Questrade Canada Brokerage

Questrade Canada Review and Fees 2021

Many online brokerage services promise high returns on investments, but some cannot live up to their promises to investors. There are many brokerage services in Canada. As an investor in the financial market, it is essential to align with an experienced and credible brokerage whose platform you can confidently and safely rely upon.

Questrade is Canada’s fastest-growing online brokerage service with several trading instruments and tools designed for quality and a superb customer experience in the financial market. But is it right for you?

In many conversations and online polls about the best brokerage in Canada, Questrade is almost always preferred by many Canadians. Here’s a review of the Questrade platform to help you make an informed decision in your quest for a credible and profitable investment broker in Canada.

About Questrade Canada 

Questrade is Canada’s leading online brokerage that provides trading and financial tools for residents of Canada. It provides an alternative to trading and investing, independent of all the big banks in Canada, to trade in the Canadian stock market and the US stock market.

Based in Toronto and founded in 1999, Questrade offered a low-cost investment alternative to Canada’s big banks and large brokerages. Today, the company boasts of being Canada’s fastest-growing online brokerage, with over 200,000 new accounts opened annually and about $20 billion in assets under administration.

Questrade products and services are designed for Canadian residents and citizens. The platform is suitable for DIY self-directed investors who prefer to choose and buy their own financial assets. Similarly, investors who prefer to leave financial and trading decisions making in experts’ hands can find the Questrade platform worthwhile. Therefore, Questrade is for both newbie and experienced investors.

Questrade Features

  • No annual fees
  • Supports multiple investment types – TFSA, RRSP, RESP, CFDs, Margin Accounts, etc.
  • No inactivity fees
  • Excellent customer service with live chat support
  • Web and mobile trading app
  • Supports holding USD in registered accounts
  • Access to trade Canada and US markets.

Questrade Products and Services

As an investment and brokerage platform, Questrade offers different investment and account types to aid its customers’ trading and investment experiences.

Questrade Self-Directed Investing

The Questrade self-directed account is designed for those who prefer to invest in their own expertise. With the self-directed investing account, you can confidently take control of your financial future while building your investment portfolio.

Questrade Self-Directed Investing Accounts

Self-directed investing accounts are suitable for all types of financial goals – short term, long term, retirement, education, etc., 

The self-directed investing accounts include:

Most Popular Accounts

This account is suitable for future planning in the short term and long term plans.

  • Individual margin accounts
  • Individual Tax-Free Savings Account (TFSA)
  • Individual Registered Retirement Savings Plan (RRSP)
  • Individual Forex and CFDs
  • Individual Registered Education Savings Plan (RESP)

Retirement Accounts

This account helps you to plan for the future and enjoy tax benefits from the government.

  • Registered Retirement Savings Plan (RRSP)
  • Spousal Registered Retirement Savings Plan (Spousal RRSP)
  • Locked-in Retirement account (LIRA)
  • Locked-in Registered Retirement Savings Plan (Locked-in RRSP)
  • Registered Retirement Income Fund (RIF)
  • Life Income Fund (LIF)

Educational Accounts

This account helps you to plan your children’s post-secondary education and enjoy governmental grants and incentives.

  • Registered Education Savings Plan (RESP)
  • Family Registered Education Savings Plan (Family RESP)

Entity Accounts 

This account is suitable for corporate, trust, and investment clubs.

  • Corporate Margin Account
  • Investment Club
  • Partnership Account
  • Sole Proprietorship
  • Formal Trust
  • Joint Informal Trust
  • Individual Informal Trust

Margin Accounts

This account is suitable for investing in North American markets for stocks, options, ETFs, and more.

  • Individual Margin
  • Joint Margin

Forex and Contract for Difference (CFDs)

This account is suitable for trading the global markets to speculate the movement of currencies, commodities, global stocks, and indices.

  • Individual Forex and CFDs
  • Joint Forex and CFDs
  • Corporate Forex and CFDs

Questrade Investment Products

Questrade clients have several investment choices for all types of investment goals and risk levels.

  • Stocks
  • Exchange-Traded Funds (ETFs)
  • Options
  • Foreign exchange (FX)
  • Initial Public Offerings (IPO)
  • Contracts for Difference (CFDs)
  • Mutual Funds
  • Bonds
  • Guaranteed Investment Certificates (GICs)
  • International Equities
  • Precious Metals

Questwealth Portfolios

Questwealth comes with low fees portfolios designed by a team of experts of Questrade to help you achieve your financial goals faster. These experts invest your money on your behalf while you enjoy the returns on your investment.

Questwealth Portfolios Account Types

Most Popular

  • Tax-Free Savings Account (TFSA)
  • Registered Retirement Savings Plan (RRSP)
  • Cash
  • Registered Education Savings Plan (RESP)

Retirement Account

  • Registered Retirement Savings Plan (RRSP)
  • Spousal Registered Retirement Savings Plan (Spousal RRSP)
  • Locked-in Retirement Account (LIRA)
  • Locked-in Registered Retirement Savings Plan (Locked-in RRSP)
  • Registered Retirement Income Fund (RRIF)
  • Life Income Fund (LIF)

Education 

  • Registered Education Savings Plan (RESP)
  • Family Registered Education Savings Plan (Family RESP)

Short Term

  • Cash
  • Joint Cash
  • Corporate Cash
  • Tax-Free Savings Account (TFSA)

Questwealth ETF Portfolios

Aggressive Portfolio

This portfolio is suitable for high-risk investors. It comes with a Management Expense Ratio (MER) of 0.15% to 0.19%.

Growth Portfolio

This portfolio is suitable for medium to high-risk investors. It comes with 0.14% to 0.17% MER.

Balanced Portfolio

This portfolio is suitable for medium risk investors and comes with 0.13% to 0.16% MER.

Income Portfolio

This portfolio is suitable for medium to low-risk investors. It comes with 0.12% to 0.14% MER.

Conservative Portfolio

This portfolio is suitable for low-risk investors. It comes with 0.11% to 0.13% MER.

Socially Responsible Investing (SRI)

The social responsible investing (SRI) is designed for investing in social and Corporate Governance ETFs, Low Carbon ETFs, and Cleantech ETFs. It has the following portfolios:

Aggressive Portfolio

This portfolio is suitable for high-risk investors. It comes with 0.35% to 0.37% MER.

Growth Portfolio

This portfolio is suitable for medium to high-risk investors. It comes with 0.30% to 0.32% MER.

Balanced Portfolio

This portfolio is suitable for medium risk investors and comes with 0.25% to 0.27% MER.

Income Portfolio

This portfolio is suitable for medium to low-risk investors. It comes with 0.20% to 0.21% MER.

Conservative Portfolio

This portfolio is suitable for low-risk investors. It comes with 0.15% MER.

Questrade Trading Platforms

The Questrade brokerage service provides several trading platforms for its customers, regardless of their financial goals or market experience.

Questrade Trading

Questrade Trading is a web-based trading platform for account management, secure trading, monitoring market performances, and stocks research. This intuitive trading platform is integrated with your Questrade account and smart tools for easy trading. This trading platform is accessible on any internet-enabled web browser (PC or Mobile) and any operating system.

Questrade App

The Questrade app lets you trade anywhere, anytime, with just a few taps on your mobile device. This mobile trading app lets you execute trades on the go. You can download the Questrade app Apple App Store or the Google Play Store for iOS and Android devices.

Questrade IQ Edge

The Questrade IQ Edge is designed for advanced trading. This downloadable desktop trading platform lets you trade like a Pro.

Questrade Global

Questrade Global is another trading platform designed for trading on international markets. This trading platform lets you trade Forex and CFDs in over15 international exchanges. The trading platform can be accessed on the web via any internet-enabled web browser. Similarly, you can download the Questrade Global Mobile app on the Google Play Store (Android) or the App Store (iOS).

Questrade Fees

Questrade boasts of having one of the lowest fees among online investment brokerage in Canada. Questrade fees depend on your choice of its services and products. 

Questrade has two distinct pricing structures:

Standard Pricing

Standard Pricing is for customers on the self-directed investing and Questwealth Portfolios. Here, regular stocks trade attracts $0.01 per share while ETFs are commission-free. Options trades have $9.95 plus $1 per contract.

Advanced Pricing

Advanced pricing is designed for Active Traders. This is activated when a client of the broker activates the Advanced Data package (Fixed and Variable pricing plans). This package comes with Advanced Canadian Data Package and Advanced US Data Package with full rebates.

Here’s how Questrade pricing works

ProductsRate
Stocks$0.01 per share
($4.95 min. to $9.95 max.)
ETFs commission on purchasesFree
ETF closing tradeRegular commission
Options per contract$1
Trading Options base commission$9.95
Mutual Funds$9.95 per trade
BondsFree with $5000
minimum purchase
GICsFree with a $5000
minimum purchase.
Fees may apply
if withdrawn early
International Equities1% of the trade value with a $195
minimum plus applicable
stamp fees
IPOs and New IssuesFree to buy with $5000
minimum purchase
Precious Metals$19.95 USD per trade
Annual account closureFree
Opening and Closing accountFree

Note: The above rates are prone to change anytime at the discretion of the issuer. Check with the provider for current rates.

Questrade Safety Regulations

Questrade is a regulated brokerage, regulated by the Investment Industry Regulatory Organisation of Canada (IIROC) and registered with the Canadian Investor Protection Fund (CIPF).

Clients of the broker can rest assured of the adequate safety of their data and investments. Questrade has outlined several safety measures for customers to protect their trading accounts and investments. Besides, customers’ accounts are protected up to $10 million per account by the CIPF.

Questrade Account Opening

The account opening process on Questrade is simple and straightforward. All you have to do is complete an online application by choosing your preferred account – Questrade Self-Directed or Questwealth. It is essential to note that account opening on this platform is available for residents of Canada only.

Questrade Customer Service

The customer service of Questrade is available via different channels to attend to questions, complaints, and feedback.
Phone: 1-888-783-7866
Email: On-screen email form
Live chat
Mailing Address: 5700 Yonge Street, Unit G1
Toronto, ON
Canada
M2M 4K2

Questrade Editor’s Review

Questrade provides an all-round investment service to Canadian residents with competitive low fees. The platform is suitable for both newbie and expert investors. However, it should be noted that there is a requirement of at least $1000 to start investing on the Questrade platform.

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