Questrade is a online stock trading broker that is regulated in Canada. It is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF), which makes it a very interesting broker, especially compared to brokers that are regulated in Europe. They also offer Forex and CFDs to Canadian customers, along with one of the lowest fees for trading shares.
Questrade review noticed how this broker has been present on the market since 1999, which makes it one of the most trusted brands around. Traders can choose to trade by themselves or to own managed accounts, and the broker also offers account protection up to $10 million. This makes Questrade a very intriguing forex and CFDs trading provider, so make sure to read the review to find out more.
Account Features
Questrade review immediately noticed one special feature of this broker – there is a great variety of trading plans (or accounts offered). There are so many that it could be stated that average trader might find it confusing! However, we recommend you do a thorough research of every account type to find that suits you best.
Questrade Self Directed Investing
This account type allows traders to trade stocks for 1c/share (minimum is $4.95) and buy ETFs without commission. CFD and forex spreads range from 0.8 pips, and options cost $9.95 + $1/contract. There are no annual fees charged. Traders who opt for this account trade by themselves.
Questrade Portfolio IQ
This account type is a managed account. It has lower fees that competition, and the more you trade the lower the fees.
- Account balance $1,000 – $99,999 – 0.7% annual fee
- Account balance $100,000 – $249,999 – 0.6% annual fee
- Account balance $250,000 – $499,999 – 0.5% annual fee
- Account balance $500,000 – $999,999 – 0.4% annual fee
- Account balance $1,000,000+ – 0.35% annual fee
Before getting this account, during the registration process, traders must fill out a questionnaire about their financial goals.
Besides these two account types, there are different types of plans as well.
Standard Plan
- Stocks: 1¢/share
- ETFs: Free
- Options: $9.95+ $1/contract
- Mutual funds: $9.95/trade
- Bonds: minimum $5,000 purchase
- GICs – Free to buy: minimum $5,000 purchase
- International equities- 1% of the trade value: minimu m $195.00 plus applicable exchange or stamp fees
- POS and new issues- Free to buy: minimum $5,000 purchase.
- Precious Metals: USD $19.95/trade.
Active Trader Plan
This plan has several variations – fixed and variable plan. Also, traders can sign up for the US or Canadian data package.
Market Data Plan
Offers free level 1 snap quotes on North American exchanges. There is US and Canadian plan, and each costs $89.95 (in USD and CAD respectively). Traders who trade more than $48.95 can get a ull rebate on the data package they selected.
What is important to understand is that all these plans and account types can be combined thus making trading with Questrade more customized. However, we recommend asking customer support for some assistance, especially if you are a beginner, because the explanations provided on the website can be to complicated for inexperienced traders.
Questrade Demo
Questrade review noticed how there is also a demo account available. All you have to do is register! However, Questrade offers not one, but two demos, depending on the assets you want to trade.
Stocks, ETFs and options Demo
- Trading with Questrade, IQ Edge
- $500,000 virtual money
FX and CFD
- Questrade FX Global
- $50,000 virtual money
Questrade Bonus and Promotions
If you think that Questrade will offer you a traditional trading bonus or a special promo that involves around free trades, you couldn’t be more wrong! The Questrade promotions are mostly connected to free books, special newsletters, etc.
Even though there are some promotional offers, they are mostly targeting more experienced traders that deposit a lot of money. One of the most approachable promotions is where you get a special code to activate 5 commission-free trades, but only after you deposit at least $1000. The offer is active for 60 days. Make sure to read additional terms and conditions on their website, in the promo section.
Trading Software & Assets
Questrade review noticed how this broker offers an impressive number of platforms as well.
They have added 3 platforms that can be used for equities trading:
- Questrade – proprietary web based platform
- IQ edge – special trading platform that requires download and installation
- Questrade Mobile – in form of an mobile app
FX and CFDs trading takes place on a different platform:
- Questrade FX Global – web based trading platform
We were quite impressed that traders get so many different platforms to choose from. Questrade review also has to notice how all platforms, no matter the type, offer a great variety of research, analysis and trading tools that can be implemented to the trading process. Of course, the platform you will choose for trading will mostly depend on the asset type you want to trade. However, we would suggest trying all of them on free trial versions that are available on the website. That way, you can see the difference for yourself and not rely on experience of the others. We believe it is great that there is also a mobile trading apps for Android and Apple mobiles, as apps usually have the trading interface that is adjusted to small screens.
Support Information
We were quite impressed by all the features we encountered during Questrade review, but then again, we were also very surprised that there is no live chat available immediately on the homepage. To access the customer support traders first have to go to the Contact page. There, they can click a link for chat. Bear in mind that the live chat customer support works only Monday to Friday, 9:00am to 4:45pm ET.
Alternatively, you can send an email or call a phone number listed on the website. Besides in English, website and customer support are available in Chinese as well.
When it comes to education, Questrade prepared more than enough different webinars, articles and guides, and not to forget a demo account where you can learn how to use a platform. Education sections shows how Questrade is a unique broker in many ways, and how they put a lot of effort into helping their users really learn how to trade, and not only use the trading interface.
Banking & Company Information
Questrade review will also try to explain some of the basics of depositing and withdrawing with this broker. For example, minimum deposit is quite high when compared to EU brokers – $1000. Also, you must have at least $250 on your trading account at all times in order to be able to trade (in case you opt for self-trading account, and not a managed trading account).
There are also some additional funding limits:
- Minimum deposit $1,000 to purchase stocks and options
- Minimum deposit $5,000 to trade option spreads
- Minimum deposit $25,000 to write/sell uncovered options
- Minimum deposit $1,000 for Portfolio IQ accounts
- Minimum deposit $1,000 for FX and CFDs accounts
There is no minimum withdrawal, but traders have to keep in mind that there is a maximum withdrawal limit of $25,000. Make sure to ask your customer support about withdrawal possibilities in case you want to withdraw more.
Questrade does not accept deposits in cash, third-party bill payments, cheques, or wires, cheques with incomplete information, credit card cheques or other cheques drawn on credit lines, credit cards, direct deposits by cheque or cash into Questrade’s bank accounts, cheques drawn on foreign banks, even if in U.S. currency. Questrade will assess a $30.00 fee for each returned cheque.
Questrade has several fees that can be charged depending on your status and your account balance. Make sure to ask customer support about fees that can be charged in case of your account.