Questrade History

Founded in 1999 Questrade has over two decades worth of skin in the game. The company was founded by Edward Kholedenko together with three partners and has since grown to become one of Canada’s fastest-growing online brokerage firms with over $20 billion in assets under management.

Over the years, Questrade has managed to turn its underdog status into a strength, given the fact that it competes directly against the big banks.

To get an edge over its competitors, Questrade has had to deliver a broad variety of investment and trading tools to its customers with an offer of affordable pricing. Currently, with as little as $4.95, investors can partake in Questrade’s self-directed investing accounts and buy stocks and shares.

Types of Accounts on Questrade

Questrade offers a variety of account types including the following:

• A self-directed account
• A tax-free savings account
• A registered retirement account
• A margin trading account
• An educational savings plan
• An ETF trading account
• A mutual fund account
• A forex trading account
• Contracts for difference (CFD) account
• As well as a guaranteed investment certificates (GICs) account

For its international clients, Questrade also offers an international equities account, an initial public offerings account as well as a precious metal trading account.

If you are looking to trade with an ETF account, apart from enjoying the zero-commission trades, you can also trade any North American-listed ETF at zero commissions.

Given that Bitcoin ETFs are listed in Canada, crypto enthusiasts can still get exposure to the market using such accounts. Plus, there is no maximum ceiling on the number of ETFs you can trade nor is there a minimum investment amount requirement.

Questrade Supported Funding Methods

Funding your account on Questrade is daily straightforward. The platform only supports funding in Canadian dollars and US dollars. You can add funds to your account using the following methods.

• Instant Visa and Interac Debit card deposits
• Pre-authorized deposit (PAD)
• Wire transfer
• Electronic transfers to any Questrade email
• Money order
• Bank draft
• Certified cheque deposits
• Stock certificate (this funding method is not supported on forex and CFD accounts)

Questrade Fees and Pricing Structure

When it comes to fees, Questrade offers the best value for money with a dual pricing structure.

As standard, there is no minimum deposit requirement and trading stock costs $0.01 per share with the maximum set at $9.95 per stock and a minimum of $4.95. There is no ETF trading fee; however, closing an ETF account will invoke regular commissions.

Trading options cost $1 per contract and the fee for opening 50 contracts is set at $59.95. If you are trading mutual funds, you will be charged a $9.95 fee per transaction.

Margin interest account with a $10,000 balance attracts 7% interest in USD and 5.95 % in CAD. Trading international equities will bring about a 1% fee per trade with an additional applicable exchange or stamp fees.

Questrade does not charge a fee to close your account; however, if you are looking to paper trade for practice, there is a $20 fee for trade confirmations and a live broker fee of $45.

Questrade Beginner Friendliness

As mentioned earlier, Questrade is one of the most intuitive and user-friendly online brokerage platforms out there. It comes with a mobile trade experience through its web-based platform as well as an app that is available on both Android and iOS devices.

The only challenge is that trading forex and CFDs on Questrade requires the Questrade FX Global app. This can be confusing for beginners; however, the two apps operate in a similar way and with similar functions.

For absolute beginners, Questrade features an intuitive interface that comes with real-time snapshots of portfolio balances, buying power, and margin balances thus making it easy for novices to navigate the platform. Also, Questrade offers paper trading that allows both beginners and experts to practice their trades in a safe environment.

The only challenge is that Questrade doesn’t offer enough educational resources for beginners with lots of questions. Although there are a couple of videos on their Youtube channel, the videos are not placed in order thus making them hard to find and their FAQ sections only answer basic questions.

Safety and Trustworthiness

As is the case with most online brokerage firms, security is a top priority for Questrade. Their mobile app comes with biometric entry enabled not to mention PIN and two-factor authentication.

Furthermore, given that Questrade has been around since 1999, it is a well-regulated platform and is registered with the Investment Industry Regulatory Organization in Canada (IIRC). What’s more, up to $10 million of customer’s fund per account is covered by the Canadian Investor Protection Fund.

Questrade Mobile App

Questrade recently released a full-featured mobile app for iOS and Android devices.

The app is currently available to anyone looking to open self-directed accounts, which means RRSP, TFSA or Margin accounts.

Questrade accounts aren’t currently supported but that’s a feature that’s likely coming in the near future.

You can download the Questrade app on the iTunes or Google Play stores.

Questrade Sign-Up Process

To get started with an account on Questrade, here are the steps you can follow.

• Step 1: First choose an account and follow the easy prompts to start registering
• Step 2: Now sign up with your email and basic contact information. Double-check the accuracy of the information you have submitted.
• Step 3: Once your information is verified through your email or contact, submit the required data depending on the type of account. Questrade however, only collects citizenship information due to tax filing requirements.