Questrade account opening
Account opening at Questrade is fully online and user-friendly.
This means that you can go through the registration process easily in front of your device.
Check out this comparison table to compare the rating and duration of Questrade's account opening process to its main competitors:
| Questrade | Qtrade | RBC Direct Investing | |
|---|---|---|---|
| Rating | 3.5 stars | 4.2 stars | 3.7 stars |
| Account opening time | 1 day | 1-3 days | 1-3 days |
An account with an online broker is pretty much like a regular bank account and opening one is at least partly an online process. At some brokers it's as quick as opening a new Gmail account, at other brokers it takes a couple of days until they do some background check on you. Rather than storing just money on it, you will hold your financial assets, such as shares or forex positions, on your account. Opening an account is always free of charge. To learn more about trading accounts, read our article on the topic.
There are a couple of other factors to consider when you are about to open an account at Questrade. Here are the main pros and cons when it comes to registering at Questrade:
| Pros | Cons |
|---|---|
| • User-friendly | • Minimum deposit is higher than $500 |
| • Fast |
If you want to read our full review, including fees, deposit options and other platforms (like web and desktop) then skip to the Questrade review.
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Questrade account opening
Countries where Questrade accounts can be opened
Opening an account at Questrade is unfortunately available only for the residents of Canada. This means that unless you have permanent residency in Canada, we suggest you find another broker.
Questrade account opening
Questrade account opening requirements
To be able to open an account with an online broker, you are generally required to provide proof of identity and proof of residency. Ideally, this process is completely digital. The difficulty is that some brokers eventually require physical copies of your documents.
Questrade accepts the following documents for identification purposes:
Proof of identity: national ID / driver's licence plus social insurance number for Canadians / tax identifier number for internationals
Account opening at Questrade is fully digital, so you can go through the entire identification process on the company's web platform.
Once registration and the account opening process are done, you will first need to transfer the minimum deposit to your brokerage account from your bank account to be able to start trading.
The minimum deposit at Questrade is $1,000.
Check the following comparison table to see how Questrade stacks up against similar brokers when it comes to minimum deposits:
| Questrade | Qtrade | RBC Direct Investing | |
|---|---|---|---|
| Minimum deposit | $1,000 | $0 | $0 |
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Questrade account opening
Account types at Questrade
One important choice to make when you open a new account is the “type” of account to create. Each of these has specific requirements and features. Most online brokers offer accounts varying based on your identity or experience, the nature of traded products, available currencies, and included features such as personal investment advice. Of course, each broker company will offer slightly different packages.
You can trade at Questrade in 2 different base currencies. This is convenient because if your bank account's currency is the same as any of the base currencies, you won't have to pay a conversion fee.
But even if your account's currency is not offered by Questrade, you can save on conversion fees by opening a multi-currency bank account. Revolut or Wise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone. You can read more about brokerage fees in this article.
See the following table on how Questrade's base currency selection compares to its main competitors
| Questrade | Qtrade | RBC Direct Investing | |
|---|---|---|---|
| Base currencies | 2 | 2 | 2 |
Questrade account opening
The steps of account opening
The specific process of opening an account at Questrade might differ slightly from the one detailed here, but generally the process involves the following steps:
1. Choose your account
Before you would submit any of your personal information, make sure you have selected the right type of brokerage account for you. Make your choice on the registration page and then proceed to the next step.
2. Add personal info
The next step is to go through the basic information questionnaire. You will have to provide your name, birth date, address, nationality, employment and other similar info. The complexity of this step depends on the broker you chose. You will also have to answer some security questions to make sure you are legally allowed to trade, as well as some questions on your trading experience.
3. Identify yourself
In this part of the process, the broker website will ask you to scan and upload your proof of identity. This can be a passport, an ID card or a bank statement; exact requirements vary by broker. Some online brokers will ask you to mail them physical copies of your documents. This can drag out the account opening process a lot.
4. Seal the deal
Once you've made it through basic registration and identification, you will have a chance to review the information you provided, and then sign a virtual contract after agreeing to the terms and conditions of the broker you chose.
5. Fund your account
Once your account is confirmed and opened, you can start trading. Transfer the minimum deposit, or if there is none, any amount of money to your broker account and let's roll! You are now an investor!
For specific instructions on account opening with Questrade, visit their website or see our own review:
If you want to learn more about the next steps, such as investing in and trading with different types of financial assets, take a look at these articles:
