It’s the best out of all Canadian brokerages and the one that will fit the needs of most Canadian DIY investors. We’re confident you’ll come to the same conclusion we did. Besides all these changes, Questrade is also developing a new app that will cater to advanced traders who are interested in trading options or placing more advanced order types. To close your Questrade account, you must transfer your investments to another financial institution, or you can sell them and withdraw the cash. Self-directed investing aka do-it-yourself investing is when you buy and sell investment products without the assistance of a financial advisor. You manage your investment portfolio and determine which assets to hold and in what proportions.

I hope you found our Questrade review helpful in choosing from the many online brokerages available! If you open an account using our affiliate link, you’ll get $50 in free trades and free account transfer. But even if I have real-time market data on Questrade, I prefer using Google Finance to find the real-time price of a stock and browse its chart.

questrade review

How investors are charged depending on the account that they open is explored in the next section. Most investors gravitate to Questrade because of their unbeatable low-cost fees. The robo-advisor manages your investment portfolio and monitors your investments based on your risk profile. There is no need for constant monitoring, financial savviness, or extensive research when investing, just an understanding of your personal risk tolerance. Fortunately for Canadians, the pros of Questrade far outweigh the cons.

Questrade however, allows for the use of both inside of one account, making things like Norbert’s Gambit much easier. Unlike a brokerage such as Wealthsimple Trade which is limited in the accounts you can open, Questrade contains practically all of the account types available in Canada. The only drawback is that IQ Edge doesn’t have access to portfolio manager and fee reports like the web and mobile apps. The Basic plan offers only Level 1 snap quotes for the US and CA markets but comes without an on-demand market data request.

Introducing Questrade

Daniel Teo is a personal finance expert and travel writer based in Toronto. With a passion for financial literacy and a wanderlust that has brought him to over 30 countries, his stories touch on what’s possible when you achieve financial goals. His work has appeared questrade review in The Globe and Mail, the Toronto Star, CBC and on BNN. First thing’s first—who is this trading and investing platform for? In order to use Questrade, you must be a Canadian citizen and resident and be the age of majority in your province or territory.

You can use this platform for a new mortgage or a renewal. Questrade Mortgage is a subsidiary of Questrade, Inc. and Community Trust Company. It offers variable and fixed-rate mortgages with competitive rates. A Registered Retirement Savings Plan is designed to hold your retirement nest egg, and taxes are deferred until you start making withdrawals. TFSAs are excellent for investing toward short and long-term financial goals. If you are just using their service no questions come up it ‘s fine.

What this means is that in the event that Questrade is insolvent or declares bankruptcy, your funds are protected up to $1,000,000. In terms of fees, Questrade is fully transparent about everything that they do charge. If I were to list the complete set of fees on this review, it would run on forever. So in order to qualify for Questrade’s true rock bottom commissions and not dish out a hefty monthly fee, you’ll need to trade, a lot. The deal gets even better with Questrade if you’re an active trader.

questrade review

Just like the big banks, Questrade is regulated by the Investment Industry Regulatory Organization of Canada and is a member of the Canadian Investor Protection Fund . Money invested with Questrade is insured up to $10 million per account in case of bankruptcy. The new first home savings account was created to help you save more money for a home purchase. Janine Rogan, CPA and author of The Pink Tax, offers some concrete financial planning and money management tips. In the first quarter of 2023, investors wrestled with fast-changing market conditions. There are plenty of hidden fees that you end up paying and no way whatsoever to track them.

Socially Responsible Investing (SRI)

Lack simple math and failed to correct my average cost on a stock position I had go through a reverse 4-1 split. They proceeded to close the chat session out on me without closure or listening to me to correct their mistake. If i can’t walk in and talk to someone face to face, I’m never doing online investing again. I wanted to set up a trust account for my son so he could invest some of his money.

  • There is also a Learning Mode to help new investors figure out key definitions and how to read and interpret stock data.
  • I talked and chatted to 2 customer service representatives, and they either didn’t want to help or else have no control over their own company’s ability.
  • You can do 1% to 2% better using the banks’ online brokerages.
  • The basic Questrade platform is a breeze to use and accessible online and via the mobile app.

When buying ETFs, you won’t be charged any commission fees. However, when selling your ETFs, you’ll pay $0.01 per share, with a minimum of $4.95 and a maximum of $9.95 per trade. The Questrade commission fee for stocks is the same as with ETFs, but you can’t buy them without a fee. In managed stock accounts, all investment decisions are made on the account holder’s behalf by a professional money manager or robo-advisor.

Questrade Self-Directed Investing

Investments managed by Questrade come with $10 million of insurance per account, should the brokerage become insolvent. Questrade Mutual Funds come with a monthly fee that is dictated by the investment’s performance. Similar to ETFs, Mutual Funds allow investors to pool their money in more significant amounts with other investors. For the Couch Potato investors, using a robo-advisor is an excellent option, as they do not require constant monitoring. However, consistent control of any investment is always ideal. If so it’s ridiculous as they will have more dissatisfied clients who might decide to move elsewhere even if they have to pay a little bit more but get someone to answer their queries.

It’s sleek and straightforward and makes adding to your portfolio a snap. As Canada’s low-cost leader, we recommend Questrade to the vast majority of Canadian DIY investors. Whether you are an index investor making only a few trades per month, or an active trader looking to pick the next hot stock, Questrade has a platform that will suit your needs.

questrade review

There are some other robos on the market, if you are interested check out our reviews here. Questrade offers bonds in various categories, such as municipal bonds, corporate bonds and provincial bonds. It is an ideal selection for investors looking for Canadian fixed-income securities. Questrade provides aclear, easy-to-read portfolio report. However, there is no clear fee report showing how much commission you paid to the broker. There is no account fee, and withdrawals via electronic transfer are also free up to CAD 50,000 or $25,000.

Questrade Benefits and Features

If you chat with them via the web , they usually cannot fix your problem and then ask you wait a couple of minutes. The advantages of investing with Questrade far outweigh the drawbacks. This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services. Back for the 11th edition, the top 22 exchange-traded funds among Canadian, U.S., international, fixed income and all-in-one ETFs,… You can only get 15-minutes delayed quotes for free and cannot make any transactions.

Stock Lists

The money transfer into Questrade takes 1 business day and is faster than the formal three days. You can move money from your bank account and not miss share trading opportunities by waiting. Questrade online broker is, without a doubt, one of the best brokerages in Canada. Its offer includes forex and CFD trading and the fees are among the lowest in the industry, even providing several options to waive the commissions. Questrade customer support is quite helpful and can be reached via phone, live chat, or email.