general settings on-the-go as well as place trades.

To trade forex and CFD’s on mobile phone or tablet, one needs to download the Questrade FX Global app, which is available for both Android and iOS devices. These app versions are downloadable in their respective app stores.


Questrade app

Questrade User Interface

From within the user interface clicking on the account tab pops up a window that shows all kind of insightful information. Think of seeing current balances, open positions and orders, order history and profits and losses. If traders are trading on a margin account, they will also see their margin levels. IQ Edge has a little bit more tools available for technical analysis and shows the client their exposure levels in different sectors, asset allocation between industries and currencies hold.


Questrade IQ Edge

Questrade Newsfeed

Each of the Questrade trading platforms contains a live market news feed. Traders can read news from specific companies around the globe from trustworthy sources like Business Wire and Canada Newswire. Via the Market Intelligence tab, which is a service provided by Morningstar, traders can research several company reports and analysis. Morningstar is a global investment research management firm and thus won’t provide you with fake news, which is available everywhere on the internet for free.

Day traders have access to Questrade’s Intraday Trader, which is a pattern recognition software based on deep learning that uses historical patterns with a profitable edge and notifies the trader when those patterns happen again. This is similar to a somewhat advanced form of indicator. Using Questrade screeners traders can check stocks and options on price, volume, volatility and fundamentals. Technical or statistical data is not yet available using Questrade screeners but might be added in the future.


Questrade Market Intelligence and Intraday Trader

Questrade Assets and Financial Instruments

Questrade offers a vast array of products to either invest in or to trade. Traders and investors aren’t limited to just Canadian stocks but can also trade international stocks, ETF’s, options, forex pairs, CFD’s, IPO’s and mutual funds.

Questrade Trader Education

Although novice and advanced traders a like can use Questrade trading platforms, Questrade is quite minimalistic in providing trading education. In their  ‘How to’ section of their website you can find answers to questions like how to place orders, what and when which order types to use general information like how to install the trading software and set it up.
From time to time Questrade organizes free webinars and live events in Canada. Also, the Questrade YouTube channel contains quite some videos of either past webinars and live events or trading educational material.

If you’re looking for basic to advanced trading education, you can check out choosebroker’s own trading course powered by Teachable. For a one-time fee of just $29 one gains life-time access to a full trading course that teaches how to become a consistent and winning (day) trader.

Questrade Customer Service

Questrade’s customer service is quite helpful and to-the-point. Existing clients and potential new clients can contact the Questrade customer service by either phone, email or live chat. As for their response times on the live chat, please note that it can take a few minutes before a customer service representative is able to talk to you.  Luckily, they use real people for this and not some bot, as is the case with An additional nice feature of Questrade customer service is that they have live brokers available over the phone during market hours which can place trades in the bond market for you.

Questrade Commissions and Fees

Questrade basically has two fee structures. The first one is the standard pricing structure and the other one the active trader pricing structure. The latter is mostly for stock and options traders. Active trader pricing is activated per default as soon as a client purchases an Advanced Data Package, which contains level II quotes on Canadian and U.S. exchanges. Advanced data packages cost $89,95 CAD for the Canadian package and $89,95 USD for the U.S. package respectively. Traders and investors receive $19,95 USD in rebate on their package fees or a full rebate on package if they generate $399,95 or more in monthly commissions for Questrade.

Is Questrade suitable for me?

This is of course the most asked question and I will try to explain exactly who Questrade is for and whom it’s not for. Questrade is a great broker for traders who don’t like to pay to much commission fees. Commissions are very low compared to most Canadian banks and the rebate structure as well as the subscription fees mean traders and investors can nullify or partially offset market data fees.

Long-term investors with more than $5,000 CAD in their account benefit hugely from the low commissions as well as the access to free-to-buy ETF’s and managed portfolios with low yearly fees.
For traders and investors with less than $5,000 CAD in their account that don’t place trades to often, Questrade might not be 100% suitable. Why? Because they are subject to a quarterly $24,95 inactivity fee, which means they pay about 2% yearly on inactivity fee on a balance of $5,000 CAD or less.

To avoid paying inactivity fees to Questrade, one has to place at least one trade a quarter, regardless of size. My personal tip is just to not forget to place at least one trade per quarter to get rid of these unnecessary payable fee.

This being said, Questrade remains our #1 suggested share dealing broker for Canadian residents, as trading and investing in stocks is way cheaper with Questrade than with big Canadian banks. Therefor, I highly recommend checking out their website and using them as broker if you’re a Canadian resident. You can always try Questrade out with their 90 day free demo account.


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  • No opening or closing fees
  • No annual RRSP or TFSA account fees
  • Buy ETFs commission free
  • Free to transfer your account
  • Low management fees
  • Invest more, save more on fees
  • Money saved is compounded in returns
  • Free to transfer your account


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I hereby declare this review to based on my own experience trading with this broker and I did not reseve compensation in any way submitting this review

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