Questrade Review

Questrade is a Canadian dealer, established in 1999, that gives resident Canadian residents a substitute for buying and selling and investing with the large banks. If you have already got a registered account with any Canadian dealer/monetary establishment, you possibly can switch it to Questrade; if not, you possibly can open a Questrade account on their net platform. Questrade offers buying and selling in shares, choices, bonds, exchange-traded funds (ETFs), and mutual funds. Contracts for variations (CFDs) and foreign exchange are additionally accessible to commerce, although they require the usage of a separate platform. As well as, Questrade affords assured funding certificates (GICs), worldwide equities, entry to preliminary public choices (IPOs), and valuable steel purchases.

You could have a Canadian deal with to open an account. Questrade can not maintain common buying and selling accounts (non-registered accounts) for U.S. residents, even when they’re Canadian residents.

Key Takeaways

  • Solely Canadian residents are allowed to open an account with Questrade
  • The net and downloadable platforms are well-designed and straightforward to make use of
  • Streaming information requires a further subscription which can value as much as $89.95/month
  • Accounts will be held in both US {Dollars} or Canadian {dollars}

Who This Dealer Is For

Questrade is a match for you in case you are a Canadian citizen and resident, and want to keep away from the excessive charges and restrictions positioned on those that maintain investments at banks. It affords much more flexibility to Canadian buyers, together with an automatic portfolio builder and considerably decrease charges.


  • No charges charged for tax-free financial savings accounts (TFSA) or registered retirement financial savings plans (RRSP)

  • Simple-to-use web site and cellular app

  • Comparatively low buying and selling charges in comparison with different Canadian brokers

Professionals Defined

  • Most Canadian brokers cost charges that common round $50 CAD for tax-free financial savings accounts (TFSA) and registered retirement financial savings plans (RRSP). Questrade waives these charges. 
  • Each the web site and the cellular apps have easy layouts and seem very comparable, so there’s no jarring transition from one to the opposite.
  • Comparatively low buying and selling charges, starting from $4.95 to a most of $9.95 for inventory trades, in comparison with different Canadian brokers.

Cons Defined 

  • Questrade screeners are restricted to an very simple inventory and choices screener. Technical or statistical standards will not be supplied.
  • Questrade has lowered the quantity you should preserve in your family’s accounts to $1,000, however small accounts with no exercise for the earlier quarter are charged $24.95 CAD.
  • Streaming real-time quotes require a subscription ranging in worth from $19.95 CAD per 30 days for restricted streaming information to $89.95 every for Stage 2 US or Canadian information. These information charges will be offset by producing a specific amount of buying and selling commissions.


Getting began with a brand new account is comparatively easy. New clients can join a brand new account on the Questrade web site, and undergo just a few movies that provide guides to the assorted accessible platforms. In case you’re transferring an account from one other brokerage or financial institution, Questrade will rebate as much as $150 in switch charges.

Total, the platforms are intuitive and straightforward to navigate. Questrade purchasers can commerce on two desktop buying and selling platforms or the cellular app. Questrade Buying and selling is the web-based platform, providing fundamental charting, quotes, watchlists, and analysis instruments. There are just a few customization choices, similar to selecting columns for reporting and order entry defaults. Total, the net platform is pretty simple to study and use. The downloadable platform is known as IQ Edge, and it is rather customizable with extra analysis options and order varieties. Quotes on each platforms are snapshots, that means it’s a must to refresh the display manually for updates, until you pay a further charge for streaming quotes and information. 

The cellular app is basically the identical expertise as the net model, scaled to suit the gadget. 

Commerce Expertise

Questrade purchasers can commerce by way of two desktop buying and selling platforms and a cellular app, plus a foreign exchange and CFD platform, every providing a distinct expertise. Questrade Buying and selling permits some customization of buying and selling defaults in addition to watchlist show and portfolio itemizing. IQ Edge is a downloadable platform for lively merchants that’s significantly extra customizable than the net platform. IQ Edge has extra options, similar to superior order varieties, and allows hotkey capabilities, charts with extra instruments, in addition to superior layouts that may be saved. The scanning capabilities constructed into IQ Edge can be most helpful if clients additionally buy the add-on streaming information bundle. 

Foreign exchange and CFD buying and selling require a distinct platform as these asset courses can’t be traded on both Questrade Buying and selling or IQ Edge. For individuals who commerce a number of markets, buying and selling from two platforms could be cumbersome. For foreign exchange merchants, the platform is intuitive, customizable, and affords superior charting and entry to greater than 110 foreign money pairs in addition to eight CFDs. The CFDs cowl the S&P 500, the Dow Jones Industrial Common (DJIA), West Texas Intermediate Crude Oil, Pure Gasoline, Gold, Silver, Copper, and Corn.

Total, the platforms are intuitive and straightforward to navigate. Inserting trades is easy with a number of methods in every platform to provoke a commerce window. 

Cellular Commerce Expertise

Questrade’s web-based platform is mobile-enabled, and the show adjusts to no matter gadget you’re utilizing. Watchlists created on the net platform are additionally accessible on the cellular platform. Buying and selling foreign exchange and CFDs requires the Questrade FX World app. Whereas the 2 apps function in comparable methods and have comparable capabilities, you’ll have to use two totally different apps for those who commerce a number of markets. 

Vary of Choices

Questrade purchasers can commerce quite a lot of asset courses, although some require the usage of a separate platform.

  • Shares lengthy and quick 
  • Mutual funds
  • Bonds by way of reside dealer, minimal $5,000
  • Treasured metals
  • Easy and multi-leg choices
  • Robo-advisory, Questwealth Portfolios, on a separate platform
  • Some worldwide equities will be traded by way of reside dealer 
  • Foreign exchange and CFDs on a separate platform
  • Preliminary public choices (minimal $5,000) 

Order Varieties

Questrade purchasers can place market, restrict, cease restrict, trailing cease, and bracket orders on all platforms. IQ Edge allows all kinds of conditional orders that aren’t accessible on the net or cellular platforms. 

Buying and selling Expertise

Questrade doesn’t publish details about how orders are routed.  


Questrade has two pricing constructions. Commonplace pricing is $0.01/share with a minimal of $4.95 and a most of $9.95 per inventory or ETF transaction. Lively dealer pricing is activated when a shopper purchases an Superior Information Package deal (Stage II quotes on Canadian or U.S. exchanges).

Superior-Information Packages are $89.95 CAD for the Canadian bundle and $89.95 USD for the U.S. bundle. Prospects who generate greater than $48.95 in month-to-month commissions obtain a $19.95 rebate on the bundle charges. A full rebate on bundle charges is credited when a buyer generates $399.95 in commissions in a month.

  • Value to open or shut an order of 1 share is $4.95. Value to open or shut 1000 shares is $9.95. Opening an ETF place is free; closing it invokes common commissions.
  • Choices base fee to open and shut is $9.95.
  • Choices per contract charge is $1.
  • Payment for 50 contracts is $59.95.
  • Lined name commerce of 500 shares plus 5 contracts is $19.95. 
  • Choices train/task charge is $24.95. 
  • Mutual fund charges are $9.95 per transaction.
  • Margin curiosity at $10,000 steadiness is 5.95% CAD or 7% USD. $100,000 steadiness is 4.95% CAD or 6% USD. Margin curiosity for registered accounts is roughly 4.5% increased.
  • Worldwide equities are 1% of the commerce worth with a minimal of $195.00 plus relevant change or stamp charges, charged within the foreign money of the account through which the commerce is positioned. 
  • No account closure charge.
  • Account switch charge is $150 for a full switch, $25 for a partial switch. 
  • Wire charges are $20 CAD, $30 USD, $40 worldwide.
  • Verify charges are $50. 
  • Superior Information Packages are $89.95 CAD for the Canadian bundle and $89.95 USD for the U.S. bundle.
  • Paper commerce confirmations or account statements are $20. 
  • Reside dealer charge is $45. 

Account Facilities

  • Questrade doesn’t supply portfolio margining
  • Questrade doesn’t have a inventory mortgage program
  • No curiosity is paid on money balances
  • You’ll be able to enroll in DRIP (dividend reinvestment) plans

Analysis Facilities

All of Questrade’s platforms supply a information feed. Purchasers can learn information associated to particular firms and the world economic system from sources together with Enterprise Wire and Canada Newswire. Analysis experiences and evaluation on firms is on the market from Market Intelligence, a basic information and analysis service powered by Morningstar, on belongings traded on all main North American markets, together with TSX, TSX Enterprise, NYSE, NASDAQ, NYSE American and NYSE Arca. Questrade Buying and selling screeners are restricted. There’s a comparatively unsophisticated inventory and choices screener, which incorporates solely easy standards similar to worth, quantity, volatility, and fundamentals. Technical or statistical standards will not be supplied.

Lively merchants have entry to Intraday Dealer, which is sample recognition software program that finds historic patterns with a worthwhile edge after which notifies the dealer when these patterns happen once more.

Questrade purchasers can make the most of partnerships with third social gathering evaluation and buying and selling platforms together with VectorVest, YCharts, OptionsPlay, Quantcha and Buying and selling Diary Professional. These companions fill in some gaps within the Questrade platform, particularly for technical evaluation junkies. There may be a further value relying on the associate chosen.  

Charting on IQ Edge is extra refined than that accessible on the net platform. IQ Edge additionally contains some real-time market scanners, that are solely helpful in case you are paying for streaming real-time information.   

Portfolio Evaluation

All platforms show real-time snapshot balances, shopping for energy, positions, margin steadiness, and revenue and loss. You’ll be able to customise these experiences by including and deleting standards. The account tab on the browser-based platform shows open orders, executions, and exercise similar to dividends and deposits.  

On IQ Edge, you possibly can organize the widgets in a option to show all your account exercise and balances. There isn’t a built-in buying and selling journal, however you possibly can subscribe to a third-party utility for those who’d prefer to entry that characteristic. IQ Edge affords extra perception right into a shopper’s portfolio, with evaluation that reveals publicity to numerous sectors, asset varieties, industries, and currencies.


The Questrade platforms are easy and intuitive. Webinars and reside occasions are uncommon, though the Questrade YouTube web page does have some movies. These can be found to everybody without cost. There are occasional new weblog posts printed, however these will not be tagged to make them simple to find. They’re listed in reverse chronological order solely. 

For newer merchants with numerous questions, Questrade offers fundamental solutions to questions similar to the right way to place orders, what order varieties to make use of, and the right way to set up the buying and selling platforms. Questions are answered within the “How To” part of the Questrade web site. Click on on the Sources dropdown menu, after which choose “Assist & How-To.” There isn’t a menu of matters to browse, although, and never all articles are listed. You’ll have to make use of the search to search out articles on a particular question, which randomly spawn a brand new browser tab. After an extended session of looking for solutions, you’ll wind up with a messy window.  

In case you’re on the lookout for helpful buying and selling training, similar to the right way to grow to be a greater dealer or investor, Questrade has little to supply right here. The web site and YouTube channel present fundamental buying and selling info.

Buyer Service

  • Telephone line accessible 8 am – 4:30 pm Japanese time
  • On-line chat for potential and present clients on the web site
  • Reside brokers can be found throughout market hours
  • No organized FAQ on the web site although you possibly can seek for solutions
  • E mail assist takes 1-3 days for a response


  • Prospects can outline a PIN for two-factor authentication
  • Biometric entry enabled for cellular apps 
  • On-line safety assure that reimburses clients for unauthorized transactions
  • Registered with the Funding Trade Regulatory Group of Canada (IIROC).
  • Buyer accounts are protected by the Canadian Investor Safety Fund as much as $10 million per account

Our Verdict

The zero-commission stampede that swept brokers in the USA stopped on the Canadian border. Questrade’s charges are decrease than most different Canadian brokers and banks, and rebates supplied on subscription prices means lively merchants can erase, or partially offset, market information charges. There are fairly just a few helpful instruments for basic buyers at Questrade, and the platforms are very simple to make use of. 

Lengthy-term buyers profit from comparatively low commissions in addition to entry to no-cost-to-buy ETFs. Those that wish to have their portfolios managed can join Questrade’s digital advisory service, which prices 0.20-0.25% of belongings underneath administration.  

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