All you need to know about withdrawal on Questrade

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Being able to access your money is one of the top priorities when it comes to choosing a broker. Here, we will show you the withdrawal options, possible fees, how fast you can access your funds, and why Questrade is a reliable broker, where you can withdraw your money without safety concerns.

Withdrawal at Questrade is not the most user-friendly, according to our analysis. In any case, there are some issues, such as currency and closing positions, you have to pay attention to.

To give you a brief summary: Questrade is a Canadian online brokerage firm. Questrade is a member of Canadian self-regulatory industry body IIROC and the Canadian Investor Protection Fund (CIPF).

THE ESSENCE:

  • Questrade charges $0 for withdrawal
  • The withdrawal process is usually executed within >3 days
  • Questrade is a reliable broker, regulated by at least one top-tier regulator
  • You can only withdraw funds to accounts in your name

First, let's see if Questrade is available in your country?

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How to withdraw money from Questrade
Is Questrade safe?

To trust your money with a broker, you need to be sure that the broker is considered trustworthy. We, at BrokerChooser, only recommend regulated brokers, meaning the broker's operations are overseen by a trusted body.

Questrade can be considered a legit broker as it is overseen by at least one top-tier regulator, which is a great sign for reliability.

For you, this means that your money is in good hands and you will be able to withdraw your funds.

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How to withdraw money from Questrade
What withdrawal methods are available at Questrade?

At Questrade, you have multiple options to choose from when you would like to withdraw money. These options are the following: Bank transfer, Interac Online.

Remember, you can only withdraw funds to accounts that are in your name.

Withdrawal options Questrade
Bank transfer Yes
Credit/Debit card No
Electronic wallet Yes

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How to withdraw money from Questrade
How long does it take to withdraw from Questrade?

Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.

Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.

At Questrade, the withdrawal process is usually executed within >3 days.

How to withdraw money from Questrade
What are the withdrawal fees at Questrade?

The good news is that Questrade charges no fees for withdrawal.

Withdrawal option Withdrawal fees
Credit/Debit card -
Domestic bank withdrawal $0.0
International bank withdrawal $40.0
Electronic wallet Not available

Conversion fees

Pay attention that if your Questrade account's base currency and bank account's currency differ, you might be charged a conversion fee depending on your personal bank.

At Questrade, the following base currencies are available: USD, CAD.

To avoid high conversion fees, consider opening a multi-currency account at a digital bank.

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How to withdraw money from Questrade
What to keep in mind when withdrawing from Questrade?

Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.

Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.

How to withdraw money from Questrade
Wrap-up

You are awesome for having read through this article! Making sure you can access your funds might seem overwhelming at first, but the best time to start dealing with your finances is always right now.

You're doing great! Navigating through the world of brokerages is hard, and we want to help you along the way. If you are stuck somewhere, have a question, or a suggestion, please drop us an email.

Author of this article

Eszter Zalán

Author of this article

Eszter is a Brussels-based content editor and writer with over 15 years of experience in journalism. She thrives in researching complicated issues and explaining their essence in plain and clear language to guide you through the world of finance.

Eszter Zalán

Content Editor

Eszter is a Brussels-based content editor and writer with over 15 years of experience in journalism. She thrives in researching complicated issues and explaining their essence in plain and clear language to guide you through the world of finance.

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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