Questrade Review



  • Leverage: Margin Trading

  • Regulation: IIROC, CIPF, SEC, FINRA

  • Min. Deposit: $1,000

  • HQ: Canada

  • Platforms: Questrade Web, QuestMobile, Questrade Edge Mobile, Questrade Edge, Questrade Global

  • Found in: 1999

Questrade Licenses:

  • Questrade, Inc. - authorized by IIROC (Canada) registration no M2M 4K2
  • Questrade, Inc. - member of CIPF (Canada)
  • Questrade USA Inc. - authorized by SEC & FINRA (USA) CRD#: 147370/SEC#: 8-67899

Top 3 Forex Brokers

  1. What is Questrade?
  2. Questrade Pros and Cons
  3. Is Questrade Safe or a Scam?
  4. Margin Trading
  5. Accounts
  6. Products
  7. Fees
  8. Commission
  9. Deposits and Withdrawals
  10. Trading Platform
  11. Customer Support
  12. Education
  13. Conclusion

Our Review Method

  • 55Brokers Financial Experts with over 10 years of experience in Stock and Forex Trading check all trading conditions, regulations and licenses, fees, spreads, platforms, customer service, and placed traders to see proposals fully to give expert opinions about Questrade.

What is Questrade?

Questrade is a Canadian Stock trading company that allows users to trade a variety of financial products, including stocks, options, bonds, ETFs, and more.

Based on our research, the firm is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF). Questrade USA Inc., an affiliated entity, operates in the US and is regulated by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). These organizations ensure strict compliance with regulatory standards and help safeguard investors’ assets.

Overall, Questrade is recognized for its emphasis on cost-effective investment solutions, offering a self-directed investing approach, where clients have control over their investment decisions and can manage their portfolios independently.

Is Questrade Stock Broker?

Yes, Questrade is a Stock broker that provides online brokerage services, allowing users to trade a variety of trading instruments. The broker offers different trading platforms, including a web-based platform and a mobile app, to facilitate trading and portfolio management.

Questrade Pros and Cons

Per our findings, the broker has both advantages and disadvantages that are important to consider. On the positive side, Questrade is known for its low-cost investment approach, offering a range of trading products. Additionally, Questrade’s educational resources and research tools contribute to a supportive environment for investors looking to enhance their financial knowledge.

For the cons, some traders find Questrade’s platform interface to be complex, especially for beginners. Another disadvantage is the higher minimum deposit requirement for opening an account, which may not be suitable for investors looking for a more affordable starting point for their initial investment.

IIROC, CIPF, SEC, FINRA regulation and overseeNo 24/7 customer support
Self-directed investingHigh minimum deposit amount
Competitive trading conditions
Investment products
Secure investing environment
Good education and research
Trading platforms

Questrade Review Official Website

Questrade Review Summary in 10 Points
🏢 HeadquartersCanada
🗺️ RegulationIIROC, CIPF, SEC, FINRA
🖥 PlatformsQuestrade Web, QuestMobile, Questrade Edge Mobile, Questrade Edge, Questrade Global
📉 Trading ProductsStocks, ETFs, Options, Forex, IPOs, CFDs, Mutual Funds, Bonds, GICs, International Equities, Precious Metals
💰 Stock CommissionFrom $4,95
🎮 Paper Trading/ Demo AccountAvailable
💳 Minimum Deposit$1,000
💰 Base CurrenciesUSD, CAD, EUR, GBP
📚 EducationProvided
☎ Customer Support24/5

Overall Questrade Ranking

According to our analysis, the firm provides competitive investment solutions, a diverse range of trading instruments, and low-cost brokerage fees. However, we recommend considering the specific investment needs, preferences, and potential limitations of the platform before making a decision.

  • Questrade Overall Ranking is 8.5 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry-leading brokers.
RankingQuestradeMoomooAngel One
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
AdvantagesTrading ProductsTrading FeesInvestment Options

Questrade Alternative Brokers

While the company offers competitive trading conditions for investors, other stock trading firms may offer additional benefits such as lower trading fees, advanced trading platforms, etc. So, we have compiled a list of alternatives for you to consider.

  • Moomoo – Variety of Trading Products
  • Angel One – Competitive Brokerage Rates
  • Wealthsimple – Competitive Investment Conditions

Is Questrade Safe or Scam?

No, Questrade is not a scam. It is a reliable Stock trading company that follows the strict rules and guidelines established by Canadian IIROC and the US SEC & FINRA. These Top-Tier regulations safeguard client assets and provide low-risk trading.

Is Questrade Legit?

Yes, Questrade is a legitimate and reputable company for traders looking to invest and manage their assets.

Additionally, the company does not offer services in offshore zones, emphasizing its commitment to operating within regulated jurisdictions and providing transparency to investors.

See our conclusion on Questrade Reliability:

  • Our Ranked Questrade Trust Score is 8.9 out of 10 for the good reputation and services provided. However, we recommended conducting your research, reviewing customer feedback, and considering personal factors before deciding to engage with the broker.
Questrade Strong PointsQuestrade Weak Points
Top-Tier licensesNone
Member of CIPF
Two-step verification
Professional investing environment

Client Trading Protection

Questrade Canada prioritizes client trading protection through various measures to ensure the security and integrity of user accounts and transactions. The firm is a member of the Canadian Investor Protection Fund (CIPF), which offers protection in case the brokerage faces financial insolvency.

Additionally, the platform provides clients with access to real-time account monitoring and alerts, empowering users to stay informed about their account activities and take prompt action if any suspicious or unauthorized transactions are detected.

Questrade Review License

Margin Trading

We found that Questrade offers margin trading services, allowing clients to borrow funds against their existing securities to potentially amplify their trading positions.

However, margin trading involves additional risks, as losses can exceed the initial investment. Therefore, traders should thoroughly understand the associated risks and requirements before engaging in margin trading activities on the platform.

Questrade Margin Levels are offered according to IIROC, SEC, and FINRA regulations:

  • Traders from Canada are eligible to use low leverage up to 1:30.
  • US traders may use a maximum of up to 1:50 for major currency pairs.

Questrade Review Margin Requirements

Questrade Account

Based on our findings, the broker provides a variety of account options to cater to different investor needs. Clients can open Cash and Margin accounts, as well as various registered accounts such as Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), and more. This flexibility allows investors to align their trading and investment activities with their financial goals and preferences.

Fast and easy account openingHigh minimum deposit amount
Practice Trading Account
Variety of account types

How to Open Questrade Live Account?

Opening an account with a broker is considered quite an easy process, as you can log in and register within minutes. Just follow the opening account or Questrade login page and proceed with the guided steps:

  • Select and Click on the “Open an Account” page
  • Enter the required personal data (Name, email, phone number, etc.)
  • Verify your data by uploading documentation (residential proof, ID, etc.)
  • Complete the electronic quiz confirming your trading experience
  • Once your account is activated and proven, follow with the money deposit.

Questrade Review Accounts

Trading Products

Through the platform, traders can buy and sell a comprehensive range of trading products, including Stocks, ETFs, Options, Forex, IPOs, CFDs, Mutual Funds, Bonds, GICs, International Equities, and Precious Metals. This extensive selection empowers users to create well-diversified investment strategies aligned with their financial goals.

  • Questrade Markets Range Score is 8.9 out of 10 for trading products overall which we rank high also for offering some unique opportunities and investment options.

Questrade Review Trading Products

Questrade Fees

According to our findings, the firm is known for its transparent fee structure, offering competitive pricing for online trading services. The platform has a commission-based model for stock and options trades, with varying rates depending on the trading volume.

While ETF purchases are commission-free, there may be a charge for selling them. Questrade also has fees for certain account activities, such as currency conversion fees when trading in foreign currencies.

  • Questrade Fees are ranked low or average with an overall rating of 8 out of 10 based on our testing and compared to over 500 other brokers for all fees applied. Some services are free of charge and others may apply some charges. See more comparison details below:
FeesQuestrade FeesMoomoo FeesAngel One Fees
Deposit feeYesNoYes
Withdrawal feeYesYesNo
Inactivity feeNoNoYes
Investment PlansYesYesYes
Fee rankingLow/AverageLow/AverageLow/Average

Questrade Review Fees

Trading Commission

Based on our test trade, the broker implements a competitive and transparent trading commission structure. For stock trades, the commission is based on a tiered model, where the rate per trade decreases with higher trading volumes. Options trading is also subject to a per-contract fee. Notably, purchasing and selling ETFs are commission-free, making it an attractive option for investors looking to build diversified portfolios without incurring additional costs.

As fees and commissions can be subject to change, traders should check the broker’s official website or contact customer support for the latest and most accurate information regarding trading commissions.

  • Questrade Commission is ranked good with an overall rating of 8 out of 10 based on our testing comparison to other brokers. We found fees are competitive, transparent, and suitable for investment.
Asset/ PairQuestrade CommissionMoomoo CommissionAngel One Commission
Stocks FeesFrom $4,95From $0From ₹0
Fractional SharesNoNoYes
Options FeesFrom $9,95From $0From ₹10
ETFs FeesFrom $0From $0From ₹20
Free StocksNoYesYes

Questrade Trading Hours

We found that the broker follows standard market trading hours for the various exchanges it supports. For Canadian stock markets, Questrade allows trading during the regular market hours of 9:30 AM to 4:00 PM Eastern Time. Additionally, extended hours trading is available, allowing users to trade before the market opens and after it closes.

Deposits and Withdrawals

The broker provides users with several funding methods to deposit funds into their trading accounts. Clients can fund their accounts through electronic funds transfer (EFT) from their bank accounts, instant deposits, wire transfers, and bill payments. Additionally, Questrade accepts funds from other brokerage accounts through in-kind transfers. The platform does not charge fees for electronic funds transfers, making it a convenient and cost-effective way for clients to deposit funds.

  • Questrade Funding Methods we ranked good with an overall rating of 8.5 out of 10. Fees are low, and you can also benefit from various funding methods.

Here are some good and negative points for Questrade funding methods found:

Fast digital depositsNone
Variety of funding methods

Questrade Minimum Deposit

For self-directed customers aged 18 to 25 or those opening a self-directed First Home Savings Account, Questrade has a reduced minimum deposit requirement of $250. However, for all other self-directed customers, the minimum deposit stands at $1,000.

Questrade minimum deposit vs other brokers

Questrade Most Other Brokers
Minimum Deposit $1,000 $500

Questrade Withdrawals

Per our analysis, the broker facilitates withdrawals through various methods, allowing clients to access their funds conveniently. Users can request withdrawals through EFT to their linked bank accounts, and the platform typically processes these requests within a specified timeframe.

Additionally, Questrade offers the flexibility of initiating withdrawals through bank wire transfers for those who prefer this method, with associated fees varying depending on the chosen withdrawal option.

Withdraw Funds from Questrade

To initiate a withdrawal fund from your trading account, the firm provides a set of typical steps that can be followed:

  1. Login to your account
  2. Select Withdraw Funds’ in the menu tab
  3. Enter the withdrawn amount
  4. Choose the withdrawal method
  5. Complete the electronic request with the requirements
  6. Confirm withdrawal information and Submit
  7. Check the current status of withdrawal through your Dashboard

Questrade Review Funding Methods

Trading Platforms

Questrade offers a suite of diverse and user-friendly proprietary trading platforms to cater to the varying needs of investors. Questrade Web is a browser-based platform, that provides accessibility for trading from any device with internet access. QuestMobile is a mobile app that enables on-the-go trading and portfolio management.

Questrade Edge Mobile is tailored for active traders, offering advanced charting and analysis tools. Questrade Edge, the downloadable platform for Windows, provides a comprehensive trading experience with advanced features. For international trading, Questrade Global offers access to global markets and foreign exchange. This range of platforms ensures that Questrade accommodates the preferences and requirements of a broad range of investors.

  • Questrade Platform is ranked good with an overall rating of 8.5 out of 10 compared to over 500 other brokers. We mark it as good since it offers advanced trading platforms and mobile apps.
PlatformsQuestrade PlatformsMoomoo PlatformsAngel One Platforms
Own PlatformsYesYesYes
Mobile AppsYesYesYes

Trading Tools

According to our findings, Questrade provides investors with a robust set of trading tools designed to enhance their decision-making and analysis. The platform provides advanced charting tools, technical indicators, and research capabilities to help users evaluate market trends and potential investment opportunities.

Additionally, the platform offers real-time quotes, market data, and financial news, contributing to a comprehensive trading environment.

Questrade Review Trading Platforms

Customer Support

The broker offers 24/5 customer support through various channels to assist users with inquiries and concerns. Clients can reach out to Questrade’s customer support team via phone, email, or live chat. Additionally, the platform provides FAQs to help users navigate and troubleshoot common issues independently.

  • Customer Support in Questrade is ranked good with an overall rating of 8 out of 10 based on our testing. We got fast and knowledgeable responses, and also easy to reach during the working days.

See our find and ranking on Customer Service Quality:

Live chat, email, phone supportNo 24/7 customer support
Quick responses

Questrade Education

Finally, the broker offers a range of resources to empower users with financial knowledge. The platform features educational webinars, tutorials, articles, and other informative content to help investors enhance their understanding of trading strategies, market dynamics, and investment principles.

  • Questrade Education ranked with an overall rating of 8.5 out of 10 based on our research. We found that the broker provides good educational materials that are beneficial for traders looking to improve their understanding of trading strategies.

Questrade Review Education

Questrade Review Conclusion

In conclusion, Questrade stands out as a comprehensive and reliable Stock trading firm, offering a range of features tailored to both novice and experienced investors. With a commitment to low-cost trading, a diverse selection of trading products, and a suite of educational resources, the broker provides a platform that aligns with various investment preferences.

While users may encounter some complexities in the platform interface, the overall package, including robust trading tools contributes to Questrade’s reputation as a competitive option for those seeking a self-directed and cost-effective investment experience

However, we advise conducting your research and evaluating whether the broker’s offerings suit your specific trading requirements.

Based on Our findings and Financial Expert Opinions Questrade is Good for:

  • Canadian traders
  • Traders from the US
  • Stocks and Options trading
  • Currency trading
  • Professional trading
  • Advanced traders
  • Self-Directed Investing
  • Commission based trading
  • Competitive conditions
  • Good learning materials

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