Summary

Recommended for traders and investors focusing on the Canadian and US markets

Questrade was founded in 1999 and it is one of the most popular brokerage firms in Canada. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

Questrade is considered safe because it has a long track record and is regulated by a top-tier regulator.

Overall Rating
4.5
Fees
3.2
Account opening
3.8
Deposit and withdrawal
2.7
Trading platform
3.8
Markets and products
3.6
Research
4.8
Customer service
4.5
Education
3.0

Questrade pros and cons

Questrade has advanced research tools. News, fundamental data, chart pattern tools, etc. are all available. Their desktop trading platform, IQ Edge is easy to use and offers a wide range of tools. Questrade has excellent customer service, providing relevant information quickly on the phone, e-mail, and through their live chat service.

On the flip side, the account opening process for international clients is slow, time-consuming and not fully digital. Questrade also charges an inactivity fee for accounts with $5,000 or less if no trades are made for 3 months. There is a high fee for wire withdrawals outside Canada.

Pros Cons
Solid research tools Slow account opening process for international customers
Great desktop trading platform High inactivity fee
Superb customer service High withdrawal fee for non-Canadians
Questrade main features and highlights
🗺️ Country of regulation Canada
💰 Trading fees class Average
💰 Inactivity fee charged Yes
💰 Withdrawal fee amount $0
💰 Minimum deposit $1,000
🕖 Time to open an account 1 day
💳 Deposit with credit/debit card Not available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 2
🎮 Demo account provided Yes
🛍️ Products offered Stock, ETF, Forex, Fund, Bond, Options, CFD

Author of this review

Bence Komáromi

Author of this review

Bence is a finance professional and a former media executive. Currently he works at Morgan Stanley's brokerage and clearing department as a trading fees controller in Budapest, Hungary.

Bence Komáromi

guest writer

Bence is a finance professional and a former media executive. Currently he works at Morgan Stanley's brokerage and clearing department as a trading fees controller in Budapest, Hungary.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Questrade review
Fees

3.2
Questrade asset fees for stocks, ETF's, and funds are competitively low. On the other hand, it charges a high inactivity fee, $24.95 per quarter.
Pros Cons
Low stock and ETF fees Inactivity fee
Low fund fees
No withdrawal fee inside Canada
Questrade fees snapshot
Assets Fee level Fee terms
US stock Low $0.01 per share, min $4.95, max $9.95, buying ETF is free, but selling has the same fee as stock trading
EURUSD Average The fees are built into the spread, 1.7 pips is the average spread cost during peak trading hours.
Mutual fund Low $9.95 per trade
Inactivity fee High $24.95 per quarter if you have less than CAD 5,000 on your account and didn't trade in the last querter, no inactivity fee for forex and CFD accounts

We ranked Questrade's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

Below you will find the most relevant fees of Questrade for each asset class. For example, in the case of stock investing commissions are the most important fees.

We also compared Questrade's fees with those of two similar brokers we selected, Qtrade and RBC Direct Investing. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Questrade alternatives.

To have a clear overview of Questrade, let's start with the trading fees.

Questrade trading fees

Questrade trading fees are average to high. On the other hand, the fee structure is transparent and easy to understand.

Stock fees and ETF fees

Questrade has generally low stock and ETF commission.

Stock and ETF commission of a $2,000 trade
  Questrade Qtrade RBC Direct Investing
US stock $5.0 $6.6 $7.5

Questrade charges $0.01 per share with a minimum fee of $4.95 and a maximum of $9.95. When you trade with ETFs, you will be charged only when you sell. It has the same fee structure as stock trading.

If you prefer stock trading on margin or short sale, you should check Questrade financing rates.

Financing rates or margin rate is charged when you trade on margin or short a stock. This basically means that you borrow money or stocks from your broker to trade. For this borrowed money/stock you have to pay interest. This is the financing rate. It can be a significant proportion of your trading costs.

Questrade financing rates are high.

Questrade annual financing rates for stocks and options
  Questrade Qtrade RBC Direct Investing
USD margin rate 8.5% 6.3% 5.5%

Questrade charges a base rate and markup for trading on margin. At the time of the review, the base rate was 3.95% for loans in CAD and 4.75% for loans in USD. The markup depends on the debit balance. It is 3.75% for a debit balance below $100,000 and 2.75% for a debit balance above.

Forex fees

Questrade forex fees are high, although it is one of the only top Canadian stockbrokers who offer forex trading.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Forex benchmark fee of a $20,000 30:1 long position held for one week
  Questrade Qtrade RBC Direct Investing Interactive Brokers
EURUSD benchmark fee $17.5 - - $17.9
GBPUSD benchmark fee $15.0 - - $13.6
AUDUSD benchmark fee $18.3 - - $12.0
EURCHF benchmark fee $9.5 - - $7.1
EURGBP benchmark fee $12.0 - - $13.0

Fund fees

Questrade fund fees are low compared to other brokers around the world but are high compared to other Canadian stockbrokers.

Commission for a $2,000 fund purchase
  Questrade Qtrade RBC Direct Investing
Mutual fund $10.0 $0.0 $0.0

The standard fee for mutual funds is $9.95 per trade.

Bond fees

Questrade has no bond fees. These are very favorable compared to their competitors, but the catch is that you must buy a minimum of $5,000 per trade.

Commission of a $10,000 government bond trade
  Questrade Qtrade RBC Direct Investing
US Treasury bond $0.0 $18.7 $18.8

Options fees

Questrade options fees are high. Higher than both their main competitors.

Stock index options commission of 10 contracts
  Questrade Qtrade RBC Direct Investing
US stock index options $20.0 $15.9 $16.8

Options fees are calculated as the following: $9.95 per option plus $1 per contract.

CFD fees

Questrade has average CFD trading fees. Qtrade and RBC Direct Investing don't offer CFDs.

To have a clear understanding of CFD fees we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

CFD benchmark fees, for a $2,000 long position held for one week
  Questrade Qtrade RBC Direct Investing Interactive Brokers
S&P 500 index CFD fee $2.2 - - $3.6
Apple CFD fee $22.1 - - $3.5
Vodafone CFD fee $30.8 - - $8.2

We calculated with 20:1 leverage for stock index CFDs and 5:1 leverage for single stock CFDs.

Questrade's stock CFD fee calculations are commission-based and have a set minimum as seen below:

Questrade stock CFD fees
Market Commission Min
North America
Canada CAD 0.01 per share CAD 9.95
USA $0.01 per share $10
Europe
United Kingdom 0.10% of the trade value £11.95
Austria, Germany, Ireland 0.10% of the trade value €11.95
Belgium, France, Netherlands, Portugal, Spain 0.10% of the trade value €9.95
Denmark 0.10% of the trade value DKK 99.95
Finland 0.10% of the trade value €13.95
Norway 0.10% of the trade value NOK 99.95
Sweden 0.10% of the trade value SEK 99.95
Switzerland 0.10% of the trade value CHF 11.95
Asia/Pacific
Australia 0.15% of the trade value AUD 14.95
Hong Kong 0.20% of the trade value HKD 59.95

 

Non-trading fees

Questrade has average non-trading fees.

There is no account fee and withdrawal fees for electronic fund transfers 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 transfer.

There is also an inactivity fee, $24.95 per quarter if you have less than CAD $5,000 in your account and didn't trade in the last quarter. As a plus, there is no inactivity fee for forex and CFD accounts. 

Questrade non-trading fees
  Questrade Qtrade RBC Direct Investing
Account fee No Yes Yes
Inactivity fee Yes No No
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

Questrade review
Account opening

3.8
For Canadian citizens, the account opening at Questrade is easy and fully digital. On the other hand, you'll need to start with a high deposit of $1,000.
Pros Cons
Fast Minimum deposit is higher than $500
Fully digital Complicated for non-Canadians
User-friendly

Can you open an account?

Get started

Questrade is a Canadian discount broker that targets potential Canadian clients primarily. However, Questrade is available for clients all over the world.

What is the minimum deposit at Questrade?

The required Questrade minimum deposit is $1,000.

Account types

Questrade offers several types of accounts:

Questrade account types
Account type Short description
Margin Accounts (Individual & Joint) Accounts with leverage to invest in stocks, ETFs, options, etc. International and Canadian clients can open this account as well.
Forex & CFD Account Accounts focused on forex and CFD trading. International and Canadian clients can open this account as well.
Tax-Free Savings Account The account does not apply taxes on any interest earned, dividends, or capital gains. Available only for Canadian clients.
Retirement Accounts (RRSP, Spousal RRSP, LIRA, Locked-In RRSP) Lower-income taxes with RRSP contributions. Investments are tax-deferred until withdrawal. Available only for Canadian clients.
Registered Education Savings Plans (RESP, Family RESP) Savings accounts for post-secondary education with government incentives and grants. Available only for Canadian clients.
Entity Accounts (Corporate, Investment Club, Partnership, Sole Proprietorship, Trusts) Accounts to invest on behalf of your business or someone else. The funds and assets in the account are taxed according to the corporate tax rates. Available only for Canadian clients.

How to open your account

Opening an account as a Canadian resident is simple and completely digital:

  1. Choose an account type. Opening multiple accounts at once is possible
  2. Add personal information, including country of residence, citizenship, Social Insurance Number and employment information
  3. Review and confirm the information
  4. Accept the terms and conditions
  5. Transfer funds

The account opening process takes less than 30 minutes for Canadians.

For international customers, it's more complicated and time-consuming. After registering online following the instructions above, you have to meet with a representative of Questrade in person to get your documents verified. You then have to physically mail the necessary documents to Questrade. This whole process took us more than two weeks.

Questrade review - Account opening

Questrade review
Deposit and withdrawal

2.7
Deposits and withdrawals are free with EFT for Canadians and the process is user-friendly. Credit/debit cards are not available. Funding & withdrawals are expensive for non-Canadian citizens..
Pros Cons
Free withdrawal Credit/Debit card not available
No deposit fee Slow withdrawal - over 3 days
User-friendly High fee for wire withdrawals
Few base currencies

Account base currencies

At Questrade, you can choose from 2 base currencies: USD, CAD. This is in line with the Canadian competitors:

Base currencies at Questrade vs similar brokers
  Questrade Qtrade RBC Direct Investing
Number of base currencies 2 2 2

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don't have to pay a conversion fee.

A convenient way to save on the currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

Questrade does charge a deposit fee. International clients can use only wire transfers. 

If you are from Canada, you can use several options, a lot of which are free

  • Electronic fund transfer
  • Electronic wallets (Interac Online)
  • Certified cheques

On the negative side, Questrade does not accept deposits from credit and debit cards or in cash and for non-Canadians only expensive wire transfers are available.

Questrade deposit options
  Questrade Qtrade RBC Direct Investing
Bank transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets Yes No No

A bank transfer can take several business days, while payment with a credit/debit card is instant.

It is important to note that you can only deposit money from accounts that are in your name.

Questrade review - Deposit and withdrawal - Deposit

Questrade withdrawal fees and options

Questrade does not charge withdrawal fees for electronic fund transfers up to CAD$ 50,0000 or USD$ 25,000. On the other hand, wire transfers cost $20-$40 (depending on your residency) and non-Canadians can use only this.

Questrade withdrawal fees and options
  Questrade Qtrade RBC Direct Investing
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets Yes No No
Withdrawal fee $0 $0 $0

How long does it take to withdraw money from Questrade? We tested the bank transfer withdrawal and it took more than 3 business days.

How do you withdraw money from Questrade?

  1. Log into your account
  2. Move your cursor over Accounts to open the drop-down menu
  3. Click on Accounts
  4. Move your cursor on Requests
  5. Click on Withdraw funds
  6. Choose the account to withdraw from, the amount, currency and method
  7. Initiate withdrawal

Compare to other brokers

Questrade review
Web trading platform

3.3
Questrade's web trading platform offers a simple, intuitive design, a wide variety of order types and price alerts. On the flip side, its customizability is limited, a two-step login process is not available and it doesn't offer a clear fee report.
Pros Cons
User-friendly No clear fee report available
Good variety of order types No two-step (safer) login
Price alerts Limited customizability (for charts, workspace)
Questrade platforms to choose from
Trading platform Score Available
Web 3.3 stars Yes
Mobile 4.3 stars Yes
Desktop 4.3 stars Yes

Questrade offers three trading platforms which differ in the tradable products and the devices the platforms are offered for as shown in this chart:

Questrade trading platforms
  Questrade Trading IQ Edge Questrade FX Global
Best for Investors looking for easy execution Traders looking for sophisticated research FX and CFD traders looking for an easy trading platform
Tradable products Stock, ETF, mutual funds, options Stock, ETF, options Forex, CFD
Web trading platform offered Yes No Yes
Mobile trading platform offered Yes No No
Desktop trading platform offered No Yes Yes

We reviewed Questrade Trading in this section. 

Look and feel

Available in English only, Questrade's web trading platform is user-friendly and has simple, yet elegant designs. Maybe as a result of its simplicity, it offers limited customizability, especially compared to Questrade's highly customizable desktop trading platform.

Questrade review - Web trading platform

Login and security

Questrade provides a one-step only login process which is less safe than the highly secure two-step authentication method.

When you log in to a device for the first time, you have to answer a security question. After the first time, the accounts can be accessed with the common login ID and password combination.

Search functions

The search function is basic. You can search by using a company's name or an asset's ticker.

Search results are not always relevant, however. When searching for Apple stocks, they only appeared at the second place on the list of results.

Questrade review - Web trading platform - Search

Placing orders

You can use the following order types: Market, Limit, Stop-loss, Stop-limit, Trailing stop, Trailing stop-limit, Limit on open order, Limit on close order

If you are not familiar with the basic order types, read this overview.

There are also order time limits you can use: Good ‘till date (GTD), Good ‘till canceled (GTC), Day, Good ‘till extended market (GTEM), Fill or kill (FOK), Immediate or cancel (IOC)

Questrade review - Web trading platform - Order panel

Alerts and notifications

Setting alerts at Questrade Trading is extremely user-friendly. You can set price and trading volume alerts in e-mail and SMS.

Portfolio and fee reports

Questrade provides a clear, easy-to-read portfolio report. However, there is no clear fee report which would show how much commission you paid to the broker.

The reports can be found in the Account section on the opening pages. It's unclear how to download them.

Get started

Questrade review
Mobile trading platform

4.3
The Questrade mobile trading platform is great. It is user-friendly and well-designed. The only missing point is that it lacks a two-step login.
Pros Cons
User-friendly No two-step (safer) login
Good variety of order types
Price alerts

This table shows which mobile trading platforms are available at Questrade.

In this review, we tested Questrade Trading's mobile app. It is available both on iOS and Android. We tested it on Android.

In functionalities and design, it is the same as the web trading platform. It offers the same order types, has the same search functions, offers only one-step login, and provides alerts.

Get started

Questrade review
Desktop trading platform

4.3
This is Questrade's most advanced trading platform by far. It is user-friendly, highly customizable but two-step authentication is still missing.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good customizability (for charts, workspace)

Questrade's desktop trading platform, IQ Edge is recommended for more advanced traders. It offers more complex order types, a highly customizable interface and, overall, a wider variety of features than Questrade's other platforms.

The desktop trading platform is available on both Windows and macOS in English.

Look and feel

The Questrade desktop trading platform is well-designed and highly customizable. You can easily change the tabs' size and position.

Questrade review - Desktop trading platform

Login and security

Similarly to Questrade's other trading platforms, IQ Edge offers only a one-step login which is less secure.

Search functions

The search functions are OK. On the plus side, you can find the assets by typing the company name or the asset's ticker, but the search results are not always the most relevant.

Questrade review - Desktop trading platform - Search

Placing orders

Besides the order types and order time limits available on the web trading platform, you can add conditional orders and bracket order.

Placing orders on IQ Edge is simple and quick as the Order entry button is readily available on the front page.

You can still use the following order types as well: Market, Limit, Stop-loss, Stop-limit, Trailing stop, Trailing stop-limit, Limit on open order, Limit on close order

There are also order time limits you can use: Good ‘till date (GTD), Good ‘till canceled (GTC), Day, Good ‘till extended market (GTEM), Fill or kill (FOK), Immediate or cancel (IOC)

Questrade review - Desktop trading platform - Order panel

Alerts and notifications

You can easily set alerts by clicking on the Alerts button.

Similarly to the web trading platform, you can set price and trading volume alerts. You choose if you want to get a notification as a pop-up message, audio alert, SMS, or e-mail.

Portfolio and fee reports

Questrade's desktop trading platform has a clear and easy-to-use portfolio report but lacks a clear fee report.

You can have access to reports on the summary of their activity, orders, positions, executions, and balances.

Get started

Questrade review
Markets and products

3.6
At Questrade, you can trade with almost all asset classes, except futures and cryptocurrency. The product portfolio covers only the US and Canadian markets. though.
  Questrade Qtrade RBC Direct Investing
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes No No
Fund Yes Yes Yes
Bond Yes Yes Yes
Options Yes Yes Yes
Futures No No No
CFD Yes No No
Crypto No No No

Questrade's list of available asset classes is impressive. On the other hand, the variety of specific products within an asset class is more limited.

Stocks and ETFs

  Questrade Qtrade RBC Direct Investing
Stock markets (#) 9 5 5
ETFs (#) 3,100 3,100 3,100

Even though Questrade is primarily a Canadian firm, it gives you access to major North American exchanges. It is perfect if you focus exclusively on the North American markets as you can trade on the following stock exchanges: NYSE, NASDAQ, NYSE AM (AMEX), NYSE ARCA, TSX, TSXV, CNSX, and NEO

Forex

  Questrade Qtrade RBC Direct Investing Interactive Brokers
Currency pairs (#) 38 - - 105

It's ideal for forex traders who intend to trade the most common currency pairs but less so if you prefer exotics.

Funds

  Questrade Qtrade RBC Direct Investing
Fund providers (#) 100 140 83

Questrade offers an average number of mutual funds compared to its competitors.

Bonds

  Questrade Qtrade RBC Direct Investing
Bonds (#) 1,500 1,400 1,000

Questrade offers bonds in various categories, such as municipal bonds, corporate bonds, and provincial bonds.

It is an ideal selection for investors who prefer Canadian fixed income securities.

Options

  Questrade Qtrade RBC Direct Investing
Options markets (#) 6 2 2

Questrade's number of available options markets is below average compared to all brokers but high compared to Canadian brokers.

In Canada, you can buy and sell options on the Toronto Stock Exchange. In the US, the following options markets are available: BATS, NASDAQ, NYSE AM (AMEX), NYSE ARCA (ARCA). It's also possible to trade OTC options in the US.

CFDs

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  Questrade Qtrade RBC Direct Investing Interactive Brokers
Stock CFD markets (#) 19 - - 19
Stock CFDs (#) 630 - - 7,100
Commodity CFDs (#) 10 - - -
Stock index CFDs (#) 15 - - 13

If you are Candian, can also invest in Questrade Portfolios. These portfolios are managed by Questrade's fund managers. It is great if you don’t want to manage your investments on your own.

Questrade review
Research

4.8
Questrade offers a vast array of research tools. From news through fundamental data to chart pattern tool, you will find everything.
Pros Cons
Good interactive chart Live streaming data only available for a paid subscription
Trading ideas
Data on asset fundamentals

Questrade offers the following in-depth research tools: 

  • Questrade Trading, the web trading platform 
  • IQ Edge, the desktop trading platform
  • Market Intelligence, a fundamental research tool
  • Intraday Trader, a pattern recognition tool

Trading ideas

On the web trading platform (Questrade Trading) you will find a lot of analysis empowered by Morningstar.

Fundamental data

Market Intelligence is a fundamental research tool that delivers a lot of information. You will find company and sector analysis, annual and quarterly financial statements, filings and insider trading overview.

Questrade offers four Market Data Packages that provide information on the North American markets. The following packages are available for purchase at Questrade: Basic, Enhanced, Advanced US and Advanced Canadian.

At the IPO Centre, Questrade's clients can subscribe to the firm's IPO Bulletin for information on the latest IPOs and secondary offerings.

Questrade review - Research - Fundamental data

Charting

Even though every platform offers a charting tool (e.g. web, mobile, desktop), we tested the charting tools Questrade's desktop trading platform because it is the most advanced. 

We've found that the charting tools are simple, elegant and highly customizable. On the negative side, there are 30 technical indicators which might be enough but this amount is lower than what you'll find at other competitors.

Questrade also offers Intraday Trader which is a pattern recognition tool, available if you are a subscriber of Enhanced or Advanced Data Packages.

Questrade review - Research - Charting

Newsfeed

Newsfeeds are available and customizable on every trading platform of Questrade.

They are updated in real-time and easy-to-read on the front pages of each of the applications.

Other research tools you will enjoy:

Questrade's desktop trading platform offers a wide range of other tools, but show only the top picks:

  • You can use a screener on with an increased number of filters and products to choose from.
  • There is also a tool, called P&L calculator. It is a tool for advanced trader where probabilities are calculated based on inputs you add, like price level, volatility, options strategy, etc.
  • We also liked the integration of StockTwits, an app which like the traders’ Twitter.

Lastly, if you prefer API trading, Questrade offers its API service in C++ and C#.

Compare research pros and cons

Questrade review
Customer service

4.5
Questrade has great customer service. The customer service representatives are polite and give detailed answers quickly.
Pros Cons
Phone support No 24/7 support
Live chat
Fast response time

You can contact Questrade via:

  • live chat
  • phone
  • email

The live chat service is very fast, they give information almost immediately. When initiating the chat you are required to enter several pieces of information which seems a bit too much but this is a minor inconvenience.

Questrade's phone support service was fast and they gave useful answers. As no international phone numbers are available, you need to dial a Canadian number even if you are not from Canada. The waiting time is somewhat unpredictable: at some occasions we needed to wait longer while in some cases a representative answered almost immediately.

Questrade replied quickly to e-mails as well. The waiting time was merely a few hours, which is outstanding.

On the downside, customer service is not available 24/7: both the live chat and the phone support is available on weekdays only.

Questrade review - Customer Service

Get started

Questrade review
Education

3.0
Questrade offers an adequate amount of educational and tutorial materials for both novice and advanced traders. Although, the educational section could be more structured.
Pros Cons
Demo account Structured educational section missing
Trading platform tutorial
Educational videos

At Questrade you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Quality educational articles
  • E-books

By far the most useful educational tool Questrade offers are their demo accounts on each of their platforms. Using the demo accounts, clients can simulate investing and trading, even before depositing funds.

One of the primary sources of educational materials is the Questrade website where clients can read blog posts on investing and search for information in the Help & How-to section. Finding answers to generic questions using the search function is fairly simple. Information is available on various topics, such as order types, how to install IQ Edge and funding.

E-books are also available in Questrade's online learning center. There are three e-books just about option strategies for three types of traders: novice, intermediate and advance. The quality of the books is excellent; they even provide hyperlinks to tutorial videos on various trading strategies. The same content on different asset classes would surely be appreciated by traders.

Questrade's YouTube channel is another useful source of educational content. It provides videos on the basics, like products and services or specific topics, such as single and multi-leg orders. The quality of the videos is good but it would be great if more content was available on different assets and strategies.

Questrade review - Education

Get started

Questrade review
Safety

Questrade is regulated by the top-tier Canadian regulator, Investment Industry Regulatory Organization of Canada (IIROC) and offers a high investor protection amount. Unfortunately, there is no negative balance protection at Questrade.
Pros Cons
Majority of clients belong to a top-tier financial authority No negative balance protection
High level of investor protection Does not hold a banking license
CAD 10 million per account additional insurance Not listed on stock exchange

Is Questrade regulated?

Yes, it is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

Questrade is based in Canada which has a high credit record and was founded in 1999.

Is Questrade safe?

To be certain, we highly advise to check two facts:

  • how you are protected if something goes wrong
  • and what the background of the broker is.

How you are protected

This is important for you because the investor protection amount and the regulator differ from entity to entity. With Questrade this is not an issue though as all customers are covered by Questrade, Inc. 

Questrade Inc. is a member of CIPF. Therefore, the clients of Questrade Inc. could be eligible for the CAD 1 million coverage offered by CIPF

On top of this, each account is covered with additional insurance up to CAD 10 million. It is great as other brokers usually don't provide such high insurance.

Questrade investor protection
Country of clients Protection amount Regulator Legal entity
All countries CAD 1 Million IIROC Questrade, Inc.

Note: Questrade does not provide negative balance protection.

Background

Questrade is a Canadian private company established in 1999. The longer the track record, the better. Longer track record means the company was able to manage financially tough time periods, like the financial crisis.

You may have some trouble if you are looking for more information about the company. The amount of financial information is quite limited compared to other brokers.

Being regulated by a top-tier regulator, offering high investor protection and insurance, and being in operation for a long time are all great signs for Questrade's safety.

Find your safe broker

Questrade review
Bottom line

Questrade is the fastest growing online brokerage firm in Canada and for a good reason.

Their customer service is outstanding, they provide relevant information in a quick manner and the research tools are advanced. The desktop trading platform offers a lot of tools and it is user-friendly.

Questrade has some shortcomings as well. Even though the account opening process for Canadians is quick and easy, it's slow and time-consuming if you are not Canadian. It charges a high inactivity fee for accounts with $5,000 or less if no trades are made for a quarter year. Lastly, you can face high withdrawal fees if you yre not a Canadian citizen.

Since Questrade has a solid background, advanced research tools, a wonderful trading platform and offers excellent customer service, feel free to give it a try.

Get started

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