Getting started with Questrade
Are you a new investor considering opening a brokerage account at Questrade but don't know how to do it? Are you wondering how long the process takes and how difficult it is?
Opening a brokerage account can seem daunting. Unfortunately, account opening is indeed not a great experience at Questrade, so if that keeps you from getting started, check some more user-friendly alternatives.
Together with my brokerage analyst colleagues, I have thoroughly tested the services of Questrade by opening a real-money account. Here’s what you need to know about account opening if you want to start investing with Questrade:
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Account opening at Questrade is fully online and takes 1 day.
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You will need to prove your identity and residency with documents.
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Choose an account type that suits your needs.
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You can choose from multiple base currencies.
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The minimum deposit at Questrade is $1,000.
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Browse the best brokers for beginners for some great alternatives.
Before we start, let's check if Questrade is available in your country:
Account opening at Questrade vs other competitors
Account opening at Questrade is fully online, meaning you can do it from the comfort of your chair. In fact, you don't even need a chair: you can simply do it on the go on your mobile phone.
See how we rated the account opening experience and how long it takes to get started at Questrade compared with its main competitors:
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Account opening score
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3.1 stars | 4.4 stars | 4.4 stars |
|---|---|---|---|
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Account opening fully online
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Yes | Yes | Yes |
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Time to open account
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1 day | 1-3 days | 1-3 days |
Opening an account is always free of charge, but the time it takes differs from broker to broker. At some brokers, it's as quick as signing up for a new Gmail account. At others, it might take a couple of days as they run a background check on your data. At Questrade, it usually takes 1 day to have your account up and running.
Navigating the complexities of trading can be challenging. If you're a new investor, you'll need a broker with a user-friendly trading interface and robust educational materials. So where to find such brokers? Start with our toplist of brokers we rated as good for beginners.
How to get a verified trading account at Questrade?
First, you need to go to Questrade's website and fill a registration form to apply for an account. It takes the broker a bit of time to review and verify your application - usually 1 day - after which you can make your first deposit and start trading.
Opening a brokerage account is not unlike opening a bank account. As you go through the steps, you’ll find that it is a simple and familiar process. Once your brokerage account is set up, you’ll find that the experience is similar to what you get with a bank account that you use for savings and transactions. See, it’s just another way of managing your money!
The sign-up procedure is usually self-evident; just follow the instructions carefully. Here's what awaits you at Questrade:
Opening an account as a Canadian resident is simple and fully digital:
- Choose an account type. Opening multiple accounts at once is possible.
- Provide your personal information, including country of residence, citizenship, Social Insurance Number and employment information.
- Review and confirm the information.
- Accept the terms and conditions.
- 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 and following the instructions above, you have to get in contact with a representative of Questrade to verify your documents, and then mail the documents. This whole process took us more than two weeks.
If you are opening your first account with Questrade, you can do it via Questrade Trading's mobile app as well. You can open a self-directed TFSA, RRSP, or Margin account.
The following steps are typical toward the end of the application process or after verifying your identity:
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You'll have to fill out a trading experience survey. It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have some basic financial knowledge and are aware of the risks of trading.
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Next, you'll have to choose an account type and a base currency.
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As a final step, you'll need to fund your account before you can start trading.
Which Questrade account to choose?
Brokers usually provide multiple account types. When choosing an account, consider how experienced you are in trading, and pick an account that suits your needs. Some factors to take into account: your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums.
If you're a beginner, we recommend selecting the most basic account offered by the broker, which is the standard account.
The above apply to retail accounts opened by private individuals. If you're looking to open a brokerage account for your company, see our overview of whether you can open a business investment account at Questrade and under what conditions.
Alternatively, find out more about Questrade's specific account types in our comprehensive Questrade review for 2024.
Which base currency should you choose?
At Questrade, you can choose from the following base currencies: USD, CAD. If possible, try to deposit money to your brokerage account in your account's base currency. Better yet, choose a base currency in the first place that you plan to most often use for depositing.
Why is all this important? If you fund your trading account in the same currency as your bank account, you won't have to pay a conversion fee. Conversion fees apply if:
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You make a deposit in a different currency than the currency of your brokerage account.
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You trade assets denominated in a different currency than your brokerage account's base currency.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.
Fund your account and start trading at Questrade
Once you have filled out the registration form, uploaded your documents, finished the trading survey and selected your account type and base currency, Questrade will verify your account shortly. After successful verification, you need to fund your account to be able to begin trading.
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Choose your funding method.
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Enter the amount to be deposited and other necessary details for the transaction.
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Double-check if payment details are correct.
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If all looks OK, click to submit your deposit request.
At Questrade, the required minimum deposit is $1,000. This means that you have to put at least $1,000 in your broker account to be able to start trading.
Is that more than you're willing to commit at this point? See if you can start trading with less at other brokers.
At Questrade, you have multiple funding methods to choose from when you want to deposit money to your account. Check these options in the following table; and choose the one that's most convenient for you.
| Broker | Minimum deposit | Bank transfer |
|---|---|---|
| Questrade | $1,000 | |
| Qtrade Direct Investing | $0 | |
| RBC Direct Investing | $0 |
After successfully funding your account, you're all set to start trading.
To explore Questrade’s top competitors, head over to our top list of the best brokers for beginners, whose low fees and user-friendly features benefit new investors like you.
Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.
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.