Questrade Reviews: Pros and Cons [Reviewed in 2023]

What Is Questrade?

Questrade is a leading Canadian online brokerage that offers alternatives to investing and trading with large banks. Questrade Canada was founded in 1999, making it one of the first brokerages in the country and a true benchmark in success.

According to the company, Questrade has over 250,000 new accounts each year and thousands of satisfied customers. Canadians can use the platform to trade stocks, mutual funds, options, precious metals, exchange-traded funds (ETFs), and more.

Questrade’s allure stems in part from the fact that it is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and insured by the Canadian Investor Protection Fund (CIPF). The company has been named one of Canada’s Best Managed Companies for the past ten years and has received the Dalbar Seal for Service Excellence for the fourth year in a row.

Questrade Features

The Questrade app and platform are packed with useful features that will make your saving, investing, and trading journey as easy as possible. Let’s go over everything you should know.

Account Types

Questrade provides several account types, including registered and non-registered accounts. The Questrade TFSA and Questrade RRSP savings accounts are the most popular options, but here’s a complete list of all available accounts:

1. Retirement Accounts

• Registered retirement savings (RRSP, Spousal RRSP)
• Locked-in retirement (LIRA, Locked-In RRSP)
• Income funds (RIF, LIF)

2. Education Accounts

• Registered Education Savings (RESP, Family RESP)

3. Entity

• Entity Accounts (Corporate, Investment Club, Partnership, Sole Proprietorship)
• Trust (Individual Informal Trust, Joint Informal Trust, Formal Trust)

4. Margin Accounts (Individual Margin, Joint Margin)

5. Forex & CFDs (Individual Forex & CFDs, Joint Forex & CFDs)

6. Short-term Accounts (Cash, Joint Cash, Corporate Cash, TFSA)

Investment Products

The platform also offers a diverse range of investment options for investors, with varying objectives, comfort levels, and risk tolerance. Besides that, Questrade has some of the lowest investment product fees. The following products are available:

• Stocks
• ETFs
• Options
• Foreign Exchange (FX)
• Initial Public Offering (IPO)
• CFDs
• Mutual Funds
• Bonds
• Guaranteed Investment Certificates (GICs)
• International Equities
• Precious Metals

Trading Platforms

There are 2 types of platforms available from the company: all-in-one and advanced trading platforms. Both are made up of distinct components that enable investors to personalize their accounts and investments.

The all-in-one platforms are simple to use and surprisingly intuitive, giving you access to everything you need to trade in one location. They’re consisting of:

• Questrade Trading (the main web-based platform)
• QuestMobile (all-in-one investing through your phone)

Experienced investors can take advantage of specialized advanced trading platforms that are fully customizable and designed for knowledgeable traders. Here’s what you can choose from:

• Questrade Edge (available in customizable web and desktop versions)
• Questrade app (contains advanced transactions and fast executions)
• Questrade Global (foreign exchange platform for trading currencies internationally)

If you’re unsure whether you like the site, consider opening a Questrade practice account, which allows you to test the markets before committing. 

Instant Deposit

A selling point for Questrade is its instant deposits. Investors can begin trading as soon as they open an account and can deposit up to $3,500 daily using Interac e-Transfer or a Visa Debit Card. Following that, the funds will appear in the designated self-directed account, allowing for instant trades.

Tools

Questrade provides investors with the right tools to make investing easier. Some will assist in the evaluation of investment ideas, while others will monitor the market or track investments. As a result, the platform includes the following categories:

• News, insights & research 

• Intraday Trader (uncovers investing opportunities)
• IPO Centre (latest initial public offering opportunities)

• Investing & trading tools 

• Market Data (provides real-time snap quotes and market data rebates)
• Order entry types (Trade standard or multi-leg options and classic or advanced order stocks)
• Customization (enables the creation of a custom layout and workspace)

• Investment monitoring 

• Investment reports (provides insights into statistics, operations, and portfolio)
• Watchlists (creates personalized lists of investments for tracking)
• Alerts (sets alerts for changes in investments)

ETF Portfolios

ETF portfolios are an excellent way to help you reach your financial objectives. Specifically, each investor can find what they need with Questrade’s globally diverse portfolios. As a result, the company offers five different portfolios based on the level of risk an investor is willing to accept. The portfolios are listed below in order of riskiest to least risky.:

• Conservative (80% fixed income + cash, 20% equity)
• Income (60% fixed income + cash, 40% equity)
• Balanced (40% fixed income + cash, 60 equity)
• Growth (20% fixed income + cash, 80% equity)
• Aggressive (1.5% fixed income + cash, 98.5% equity)

Moreover, you can set up a Questrade DRIP (Dividend Reinvestment Plan) for most ETFs, which will reinvest any cash dividends into purchasing more shares or units with no commissions. To set up a DRIP, fill out the application form and upload it directly to your account. In addition, with self-directed investing, Questrade ETF fees for selling are the same as the cost of trading a stock.

Socially Responsible Investing (SRI)

An SRI is an investing strategy that aims to generate both social change and financial returns. Typically, this means that investors should invest in companies that have a positive sustainable or social impact and avoid those that do not.

Questrade allows you to support companies that prioritize social, environmental, and corporate governance issues while tailoring your investment to your risk tolerance. Your SRI Portfolio, like other Questrade portfolios, allows you to select your desired risk profile, ranging from conservative to aggressive. 

QuestMortgage

The Questrade mortgage service is designed to aid Canadians who want to buy a home or renew their mortgage. You can keep your rate for up to 120 days, pay on your schedule, and skip payments if necessary. Additionally, increasingly appealing aspects of QuestMortgage are the online application and low rates.

Pricing

Questrade fees may vary because of the many accounts and products available on the site, which can become confusing for investors. However, the platform is committed to transparency, so you can be confident that there are no hidden fees and that you know where your money is going.

Self-Directed Investing Pricing

Questrade commission is one of the company’s main selling points. With trading fees as low as 1¢ per share and as high as $9.95, the platform won’t drain your bank account.

Product	Trading fees
Stocks	1¢ / share
ETFs	Free
Options	$9.95
Foreign exchange	Spreads as low as 0.08 pips
Contracts for difference	Spreads as low as 0.08 pips
Mutual funds	$9.95 / trade
Bonds	Min. $5,000 purchase
GICs	Min. $5,000 purchase
International equities	1% of the trade value
IPOs and new issues	Free to buy
Product Precious metals	$19.95 USD / trade

Exchange fees are charged whenever an order removes liquidity from the market, which may increase the cost of the trade. Also, keep in mind that there is a 175 basis point Questrade conversion fee for exchange currency. The fee is included in the Questrade exchange rate used for the conversion.

Market data packages available to customers are as follows:

• Basic (real-time market data, free with all accounts)
• Enhanced (live streaming data for CAD$19.95/month)
• Advanced (US live streaming dta for USD$89.95/month)
• Advanced (Canadian live streaming data for CAD$89.95/month)

Questrade also provides margin trading, which enables investors to make the most of their stock trading by shorting stocks, trading complex options strategies, and leveraging their precious metals trading.

Active Trader Pricing

Active traders can benefit from lower commissions, as well as Advanced US and Canadian Live streaming data packages and rebates. Customers can choose between two commission plans based on their trading goals and styles: fixed or variable. Fees are as follows:

	Fixed	Variable
Stocks	$4.95 / trade	1¢/ share (min $0.01 to max $6.95)
ETFs	Buy for free Sell for $4.95/trade	Buy for free Sell for 1¢/share
Options	$4.95 + $0.75 / contract	$6.95 + $0.75 / contract
FX & CFDs	Pips as low as 0.8	Pips as low as 0.8

Questwealth Portfolios Pricing

Questwealth portfolios and the built-in management fee calculator can help Canadian investors who want lower fees and transparent pricing. For a 0.25% fee, your minimum balance should be $1,000. And the balance must be $100,000+ to qualify for an even lower 0.20% fee.

Management expense ratio (MER) fees	ETFs: 0.17%-0.22% SRIs: 0.21%-0.35%
Currency exchange fee	100 basis points
Administrative fees	Depends on type of account

As of October 1, 2020, there is no longer a Questrade inactivity fee. 

Eligibility and Application Process

This would not be a thorough Questrade review if the eligibility requirements and account opening process were not included.

You must meet the following requirements to be eligible for a Questrade account:

• You must be a resident of Canada
• Your initial deposit must be at least $1,000

You are now ready to begin the account opening process. Be aware that, although the application is entirely online, it may still take some time to complete. Because Questrade is concerned about security, you will be required to provide a great deal of information for identification. 

Here is a step-by-step guide:

1. Click the “Open an Account” button at the top right side of the landing page
2. Make an account selection
3. Then click the “open now” button and enter the offer code if you have one
4. Provide basic contact information (full name, phone number and email)
5. Create a user ID and password, and choose 2 security questions
6. Click on the “Personal” box to provide marital status, address
7. Click the “Employment” box to enter your employment type
8. Click the “Citizenship” box to enter your country of citizenship
9. Click “set up account” and choose if you want options trading, the purpose of your account and initial deposit
10. Next is the consent to communication on account balances and activities
11. Fill out the “Persons with a financial interest” section
12. Following that is the “Agreements” section
13. Click the “E-SIGN” button to submit and sign your documents (you can also print them and sent via mail)
14. Upload a government-issued photo ID
15. Fund your account
16. Wait for Questrade to review and confirm your application

Is Questrade Safe?

Certainly, yes! Questrade takes security seriously. The platform provides multiple layers of protection for investors, including:

• Phone and email verification
• Internet encryption with a 256-bit SSL digital certificate
• 2-step verification (2SV)
• A list of the trusted device(s) you use to log in to your Questrade account 
• Mobile authenticator apps for identity verification
• Automated login alerts
• Confirmation alerts for all initiated orders

In case of a breach of an account, the platform will reimburse you for 100% of the direct financial loss. Besides, the platform insures all managed and self-directed accounts for up to $10 million if the company fails.

Finally, Questrade is regulated by IIROC and a designated CIPF member, your money is safe with them.

Support and Ease of Use

As mentioned previously, the Questrade web and mobile platforms are intuitive and convenient. In fact, the company was ranked #1 by MoneySense in user experience, mobile experience, and customer service for 2021. Before contacting Questrade customer service, Canadians can read through the extensive FAQ page for each stage of the investing journey.

For specific questions, Questrade prefers customers call their phone numbers. Because the company has implemented several phone numbers based on the reason you’re calling, it would be more productive if you went to the bottom of the learning page, selected what you need help with, and then selected the method of contact.

Besides calling, customers can also contact representatives via Live Chat and email.

Want to Consider Other Options?

If you do not want to use the Questrade app and platform, you could look into other options, from which some provide a greater level of involvement in cryptocurrencies. Your investment goals and objectives will ultimately determine the broker you choose. Here are a few suggestions:

Qtrade

Qtrade is a successful Canadian company that was founded in 2000 and provides a wide range of products, including trading platforms, GICs, and ETFs. Some products are free, while others have a low fee. Investors can also refresh their investing knowledge in Qtrade by using the site’s educational tools and articles. They do not, however, trade in cryptocurrency. 

Wealthsimple

This well-known Canadian investment robo-advisor was founded in 2014 and has been assisting users with various aspects of wealth management, including cryptocurrency. It is widely regarded as Canada’s first regulated crypto platform, with hundreds of thousands of customers. Wealthsimple’s main selling point is its commission-free assets and extensive coin list.

Coinberry

Coinberry is one of the best cryptocurrency exchanges in Canada. Although it was founded not long ago – in 2017, it has quickly become a trailblazer in the industry. The platform’s innovative exchange system, incentivized referral program, and low fees make it a strong contender for many Canadians.

Coinsquare

Some customers can even take advantage of another trusted Canadian crypto trading platform, Coinsquare, founded in 2015. It offers 40 currencies and solutions for every investor, from beginner to pro. With the Coinsquare Wealth program, customers can enjoy personalized service from representatives who will help them with every step of the investment journey.  

Coinsmart

Coinsmart is a cryptocurrency trading and investment platform that’s been in business since 2018. This platform offers cryptocurrency wallets, low-fee transactions, referral programs with bonuses, and a long list of crypto coins available for trading.

Final Verdict

Reading extensive Questrade reviews will lead you to the conclusion that this platform is a good choice for investors looking for a discount broker with a diverse range of investment products and accounts. Questrade’s IIROC and CPF regulations provide customers with relief while also propelling them toward their financial objectives.