Why choose Questrade
Questrade is a Canadian online brokerage firm.
Questrade has low stock and ETF fees and offers advanced research tools, including chart pattern tools. It has great customer service, providing relevant information quickly on all available channels. It is a good choice for beginner investors.
On the negative side, the account opening process for international clients is slow and not fully digital. There is also a high fee for wire withdrawals outside Canada. Lastly, you can hold your cash only in USD or CAD.
BrokerChooser gave Questrade a 4.5/5 rating based on analyzing 600+ criteria and testing via opening a live account.
- Low stock and ETF fees
- Solid research tools
- Great customer service
Fees
- Low non-trading fees
- Low stock and ETF fees / Free stock trading
- Low fund fees
We compared Questrade's fees with two similar brokers we selected, Qtrade Direct Investing and RBC Direct Investing. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Questrade alternatives.
Low stock and ETF commission
Questrade US stock fees are higher than the industry average. US stock fees are calculated as follows: $0.01 per share, min $4.95, max $9.95; buying ETFs is free, selling costs $0.01 per share
Broker | US stock |
---|---|
Questrade | $5.0 |
Qtrade Direct Investing | $8.8 |
RBC Direct Investing | $7.4 |
Low FX fees
All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 2.1.
Broker | EURUSD spread | FX commission per lot |
---|---|---|
Questrade | 2.1 | No commission is charged |
Qtrade Direct Investing | - | FX not available |
RBC Direct Investing | - | FX not available |
High options commission
Questrade US stock index options fees are much higher than the industry average. US stock index options fees are calculated as follows: $9.95 + $1 per contract
Broker | US stock index options |
---|---|
Questrade | $20.0 |
Qtrade Direct Investing | $21.3 |
RBC Direct Investing | $16.6 |
No inactivity fee, no withdrawal fee
There is no account fee, and withdrawals via electronic transfer are also free up to CAD 50,000 or $25,000. However, wire transfers cost $20-40 depending on your residency. International clients can only use wire transfers.
Questrade charges no inactivity fee.
Broker | Inactivity fee | Withdrawal fee |
---|---|---|
Questrade | $0 | |
Qtrade Direct Investing | $0 | |
RBC Direct Investing | $0 |
Other commissions and fees
Low mutual fund commission: trading mutual funds involves the following charges - $9.95 per trade.
Low bond commission: US treasury bonds come with the following charges - No fees, but minimum $5,000 purchase.
High margin rates: the USD annual margin rate is 13.0%.
Broker | Mutual fund | US micro e-mini stock index futures |
---|---|---|
Questrade | $10.0 | - |
Qtrade Direct Investing | $6.5 | - |
RBC Direct Investing | $0.0 | - |
Safety
- Majority of clients belong to a top-tier financial authority
- High level of investor protection
- CAD 10 million per account additional insurance
Deposit and withdrawal
- Free withdrawal
- No deposit fee
- User-friendly
Account opening
- Fast
- Fully digital
- User-friendly
Mobile app
- User-friendly
- Two-step (safer) login
- Good variety of order types
Desktop platform
- User-friendly
- Good customizability (for charts, workspace)
- Good variety of order types