Questrade Review: Canadas Leading Discount Brokerage

Questrade Review: Canadas Leading Discount Brokerage

Questrade figured this out pretty quickly, and was one of the earliest discount brokers to release a mobile app. If you’re an active trader, you may have some issues with the platform though. In terms of charting, you’ll want to download Questrade’s IQ Edge platform, which we will go over next.


But, all in all, these are minor inconveniences since, with the exception of opening an account, you’ll rarely need to communicate by phone with Questrade. All transactions are often done through the WebTrader system. However, we strongly advise you to use the tools offered in the Questrade IQ suite, which can allow you to make extremely fast trades.

Questrade Review: Canada’s Leading Discount Brokerage

Stocks and options require a minimum equity balance of $250. You need to keep an account value of at least $750 for managed accounts. You can buy ETFs free of charge, and you’ll pay $4.95 per trade to sell them. If you use the Xe app, you’ll be able to select cash pickup. The recipient will be able to pick up the exchanged cash upon providing ID and a generated PIN.

This allows you to start trading right away so that you don’t miss out on any exciting opportunities. Questrade provides a wide range of self-directed investment opportunities for new and seasoned investors alike. The following features are worth noting if you’re considering self-directed investing with Questrade. The difference will probably only be a few pennies per share on a part of the quantity, but for a swing trader and a day trader it’s slow death. This execution difference is usually much higher than the commission. It’s important to understand that trading CFDs is extremely risky and investors can lose money quickly due to the use of leverage.

Security of funds

Self-directed investors are people who are confident in choosing and buying their own stocks, bonds, or other assets. Other investors prefer to leave the buying and selling decisions to a team of experts. If you have income or deductions in a foreign currency, you will need to convert them to Canadian dollars when reporting them in your income tax return. The exchange rate that you will use is the Bank of Canada’s exchange rate for the day of the transaction.

The trading platforms are easy to use and have the tools you need. Wise, one of the currency conversion services listed on this page, also offers a prepaid card. The Wise Multi-Currency Card can be loaded with foreign currencies. You’ll also be able to use Wise’s mid-market rates and low fees to load your Wise Card. According to Greedyrates, Mastercard usually has a better exchange rate than Visa.

Questrade offers competitive spreads on Forex & CFD trading with an average typical target spreads on the EUR/USD of 0.8 pips on the Questrade proprietary trading platform. On the Metatrader 4 trading platform spreads are considerably higher on the EUR/USD forex trading pair, with an average spreads of 1.7 pips over the same period. As a decade long user of the platform, I can assure you that prior to the pandemic hitting and new investors rushing into the markets, Questrade’s customer service was second to none. This is different than a brokerage like Qtrade, which doesnot transfer ECN fees on to its clients. In most situations, this will be a relatively miniscule charge on your end, amounting to around $0.004 a share.

Our brokerage firms are very poor in Canada but clients & reviewers just accept this terrible service. Once you’ve opened your account, Questrade will walk you through the last step of funding it. Whether you’re new to investing or have been at it for a long time, Questrade’s got you covered with the access you need to make the most informed trading decisions. Questrade offers its users the possibility to transfer up to $3,500 instantly into your new trading account.

  • I like the colours since the red and green help you discern/ visualize how the stocks that you are watching are doing more easily.
  • It is intuitive, easy to manage and of very top quality.
  • WorldRemit supports 70 currencies and allows money to be sent to 130 countries.

If you have a CAD-denominated trading or investment account, all of your trades will be conducted in CAD. If you buy or sell foreign-listed stocks, you may be charged a foreign conversion fee when changing CAD to and from another currency. This can happen when buying or selling US-listed stocks. Some stocks listed on the Toronto Stock Exchange can also be denominated in USD and be subject to conversion fees.

This is the exchange rate that Western Union is offering to you. You’ll also be charged other transfer fees depending on your payment method and how the recipient will receive their money. Wealthsimple Trade will even reimburse an outgoing administrative transfer fee of up to $150 on investment account transfers valued at more than $5,000.

Here’s another example of what a watch list might look like with the Questrade trading platform. I like the colours since the red and green help you discern/ visualize how the stocks that you are watching are doing more easily. If you’re wondering what a watchlist is, the basic idea is that if you pick stocks, you might want to keep your eye on how your “targets” are doing at any specific time. This allows you to quickly pull up a screen and see if there have been any movements in the companies that you are interested in.

Due to the Questrade online brokerage service, trading stocks has never been easier. Indeed, opening an account with them will only take you a couple of minutes. Questrade is an online brokerage company that is independent (i.e. not connected to any particular bank). It provides the majority of its services online to the country of Canada.

BMO InvestorLine Self-Directedis an example of a traditional brokerage backed by one of the Big Five banks. There are no account minimums, the $25 quarterly fee is waived on balances over $15,000, and the cost to invest hovers around $10 per trade, including all ETFs. Trades can be made online, by mobile app, and also by phone but for an extra fee. Questrade, an online investing platform based in Toronto, first opened its doors in 1999 and is still considered one of the fastest-growing online brokerages in Canada.

A market order with XE allows you to wait until a better rate is available. This can save you money if your transfer isn’t time-sensitive. Formerly called TransferWise, Wise allows you to send, hold, and receive money in multiple currencies.

Questrade security

You’ll also need to pay a fee of $4.99 to get this guarantee. Money Mart also charges a $3.49 fee for every currency exchange transaction. Whether you are a beginner or an experienced investor, Questrade offers a bunch of features that distinguish it from other online brokers. Getting started with Questrade is a breeze thanks to no annual fees and a minimum investment of just $1,000. Automatic deposits are easy to set up, and when you move an investment account from another brokerage, Questrade will reimburse transfer fees up to $150 per account.


Wealthsimple charges a 1.5% currency conversion fee for every U.S Dollar trade that you make from your CAD account. In late 2021, Wealthsimple introduced the Plus subscription which allows you to have a USD account. Plus replaces Wealthsimple’s Trade Premium subscription.

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Michael Breen was able to give me immediate information and processed my request same day. Dornaz of Insurdinary was great to deal with and gave me all the info I needed. She helped and advised me on the type of travel insurance that would work best for questrade forex me. Users also have the option in contacting the insurer directly, irrespective of whether AIS Corp. provides the service for various types of insurance products. Open a high-interest Advantage Account for your everyday banking and savings needs.

You have full support for hot keys to further streamline your trading. The platform uses optimized C++ code specifically for Intel processors. It has an interactive help tool although you probably won’t need it. Bonds, GICs, and IPOs have a minimum order size of $5,000. You can exchange your money anywhere in the world without needing to visit a physical branch.

I’d rather be forced to call customer service after having fat thumbs a couple of times than someone gaining full access to my accounts. If you were to compare all of the brokerages in Canada, whether they be discount brokerages or big banks, customer service is lagging. As you can see, the active trader commissions offer either a $4.95 flat fee, regardless of the amount of stocks traded, or a true penny per share commission system. I was initially told by the first agent that I would have to have my previous bank I am no longer with provide a letter stating that I no longer have that account or debit card. I called my old bank & they said I’d have to come in person to discuss the matter, a major inconvenience.

Questrade compared to other online brokerages

He also followed up later as he said he would and was generally knowledgeable and pleasant to deal with. She was able to provide me with a plan that suited my needs and helped ensure me that the medication and devices I needed were covered under the plan. Smart investing is one piece of your total financial health. Another area where Questrade stands out is customer service. Questrade won the DALBAR Canada Seal for Service Excellence in 2019. DALBAR recognizes companies that excel in providing exceptional service in areas including security, expertise, attitude, and call flow.

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