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.
- 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 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.