ULTIMATE Questrade Review 2014: An In-Depth Look

Questrade Review Rating - 4 out 54 Stars out of 5Logo

When it comes to investing the trading landscape is bathed and bursting at the seams with countless discount brokerage houses. Big names like BMO Investment Line, E*Trade, RBC Direct Investing, TD Waterhouse, Interactive Brokers, and at least a dozen more are available to chose from. Sadly, through deeper analysis one can’t easily distinguish distinctive differences amongst them, especially within the circle of the big banks. Most brokerage firms primarily make their revenue through new and inventive concoctions of countless and ongoing fees pushed onto their account holders. Such fees include, but are not limited to, administrative fees, set-up fees, activity fees, inactivity fees, hidden fees, and after-hour fees. These added costs might be fine and dandy for the fractional percentage of high-volume traders simply because their sheer trade volumes and realized gains can potentially offset those expenses over time. However, for the rest of us those added and consistent fees are a reminder that over time “the house always wins”.

Questrade Offer Code (Referral)

Use Offer Code: Canada to receive $50 in Free Trades from Questrade.
Click here for more details.

Beginning investors will usually look to their local bank to open their trading account primarily out of convenience since they already possess one or more personal chequing/savings accounts with that bank and so opening a trading account is a mere phone call away. The unfortunate disaster with that approach is that big banks, and for that matter, virtually every other brokerage firm in Canada will charge you an arm and a leg for any kind of activity you do (and don’t do) in your trading account. Yes, even in this expansive internet age where everything is self-serve 24/7 convenience, commission schedules across the board are long, robust, and very much corporate bottom-line friendly. With standard rates at $29-$49 per trade being commonplace one can’t help but question if the entire industry is part of some price-fixing scheme. Where are the choices?

The Rise of Questrade® (please note that all mentions of the name “Questrade” refer to Questrade®). Founded in 1999 this company wanted to do and be something different. Seeing the growing discontent of active and inactive traders alike who were tired of watching their market gains washed away in a deluge of new brokerage fees by other companies Questrade began a process of streamlining the entire investment approach. And in so doing I think they’ve done a pretty impression job. In the rest of this review I will explore Questrade and their collective offerings in terms of the good and the bad.

First a little about me. I am not an aggressive highly active trader. Most times I will take the buy-and-hold approach as my tried-and-true investment style. And so when I buy into a company I do so for the long-term. However, at times I do get that itch and begin trading like a crazy person but this does not happen often.

Questrade offers a well-crafted industry unique ‘democratic pricing’ stock trading commission: 1¢ per share with a minimum charge of $4.95/trade and a ceiling maximum commission charge of $9.95 — ideal for long-term investors. Active traders (or anyone at any time) have the alternative option of 1¢ per share (1¢ minimum / $6.95 maximum), or a $4.95 flat stock commission charge — ideal for high volume share trades. Options investing for these active users come with an attractively low $6.95 + 75¢ per contract. And the process of enrolling into this alternative program simply involves subscribing to one of Questrade’s several advanced market data plans. This should be glanced at again! It is not a typo! Questrade offers the cheapest trades in all of Canada. Their price point is so impressive that it actually encourages new and/or small investors to jump in and take part in the investment game while also enticing disgruntled active traders of other brokerage firms to transfer in (at no charge). They make it abundantly clear that they don’t charge setup fees, annual fees, nor inactivity fees* on any of their services which is a welcome change to the industry norm.

One of the other exciting great perks of being with Questrade, announced back in February 2013, is the ability to buy ETF (Exchange Traded Funds) stock at no commission charge — they are free to buy! With so many investors turning to ETFs these days due to their low MERs and diversified reach it is a wonderful breath of fresh air to be able to do so at no cost. Questrade may be one of the first discount brokers in Canada to do such a thing, and I applaud them.

They offer several types of accounts:

  • Margin Accounts (e.g. Individual, Informal Trust, Business)
  • Registered (e.g. TFSA, RRSP, RESP)
  • Forex (FX) and Contract For Difference (CFD) Trading

And provides access to the following services:

  • Stocks
  • ETF (Exchange Traded Funds)
  • Options
  • Forex Trading
  • Debenture Trading
  • Mutual Funds
  • Gold
  • International Stocks
  • Bonds/CNSX Securities/GICs
  • Canadian IPOs
  • 1¢ per share – $4.95/trade minimum / $9.95 maximum charge
  • Free (No commission charge)
  • $9.95/trade + $1/contract, or Active @ $6.95/trade + 75¢/contract
  • cost is integrated in the pip spread @ approx. 1-2 pips
  • $30/trade
  • $9.95/online. Offline add an additional $45 for trader fee
  • $19.95/trade
  • cost is 1% of trade value (minimum charge of $195)
  • Free (No commission charge)
  • $9.95/order with a minimum order size of $5,000

New Account Sign-up

The process of opening an account online is remarkably intuitive, painless, and very quick (2 minutes for your general account, access to practice platforms, and community discussion / 15 minutes total for opening trading accounts). You will need your social insurance number (SIN), bank account information, and employer details (or source of income if unemployed). And although they have an offline printout alternative I highly recommend their secure online process instead because it reduces the amount of write-in errors and legibility issues, and supports e-Signature for online personal verification (via your SIN#).

Questrade Offer Code (Referral)

Use Offer Code: Canada to receive $50 in Free Trades from Questrade.
Click here for more details.

Sign-up Start Page

Account Selection

Agreements

One of the first things you must do while signing up is to create a user ID (8-20 characters) and password (min. of 8 characters incl. 1 uppercase, 1 lowercase, and 1 numerical or symbol) for your new account. In earlier days Questrade had an automated process that generated and emailed this password, and along with your email address served as your primary login credentials. This old way became a security risk and so they thankfully changed it back in 2011 to what you see now. The benefit of creating your own user ID and password also makes it much more convenient to return to an incomplete application at a later date. Sessions time out after 30-mins of inactivity giving you ample time to collect and go over your details. After signing up online you are able to immediately sign into your new account and have a look around.

However, to officially activate your account (so as to begin trading) an initial deposit is required — $1,000 for margin accounts, $1,000 USD for forex accounts (CAD deposits are auto-converted to USD), $5,000 to trade option spreads, and $25,000 to write/sell uncovered options. Once the initial minimum deposit has cleared Questrade emails you a confirmation message. For offline applications you will be contacted by a representative confirming trading can begin. To maintain your active account in good standing a minimum equity balance of $250 is essential. It takes 1-3 business days from signing up for your account to begin trading. The longest part of the process is waiting for the funds to be received and processed by Questrade.

Questrade supports several methods to fund your account including EFT (from CAD accounts), wire transfers, cheques, pre-authorized deposits, and broker-to-broker transfers. It should be noted though that you cannot use the EFT method to send USD to your Questrade account. The reverse is possible where you can withdraw USD funds to a USD bank account (they require a void check or a pre-authorized deposit agreement form signed and stamped by the bank). To deposit USD you can set up a pre-authorized deposit agreement with Questrade which takes about 1-5 business days, or send a certified cheque/bank draft to their office, or wire transfer the funds directly to your account. Your alternative final options are to either just convert your existing CAD balance (within your Questrade account) to USD using the Exchange Funds tool (found under the My Requests tab) which can take up to 24 hours to process, or take advantage of Norbert’s Gambit (successful conversions have been confirmed). Funding your margin (or other non-registered) account by either currency type will automatically be placed into a sub-account (more about sub-accounts later) of the same type (they do not perform automatic conversions — you must execute the request on your own). Electronic withdrawals take roughly 3 business days to process and arrive into an external bank account.

An interesting related note is that Questrade continues to be the only brokerage in Canada to allow dual-currency (CAD and USD) to be held simultaneously inside registered accounts (i.e., RRSP, RESP, TFSA, LIRA, RIF, LIF) which in and of itself will save a tremendous amount of money from unnecessary conversion fees.

Back in October of last year Questrade rolled out a subtle but important revision to its inactivity fee policy. It’s actually not that bad when you peruse the details. If anything it’s quite reasonable. As has been long known Questrade does not charge an inactivity fee, but this policy adjustment can potentially charge $19.95 per calendar quarter. If, however, you make at least one commissionable trade per quarter (once every 3-months) you will not get charged any inactivity fee at all. If you are inactive for a quarter and do get charged that fee, but then go about making at least one trade in the following quarter you will receive up to $19.95 in commission-free trades. It should also be noted that all new accounts younger than 6-months are exempt from this fee (you will not get charged for being inactive). The same applies to those who are 25 years of age or younger (no inactivity fee). Also, all clients of Questrade, and households having the same physical address, with combined equity assets of at least $5,000 are exempt from this fee. For most investors this change is trivial since their assets are almost always over $5,000, and so will never get charged this inactivity fee. As I pointed out earlier, I think this change is perfectly reasonable and still miles better than all other discount brokerage houses who not only charge an inactivity fee, with no exceptions, they do so more frequently (each month) and tack on countless hidden fees which Questrade does not.

Member Login

Your account’s primary control panel is known as myQuestrade and, quite simply put, it is a beautiful experience with well thought out organization and visual appeal. Someone put a lot of love into this area. Within the panel you can view your account activity, balances and positions, manage your personal details, view statements, make fund transfers in/out of your accounts, upload/download your documents, exchange CAD/USD currency, take corporate action on shareholder communications, transfer positions, open additional accounts, retrieve tax slips, exercise options, and interact with mutual funds.

myQuestrade Home

Balances & Positions

Mutual Fund Centre

Within the My Accounts tab is the handy Upload Documents tool serving as the fastest direct delivery method for any of your documents to any of your accounts held at Questrade. No more snail mailing, faxing, or even coordinating deliveries with a representative.

Accounts #’s consist of 10 numerical digits (e.g. 12345678-90). This is a big jump from their pre-2011 6-character alphanumeric size and as such some external banks have been reported to still impose an 8-character limit for payee accounts when you attempt to send money to Questrade. To get around this you only need to provide the 1st 8-digits of your Questrade account # and the funds will still arrive successfully.

If at any time you need help on practically anything you can always use the online Questrade Live Help session (usually accessible from the top or right-hand side of Questrade’s site) — operational on weekdays (excluding holidays) from 8:00am – 8:00pm EST. I have found that using Live Help is much quicker than calling into their offices. And after speaking to several of their online representatives (those who deal with potential new accounts and others who deal with existing accounts) I found them to be very well-informed, professional, and quick in their responses. They all also took the extra time to provide web links for further reading which was a nice bonus.

As a handy note, sharholder communication is often times sent through normal mail, however, there is now a new way to change this allowing you to receive all investor correspondence electronically. Visit Investor Delivery for more details.

Account Activity / History

Located under the My Portfolio and My Accounts tabs are a slew of subcategories for providing details about trading and general account activity. These subcategories include: Balances and Positions (pictured above), Investment Return, Account Activity, Statements, Equity Trade Confirmations, and Tax Slips. When Questrade made significant changes to its UI back in 2011 they in effect moved all trading activity history into myQuestrade. This is a very welcome change because prior to this all trading activity history was provided by a third-party clearinghouse company called Penson Financial Services and you had to use a completely different site and another set of login credentials to get access to this information. Now you can get a list of all your investments (stocks, funds, bonds, etc), current cash balances and positions (in CAD and USD), total equity, buying power, and more all within one location. Trading history is maintained for 36 months while eStatements, generated monthly, are stored for 7 years. Tax slips (e.g. T5) are also available electronically for each year.

Trade Confirmations

Account Statements

Account Activity

For existing long-time Questrade members carrying trading activity prior to February 4th, 2011 you will need to visit the old Penson site located here. You will also need to know your old 6-character Questrade account #(s) because the Penson site does not know anything about the existing 10-character account # representations. Here is a quick peek at what the Penson trade activity site looks like.

Trade Activity (up to Feb 2011)

As stated above, this Penson site is only relevant to existing Questrade members who wish to access archived trading activity prior to February 2011. All new members can just ignore what I just said about Penson and skip to the next paragraph. But for those interested in Questrade’s chronological history — as noted and visually seen above — trade activity was outsourced and as such the first noticeable difference was that the web UI was completely different and very behind in the times. At the time it was still very surprising that with the skill set and desire by Questrade to offer a clean and friendly UI experience on their main web domain that they didn’t feel it necessary to pony up the cash to in-house these account activities, nor had the motivation to request web-service APIs from Penson giving them free rein to skin over the original Penson experience. Although the details held within Penson were extensive it was cluttered and confusing. The trade and settle date balances took 24 hours to be reflected in history; the same was true with buying power which updated once, at the start of each day. Most of what was found in this old Penson site is now integrated into Questrade Trading Platforms, discussed later.

Questrade margin accounts (for stocks & options trading) are comprised of two sub-accounts — one for Canadian funds, the other for US funds. This is very convenient since it reduces unnecessary conversion charges when trading US instruments. So, transactions on US equity stays as USD unlike most other brokerage firms which will perform conversions back to CAD right away. For example, with Questrade things like US dividend income from US traded stocks will remain as USD and automatically be deposited into your US sub-account. Funds can be moved between sub-accounts using myQuestrade’s Exchange Funds feature which will involve a conversion based on the spot rate at the close of market in Toronto plus a spread (+1.99% for both margin and registered accounts).

Questrade highly encourages the viewing/downloading/printing of eStatements made available in myQuestrade for all account activity at no charge. They even go as far as offering Microsoft Excel friendly output as another free alternative. However, for those who still insist on mailed paper statements, they can do so at a hefty $10/statement which can only be requested by contacting them directly by phone or through Live Help.

Trading Platform

And so begins a new era in trading platforms for Questrade. For as long as we can remember Questrade had been chugging along with their capable, but aging, platforms: QuestraderWEB, QuestraderELITE, and QuestraderPRO. Although QuestraderWEB had been renovated considerably all three had been in the wild for well over 10 years. They all performed quite well in their own right but had not kept up with the times as was evident with the offerings at other discount brokerage houses. Questrade marked a new chapter with the introduction of the Questrade IQ suite.

Questrade has been doing a lot of work behind the scenes to revamp their investor’s trading experience. When they released a whole new layout for myQuestrade one couldn’t help but head scratch and wonder why their trading platforms never received the same treatment. Well, the answer can’t be clearer: they were being updated as well — it just took them a while. The epiphany was realizing that having three separate desktop trading platforms was confusing and so they opted to retire all three in favor of a single, more modern trading platform known as Questrade IQ.

Questrade IQ is a suite composed of four flavors: Questrade IQ Web, a fully functional web-based trading platform (for Internet Explorer 8+, Google Chrome 9+, Firefox 5.5+, Safari 5.1+ for Mac Users); Questrade IQ Edge, a streamlined desktop-based trading platform (for Windows XP/Vista/7+); Questrade IQ Mobile, their first mobile entrant in the field of trading (for iPhone/iPod Touch iOS 5+, Blackberry OS 7+, and Android OS 2.3.3+); and Questrade IQ Essential, their non-install web platform designed for tablets (e.g., iPad 1/2/3+, BlackBerry Playbook, Android 3+), netbooks, and other systems/devices (e.g., Linux – Ubuntu 12+, Fedora 17+) that may not have the capability (or access) to the specific minimum requirements outlined by the others in this suite. In other words, IQ Essential is the fallback trading platform for everyone else that doesn’t quite fit into the other categories. This entire suite is free for all members and includes snap quote live Canadian/U.S. streaming Level 1 data, research tools for fundamental and technical analysis, a charting package, and more. At times market data can be delayed (up to 15 minutes) and when this happen a cute clock icon appears on-screen to let you know of the streaming hangup. And although it is made available for free, Questrade IQ can be upgraded to include one of three data packages or add à la carte feeds.

Questrade IQ Web

Questrade IQ Edge

Questrade IQ Mobile

Questrade IQ Web makes use of Microsoft’s Silverlight multimedia add-on. Silverlight is Microsoft’s answer to Adobe Flash. Flash is by far the most popular of the two browser add-ons but Questrade steered clear of using it when developing IQ Web. Why you ask? Because Flash has been widely criticized for its neverending security and performance problems; and so, due to safety concerns using Flash by its traders, and to better provide a more fluid experience Silverlight was selected instead. And it was certainly an excellent choice because its responsiveness within the top four most popular browsers is significantly faster than if it were to have been done using Flash (CPU usage was also kept to a minimum). If you don’t have Silverlight installed already you can do so when you attempt to use this online trading platform for the first time.

In terms of features and functionality, Questrade IQ Web is an excellent amalgamation of power and usability. It introduces the concept of Gadgets into its platform lexicon. A gadget is an arrangeable (drag-drop, snap-to, resizable), user-customized window of a view into your trading/market details. IQ gadgets include: Activity (a logs viewer), Balances, Message Inbox, Time and Sales (current global activity of a stock), Level 1 Quotes, Level 2 Quotes (if you paid for this addition), Quick Charts, Today’s Orders, Position Summary, and Watch List. Unlike its IQ Edge cousin, Questrade IQ Web can change its theme to be either Dark (default) or Light. There are two layouts available for IQ Web: Standard and Advanced. The default layout is Advanced. The difference between the two is that Standard does not permit any gadgets besides Balances and Level 1 Quotes (located on the right sidebar); windows are not arrangeable nor customizable; and you cannot adjust the route nor sub-route for your orders. Because of these limitations we recommend you remain in the default Advanced layout to have full access to all of IQ Web’s features. The Standard layout would be for those who just want to make quick and simple trades without any care for other details that might be cluttering their screen. Sessions timeout after 15 minutes of inactivity. Any custom changes you make in IQ Web only get saved when you manually log out; so don’t mistakenly think you can just close the browser and assume your changes will be recorded. We also noticed that any and all of your changes are lost permanently if you attempt to switch between the Standard layout and the Advanced layout. So be careful to pick and stick with one, or risk having to customize your gadgets again.

Layout – IQ Web

Gadgets – IQ Web

Order Entry – IQ Web

Questrade IQ Edge, although very similar to IQ Web, does carry a few tricks up its sleeve. IQ Edge allows for an unlimited amount of workspaces. A workspace is a screen area allowing one to open and customize a new set of gadgets or windows for a particular purpose that suits a trading environment style. Multiple easily navigatable workspaces is a valuable asset to active traders. The other big difference between IQ Edge and IQ Web is that IQ Edge offers a more advanced plate of options for order entries: AON (All or None), “iceberg” order types (large orders are broken up into smaller executable ones), and the ability to order anonymously. There are a few subtle differences too. IQ Edge allows for extensive gadget customizing which takes them well beyond what is possible in IQ Web. However, most of these customizing features are visual (e.g. float, pin, drag-drop, resize, colorize, blink text); it depends on the gadget. Curiously, gadgets don’t have a snap-to feature in IQ Edge and so they do not auto-arrange when the main application window resizes. It was a bit inconvenient but not a big deal because most people just position their gadgets at a particular spot and maintain the application window at a set size. Interestingly, any gadget customizations you make in IQ Edge does not transfer over to IQ Web, and vice versa. However, ticker symbols and related data inside gadgets are properly maintained and do transfer over between web/desktop environments. IQ Edge also only carries the “Dark” theme (recall that IQ Web carries both a “Dark” and “Light” theme).

One additional allure of IQ Edge is that it gives a trader the sense of comfort knowing their platform’s trading activity will not be delayed or experience hiccups as might be the case if using a web browser. IQ Edge was written from the ground up using optimized C++ code and deployed for Intel/AMD processors ensuring the speediest of responses for the most diehard of active traders. Unfortunately, at the time of this writing there is no 64-bit version of IQ Edge. It will still run normally on 64-bit systems; it just won’t be running as efficiently as it could be. Here’s hoping that in the near future an optimized 64-bit version of IQ Edge will be available.

Layout – IQ Edge

Charts – IQ Edge

Order Entry – IQ Edge

And then we have Questrade IQ Essential which serves as Questrade’s answer for those who, for one reason or another, may not have access to (or be compatible with) one of their other trading platform offerings. This would be the perfect choice for Linux desktop users or the ever growing presence of tablet carriers. Because IQ Essential is a fully compliant HTML5 browser-based experience, unlike its IQ Web and IQ Mobile siblings, it does not require a download or any third-party add-on (i.e., Microsoft Silverlight plugin) to be fully functional. As such this platform can also serve as an alternative option for Windows and Mac OS X users who for security reasons may prefer not to use Silverlight at all. Technically, IQ Mobile is a free download from Google Play and Apple’s App Store and so smartphones using other operating systems (e.g., BlackBerry, Linux, Windows Phone mobile operating system — Nokia) can still get access to it as an HTML5 web app.

Taking a spin with this platform was an incredibly liberating experience. IQ Essential was surprisingly lightning fast and responsive in every web browser we tested. Memory and CPU footprint usage was astonishingly small despite the depth of options, activity, and functionality it had to offer. It’s very clear IQ Essential preludes Questrade’s bolder steps of one day unifying IQ Mobile, IQ Web, and IQ Essential under one brand offering — a full-featured web-based experience for every device and every system any time, anywhere; a glimpse into the nascent future of stock trading platforms.

Layout – IQ Essential

Positions – IQ Essential

Charts – IQ Essential

Unquestionably, this new trading platform suite is a giant leap in the right direction for Questrade. The collection encompasses everything QuestraderWEB, QuestraderPRO, and QuestraderELITE had and some. And this suite does so in the most intuitive, feature-rich way. By taking the bold step to retire their older platforms by supplanting them with a new next-generation trading environment it is a sign that Questrade cares deeply about providing the best experience for the casual trader and demanding active user.

Interestingly, upon further investigation that spanned several months we found that new releases for this suite is always consistent and swift — a major new release occurs every month — bringing with it a slew of enhancements and bug fixes, based on direct user feedback of their online community discussion forum: The Exchange.

A unique feature which i am surprised other brokerages have not yet duplicated is the clever partnerships Questrade has with third party websites (e.g., iShares ETFs) — providing one-click Buy Now buttons across the web — permitting on the fly quick trades that whisk the buyer back into the IQ platform to complete the pre-filled order ticket. It’s wonderfully handy!

The long requested single sign-on feature is now available for Questrade members. You now use one user ID and password to access the trading platform, myQuestrade, and the Exchange. This saves a tremendous amount of time because in the past Questrade had originally required at least three different sign-on credentials to access each of their trading landscapes, and so to no surprise this was a heavily requested feature. We welcome its addition.

To get a better feel of what Questrade IQ has to offer here is a collection of video tutorials overviewing this trading platform’s most common features.

Videos - IQ Web

Videos - IQ Edge

Videos - IQ Essential

Now, to give you a better sense of who Questrade is and how much they’ve improved here’s a flash from the past with a historical look at their prior trading platforms. If you are not interested in knowing more about their past feel free to skip over this paragraph. Some time back, prior to Questrade IQ, Questrade offered a few other trading platforms for stocks and options: QuestraderWEB, their free trading platform, and QuestraderPRO and QuestraderELITE, desktop applications requiring a monthly subscription fee. For the remainder of this discussion I will only focus on QuestraderWEB. QuestraderWEB was a web-based application (fully compatible with Firefox 3.6+, Internet Explorer 7+, Safari 4+, Chrome 7+, and Opera 8+) with a very pretty and intuitive user interface not dissimilar to the myQuestrade control panel. It was Questrade’s only free platform at the time and although it included unlimited instant quotes these quotes were not updated in real-time unless you refreshed the web page. It took about 10 mins of non-refreshing before quotes were updated. For real-time live streaming quotes you were required to upgrade QuestraderWEB to include QuoteStream, a $19.95/month additional charge. This older platform required the Java plugin within your browser to function correctly.

QuestraderWEB

QuestraderPRO / ELITE

For a closer look at what QuestraderWEB was like check out the following video tutorial collection. It walks you through and performs common transactions within that older platform. You will get a pretty good idea of how Questrade’s older platform was like prior to their shifting gears and moving in the direction of the more intuitively streamlined Questrade IQ suite.

Videos – QuestraderWEB

One of the things I wish was included in the platform was some kind of transaction cost calculator that took into consideration exchange rates (estimated). Other brokerages already do this so I was a bit surprised not to find something similar. The platform’s quotes (level-1) and charts are basic but it is not surprising since it is free.

A little note on exchange and ECN fees: These are the fees Questrade is forced to charge you when you make a transaction that removes liquidity from the market (i.e. buying at the ask or selling at the bid). Although these fees translate to mere pennies for most traders one can avoid paying them altogether by executing transactions as a limit (or stop) order instead of as a market order request. For US stocks you can also send orders to non-direct access ECN networks (LAMP, MNGD, or POST) to avoid these fees.

Most people will sign-up for the standard marginal account which gives you access to borrow funds at an amount more than your current cash balance. This extended buying power ability is very useful and can come in handy when you need to jump on market opportunities. Assuming you’ve bought on margin and haven’t settled your stocks after 3 days of the purchase the margin interest rate is prime + 3% which is inline with most brokerages. For more information about stock margins refer to this page.

One of the selling points Questrade likes to bring up is that for mutual funds they will rebate the trailer fees. They call this their Mutual Fund Maximizer. Trailer fees are commissions by fund management companies paid to your brokerage house for being the retailer that sold you your fund(s). This commission is an ongoing source of revenue for your brokerage as long as you keep holding onto those fund(s). You don’t see this fee because it is part of the MER of the fund. So Questrade is willing to rebate this fee back to you each quarter. But there’s a catch. You need a minimum of $36,000 in mutual fund holdings to be eligible for this rebate. The reasoning is simple. There is a processing fee of $29.95/month so the rebates will start paying back if your mutual fund holdings is worth more than $36,000 (based on a 1% trailer fee).

Security

When making trades one of the primary concerns held by most people is security. Like banks, most discount brokerage companies deploy different protection strategies to secure your account such as randomizing and asking multiple security questions, displaying pre-selected image captchas that only the account holder would know, or even providing digital key devices which in conjunction with your secret password must be pressed to generate the final half of the login passcode each time.

Questrade’s security measures have improved dramatically over the years. For example, upon sign-up for a new account you are required to create a user ID, password, and define a security question. User ID’s are required to be 8-20 characters long while passwords must be at least 8 characters in length and include an uppercase, lowercase, and numerical (or symbolic) character. Although this seems like a standard approach across the web this is actually new and a big improvement for Questrade. They also now include extra verification steps such as when you attempt to log in to your account from an unrecognized system you are prompted with a user-set security question. Security advice is made available outlining how to protect yourself by taking precautionary steps like using anti-virus software to keep your computer clean. Interestingly, they have made the extra effort by partnered with Symantec, using Norton Anti-virus to continuously scan/monitor their own internal files, ensuring your investments and privacy on their end are secure. Questrade was also one of the few discount brokerage firms that were not affected by the Heart Bleed Bug — they were protected all this time. Although they don’t have security guarantees against intruders breaching accounts on your end, if there is fraudulent activity and it’s proven to be due to the negligence of Questrade they are in a position to cover your loss. Also note that Questrade is a CIPF member and so Canadian investors are covered up to $1,000,000.

Final Thoughts

Reviews online are overwhelming negative towards Questrade. Prior to writing this review I decided to read many of these complaints so that I could be aware of and keep an eye out for any of these problems. I even took note on exact steps for some of these problems with hopes of recreating them. I had originally planned to share a collection of these complaints but seeing as how many of them might have already been resolved by Questrade I felt the company deserved another look before passing judgment. So after spending a number of days using their entire suite of online tools, making trades, and attempting to recreate customer complaints I can report back and say that I did not experience a single issue. My conclusion is that either Questrade had fixed several of these earlier problems or these complaints were from beginning traders who were not familiar with the platform or with company policies.

Overall my experience with Questrade was a very pleasant one. Their “killer app”, so to speak, is free, no commission charge, ETFs (Exchange Traded Funds) and that one can execute trades as low as 1¢ per share ($4.95 minimum) with no catch. It doesn’t get any simpler than that! In rare instances I sometimes come across other brokerages offering promotionals at $4.95/trade but when you dig deeper into their fine print it almost unequivocally is for “big fish” traders who must spend upwards of $100,000/month in trading activity to be eligible for the $4.95 offer. Clearly not for the average consumer. This is not the case with Questrade. With Questrade it is as low as $4.95/trade and a max of $9.95/trade — ETFs always being free. Period.

Questrade’s low commission rate is so good it serves as an enticer to make more trades more often and not have to hesitate waiting for that right moment in the market which will cover your commission costs. I am happy to see Questrade has made many quality enhancements, including a unified single sign-on approach, giving a more consistent milieu. There are a few areas that can be improved such as remembering user settings across different trading platforms, but with such dramatic savings found among all their services it seems understandable that one can’t always have everything. So I will give them a pass on that.

Should you join? Yes. Especially for those who are thinking of starting to invest. For someone like me who is a casual trader Questrade fits my needs perfectly. And after getting a better feel of most of what they have to offer I am more than confident they can accommodate me or any other person’s growing needs as an investor.  

 

Questrade Offer Code (Referral)

Use Offer Code: Canada to receive $50 in Free Trades from Questrade when signing up for a new account.
Click here for more details. Happy trading!

Questrade Review Rating - 4 out 5

4 Stars out of 5
User Ratings: 95% out of 100 (2178 votes)
by Emma LiThursday, October 2 2014

Questrade® is a registered trademark and/or service mark of Questrade, Inc. Questrade Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF).

4,372 Comments

x
Questrade Offer Code (Promo Code)Use Questrade Offer Code: Canada to get $50 when joining.
  1. Darion

    I love how clean and non-threatening Questrade's myQuestrade member pages in reference to the screen captures in this questrade review. It looks very inviting.

    I am just starting out in stock trades (still in college) and for me I want to get my feet wet but need a little hand-holding. Questrade might be the place for me.

  2. Winnie

    Ok i think this questrade place is what i was looking for. Your questrade review is definitely complete. Makes things very clear to me. And thank you for the questrade offer code. I will strongly consider opening an acocunt shortly.

  3. Hubert R

    You bring up an interesting point arod but i can give a good counterpoint to it. However it would be a waste of time since it wont matter. What i do find more comforting is that Questrade no longer emails in the open air your user name and password. That was not good. They've thankfully corrected that mistake.

  4. Abbey D

    I've never been with Questrade but after searching for possible alternatives that had all the things i wanted i have to give up and say i think Questrade may be the only best choice for me. I'm just glad this review makes things more clear for me in that i am doing the right thing.

  5. Quentin V.

    As a newbie Forex trader i just wanted to give my thanks to you for this questrade review seeing as how the information you've provided above has pretty much convinced me to join Questrade and give them a look-see!

  6. TheARod

    What confuses me is that although Questrade doesnt have the image security enhancement you see on other sites i dont understand how this makes ones site more secure. If one already has access to a compromised machine then this image wont make any difference at all. I think Questrade was right not to include it.

  7. Tom Fuller

    A lot of undervalued stocks i've spotted. I think using something like that questrade offer code could be of use to me. Will have to open a Questrade account which i hope doesn't take too long. I might give it ago. Nice job in putting together this questrade review.

  8. Corwin

    So for the InvestorDelivery thing one can turn on/off the mail we get from companies? That would be good. I am not a Questrade member but i am hoping something like this works with my broker account because i am a bit of a green thumb and prefer to not get mail that ends up in the garbage.

  9. Rowan

    Wow Questrade's old account activities page really has been reworked. Looks much better now. These member pictures in this questrade review really help.

  10. Chant S.

    @eric from what i've read Questrade seems to charge interest on a monthly debit balance (average). Remember, interest is charged on borrowing on margin. So even if you are carrying a credit balance you will still be charged interest if you had borrowed.

  11. Eric_Longly

    Anyone know how interest is calculated by Questrade? Is it done daily/monthly?

  12. Kian

    I've been trading for nearly 23 years and pretty much i've dabbled in most areas including options, gold, funds, forex. You name it. One thing that interests me is IPO's. I've been eyeing several new Canadian companies that are going public and so i just happened to find this questrade review and see that Questrade offers IPO's at such a low price. I am so game.

    You put together an excellent objective review.

  13. Dan Kratina

    YAY finally found a questrade offer code to put on my application. Awesome questrade review. Keep up the good work!

  14. Dan

    Hi again @fiona. I forgot to mention you will also have to register online at Questrade that you plan on attending the seminar. The link is: http://www.questrade.com/learn/seminars.aspx

    Hope that helps.

  15. Piper W.

    I dont know why my bank's stock trading chargers a feel for canceling an order. I was just speaking with a Questrade live help person and they said they dont charge a fee for cancelling so that is good.

  16. Keshawn H.

    The video tutorials are very handy. This has to be the best questrade review i have ever read. Very complete.

  17. Dan

    Hi @fiona. They also have webinars, not just seminars. They primarily discuss their most popular trading platform: IQ Web / QuestraderWEB.

    It's done every Tuesdays @ 6pm. So if you plan on coming to Toronto then just remember that.

  18. Malachi Irvin

    Oh great. I was thinking of going with interactive brokers until i found this questrade review. thanks a lot. now i dont know who i should go with. I do like the idea of no hidden fees. Hmm…not sure. I will keep this questrade promo code around and make my decision later this week. Thanks

  19. Stevie Manuel

    LOL i feel old because i remember starting my first online trading account with eTrade way back in the mid-90s.

    When Questrade started they had some issues but they definitely have come a long way and are starting to grow on me. I may try them out in the future.

  20. Gareth Chalfant

    Nice heads up with the Live Help link. I just used it now to talk to Questrade's customer support. Very informative bunch. I'm impressed at how much this Questrade Review covers. I didn't have to ask much since everything was covered already here.

  21. Andreas

    Honestly, I didn't know Questrade had Forex trading as well. Anyone else here into Forex trading?

  22. Fiona

    Anyone planning or has attended any of Questrade seminars?

    I actually live in Manitoba but was planning on visiting the toronto area where their learning centre is located.

  23. Wu2u

    Just started to open a Questrade account application online. So far i really like its ease of use. And also i like how i can save my current progress and return later. I wanted to have my husband take a look at my application and so the saving features works great.

    Thank you for this absolutely stunning Questrade Review. It has been a delight reading.

  24. Oren Elsenheimer

    Wonderful Questrade Review! I haven't read it all the way through but wanted to write a comment and praise it for its completeness. And the bonus questrade offer code helps too.

  25. Jerimiah

    I was reading Questrade now offers a callback service so you dont have to wait for customer service. I've tried it and they do indeed call you back.

  26. Denzell R.

    I think adding a picture style security system is just overkill. What Questrade is doing now is pretty good.

  27. Neil

    You just might have the only questrade review that analyzes the site in its newest form. Big props to you all!

  28. Hezekiah

    You'd think Questrade would have a way to fund your account via PayPal and not just through Wire transfer or EFT or cheque. Everyone has a PayPal account.

  29. Jaylin V

    That questrade offer code is going to get some good mileage from me. Thanks for this!

  30. Dustin E.

    I hope you will write a review about Questrade Forex side as well. I know most people dont do Forex trading but it would still be cool to get as detailed a review on that part of their business.

  31. Pete

    I had to get my glasses to recheck what i was reading in this questrade review. They offer trades at $4.95? That's incredible!

  32. Mackenzie M.

    I like the $4.95 minimum with a max of $9.95 limit. That is a smart and what i think a fairer way for trading. I've been a small time trader with TD for decades now and had always felt their fee of $29 (and even $45) was rediculous.

    I'm going to have a discussion with my partner and may proceed forward with Questrade.

  33. Dario Welsh

    I like how Questrade is trying to make the entire experience as an online thing and moving more and more away from paper. You can see it all over in the pictures such as the Upload link, or the Confirmations page and stuff. I wonder if they are leaning more towards a younger generation of traders since they are more happy to shift over to electronic.

  34. Lindsay Schaffner

    I love your questrade review!

  35. Sammy

    Thank you questrade promotional offer code! Was looking for a good reason to join. Now i have one.

  36. Fergus S.

    Well their conversion rate isnt that bad. At least its better than the big banks. I was concerned about converting from CAD-to-US and viceversa. I will think this over s'more before giving it a go.

  37. Terence

    Actually @crusher, although QuestraderElite and QuestraderPro were indeed stand-alone desktop applications for Windows they are no longer available and IQ Edge is the desktop replacer.

  38. Uriah Lefgrin

    I was reading the other day in my local newspaper that Questrade has now become Canada's most popular discount stock broker. The article got me interested in finding a questrade review which led me here. Very well written folks! My family thanks you.

  39. Jefferson Furrow

    @Fiona, try Learn to Earn by John Rothchild. It's a good start book for newbies. Add that with the likes of Questrade with its cheap trades and you have a match made in heaven ;)

  40. Lee

    I wish i knew about Questrade long ago. I've been routinely paying around $35/trade which included monthly and other administration fees. I really need to get out of this mess and come over to Questrade pronto!

    Here in British Colombia we have a lot of walk-in places but i am starting to feel online trading is the best way for me.

    Thanks for the questrade promo code!

  41. Crusher Dave

    That QuestraderElite platform looks badass! So that is a desktop application and not online? I wonder why they just didnt create an online service through HTML 5, or even Flash.

  42. Jacques

    Hey finally a respectable questrade review that actually talks substance. You have no idea how many other reviews are out there that say next to nothing about this discount broker. So i applaud your efforts!

  43. Fiona

    I'm thinking of joining Questrade but was wondering if anyone had any good beginner investing books i should check out? Ideally for Canadians.

  44. Big_Bob_Ray

    I use to be a moderately active trader with Questrade but ended up leaving because it wasnt compatible with my browser at the time (Firefox). But now i see based on this review that they are now compatible with all major browsers i just might think of checking them again.

  45. Kira

    Jesus this is one heck of a Questrade Review brother! Superb job. I hope you don't mind my facebooking it to my friends.

  46. Blaze Bonnett

    Thanks for the questrade offer code / promo code! Was looking for it.

  47. Izaiah Lucas

    Wow that old Trade Activity picture is really old school. Thankfully Questrade made those changes. Thanks for the history lesson. It gives people like me more insight into who Questrade is as a company. I get the impression they've grown up and now taking customers seriously.

  48. Bennie S

    Remind me again why other stock broker sites dont offer trades as low as Questrade? I'm confused.

  49. Dallin I

    Love this Questrade Review! Just an admirer here in little Saint John in New Brunswick.

  50. Rhys

    Thanks for pointing out the $250 minimum requirement for accounts. I was thinking to myself does one have to maintain a $1,000 minimum and now i know the answer. no you dont. This Questrade online group seems like i might hook up with sometime soon.

  51. From and To

    Just did a broker transfer to Questrade from IB and i am excited to see how things go from here. This Questrade Review was instrumental in making me decide to go for it.

    And thanks for the questrade promo code because i am constantly trading and something like this will save a pretty penny.

  52. Sammie Whichelo

    And here i thought Questrade never offered Debenture Trading until i came across this review. This has started to peak my interest.

  53. Antwon

    A $250 equity requirement is incredibly low. I really like that. I don't tink any other discount broker offers such a low maintenance level. Thanks for sharing this questrade review. It's been very, very helpful.

  54. Keyon Burt

    Actually Questrade only deals with Canadian IPOs. Of course its possible a canadian tech mutual fund could potentially have US (and international) tech in their portfolio but so far i have not heard of this.

  55. Colter

    Based on the screenshots Questrade's joining process looks easy enough. I've joined about 4 other discount brokers and the time it takes to join is rediculous. I like the idea that almost all of it can be done online including the eSignature thing.

  56. Mateo S.

    @trade007 there is no limit to deposits. Go nutz! Questrade is covered by CIPF and they themselves cover an additional $million. So you are protected up to $2 million per account.

  57. trade007

    Is there a deposit limit into a trading account? I was planning on opening a Questrade account with a deposit of $120,000. From the questrade review above Questrade is protected by CIPF up to a $1,000,000 . So would there be a limit to how much is made available within an account at one time for trading?

  58. Zachery McCart

    Seems easy enough to sign up at Questrade so i think i will try it out. Thanks for the questrade promo code because without the $50 i doubt i would be pulling the trigger so quickly despite liking what i am reading here. I am just naturally hesitant on things.

  59. No

    I might consider signing up to take advantage of the IPOs that are offered. I want some tech ipos coming out so it might be good to get in on that.

  60. Darby Salladay

    hi brit. Actually the QuestraderPRO and QuestraderELITE platforms are just that old and were separate desktop application for Windows PCs. It was actually a better idea than having it as a web app because of the timely nature of trades. It is much faster in a native app. They retired them some time back. You don't need to worry about them anymore. This review just brings them up so you can a sense of who Questrade is as a company and how they've progressed. It's a nice nastalgia thing.

  61. Amos M.

    I remember way back Questrade had the choice of a margin account or a cash-only account. Seems they dropped the cash-only entirely. Makes sense since most make their decisions to trade on the whim and so having an account on margin makes good sense. And seeing as how one has 3 days to settle it is more than enough time for money to arrive to cover it and avoid interest.

    Hey nice work on this questrade review. Now please do one on Interactive Brokers!

  62. Britney Gilbert

    I am wondering why is the IQ platforms so different looking than their older QuestraderWeb, QuestaderPro and QuestraderElite platforms?

  63. Jami P.

    Delicious! Been on the hunt for a good debenture source. And super job on this questrade review. Does the questrade promo code above work for all types of accounts incluing debenture trading?

  64. Tyrek Hannah

    Actually that 4% if you read it at the link only implies for borrowed money. So your carrying a balance does not actually earn any interest at all with Questrade.

    Yea it would be nice to earn 4% on money seeing as how all across Canada the interest rate on Savings account is only 1.5%

  65. Yeardly Neeves

    Questrade is really pushing the envelope to what a discount broker is able to do so i tip my hat to their continuous effort to provide more but keeping costs down to customers.

    I will be honest i havent made up my mind if i will join but this questrade review is doing a pretty damn good job in convincing me.

  66. Shaun A.

    Anyone know if you carry a balance in your trading account it earns interest at the 4% they are claiming for margin accounts? I'm confused. Or does that imply for only leveraging?

  67. Isai B

    Nice advice about using limit orders to avoid the fees. I never knew that.

  68. Maddex

    Gold is my thing. Thanks for the quick mention. Questrade's price seems reasonable and with with the economy expected to go in a double dip it seems like a worth while shot. Great job in your questrade review.

  69. Nikhil

    Oh goodie! Thanks for pointing out that one can open a TFSA trading account! I was strongly leaning on trying out a TFSA account for the first time in my life and was curious if it could be as an investment thing. The fun bonus is now i have a questrade offer code to save me $50 in free trades.

    Great questrade review!

  70. Jensen Staab

    Thanks for the video links. Is there videos for the other platforms too? It seems to only be for some IQ ones and QuestraderWeb

  71. Roy

    I think the original Questrade complaints were because when Questrade updated their site there was bound to be early problems as they changed things. People should have given them time. I havent seen problems since i've joined.

  72. Dewey Troutman

    The other day i was in my car and surprisingly discovered a number of local discount brokers popping up around my city that i had never heard before. Must be a busling nacent field. I just wish you could write a review on each of them as you did with this questrade review In the mean time i will talk with my wife and see what she thinks about joining these people.

  73. Greyson T.

    So the Penson screen is nothing to be concerned about if I decide to join questrade? That's good because it frightens me when i look at it.

  74. Meredith W.

    Interesting. Questrade's margin interest rate is actually much lower than my bank. That alone might be the big reason i migth make the switch. Thanks for the Questrade offer/promo code above.

  75. Milo Henchman

    That QuestraderELITE may have been a perfect fit for me. Can i still use it or must we all be using IQ suite?

  76. Hunter

    Just came across this Questrade review and i am still blown away that they only charge $4.95/trade with no catch.

  77. Kelby

    Oh now i understand. I was looking around because i was hearing that accounts had changed. Couldnt find information anywhere. I hadnt been able to get help on this and didnt get any email from Questrade.

    Was a bit confused when logging back in so thanks for clarifying with the new account #s. I actually have a lot of eft banks that need to be changed.

  78. Marcelo Cain

    actually Interactive Brokers has probably the best pricing per share than anyone but it is more for really active investors and if your not then you are really going to feel the activity/nonactivity charges. I should know i'm with them.

  79. Rocio V.

    Your Questrade Review puts other online reviews to shame. I had to forward this link to several of my investment group buddies since it has been difficult to get a thorough review on the matter before.

  80. Joshuah Groe

    Was just using Questrade's Live Help (thanks for the link!) and i'm impressed with their knowledge. I was expecting some halfwit.

    Ok, i am strongly leaning on taking the plunge due to this incredibly indepth questrade review! And thanks for the questrade promo code.

  81. Devonta M.

    It still baffles me how they can offer such a remarkable deal at 1 cent per share and no one else comes close.

  82. Reece V

    It's been years since i've looked at Questrade. Nice to see they are offering mutual funds online now. When i first becmae interested in Questrade they were only offering funds via phone for $50 per action. Yikes! Good to see things have changed.

    I am currently with another house which i wont mention but might consider opening a second account with Questrade.

  83. Kristian C.

    I just might join Questrade for the fact that their Forex trading is a pretty good deal. Stunning work on this Questrade Review guys! Keep up the great work!

  84. Remington E.

    Glad to see Questrade offers TFSA. I always wondered if I could have a TFSA account as a trading account since it wasnt fair to have only a bank account that just sits there earning boring interest. Good stuff!

  85. Brynn Camps

    I just came here to grab the Questrade Offer Code or Promo code or whatever you call it. Thanks!

  86. Keenan F

    @andrew i believe you can call Questrade or use their Live Help to adjust this.

  87. George

    Signing up was pretty quick. That is a nice surprise! Your questrade review just gave questrade a new member.

  88. Leo

    Nice touch with the Upload Docs option. My original thinking was that everything would have to be mailed in and you'd have to wait 1-2 weeks before action was taken.

    This would be a problem if timing was an issue like opening an account and wanting to buy an IPO before it closed.

  89. Andrew

    Was checking the Investor Delivery site and noticed it asked for some Enrollment Number? Where does one get that? Does this imply that you get normal correspondence in the mail and after you get it then on the material is the number that you put into this site to change it to email?

    Can you call Questrade to modify this or does one have to do it on this site?

  90. Ryder I.

    I had been a questrade member for a long time before i ended up closing it down because i just wasnt trading that much. This was a long time ago. It really looks like they really have updated things a lot! Looks great! Thanks for the very good analysis in this questrade review.

  91. Questrade User

    Been with Questrade for 3 years now and they are pretty good. The funny thing is after reading this Questrade Review and noticing the $50 Questrade Offer Code i couldn't help but think i should open another account just to get at the promotional free trades thing. lol! Now i have two accounts.

  92. Mark Zeiner

    Although i speak English quite well i am hoping they have done their best to make French as complete on their entire site as possible because i prefer French. I checked some of the Questrade images you have here and i do notice some indication that it supports French so that is nice.

  93. Easton Brummett

    I still can't get over how they can make their commisssions so cheap @ 4.95. Based on your review it seems incredibly tempting to join.

  94. Stuart Wilcox

    I can't believe it's taken me 2 days to finish this entire questrade review. I am officially a slow reader. I think i learned more than i needed to know about Questrade and i feel smarter because of it

    I will join sometime this week.

  95. Jaheem N.

    Ok so what you are saying is that USD transfers into Questrade accounts can be done via PAD but not by way of a US etf into the account. Hmmm…well i guess its not a big deal but would save some money.

  96. Beau B.

    According to this questrade review it takes about 24 to 48 hours to get up and running and if i join through the online process. That's pretty good.

    Thank you for the questrade offer code (promo code).

  97. Odalis

    Looks like an interesting brokerage firm. Big thank you for including the questrade members pictures. I really needed to get an idea what it was like for members so i can better decide if i should leave my current discount broker.

  98. Brook L

    Just going over their layout in the screenshots in this questrade review. I am pleased to see how organized and non-threatening the whole thing is. I am a total noob and so i kind of need to approach this with ease.

  99. Roberto Norris

    My friend has a Questrade account. I dont think he knows about some of this. I will send him this link.

  100. Amrit

    They certainly put a heafty minimum for uncovered options I might have to check with my business partner if it is wise to join questrade at this time or search somewhere else.

  101. Deacon B.

    Hey i have a small business so discovering this questrade review is letting me know Questrade can open business accounts (mine is sole proprietorship) makes things even more sweeter.

  102. Beau Edgar

    Finally got my brother to join Questrade the other day. Just had to come back and say THANK YOU for this great questrade review and another thank you from my family for the free $50 questrade offer code!

  103. Mackenzi Otte

    Brilliant review! I shared this on my Facebook investment group page.

  104. Marin

    It's true Questrade is the only one who takes USD into registered accounts but recently RBC said they would be implementing somethign similar.

  105. Otto

    I think eTrade is owned by Scotiabank and is now rebranded as iTrade here in Canada. But then eTrade still does exist for in the US. Just thought i should let you know.

    Great job in the questrade review!

  106. Camren McFadden

    Thank god they have the etf funding service. I was expecting to have to send in a cheque or something like i do currently with TD. I will probably join some time this week.

  107. 4daWin

    Questrade should give you guys some ticker tape parade because you have by far the most exhaustive questrade review i have ever seen!

    My brother gave me this link and it single-handedly made me join. That and the $50 questrade offer code!

  108. Xander

    Thanks for bringing up the point about test driving the different Platforms. I was a bit hesitant to join because i didnt really know which platform i wanted — the free seems a little limiting but the pay ones are bit too much. Thanks for the links. I took them for a drive and i have a better idea now which i am going to go.

  109. Tristen Holford

    Wow, Questrade's old look offered by Penson looked nasty. Thank god they updated and made that place obsolete. I would have been turned off right away if i had seen that as the area for account activity.

    This Questrade Review is insanely good. I can't believe i am learning so much about Questrade.

  110. Giovanni Krauhs

    I was actually a bit perplexed by the 1 cent per share thing until i found this review. It makes sense now. Someone should probably update Questrade's site to be more clear.

  111. Nikolas

    What surprises me is that there is no other alternative to Questrade out there here in Canada. Everyone else is way over priced and dont seem to mind.

  112. Tavaris

    @don, no this only applies to borrowing on margin (cash you don't have). That would be sweet if we could earn 4% on cash balances. That would completely blow away current bank rates which range from 0%-2.3%.

  113. Donald

    The questrade review above mentions that Questrade has an interest rate of 4% CAD. Does this apply to holding cash in the account too? Meaning, can i earn 4% interest just by having a cash balance in a Canadian account?

  114. Christo

    Been with Questrade for a year now and just opened a second account with them (thanks for the questrade offer code!). Never had any problems or concerns. Good service!

  115. Freddie Garralrant

    In terms of cheapest per trade i think Interactive Brokers is the cheapest but they get you in hidden fees and other catches. So in terms of the big picture Questrade is a bargain.

  116. Maxim

    Interesting. So $4.95 minimum trades and $50 in free trades by using this promo code? Sounds like something i can't turn up.

  117. Mohamed

    Yup you can go through Questrade's trading platform trial for all of their existing platforms, including Essential. So just click and follow the IQ Essential Information link found in the Questrade Review links above.

  118. Philip

    I doubt i will close my BMO Line but may open a Questrade account to try them out. If things work out who knows.

    Thank you for this great review!

  119. Bryce

    I think i will have my entire TFSA with Questrade instead. I assume the $50 Questrade Offer Code/Promo Code will continue to work when i join or does it have to be for standard margin accounts? My guess is it will still work.

  120. Erin

    I'm a student and interested in starting to make trades at <$3000. Is this the right people to use?

Show More Comments

Leave a Reply