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Questrade Review 2019

4.3 4 stars · Jun 2019
Compare to best alternative broker
Questrade logo

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

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

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

Pros
  • Superb customer service
  • Solid research tools
  • Great desktop trading platform
Cons
  • Slow account opening process for international customers
  • High inactivity fee
  • No credit/debit cards

Questrade pros and cons

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

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. The credit and debit cards are not provided for money transfers and there is a high fee for wire withdrawals.

Compare to other brokers

Questrade review
Fees 3 stars

Questrade has average trading fees and non-trading fees.
Pros
  • No withdrawal fee
  • Transparent fee structure
Cons
  • Inactivity fee
  • High financing rate
Questrade Fees snapshot
Assets Fee level Fee terms
US stock fee Low $0.01 per share, min $4.95, max $9.95, az ETF trading the buying is free
EURUSD fee High The total transaction cost of an FX trade consists of the trading spread you pay, which may vary from the target spread
US tech fund fee 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 relating to broker fees. What you need to keep an eye on are trading fees, financing rates, and non-trading fees.

We also compared Questrade's fees with those of two similar brokers we selected, Interactive Brokers and Tradestation. This selection is based on factors like products offered, client profile, fee structure, etc.

Let's start with the trading fees.

Trading fees

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

Stock fees and ETF fees

Questrade has generally low stock trading fees.

Stock fees of a $2,000 trade
  Questrade Interactive Brokers Tradestation
USA $5.0 $1.0 $1.0

Questrade charges $0.1 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 than stock trading.

Forex fees

Questrade's forex fees are generally high.

Forex fees of a $20,000 30:1 position open, 1-week-hold, and close
  Questrade Interactive Brokers Tradestation
EURUSD benchmark fee $36.4 $23.0 -
EURGBP benchmark fee $38.3 $17.0 -

The fees are built into the spreads.

Fund fees

Questrade's fund fees are generally low.

Fees for a $2,000 fund purchase
  Questrade Interactive Brokers Tradestation
USA tech fund buy $10.0 $15.0 $15.0

The fee for mutual funds is $9.95 per trade.

Bond fees

Questrade has generally low bond fees.

Fees of a $10,000 bond trade
  Questrade Interactive Brokers Tradestation
USA $0.0 $5.0 $20.0

Questrade does not charge a commission for bonds, although, a $5,000 minimum purchase is required.

Options fees

Questrade's options fees are generally high.

Stock index options fees of 10 contracts
  Questrade Interactive Brokers Tradestation
USA $20.0 $7.0 $10.0

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

CFD fees

Questrade has generally high CFD trading fees.

CFD fees, commission of a $2,000 trade
  Questrade Interactive Brokers Tradestation
USA $10.1 $1.0 -
UK $16.9 $4.4 -
Germany $14.1 $3.4 -

Stock CFD fee calculations are commission based and have a set minimum.

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

Financing rates

Questrade's financing rates are generally high.

Financing rates are charged when you hold your leveraged positions for more than a day. It can be a significant proportion of your trading costs.

Questrade annual financing rates
  Questrade Interactive Brokers Tradestation
Apple financing rate 9.0% 5.8% 9.3%
Vodafone financing rate 9.0% 3.9% -
EURUSD financing rate 9.0% 4.9% -
EURGBP financing rate 9.0% 3.3% -

Questrade charges a base rate and markup for trading on margin. At the time of the review, the base rate was 3.5% for loans in CAD and 5.5% for loans is USD. The markup depends on the debit balance. It is 3.5% for a debit balance below $100,000 and 2.5% for a debit balance above.

Non-trading fees

Questrade has average non-trading fees.

There is no account fee and withdrawal fee for electronic fund transfers are also free up to CAD 50,000 or $25,000. However, the wire transfer costs $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 on 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 Interactive Brokers Tradestation
Account fee No No No
Inactivity fee Yes Yes Yes
Withdrawal fee $0 $0 $35

Questrade review
Account opening 2 stars

For international clients, the process is slow and it requires them to physically mail documents. There is also a high minimum deposit. As a plus, the account opening is easy and fully digital for Canadian citizens.
Pros
  • Full online and easy account opening for Canadian clients
Cons
  • Slow account opening
  • Minimum account balance is higher than $500
  • Complicated account opening for non-Canadian clients

Can you open an account?

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

There is no official information which countries are accepted, but the customer support said that EEA countries and major international countries, like Australia, are accepted. We also got an answer that US clients can't open an account at Questrade.

What is the minimum deposit at Questrade?

The required minimum deposit to start investing and trading at Questrade 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 for only Canadian clients.
Retirement Accounts (RRSP, Spousal RRSP, LIRA, Locked-In RRSP) Lower income taxes with RRSP contributions. Investments are tax-deferred until withdrawal. Available for only Canadian clients.
Registered Education Savings Plans (RESP, Family RESP) Savings accounts for post-secondary education with government incentives and grants. Available for only 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 for only 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 international customers, it's more complicated and time-consuming. After registering online following the instructions above, the potential client has to meet with a representative of Questrade in person in order to get their documents verified. Then the new client has to physically mail the necessary documents to Questrade. The whole process took us more than two weeks.

 

Questrade review - Account opening

Questrade review
Deposit and withdrawal 3 stars

Questrade deposit and withdrawal can be improved. Credit/debit cards are not available, there are only CAD and USD base currencies, and a high fee is charged for wire withdrawals. As a plus, there is no deposit fee and transferring money is easy and user-friendly.
Pros
  • No deposit fee
  • User-friendly
Cons
  • Credit/Debit card deposit and withdrawal not available
  • Slow funding and withdrawal - over 3 days
  • High fee for wire withdrawals

Account base currencies

At Questrade, you can only choose from two base currencies: CAD and USD. This offer is low compared to its competitors.

Base currencies at Questrade vs similar brokers
  Questrade Interactive Brokers Tradestation
Number of base currencies 2 21 9

Why does this matter? There are two reasons. One, if you fund your account in the same currency as your bank account, you won't be charged a currency conversion fee. Two, if you trade assets in the same currency as your account base currency, you will not have to pay a conversion fee.

A convenient way to save on the currency conversion fees can be to open a multi-currency bank account. 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.

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Deposit fees and options

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

If you are from Canada, you can also use

  • 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.

Questrade deposit options
  Questrade Interactive Brokers Tradestation
Bank transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets Yes No No

Depending on the chosen methodology, depositing funds could take one to twenty business days. For example, a wire transfer takes one to three business days.

It is important to note that clients can only deposit money from accounts which are on their name.

Questrade review - Deposit and withdrawal - Deposit

Withdrawal fees and options

Questrade does not charge withdrawal fees for electronic fund transfers up to CAD$ 50,0000 or USD$ 25,000. However, wire transfers cost $20-$40 depending on your residency.

Questrade withdrawal fees and options
  Questrade Interactive Brokers Tradestation
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets Yes No No
Withdrawal fee $0 $0 $35

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

You can only withdraw money to accounts in your name.

How do you withdraw money from Questrade? You can withdraw money from Questrade by following these steps:

  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 stars

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 doesn't offer a clear fee report.
Pros
  • User-friendly
  • Good variety of order types
  • Price alerts
Cons
  • No clear fee report available
  • No two-step (safe) login
  • Limited customizability (for charts, workspace)
Questrade Platforms to Choose From
Trading platform Score Available
Web 3 / 5 stars Yes
Mobile 4 / 5 stars Yes
Desktop 4 / 5 stars Yes

Questrade offers more trading platforms which differ in the tradable products and the devices the platforms are offered for:

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

In this review, we tested the Questrade Trading web trading platform. It is available only in English.

Look and feel

Questrade's web trading platform is user-friendly and has simple, yet elegant designs.

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

Questrade offers a lot of 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.

Users can choose from several order time limits as well:

  • 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 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. We couldn't find a way to download them.

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Questrade review
Mobile trading platform 4 stars

The Questrade mobile trading platform is great. It is user-friendly and well-designed. However, it lacks a two-step login.
Pros
  • User-friendly
  • Good variety of order types
  • Price alerts
Cons
  • No two-step (safe) login

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.

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Questrade review
Desktop trading platform 4 stars

Questrade's downloadable desktop application, IQ Edge, is by far the company's most advanced trading platform. It is user-friendly, highly customizable, and offers a wide variety of order types. However, it doesn't offer two-step authentication.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Good variety of order types
Cons
  • No clear fee report available
  • No two-step (safe) login

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 other trading platforms, IQ Edge provides only a one-step login.

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.

However, 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.

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.

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Questrade review
Markets and products 3 stars

At Questrade, you can trade with almost all asset classes, only futures and crypto are missing. However, the offered products cover only the US and Canadian markets.
  Questrade Interactive Brokers Tradestation
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund Yes Yes Yes
Bond Yes Yes No
Options Yes Yes Yes
Futures No Yes Yes
CFD Yes Yes No
Crypto No Yes No

Questrade's list of available asset classes is impressive, even compared to major international firms like Interactive Brokers. On the other hand, the variety of specific products within an asset class is more limited.

Stock and ETF

Even though Questrade is primarily a Canadian firm, their clients have access to major North American exchanges. That pales in comparison to the international reach of Interactive Brokers, however, it is perfect for traders who focus exclusively on the North American markets.

The number of ETFs at Questrade is more than at TradeStation, but below Interactive Brokers' offer.

  Questrade Interactive Brokers Tradestation
Stock markets (#) 9 74 11
ETFs (#) 3,100 20,000 2,200

You can trade on the following stock exchanges: NYSE, NASDAQ, NYSE AM (AMEX), NYSE ARCA, TSX, TSXV, CNSX, and NEO

Forex

Questrade offers 38 currency pairs on its platforms. This offer covers all the major pairs, like EURUSD, GBPUSD or CADUSD.

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

  Questrade Interactive Brokers Tradestation
Currency pairs (#) 38 105 -

Fund

Questrade offers mutual funds, but we couldn't find any information on how many fund providers or mutual funds they give access to.

Bonds

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

Compared to Interactive brokers, the number of bonds is not outstanding. However, it is an ideal selection for investors who prefer Canadian fixed income securities.

  Questrade Interactive Brokers Tradestation
Bonds (#) 1,500 110,000 -

Options

Questrade's number of available options markets is slightly below average.

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.

  Questrade Interactive Brokers Tradestation
Options markets (#) 6 45 10

CFD

CFDs are complex instruments that 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. Traders should make sure they understand how CFDs work and that they can afford to take the increased risk of losing money.

Questrade's is good at stock index CFD and commodity CFD offers but lags behind in stock CFD offer.

  Questrade Interactive Brokers Tradestation
Stock index CFDs (#) 15 13 -
Stock CFDs (#) 630 5,900 -
Commodity CFDs (#) 10 - -

Questrade Portfolios

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

Questrade review - Queswealth Portfolios

Questrade review
Research 5 stars

Questrade offers a vast array of research tools. From news through fundamental data to chart pattern tool, you will find everything.
Pros
  • Data on asset fundamentals
  • Good quality news flow
  • User-friendly
Cons
  • Live streaming data only available for a paid subscription

The research tools can be found at a lot of pages: 

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

While the research tools on Questrade Trading and Market Intelligence focus on fundamental analysis, the research tools on IQ Edge and Intraday Trader focus on technical analysis.

Trading ideas

On Questrade Trading, the web trading platform 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 review - Research - Fundamental data

Questrade offers four types of 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.

Charting

Even though every platform offers a charting tool, we tested the charting tools Questrade's desktop trading platform because it seemed the most advanced. 

The charting tools are simple, elegant and highly customizable. There are 30 technical indicators which might be enough but this amount is lower than what you'll find at some competitors.

Technical indicators at Questrade vs similar brokers
  Questrade Interactive Brokers Tradestation
Technical indicators 30 119 170

Questrade review - Research - Charting

Questrade offers Intraday Trader which is a pattern recognition tool. Intraday Trader is only available to subscribers of Enhanced or Advanced Data Packages.

News feed

News feeds are available and customizable on every trading platform of Questrade.

They are updated 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 filter 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#.

Questrade review - Research - API

Compare research pros and cons

Questrade review
Customer service 5 stars

Questrade has great customer service. The customer service representatives are polite and helpful
Pros
  • Phone support
  • Live chat
  • Fast response time
Cons
  • Not available 24/7

Clients can contact Questrade via:

  • live chat
  • telephone
  • email

Questrade offers a live chat service that gives information immediately. One downside of the live chat is that customers have to enter personal information first, such as name, topic and phone number. Unfortunately the system only accepts Canadian phone numbers which makes the process more difficult to international clients.

Questrade's phone support service was fast and they gave useful answers. As no international phone numbers are available, every customer has to dial a Canadian number which is toll free for Canadian clients. The waiting time is short, on average, a representative answered the phone within two minutes.

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 and they couldn't answer in-depth trading related questions.

Questrade review - Customer Service

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Questrade review
Education 3 stars

Questrade offers an adequate amount of educational and tutorial materials for novice and advanced traders alike. However, the educational videos are not integrated into the website and a structured educational section is missing.
Pros
  • Demo account
  • Educational videos
  • Easy to understand
Cons
  • Educational videos not integrated
  • Structured educational section missing

At Questrade traders can use the following tools to deepen their knowledge:

  • Demo account
  • General educational videos
  • Blog posts
  • E-books

By far the most useful educational tool Questrade offers is demo accounts on each of their platforms. Using the demo accounts, clients can do simulated 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

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Questrade review
Safety

Questrade is regulated by the top-tier Canadian regulator. It also offers a high investor protection amount and additional insurance of CAD 10 million per account.
Pros
  • Regulated by top tier financial authority
  • High level of investor protection
  • CAD 10 million per account additional insurance
Cons
  • No negative balance protection
  • Does not hold a banking license
  • 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).

Is Questrade safe? To be certain, it is best to check two things: 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 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 troubles 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.

Filter the brokers by investor protection

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. Questrade's research tools are advanced. The desktop trading platform offers a lot of tools and user-friendly.

Questrade has some shortcomings, however. Even though the account opening process for Canadians is quick and easy, it's slow and time-consuming for international customers. They charge a high inactivity fee for accounts with $5,000 or less if no trades are made for a quarter year. Lastly, you can't use credit/debit cards for money transfer.

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

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Questrade logo

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

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

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

Compare to other brokers

Overall 4 stars

Pros
  • Superb customer service
  • Solid research tools
  • Great desktop trading platform
Cons
  • Slow account opening process for international customers
  • High inactivity fee
  • No credit/debit cards

Fees 3 stars

Pros
  • No withdrawal fee
  • Transparent fee structure
Cons
  • Inactivity fee
  • High financing rate

Account opening 2 stars

Pros
  • Full online and easy account opening for Canadian clients
Cons
  • Slow account opening
  • Minimum account balance is higher than $500
  • Complicated account opening for non-Canadian clients

Deposit and withdrawal 3 stars

Pros
  • No deposit fee
  • User-friendly
Cons
  • Credit/Debit card deposit and withdrawal not available
  • Slow funding and withdrawal - over 3 days
  • High fee for wire withdrawals

Web trading platform 3 stars

Pros
  • User-friendly
  • Good variety of order types
  • Price alerts
Cons
  • No clear fee report available
  • No two-step (safe) login
  • Limited customizability (for charts, workspace)

Mobile trading platform 4 stars

Pros
  • User-friendly
  • Good variety of order types
  • Price alerts
Cons
  • No two-step (safe) login

Desktop trading platform 4 stars

Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Good variety of order types
Cons
  • No clear fee report available
  • No two-step (safe) login

Markets and products 3 stars

The available asset classes to trade:

  • Stock
  • ETF
  • Forex
  • Fund
  • Bond
  • Options
  • CFD

Research 5 stars

Pros
  • Data on asset fundamentals
  • Good quality news flow
  • User-friendly
Cons
  • Live streaming data only available for a paid subscription

Customer service 5 stars

Pros
  • Phone support
  • Live chat
  • Fast response time
Cons
  • Not available 24/7

Education 3 stars

Pros
  • Demo account
  • Educational videos
  • Easy to understand
Cons
  • Educational videos not integrated
  • Structured educational section missing

Safety

Pros
  • Regulated by top tier financial authority
  • High level of investor protection
  • CAD 10 million per account additional insurance
Cons
  • No negative balance protection
  • Does not hold a banking license
  • Not listed on stock exchange

AUTHOR OF THIS REVIEW

Bence Komáromi
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.

METHODOLOGY

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

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