Questrade Canada Review: What Is Questrade, The Canadian Discount Brokerage For Investing

by OTC Financial | Last Updated: 2 years ago
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Questrade Discount Brokerage Canada Review2

Questrade Canada Open New Account – Sign Up
($50 trade commission rebate; or, $10,000 managed free for a year)


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Questrade Canada Review: Canadian Discount Broker

Questrade is a Canadian discount broker specializing in providing an alternative to large banks and international brokerage houses.

Questrade offers a wide range of trading platforms and services, including access to Canadian, US, and International stocks, options, ETFs, bonds, futures contracts.

They also offer a wide variety of investment tools to help you manage your investments.

Questrade has been rated as the best Canadian discount broker by Moneysense, a financial comparison website. Including receiving recognition as the Best Canadian Brokerage at the 2020 Benzinga Global Fintech Awards.

Moreover, Questrade has been named one of Canada’s Best Managed Companies for the 9th consecutive year.

Being Canada’s best discount brokerage, it has some great features that differentiate it from other firms in its field.

You should check out the differences between Questrade and the trading services offered by your bank before you decide which option is right for you.

You may find Questrade has much cheaper discounted commissions per trade, allowing you to save on your investing fees which can quickly add up over time with multiple transactions.

Can I Trust Questrade To Be Legit, Safe, And A Reliable Broker?

Questrade was founded in 1999 in Toronto, Ontario, Canada, with over 500 employees as a private company.

As of early 2020, Canada’s fastest-growing online brokerage firm and has over $25 billion under management.

As Canada’s fastest-growing online brokerage, Questrade opens over 200,000 new accounts each year.

Is Questrade Regulated And Is My Money Safe On Questrade?

Yes, Questrade is considered one of Canada’s safest online trading services and is a member of the Canadian Investor Protection Fund (CIPF) and regulated by the Investment Industry Regulatory Organization of Canada (IIROC).

Is Questrade Secure?

Yes, Questrade online web applications use a 256-bit SSL digital certificate, which encrypts both request and response transactions through a secure connection.

Security protocols are in place that guarantee encryption for financial transactions.

Is Questrade Safe As A Bank?

Questrade security is a crucial part of the company, and it aims to protect its users.

It takes steps to ensure your data is safe and secure, making it one of the most reputable brokers in Canada.

Questrade also offers protection for unauthorized transactions and keeps personal information secure.

To further protect investments made in Questrade accounts, up to a total of $10 million may be insured in case of insolvency.

Questrade Canada Sign Up: How To Open A New Questrade Account

The quick sign-up process takes about 15 minutes to complete, and you can access Canadian, US, and International trading platforms within minutes.

It’s free to sign up and easy to get started as the sign-up process is straightforward, quick, and painless.

Questrade $50 Promo Code Offer (New Account Opening Sign-Up Bonus)

Promo Code: OTCFINANCIAL (Get $50 trade commission rebate; or, $10,000 managed free for a year)

Questrade discount brokerage offers a $50 sign-up bonus you can apply towards free trades if you deposit at least $1,000.

To qualify, open an account with Questrade and maintain a minimum of $1,000 in your account.

Sign Up Process (4 Steps, Getting Started)

The sign-up process is the process of creating an account.

If you are creating your account for the first time, then you will need to provide personal information such as name, email address, password, and verify identification.

  1. Open Your New Account Online
  2. Sign And Submit Documents Online
  3. Fund Your Account Instantly
  4. Start Trading

Ready to open an account and start investing confidently to take charge of your financial future?

Bonus: New Questrade Accounts Receive Access To Passiv ($99/Month Value Free)

Questrade covers the cost of Passiv Elite subscriptions for their customers on an annual basis.

Passiv is a tool for building a balanced portfolio and maintaining it passively at your online broker.

With the passive investment plan, people can manage their investments.

Passive provides one dashboard to manage the following features:

  • Automated calculations, Cash & dividend notifications, Multi-account portfolios, Connect multiple brokerage logins, One-click trades, Advanced currency handling, Create tax-efficient portfolios.

Questrade Canada: Opening Different Account Types

Canadian citizens now have multiple different account types to choose from with Questrade Canada.

The new account types offer different benefits to suit an individual’s needs. There are multiple account types you can open, which are listed below for you to see.

Most Popular Accounts
JJoint Cash
CCCorporate Cash
TFSATax-Free Savings Account
Registered Retirement Savings Accounts
SRRSPSpousal Registered Retirement Savings Plan
LIRALocked-In Retirement Account
LRRSPLocked-In Registered Retirement Savings Plan
RIFRegistered Retirement Income Fund
LIFLife Income Fund
Education Accounts
RESPRegistered Education Savings Plan
FRESPFamily Registered Education Savings Plan

Trading Commission And Fees

A trading commission is a fee charged by a broker for executing an order to buy or sell securities on your behalf.

Fees vary based on the assets traded and the broker-dealer that is handling the trade.

How Much Do Questrade’s Trading Commissions And Fees Cost?

Questrade provides low commissions on stock, index, and ETF trades, with the only other fees being for trade executions (which are competitive).

The cost to trade stocks is 1 cent per share which typically equals $4.95 min, up to a $9.95 max charge.

Challenging Traditional Banks

By comparison, most Canadian banks typically charge a starting trading fee of $9.99 per trade.

Therefore, the savings you will see with Questrade can become significant over time. They offer low fee trading solutions as alternatives to big bank-owned brokerages.

Questrade Self-Directed Investing (Invest On Your Own)

Stock Trade - Buy$0.01/share (min. $4.95 to max. $9.95)
Stock Trade - Sell$0.01/share (min. $4.95 to max. $9.95)
ETF Trade - Buy0
ETF Trade - Sell$0.01/share (min. $4.95 to max. $9.95)
Options Trade - Buy $9.95plus $1.00/contract
Options Trade - Sell $9.95plus $1.00/contract
Trades executed via the trade desk/live phone agent$45.00/trade

Quest Wealth Portfolio Fees (Questrade Invests Your Money For You)

Get a portfolio created by Questrade’s team of experts made for your investment goals.

You’ll’ receive a personalized plan from an experienced professional team. They adhere to a specified investment strategy and make sure your portfolio stays on target.

The management fee is calculated each day and billed quarterly. It’s visible on your November, March, July, and October statements.

Questwealth Portfolios pricing
0.25% with a balance of $1,000-$99,999
0.20% with a balance of $100,000+

If you request Questrade to invest your money through Quest Wealth on your behalf, the below outlines some examples of how much you would pay in fees monthly for their services.

Account BalanceManagement Fee

Quest Wealth ETF Portfolios

Investors who do not have the time, expertise, or discipline to manage their investments should consider using an investment management service, such as Quest Wealth ETF Portfolios.

With this service, investors can manage their money according to predetermined guidelines that are customized to fit their needs.

This service is also perfect for those who want to supplement other financial goals with a specific allocation of assets.

The below guide illustrates the type of Quest Wealth investment types and returns since the start of these ETF funds.

Quest Wealth ETF PortfolioReturns Since Inception as of Aug, 30, 2021
Aggressive Growth Portfolio86.18%
Growth Portfolio69.36%
Balanced Portfolio53.59%
Income Portfolio39.68%
Conservative Portfolio21.67%

Inactivity Fee

Questrade charges no inactivity fee.

Deposit And Withdrawal Fee

The deposit and withdrawal fee is $0.

Pros Explained

  • The sign-up process is simple to create an account, fund and start trading instantly
  • Questrade is a discount brokerage that offers no account fees and free access to the mobile app
  • A low trading fee ($4.95 min) helps to keep money in the pocket without breaking the bank
  • Get $50 in free trades when you sign up with Questrade and fund your account with $1,000 CAD
  • Live Chat Support: The best option for those who want to chat online without a phone call for support
  • Free to buy and start investing in ETFs
  • No additional fees for no activity
  • Accounts may hold a mix of US and Canadian dollars in them
  • Trading is now more convenient and mobile with online and mobile platforms
  • The navigation of the platform is convenient
  • The Norbet Gambit option gives you a lowered fee when converting your Canadian to US Dollars for trading in US Markets
  • The Questrade trading app is available on both the iOS and Android Mobile Devices

Cons Explained

  • Has a minimum balance requirement for opening a new account ($1000 CAD)
  • Market Data is limited (Alternative Options: Scanz or TradingView can help if required)
  • Options trades costs are comparable to large banks $9.95 plus $1.00/contract per buy/sell. (If you trade stocks only then this does not apply to you and you are not impacted. Enjoy the discounted stock commissions outlined above)
  • Unlimited Free ETFs Purchases. However, selling ETFs incurs a small fee
  • ECN (Electronic Communication Networks) Fees may apply depending on how urgent you buy and sell shares. When you buy shares in a hurry using Market-Orders this could cause ECN Fees to be added. Tip: To keep costs low and avoid/minimize ECN fees remember to always try and add liquidity to the market instead of trying to remove it. Therefore, you should use Limit-Orders (instead of Market-Orders), and buy or sell shares in round lots of 100, 200, 300, rather than buying under 100 shares (i.e., 50 shares or odd numbers 27) as an example

Trading Platforms

Trading Platforms are broken down into two types: All-In-One Platforms and Advanced Trading Platforms.

The first type is for those who are new to the trading world. It has an intuitive interface with lots of features but not as much customization.

Advanced Trading Platforms are designed for seasoned traders.

They offer customization options that allow you to trade how you want to organize charts and layouts to how you prefer to customize them.

Questrade online brokerage has trading platforms broken down into two types for beginner and advanced traders:

All-In-One Platforms

  • Web-Based Platform: Your main digital web-based platform where you’ll be able to manage your assets and execute trades easily and securely
  • Quest Mobile (for iPad devices): This allows you to trade on the go while you are away from home or your desktop computer

Advanced Trading Platforms

  • Questrade Edge (PC and MAC Compatible): Offers Web-Based and Desktop Options. Includes Advanced order types, Customizable Layouts, Research Tools, and News
  • Questrade App (iPhone Apple App Store & Android Google Play Store download): Execute complex strategies and trade on the go

Research Tools

Questrade Canada offers its clients different types of online trading and research tools. These tools include everything from market updates, educational videos, IPO Center, Intraday Trader, Investment Reports, Watchlists, Alerts, and more.

Questrade has made these resources available on its website and mobile app to make trading and investment more straightforward and more accessible to investors across Canada.

Questrade: Common Questions

Which Stock Trading Site Is Best For Beginners In Canada?

If you are starting, Questrade is a great option to consider as your stocks broker. They have low commission fees, access US markets, are beginner-friendly, Canadian-owned, and have good customer service.

What is Questrade? Questrade is an online discount brokerage that provides clients access to a wide range of online tools and research resources that help them trade and invest more efficiently.

Do You Need To Provide Your SIN To Trade Stocks?

When trading stocks, your broker may require your Social Insurance Number (SIN), which is nine digits long and found on your social insurance card. 

Social Security Numbers are used for employment purposes and can be required when applying for new trading accounts.

Do You Require A Credit Card For Use With Questrade?

No. There are alternative banking options to deposit and fund your account.

Can You Make Money On Questrade?

It depends. Questrade offers a wide range of investment products and services, including trading stocks, ETFs, mutual funds, and much more. They offer no fee for buying ETFs.

Questrade offers many resources that can help with your trading if you’re a beginner investor, but it is not guaranteed you will make money investing.

Is It Safe To Give My SIN Number To Questrade?

Yes, they are regulated in Canada and required to keep your personal information and privacy secure.

Can I Buy Over-The-Counter (OTC) Penny Stocks With Questrade?

Yes, you can; we have a detailed article about how to buy penny stocks on the OTCBB Market outlining the different penny stock tiers and what you should know.

Additional Questrade information can be found on one of our other information-packed articles here.

The Bottom Line Is What Matters: Should you use Questrade?

Questrade is a discount broker that provides online trading capabilities using its desktop and mobile software. Investing can be complicated, but Questrade makes it easy with its award-winning software, support team, and low commissions.

If you are looking to save money on trading commissions, Questrade is the perfect brokerage to use.

Questrade offers a simple and easy-to-navigate platform for users to invest their money.

There is a $1000 account minimum, and the fees are low ($4.95 min), making it an excellent choice for those just starting and advanced users.

The platform is also simple to use and is easy to understand.

Individual traders have access to an extensive range of Canadian, US, International Stocks, Options, ETFs to research and invest in.

Questrade stands out from its competitors in the world of discount brokerage, offering new clients free account transfers when you switch to them from another broker.

Additionally, access can be requested to an extensive range of markets such as Canadian (TSX, Venture Exchanges), United States (Nasdaq, NYSE, Amex, OTCBB Penny Stocks), International Stocks, Options, ETFs, and more.

Questrade Canada Open New Account – Sign Up Bonus ($50 Free Trade Credits)

If you want to save money on commissions when investing, there’s no better place than a lower fee Canadian discount broker.

Questrade also provides $50 worth of trading credit for new accounts.

What Do I Need To Open A New Account?

The need-to-know information you need to provide includes your email address, log in and password, full name and home address, social security number, work history or previous employer, phone number.

After opening an account, the last step is to transfer funds from your bank, and once that’s finished, you can get started trading.

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