Questrade Review
Investing Personal Finance

Questrade Review

Questrade is Canada’s largest and most popular online brokerage company as of March 2018. They were founded in 1999 and offer a full range of investing / trading products and services for both the average investor and high-volume active trader.

Their journey from industry laughing-stock in its early years to its current place atop the field, consistently, as the best brokerage firm in Canada (cited by Globe and Mail, MoneySense Magazine, and Deloitte annual rankings) has been a long and fascinating one.

Within this in-depth Questrade review I will explore their impressive range of offerings and debate if you should join.

Commissions & Fees

Stocks1¢ per share: $4.95 min, $9.95 max – Active @ 1¢/min, $6.95 max
ETF (Exchange Traded Funds)Free (No commission charge)
Mutual Funds$9.95/online. Offline add an additional $45 for trader fee
Options$9.95/trade + $1/contract – Active @ $4.95/trade + 75¢/contract
Managed Investing (Portfolio IQ)Cost varies – 0.35% to 0.70% (minimum of $2,000 in assets)
Canadian IPOs$9.95/order – minimum order size of $5,000
International StocksCost is 1% of trade value (minimum charge of $195)
Precious Metals$19.95/trade
Forex TradingCost is integrated in the pip spread @ approx. 1.0 – 1.7 pips
Bonds/CNSX Securities/GICsFree (No commission charge) – minimum order size of $5,000
Debenture Trading$30/trade

Questrade Offer Code

Get $50 – Use Offer Code: Canada
Questrade Offer Code

The above table should be glanced at again! It is not a typo, nor an exaggeration! Questrade offers the cheapest trades in virtually every investment category in all of Canada. There pricing structure hasn’t changed since their inception and is so impressive that it actually encourages new and small investors to jump into the investment game while also drawing in disgruntled investors from other brokerages.

Questrade conveniently can cover all transfer out fees imposed by other financial institutions if interested in moving your existing trading account to them. This makes the allure to join even more tantalizing.

For stock trading, Questrade offers a unique democratic pricing structure. Long-term, less active, investors have the popular option of 1¢ per share with a minimum charge of $4.95/trade and a ceiling maximum commission charge of $9.95. Active traders — those who make high volume share trades — have the choice of 1¢ per share (1¢ minimum / $6.95 maximum), or a $4.95 flat stock commission charge. All account holders can switch between these pricing options at any time. But be aware that a switch to the active trader program involves subscribing to one of Questrade’s several advanced market data plans.

Since 2013 Questrade continues to have no commission charge on the purchase of ETFs (Exchange Traded Funds). ETFs are free for everyone. This has radically changed the face of index investing for the better. It has opened up a whole new world for those who prefer to purchase on a monthly basis to take advantage of dollar-cost averaging. It also makes compound interest and re-balancing portfolios that much sweeter.

While we’re on the topic of ETFs, many other brokerages (including banks) still charge a fee for ETF trades, strangely enough, ensuring the ill-advised “timing the market” strategy as a common practice by many amateur investors at these other financial outlets in hopes of saving on commission costs. This is obviously no longer necessary while investing at Questrade. With so many turning to ETFs these days due to their low MER and diversified reach it’s a wonderful breath of fresh air to be able to do so at no cost. All indications seem to be that Questrade was the first discount broker in Canada to do this, and I applaud them.

Questrade also makes it abundantly clear that they don’t charge setup fees, annual fees, and hidden fees on any of their services which is a welcome change from the industry norm. A special note should be given, however, to how they handle account inactivity.

Although historically Questrade has never charged an inactivity fee, they recently did a subtle change to that policy. It’s actually not that bad when you peruse the details. If anything it’s quite reasonable. This policy adjustment can potentially charge $24.95 (no tax) per calendar quarter. All Questrade account holders, however, including households having the same physical address (which can also be a group of strangers when using the myFamily program), with combined equity assets of at least $5,000 are exempt from this inactivity fee. This fee also does not apply to charitable accounts, forex accounts, individuals 25 years of age or younger, and all new accounts opened for only 6-months. If, however, this fee still does apply to you then simply make at least one commissionable trade per quarter (once every 3-months) and you will not get charged. Further, if you are inactive for a quarter and do get charged, then by making at least one trade in the following quarter will trigger a refund up to $24.95 in commission-free trades as compensation. Fair enough.

For most investors this policy change is trivial since their assets are almost always over $5,000. And so most people 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.

New Accounts

There are two sets of accounts offered by Questrade: Self-directed and online Managed Investing.

Self-Directed Investing: These accounts are for those who want full control of their investment decision-making. They will save you the most money, in terms of commission costs. The Standard Margin (Individual) account is the most popular account type opened by new customers.

Managed Investing: These accounts are for those who want Questrade to manage all investment decisions on your behalf, for a nominal annual fee. They require the least amount of effort on your part and tend to earn higher returns in the long-term. From my analysis, these accounts are indeed handled by a real staff (the Questrade Wealth Management division) behind the scenes. Under their management, they consider your personal goals and risk tolerance to match, manage, monitor, and adjust for the best investments without your daily involvement. Questrade calls this Portfolio IQ.

Questrade Accounts

Investment StyleAccount Type
Self-Directed Investing
  • Standard Margin:
    Individual (popular), or Joint
  • Trust:
    Informal, Joint Informal, or Formal
  • Entity:
    Sole Proprietorship, Partnership, Investment Club, or Corporation
  • Registered:
    TFSA, RRSP, LIRA, RIF, LIF, Individual RESP, or Family RESP
  • Forex (FX) & Contract For Difference (CFD) Trading
Managed Investing
  • Actively Managed by Staff Assigned To Your Account @ Questrade

Please note, unlike self-directed, managed investing comes with a price — a $14/year minimum management fee charge. In my opinion self-directed is all one will ever need considering how making informed investment decisions is quite simple for even newcomers these days. And to compound on this, self-directed accounts have no fees (outside the usual trade commission) associated with them unlike their managed investing cousins. I’ll be going in-depth on their managed investing side in a later section of this review.

Initial Deposit Requirements

Although immediate access is gained after joining (don’t forget to use the Questrade offer code: Canada to get $50 free during sign-up), your account isn’t activated. To officially activate your account, so as to begin trading, an initial deposit is required.

ActionInitial Deposit
Buy Stocks & Bonds$1,000
Trade Option Spreads$5,000
Write/Sell Uncovered Options$25,000
Managed Investing$2,000
Forex & CFD$1,000 USD*

For stocks and options, you will need to maintain a minimum equity balance of $250, after meeting the initial deposit requirement, to keep your active account in good standing. If, however, you plan on doing managed investing then it’s required that you maintain $1,500 in account value once you’ve invested. If that value drops below $1,500 then your investments will be liquidated.

Once this initial minimum deposit has cleared, Questrade emails you a confirmation message. For offline applications you will be contacted by one of their representatives confirming trading can begin. It takes roughly 1-3 business days for Questrade to receive and process this deposit.

* Canadian currency deposits into forex & CFD accounts are auto-converted into US currency.

Sign-up Process

Opening an account with Questrade is a remarkably quick, intuitive, and painless process. It took me no more than two minutes to open a general account, which immediately gave me access to practice within trading platforms, and to post on their vibrant discussion forum. It took me under twenty minutes to open their popular individual margin trading account.

Questrade Offer Code

The online application requires your social insurance number (for reporting interest and dividends earned to CRA, but you are given the option, on the page, to not allow them to use your SIN), employment information (or source of income if unemployed), and a form of identification (e.g., driver’s license). And although they have an offline alternative that you can printout and fill in, I highly recommend their secure online process instead because it reduces the amount of write-in errors and legibility issues, and supports DocuSign for the online signature signing process.

Questrade Sign-up

One of the first things you are required to do when signing up is to define a user ID and password for your new account. Doing so provides the incredibly convenient ability to return to an incomplete application at a later time.

I found that sessions during sign-up time-out after 30 minutes of inactivity. This is more than enough time to collect required documents and credentials, and to review your inputted details for any mistakes.

Ways To Fund Your Account

Funding Method
Online Banking (via bill Payment)Interac Online
Cheque (Certified is preferred)Pre-Authorized Deposits
Transfers from Another BrokerageWire Transfer
Bank DraftStock Certificate
Money OrderYour Questrade Accounts

Accounts numbers consist of ten numerical digits (e.g., 12345678-90). This is a step up from their pre-2011 six character alphanumeric size, and as such it’s been reported that some external banks still enforce an eight character limit for payee accounts when you attempt to send money to Questrade. To get around this our readers have indicated that you only need to provide the first eight digits of your Questrade account number. Using this helpful workaround your funds will still be delivered successfully.

When making a deposit using online banking or via Interac you should keep in mind that it’s not possible to send USD to your Questrade account — only CAD. This is due to a limitation of EFT at the issuing bank, not Questrade. All the other funding methods shown above support the ability to fund your account with either CAD or USD. Withdrawals of USD funds from your Questrade account to a USD bank account works perfectly fine.

If you need to deposit USD currency right away and none of the methods above fit your needs, you still have few more options: You can convert your existing CAD balance, held within your Questrade account, to USD using the Exchange Funds tool (found under Requests). This can take up to 24 hours to process. Or, you can take advantage of Norbert’s Gambit (see the FAQ)! Successful conversions have been confirmed by readers of this Questrade review.

Before withdrawals can be initiated, Questrade requires that you provide a void cheque or a pre-authorized deposit agreement form signed and stamped by your bank. This only needs to be done once per bank account. It takes roughly three business days to process a withdrawal and for the funds to arrive into your bank account.

Member’s Account

Your account’s primary control portal is known as myQuestrade (alternatively, Questrade Account) and it is a beautiful experience with well thought out organization and visual appeal. There is a lot of love put into this portal, providing a consistent fully immersive and responsive experience. I found that it worked seamlessly with every smartphone, tablet, laptop, and desktop I could throw at it.

This portal fully integrates trading and account management together effortlessly. It gives immediate access to buying and selling securities, working with research tools, using a bustling library of partner apps (and developer’s API) on any of your devices, viewing your account activity, analyzing balances and positions, managing your personal details, viewing statements, making fund transfers in & out of your accounts, uploading & downloading your documents, exchanging CAD/USD currency between accounts, taking corporate action on shareholder communications, transferring positions, opening additional accounts, retrieving tax slips, exercising options, interacting with mutual funds, and more.

Questrade Investment Summary

Once your account is activated for trading you are conveniently asked when you log in for the first time to select a default home base. A home base is where you would like Questrade to directly place you each time you log in. You have a choice of either your account management page or the online trading platform. This is definitely a helpful time saver, but, if necessary, you can jump between each via an always-visible top menu bar. And you can change your home base at any time from the Settings page.

They also have several self-help areas, including a robust learning centre of ebooks (e.g., options strategies, and Forex & CFD trading), fact sheets, an in-depth glossary, and a very active online community discussion forum called The Exchange. The Exchange is where you’d want to hangout, ask questions among other engaged investors, share expertise, and browse a growing library of how-to resources and help guides. I found this area to be very enjoyable, especially because so many were sharing incredible investment advice and unique tips that I may not have discovered in other ways. A welcome surprise was seeing Questrade’s representatives so consistently involved in this forum’s discussions.

The Exchange Discussion Forum


Located under the Reports menu option are a slew of subcategories providing details about trading and general account activity. Some of these subcategories include: Investment Summary (pictured above), Trade Confirmations, Account Activity, Statements, Investment Return, and Tax Slips. Collectively, these reports allow you to explore all of your investments (stocks, funds, bonds, etc), buying power, total equity, current cash balances and positions (in CAD and USD), and more.

Questrade Account Activity

Your trading history is maintained for 36 months while eStatements, generated monthly, are stored for 7 years. Tax slips (e.g., T3, T5, T5008) are also made available electronically for each year.

Questrade Statements

New statements are published on the 15th of each month and made available for immediate download as PDF files. These reports have improved dramatically over the years and contain a rich tapestry of useful colourful charts and graphs to make it easier to understand your performance to-date and compare it against previous years. Going further, these statements are very detailed, and very carefully constructed not to just be intuitively understood by the layman investor, but goes in-depth to provide breakdowns of the month’s activity details, a summary of all trades settled by the end of that month, conversion rates, allocations, current and historical rates of return, dividend distributions, and special notes from the brokerage.

Looking Inside a Questrade Statement

Because I view myself as an average investor, the styling approach laid out in these statements are an excellent bonus offered by Questrade.

Although Questrade highly endorses the viewing, downloading, and/or printing of monthly statements online as PDF files, and provides them free of charge, they still offer the alternative option of mailing out paper statements. This alternative, however, does cost $20 per statement. If you still prefer these hardcopies, then you can put in a request directly by phone or through their live help chat window.

Dual Currencies

Questrade’s margin and registered accounts are comprised of two sub-accounts — one that holds Canadian funds, and the other for holding U.S. funds. This is incredibly convenient since it stops unnecessary automatic conversion charges, common at virtually all other brokerage firms, when trading U.S. instruments. Questrade does not do automatic currency conversions. Other brokerages, on the other hand, do this simply because it maximizes their profits. Good for them, bad for you.

For example, with Questrade things like U.S. dividend income from U.S. traded stocks will remain as USD and automatically be deposited into your U.S. sub-account. The same is true when funding your margin (or registered) account by either currency type; the funds will automatically be placed into the associating sub-account of the same type.

Funds can be moved between sub-accounts using Questrade’s Exchange Funds feature, but just take careful note that by using this tool it will involve a conversion based on the spot rate at the close of market in Toronto plus a spread fee. This spread fee is 1.99% for both margin and registered accounts. If total equity exceeds $100K, however, this fee drops to 1.70% for margin and 1.00% for registered accounts. If converting between USD/CAD, a better approach would be to use the Norbert’s Gambit technique because it eliminates almost all currency exchange fees. Please see the FAQ for more details.

Questrade Exchange Funds

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 concurrently inside registered accounts (i.e., TFSA, RRSP, RESP, RIF, LIRA, LIF) at no cost which in and of itself will save a colossal amount of money from unnecessary conversion fees. And whereas other brokerage houses do routinely charge annual fees for just having a registered account, Questrade doesn’t charge an annual fee at all; allowing your yearly contributions to grow with maximum efficiency.

Trading Platforms

Questrade has four trading platforms: Trading with Questrade, a fully functional web-based trading platform for Windows/Macs/Linux desktop users, as well as for mobile devices; Questrade IQ Edge, a streamlined desktop-based trading platform for Windows 7/8.1/10+ and macOS 10+; Questrade Mobile, their mobile entrant into the field of on-the-go trading, for iOS and Android; and Questrade FX Global, their web-based forex & CFD market trading platform for most desktop and mobile users.

This entire suite is free to use and practice accounts (with virtual money) are available without even having to activate a real trading account. Many of these platforms include snap quote live Canadian/U.S. streaming level 1 data, a charting package, research tools for fundamental and technical analysis, and more. And although it is made available for free, these platforms can be upgraded to include one of three data packages or add à la carte feeds.

Now, let’s probe deeper into each of these unique platforms in turn and see what they have to offer.

Trading with Questrade

This is Questrade’s most popular free trading platform. It serves as the primary trading gateway for most users entire investing experience. It also serves as Questrade’s answer for those who, for one reason or another, may not have access to (or be compatible with) their Mobile or IQ Edge applications. As such, this trading platform is what Linux users turn to when needing to trade stocks, ETFs, and options.

Trading with Questrade - Stocks

Trading with Questrade is craftily integrated into the Questrade Account portal and is reachable through the prominently displayed green Trade button located at the top menu bar. For convenience, this platform can be set as your home base when you log in. This platform is a fully compliant HTML5 browser-based responsive experience, it does not require a download, nor any third-party add-on, to be fully functional.

Taking a spin with this platform was an incredibly liberating experience — an excellent amalgamation of power and usability. It’s very featured-packed. It also introduces the concept of Gadgets into the platform lexicon. A gadget is an arrangeable user-customized view into your trading/market details. Some of these gadgets include: activity (a logs viewer), balances, time & sales (current global activity of a stock), level 1 quotes, level 2 quotes (if you’d paid for this extension), news, orders, charts, position summary, and a watch list. Any custom changes you make to your platform layout are automatically saved and restored when you re-log back in.

Trading with Questrade - Charts

This platform was surprisingly lightning fast and responsive in every web browser I tested it in. Memory and CPU footprint usage was astonishingly small despite the depth of options, activity, and functionality it had to offer. I also found that sessions don’t appear to have any inactivity time limit.

A nice bonus feature of this platform was being able to start a trading task on one device (e.g., a home PC) and effortlessly shift to another device (e.g., smartphone or tablet) to complete it. This is an invaluable little addition because it can allow one to carefully construct lengthy trading procedures while permitting free movement during busy schedules. Additional bonus points also have to go to their clever use of green and red colouring in real-time to help more easily distinguish stocks and options price variations as they happen.

Impressively, this web-based trading platform has almost all the features found in IQ Edge, its bigger brother in this family. Notable differences include the lack of multiple workspaces, heat maps, and surprisingly, the inability to change color themes — you’re stuck with that white look, unlike IQ Edge which has selectable themes. So, if you feel you may need one or more of these missing features then I’d recommend you use their desktop-based IQ Edge platform instead.

Questrade IQ Edge

Questrade IQ Edge is the big boy of this suite. It comes as a free install-based native PC (or Mac) desktop application. And although it is commonly used by many investors, regardless of experience, this platform was specifically engineered to cater to active and professional traders.

Questrade IQ Edge - Order Entry

Interestingly, Trading with Questrade and IQ Edge share many features in common. But I did find the following unique differences.

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 targeted purpose that suits a trading environment style. Multiple navigable workspaces is a valuable asset for active traders.

Other key differences I uncovered was that IQ Edge offers significantly more advanced options for order entries, such as conditional orders (e.g., trigger orders at a specific time, price, or volume automatically), creation of bracket orders, more extensive alerts, and multiple order entry windows. This platform also includes more extensive research tools and heat maps.

Questrade IQ Edge - Drawings

I also discovered a few subtle differences as well. IQ Edge allows for extensive gadget customizing, which takes them well beyond what is possible in Trading with Questrade. Most of these customizable features, however, are visual (e.g., drag-drop, resize, custom colourizing, blinking text). It depends on the gadget. Curiously, gadgets don’t have a snap-to feature and so they do not auto-arrange when the main application window resizes. It’s a bit annoying but not a deal breaker because most people just position their gadgets at a particular spot and maintain the application window at a set size.

Interestingly, any gadget customization you make in IQ Edge does not transfer over to their other trading platforms (assuming the same gadget exists), and vice versa. Ticker symbols and the related data inside gadgets (e.g., alerts), however, are properly maintained across different trading environments.

Thankfully IQ Edge incorporates different user-selectable colour themes, ranging from dark (default), light, and a sky blue. This is a welcome change from the screen burn-in white theme that their other trading platforms (excluding FX Global) are unfortunately hardwired to only use.

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. When speaking with Questrade’s technical staff, I was told that this platform is written from the ground up using optimized C++ code and deployed specifically for Intel processors, ensuring the speediest of responses for the most serious of traders. Unfortunately, at the time of this writing there is no 64-bit version for IQ Edge on PC platforms. For Macs it is natively 64-bit. Don’t get me wrong, this will still run perfectly fine on 64-bit Windows-based PC systems. It just won’t be running as efficiently as it could be. Here’s hoping in the near future an optimized 64-bit Windows version of IQ Edge will be made available.

Questrade Mobile

Because many of us spend a lot of our time on mobile devices, it only makes sense that we want to be able to swipe, tap, and invest on-the-go as well. Questrade Mobile fills that void.

Questrade Mobile - Quotes / Charts

This free platform is a surprisingly very powerful, very capable mobile trading platform. Operating anywhere at any time, this app is available for iOS and Android devices from their respective app stores. The visual layout and organization of features is very well thought out — I can navigate and use the app with intuitive ease. And although they conveniently provide an interactive help tool I found there was little need to use it.

Questrade had originally planned to release a similar version for Windows Phone and Blackberry but, understandably, due to those aforementioned device’s almost non-existent market share, the idea was scrapped late in the development cycle. As such, users with those devices, including Linux, will need to use the browser-based alternative trading platform: Trading with Questrade.

I found Mobile’s feature set to be nearly identical to their Trading with Questrade platform, but with visual tweaks to better suit portable device operability. You can even perform account management actions directly within the app.

Questrade Mobile - Order / Watch List

After using this platform for several days it’s clear to me Questrade is continuing to aim Mobile to be as feature-rich as IQ Edge over time so that even active traders can be less dependent of their desktops. I’m sure this will be greeted with overjoyed smiles by those traders who have been yearning to be more fully unshackled from their IQ Edge dungeons. On-the-go is here to stay so it only makes logical sense that Questrade will be continuing their trend of integrating more Edge-like whiz-bang functionality into Mobile, possibly surpassing their web-based sibling over time.

There is no question that Mobile is an integral component to Questrade and quite possibly view it as the most important in this entire platform suite, in terms of long-term growth, since most people will continue to be looking to their phones (and other portable devices) as their primary hub to the markets.

Questrade FX Global

This is their free specialty web-based platform geared specifically to foreign exchange (FX) and contract-for-difference (CFD) traders. For the curious, FX contracts and CFDs are over-the-counter derivatives. FX Global gives you the ability to speculate on the price movement of currencies, energy, agriculture, metals, and equity indices from one account.

Questrade FX Global - Charts

FX Global lives and breathes within the web browser. And my tests found the interaction to be seamless across every device I checked. That includes: PC, Mac, Linux, and mobile devices.

The platform conveniently tracks all trading activity in real time. I could execute trades from live bid/ask quotes just with a simple click or tap at any time. I was also able to keep tabs on open positions, watch for instant profits and losses, view account balances, and analyze historical activity, all on-screen.

Other positive noteworthy features in my evaluation include the ability to switch environment themes (i.e., dark or light), up-to-the-minute embedded news, research tools, technical analysis indicators, watch lists, and push notification alerts to your phone.

Questrade FX Global - Trade

I found this platform to be designed very well and I could long and short hundreds of global currency pairs and CFDs with ease. The entire experience was surprisingly much more natural feeling than I was expecting; and this is coming from someone who has very little prior experience in the FX & CFD markets. Trading within the platform can be done 24 hours a day from Sunday evening to Friday afternoon, but, if necessary, existing forex account holders can also place orders for free over the phone.

Research Tools

One of the keys to successful investing is through tenacious market research — doing your homework. And so, while compiling this review I felt an honourable nod should be given to Questrade’s stand-out research tools: Market Intelligence and Intraday Trader.

When you login, both tools are found tucked away under the Market Research menu selection.

Market Intelligence is the place to go when you need to get the latest market news in North America, Europe, and Asia as it happens. With research data and ratings provided by MorningStar, I was able to successfully look up a lot of valuable material (e.g., reports, earnings) on whole industries, companies, and specific stocks without having to leave my account. There is also a very useful criteria-based email alerter to keep track of stocks. You can set it up to alert you on price changes, volume fluctuations, bid sizes, and more.

Market Intelligence

The other research tool, Intraday Trader, is a comprehensive technical analyzer that monitors the NSYE, NASDAQ, AMEX, TSX, TSX Venture, and ARCA. By providing an event triggering watch list (pre-set or custom), it’s able to scan those markets and cross-reference technical patterns of interest throughout the trading day. When a target has been triggered I get notified with charts and a description on what caused it and why. It’s clear that the goal of this tool is to give you a heads-up on potential trading opportunities as they are happening. Interestingly, I began noticing over the following days that I kept returning to use this tool and adding more refined complexity to my event triggers. In short, using this tool can become quite addictive.

Intraday Trader

Managed Investing (Portfolio IQ)

Self-directed investing (aka DIY trading) is offered essentially by every discount brokerage in Canada and has been a popular choice by the general public due to the cornucopias of easy-to-use tools and support made available to investors desiring complete control over every aspect of their financial interests. With this style of investing, customers have always been able to sculpt their own investment strategy, define their portfolio, buy and sell securities, and more.

However, another option exists. For those with very little time, while continuing to carry big investment ambitions, Questrade introduced Portfolio IQ, the alternative to self-directed investing. Really known as managed investing, Portfolio IQ takes away the stress of investment decision making, such as asset allocation and re-balancing, and puts this work into the hands of experienced portfolio managers of their Questrade Wealth Management division.

Portfolio IQ - Review

Who doesn’t want to take it easy and watch their money grow towards financial independence with little effort? It’s a dream come true! However, the difficulty lies in trying to figure out how exactly to do that. This is where I feel Portfolio IQ comes to the rescue.

I discovered that Portfolio IQ was Canada’s first online wealth management service. Another accomplishment by Questrade. When speaking with one of their managers, he expressed that the advent of Portfolio IQ is to grow and become a definitive market disruptor. To make managed investing accessible to everyone. He went on to say that because managed investing has typically been an exclusive club for the very rich, their goal was to hark back to their motto of unlocking all things restrictive to the masses by doing away with convention. That’s a bold statement. So naturally I signed up for an account and had a look around.

Opening a Portfolio IQ account is straight-forward and only requires an initial deposit of just $1. As an extra bonus, this review’s Questrade offer code — also known as a Questrade referral code — can be used when opening a managed account to receive a free cash bonus. Once open you’re taken through a quick, simple to use point-and-click/tap questionnaire to set up an investor biography that identifies your risk tolerance, existing financial circumstances, market knowledge, and investment ambitions. This is all used to help crystallize the best portfolio that will matter to you. If your goals change, then you can adjust your biography to keep things in balance, which will then automatically update your underlying portfolio model accordingly.

Portfolio IQ - Tolerable Risk

ETF Portfolios

There are five portfolios and they all deal exclusively in ETFs. Composition is an assortment mix of sectors, markets, and countries.

PortfolioRisk LevelComposition
Conservative IncomeLow80% fixed, 20% equity
IncomeLow – Medium60% fixed, 40% equity
BalancedMedium40% fixed, 60% equity
GrowthMedium – High20% fixed, 80% equity
Aggressive GrowthHigh100% equity

Further, each of these portfolios have three tiers. Each tier has a different set of sector-specific and country-specific ETFs. It is your account asset value that determines which tier position you’re automatically assigned within the portfolio you’ve selected.

Fee Structure

Although it only requires $1 to open a Portfolio IQ account, your money sits uninvested until it reaches at least $2,000. Once that threshold has been reached, your money is automatically shifted into your selected portfolio, and your very own assigned team of specialists will begin actively managing and adjusting your portfolio as opportunities arise in the markets. I found they vigilantly kept re-balancing assets to stay within my risk tolerance without any daily involvement on my part, which was nice.

I didn’t find any trading or trailing commission fees. I did uncover a nominal annual management fee, however, which varies based on your existing total account asset value. This fee only gets charged when you have at least $2,000 in savings within your managed account. If it does apply then it’s broken up and charged proportionally on a quarterly basis. Relative to other brokerages and banks, this management fee is by far the lowest I’ve seen.

Total AssetsAnnual Fee
Less than $2,000No Fee
$2,000 – $99,9990.7%
$100,000 – $249,9990.6%
$250,000 – 499,9990.5%
$500,000 – $999,9990.4%

With the added benefit of taking full advantage of tax-loss harvesting, and providing a last quarter management fee refund guarantee if you’re not fully satisfied for any reason, Portfolio IQ is an extraordinary entrant into the managed investing arena. It has that perfect resonating mix all investors, big and small, crave when they daydream of an unshackled financial tomorrow.

IPO Centre

Participating in initial public offerings (IPO), secondary issues (additional shares/bonds offered by a public company), and structured products has always been the holy grail for many investors due to the incredible euphoric frenzy of the 1990’s internet IPO boom, and recently with the bitcoin cryptocurrency mania (via Initial Coin Offerings).

Because IPOs usually tick up on first day closings, it makes total sense why so many want in — it’s a quick way to make an easy buck! However, due to the natural laws of supply and demand, interest in these new issues almost always outstrip the quantity made available, and therefore only insiders, well-connected bigwigs, and the very wealthy are usually the only ones who are granted access. Nepotism and cronyism at its undemocratic finest.

For generations the general public has had little access to IPOs. There was a brief moment in time when Wit Capital, an internet startup of the 90s, briefly unlocked this secret world, but it was short-lived.

Questrade became one of the new Canadian trailblazers to usher in a sledgehammer back into this world for the masses by introducing their IPO Centre. This centre is a very welcome sight and seems well positioned to grow into something incredibly special.

Questrade IPO Centre - List

Type of Offerings

The Questrade IPO Centre showcases newly available issues of Canadian equity, fixed income, and structured notes. For historic reasons, they also give access to a detailed back catalog of previous offerings. Each IPO’s respective fact sheet, investor summary, terms, preliminary and final prospectuses are also readily available.

Although the IPO Centre mostly has Canadian offerings, U.S. IPOs do show up from time-to-time as well. Due to Canadian security regulations though, U.S. and other foreign-based companies must file their prospectuses in each province individually in order to be sold to residents of that particular province. Since many companies in the United States may feel that doing an IPO in Canada could be an added expense (e.g., listing fees, legal fees, French language requirements), and that domestic demand in the U.S. is already strong enough to satisfy the capital they’re seeking to raise, it’s only logical that most offerings you see listed in the centre are Canadian by nature.

Fun fact: TSX has a very large mining focus. This is because many international mining/resource companies file a prospectus, raise money, and choose to be listed here in Canada.

Registered accounts (e.g., RRSP, TFSA) are also eligible to hold the vast majority of IPOs and treasury offerings. Some IPOs, however, may not be eligible due to their company/offering structure and how widely held it is.

My only complaint is that the number of IPOs to select from isn’t as bountiful as I would prefer it to be. I am not sure if this is due to the unseen battle that they surely must have with underwriters to be granted access to new filings, or if their staff is just being lethargic in pursuing more pickings.

How To Take Part

The IPO Centre is reachable on your desktop/laptop , smartphone, and tablet. When you see an IPO or other new issue you like, it’s a simple click/tap of the Buy button found next to that offering. Alternatively, you can call their trade desk to put in a request. All IPO and secondary offering purchases are commission free.

Questrade IPO Centre - Order

Once your order has been placed, this is referred to as an “expression of interest”. An expression of interest makes Questrade aware you are putting in a commitment to buy a number of shares. This does not guarantee, though, that you will actually get any or all of the shares you’ve requested.

When placing an expression of interest on their website, the trade desk contacts you to confirm the order within an hour. In rare cases I found it took up to 24 hours.

There is a $5,000 minimum requested amount for submitting an IPO order. Some companies going public may even ask for an amount over and above this, but the majority of the time it won’t be above the $5,000 Questrade minimum. Once the order is confirmed, Questrade passes along your interest to the offering’s underwriter.

For instant notification of newly announced IPOs and secondary issues, I recommend subscribing to their mailing list known as the IPO Bulletin. Surprisingly, I found that notifications arrived roughly thirty minutes sooner than the time it took for new issues to appear on the centre’s front page. That revelation can potentially lead to unique first access opportunities. Nice!

Canceling a request can be made within two business days (this may vary depending on the province) of receiving, or deemed receipt of, a prospectus and any related amendments (found at the online centre).

Processing Time & Distribution

Processing time for orders can vary but usually it takes around three weeks from when the underwriters first launch the IPO and when the offering closes. Times can be shorter when dealing with some secondary offerings and preferred treasury shares. Once allocations from the underwriter are received, Questrade informs customers via email or phone.

Allocations, however, may be distributed on a pro-rata basis if an IPO is oversubscribed (the number of shares requested by all interested parties is greater than what Questrade received), and so, as mentioned earlier, your original request amount may not necessarily materialize to what you actually get. For example, if Questrade receives a 50% allocation on their total order amount, they would then allocate only 50% to your original order request.

Customer Service

Customer services are the make or break for practically every company, irrespective of the industry they’re in. If customers have an issue, be it executing a hanging order, a problem with account management, or just to get in touch to have someone walk them through a task, it’s critical that customer service be attentive, knowledgeable, and understanding. You can have all the best technology and intuitive user experience in place, but if you lack basic customer service support, you’re company is doomed.

Now let’s delve into Questrade’s customer service experience so I can give you my impression on their online and offline (i.e., telephone) efficacy.

Most people will likely prefer to communicate with Questrade through online means. As such, you have a few options: Email, and Live Help real-time chat.

Email response times were relatively quick. I sent four different emails regarding four distinctly different issues, and their reply times varied between one hour and eighteen hours. That’s pretty good. Their response content was very good as well. Nothing was canned, which is common when dealing with other companies over email.

As for the online chat feature, while putting this review together I noticed that Questrade had repeatedly repositioned their live help’s green Chat button. I figure it’s probably because they are still finalizing on the best placement for it. But nonetheless, their chat button tends to be conveniently a fixed overlay on the right corner of most pages. It’s operational from Monday to Friday (excluding holidays) from 8:00am – 8:00pm ET. When clicked it brings up a pop-up window.

Customer Service - Live Help Window

After speaking with several 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 also took the extra time to provide external web links (those found outside the Questrade domain) for further reading which was a nice bonus. If the chat feature is unavailable (e.g., weekends, holidays, or outside service hours) you’re still able to leave a detailed message. When I tried this, I did receive a decent response when a representative returned.

For customer support over the phone, they are available Monday to Friday, 7:30am – 8:00pm ET. For forex trading, they are open much longer, including Sundays. When I did phone in, I found that they support English, French, and Mandarin languages. Coincidentally, being trilingual I was able to speak to representatives in all three languages. Hold times varied based on what I was calling about. During midday on a workweek I found the wait time for a new customer to be about one minute. When calling in as an existing customer, the wait time was much shorter. This may be coincidental, but I also found that using their live help was much quicker than calling into their offices. Overall, speaking over the phone with their different departments was a very relaxing and helpful experience. They know their stuff! And not once did I feel they were rushing to get the conversation ended quickly. It felt like I actually mattered.

App Hub

Questrade has partnered with several financial service providers to help enhance your investment experience through third-party apps. Types of partner apps include trading platforms, stock pickers, performance recorders, statistics analyzers, portfolio monitors, etc. Once you grant permission to an app, it can access your account details (personal information is still kept private), retrieve market data, and assist you with placing trades through your Questrade brokerage account.

App Hub

Granting permission to a third-party app is as simple as finding an app of interest within the App Hub library, clicking the Add to My Apps button, generating a special (and necessary) authorization token, downloading the associating partner’s app (and/or signing up for an account via their website), and then inputing your generated authorization token within the app.

The only apps authorized by Questrade are the ones listed in their library. If a third-party app is not listed there, then that specific app will not have access to your account. In other words, you cannot arbitrarily generate a generic authorization token for an unauthorized app.

Interestingly, you can create and register your own app and become a partner with Questrade. I will discuss this in more detail under the Developer Platform section of this review.

One strange quirk I did find, when you add a partner app it became difficult, if not impossible, to return to the App Hub library at a later time to add another app. Why Questrade didn’t add a navigable link back to the library on the My Apps page — if you’ve already added at least one app — is beyond me. Either this is an oversight, or a bug. I’ve reported this problem to them. Hopefully they fix it soon because the only way I could figure out how to return to the App Hub library was to remove all my apps. That’s very inconvenient. By the time you read this review it will probably already be fixed.

Beyond that little issue it was really fun and quite advantageous to have access to so many third-party apps.


Questrade’s security measures have improved dramatically over the years. They use an impressive 256-bit SSL class 3 extended validation for both logging in and trading. Extra security during the login process can be provided by enabling two-factor authentication. For those unfamiliar, two-factor authentication is an additional security layer which requires not just a username and password, but you must also use another device that you currently have in your possession — typically a phone — to input a special code shown on that device during the login process.

Questrade has an online security guarantee which insures investors against unauthorized transactions which result in a direct loss. This security guarantee, however, doesn’t extend to intruders breaching accounts on your end (i.e., browser vulnerability, PC/Mac infection). In other words, 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 at 100%.

They are a CIPF (Canadian Investor Protection Fund) member, and so all Canadian investors are covered up to $1,000,000. They are also members of the IIROC (Investment Industry Regulatory Organization of Canada). For claims that exceed $1,000,000, Questrade offers extended private insurance up to $10 million. You will need to contact them directly by phone for more details in getting this extension set up correctly.

Other noteworthy features: When joining, you must provide at least two security questions and answers — one of which gets asked when you attempt to log into your account from an unrecognized device. Once signed into your account your last login information is prominently displayed at the top-right corner with the date, time, device used, browser user agent, and the operating system of who last accessed your account.

And lastly, a special appreciation goes out to the ability to set up a personal identification number (PIN) from your customer profile page. This PIN is optional, but is used to make it quicker to identify you when phoning in. You still have to provide other information about yourself when speaking to a representative, but the verification process is much quicker. I found this very handy, especially because I had to call in several times to better review their customer service.

Developer Platform

Developers interested in writing their own applications or using tools from other third-party vendors can rejoice because Questrade has their own application programming interface (API). It’s free to use and can execute, modify, and cancel stock & option orders on Canadian and U.S. exchanges; retrieve balances, and positions as far back as sixteen months; and fetch delayed and real-time market data. Their SDK with sample code is available for download in C++ and C#.

Questrade API - Create Your Own App

After a quick glance over Questrade’s very clean online API operations documentation, within ten minutes I had created my first, fully functional application in Microsoft Visual Studio C#. It’s very easy to make an app! I also love how they give access to a practice server for testing applications on. And once I had fixed all my bugs, I then was able to switch over to the live server. Very smart!

Questrade API - Coding An App in C#

Questrade implements Representational State Transfer (REST) for reading and writing data, and the OAuth 2.0 authorization framework for their security protocol. Everything communicates through HTTPS only. The great thing about using REST and OAuth is that development time is significantly reduced, as was evident by the time it took for me to make my first app, because they are widely used, simple to understand, standards for a lot of online development.

I noticed there is an option to partner with Questrade so that your application can extend beyond your app’s library, and be made available to every Questrade customer. I did not test this feature because my application was just a simple proof-of-concept for this review, but I did speak with a technician who told me that there is no cost when partnering. Your application goes through a thorough quality assurance review, and if they feel your app will enhance their customers’ experiences, they will happily add it into the App Hub. Please note, though, if you develop a trading platform where your users make trades within your app on the live server, then your users will still get charged the same commission fees that they would have paid if they were using one of Questrade’s standard trading platforms.



My journey through the expansive financial world carved out by Questrade was a very enjoyable one. Although their list of achievements include free ETFs, very mature trading platforms, quality customer service, IPOs, and a comprehensive developer platform, their most impressive feature has to go to being able to execute trades as low as 1¢ per share (1¢ minimum for active traders; $4.95 minimum for non-active traders).

It has been decades now and Questrade continues to carry the honour of being Canada’s lowest cost discount brokerage company. Questrade’s low commission rate is so good it serves as an enticer to make more trades more often and not have to hesitate by attempting to time the market in hopes of lowering commission costs.

In MoneySense’s Canada’s Best Online Brokerages article, Questrade was top ranked as the best in terms of lowest fees and lowest commissions. They also received honourable mentions as the best in ease of use and overall independent broker.

I can’t think of anything negative to point out about this company. It’s very clear they want to be in this industry and stay as the market leader in Canada. When speaking to several of their representatives online and over the phone you could feel a strong sense of pride in their written words and spoken tone. There is clearly a strong and positive ecosystem in their workplace environment. The staff seem exceptionally knowledgeable when assisting, providing a fulfilling experience. This is a far cry from my past dealings with other brokerages and banks.

For most of my stock trading life I had been connected at the hip with my local bank. This was before I became more enlightened with better options that were out there. I’m sure this is the case for most people. Many of us usually get our first investment accounts at big banks (e.g., BMO InvestorLine, Scotia iTrade, RBC Direct Investing, TD Direct Investing) because of the ease to do so — we have our savings and chequing accounts with them already so it’s just logical to open a trading account there as well. Such conveniences, however, bring with it abuses by these banks onto their customers. And so it wasn’t until I became completely disillusioned by my bank’s high fees and endless shenanigans that I felt it was time to explore other financial outlets. And hence, here we are today and why I felt this ultimate Questrade review was a necessary obligation to write.

Should you join? Yes — a resounding YES! For someone like me, as a casual trader, who has experienced headaches with banks and other brokerage firms, it’s nice to finally find a good home at Questrade who doesn’t play games, nor charge exorbitant fees. Questrade fits my needs perfectly and helps unlock my potential as a growing investor.

Now I’d love to hear your opinion on Questrade. Leave a reply below, share this review, and rate them using the ratings gauge found at the very top of this page.  Google Profile

Questrade Review
Editor Rating: 90% out of 100
Readers Rating: 95% out of 100 (2212 votes)
“Questrade Review” written by Emma Li —  

Frequently Asked Questions (FAQ)

This review has been updated many times over the years and, during such time, many questions have been asked by my readers in the comments section. For your convenience, I have compiled the most asked questions, with their corresponding answers, below.

Why Questrade?

  1. Lowest commission cost per equity trade in Canada.
  2. Commission-free ETF trades.
  3. No annual fees.
  4. Free $50 when using Questrade offer code: Canada
  5. Questrade will cover the transfer-out fee when moving your brokerage account to them.
  6. Full-featured tools and trading platforms available on all devices.
  7. Very responsive customer service. Even when using live online help.
  8. Hold dual-currency (CAD and USD) simultaneously within registered accounts (e.g., RRSP) without automatic conversions, nor fees.

Is Questrade good?

Yes! Questrade offers a remarkably rich tapestry of features well tailored for new investors and seasoned traders. They also have the lowest costs of any other brokerage house in Canada, by far. Over the years, they have routinely demonstrated their hypercompetitiveness in this crowded industry by endlessly releasing new products, updates, and exploring untapped avenues (e.g., IPOs).

Where can I get the Questrade offer code?

To get $50 free from Questrade, simply type the following Offer Code: Canada into the Offer Code input box during the sign-up process.

What is the best way to convert CAD/USD?

To elminate currency exchange fees almost entirely when converting CAD/USD, you will want to use Norbert’s Gambit. To do this, you will use tickers: DLR.TO and DLR.U.TO. The former deals in CAD currency, the latter in USD currency.

To convert from CAD to USD:

  1. Buy shares of DLR.TO (currency will be in CAD) in the amount that you want to convert into USD cash.
  2. Get ahold of a Questrade rep via live help chat or on the phone.
  3. Tell the rep that you want to journal over all of your newly acquired DLR.TO shares to its USD equivalent side (i.e., DLR.U.TO). Your shares will now shift from DLR.TO to DLR.U.TO and be in USD currency.
  4. Sell all of your DLR.U.TO shares. You will now have USD cash.

To convert from USD to CAD:

  1. Buy shares of DLR.U.TO (currency will be in USD) in the amount that you want to convert into CAD cash.
  2. Get ahold of a Questrade rep via live help chat or on the phone.
  3. Tell the rep that you want to journal over all of your newly acquired DLR.U.TO shares to its CAD equivalent side (i.e., DLR.TO). Your shares will now shift from DLR.U.TO to DLR.TO and be in CAD currency.
  4. Sell all of your DLR.TO shares. You will now have CAD cash.

The entire process can take up to 1-2 business days to complete. The full details of your conversion is recorded under myQuestrade’s Account Activity page.

Can I short sell?

Yes, you can short stocks in margin accounts. Registered accounts (e.g., RRSP), however, cannot short because of Canadian government regulations.

Do their platforms support Mac/Linux?

Yes, their trading platforms are available for Mac and Linux users. Questrade’s trading platforms are also available for Windows, iOS, and Android devices. For Linux users, Trading with Questrade, their responsive HTML browser-based web application, is what’s used.

My bank doesn’t accept Questrade account #s

Most people will fund their Questrade accounts through their bank’s bill payment method. However, some banks still impose an eight character limit. You can get around this problem by using just the first eight digits of your ten digit Questrade account #.

How do I get trading reports before 2011?

If you have been a Questrade member before 2011, then you may have already discovered that their Trade Confirmations database, which claims to carry your trading details dating back to January 1st, 2009, in fact only rolls back to February 4th, 2011. Sadly, you may no longer have access to these older trading reports because Penson, Questrade’s old clearinghouse partner, who stockpiled these much older reports, has now shut its doors for good. When speaking with Questrade’s representatives, I got inconsistent answers on whether they still have these very old reports or not.

How do I stop paper-mailed investor documents?

Initially, shareholder communications (i.e., voting requests, annual meeting summaries, financial reports) are sent as paper mail to your physical address. For those who wish to save the environment by saving a few trees you can alternatively opt to receive these correspondence documents through electronic mail instead. A convenient free service called InvestorDelivery exists where you can set up to receive all of your investor correspondence electronically. InvestorDelivery requires a special ID that is stamped in the header region of each of your paper documents. So you’ll have to wait and receive a paper document of a security you own before you can switch over to its electronic alternative.

How do I avoid paying ECN Fees?

ECN fees are fees enforced onto Questrade by an external network that charges you for making a transaction which removes liquidity from the market (i.e., buying at the ask or selling at the bid). Questrade doesn’t make any money from ECN fees; they simply pass this collected fee to the designated network to execute your order. Although these fees translate to mere pennies, one can avoid paying them altogether by executing transactions as a limit (or stop) order at the bid/ask instead of as a market order request. For U.S. stocks you can also send orders to non-direct access ECN networks (i.e., LAMP, MNGD, or POST) to avoid these fees completely.

How do I avoid mutual fund trailer fees?

Questrade will rebate mutual fund trailer fees. They call this their Mutual Fund Maximizer. Trailer fees are commissions by fund management companies paid to brokerage houses for being the retailer that sold you your fund(s). This commission is an ongoing source of revenue for brokerages as long as you keep holding onto those fund(s). You don’t see this fee because it’s part of the MER of the fund. So, Questrade is willing to rebate this fee back to you every 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).

What is the interest rate when buying on margin?

Most people will sign up for the standard margin 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 three days of the purchase, the margin interest rate can be as low as prime + 2.5%, which is in-line with most brokerages.

What is Margin Power?

Margin Power is a free service by Questrade that allows you to link your existing TFSA account (held at Questrade) to your margin account. Doing so increases your buying power within your margin account by leveraging the assets you already own inside your TFSA, making it enormously convenient to enter new positions without requiring a transfer of new cash or selling existing securities.

How do I register for a DRIP?

A dividend reinvestment plan (DRIP), which is also known as a direct purchase plan (DPP), allows you to reinvest your stock’s dividend income automatically into the purchase of additional shares of that security without paying any trading commissions. To register for a DRIP, log into your Questrade account, navigate to Account Management > Find Forms, and download & fill out the one page PDF file: Dividend Reinvestment Plan (DRIP) Authorization. You’d then use Upload Documents to send your signed form to Questrade. It takes up-to 24 hours to process your request. If you ever sell off your security entirely, your DRIP will be canceled.

Replies to this Review

  1. TheARod says:

    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.

  2. Blaise says:

    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.

  3. Jarred says:

    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.

  4. Darragh says:

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

  5. Jack Mc Carthy says:

    @eric from what i’ve read the rates are yearly but Questrade calculates interest on borrowed balances daily; getting posted to the account the following month midway. Remember, interest is charged on borrowing on margin.

  6. Eric_Longly says:

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

  7. Brent M says:

    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.

  8. Kaelen Husk says:

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

  9. Dan says:

    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: Questrade Webinars and Seminars

    Hope that helps.

  10. Denny says:

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

  11. Zaid B says:

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

  12. Dan says:

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

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

  13. Timothy Bisby says:

    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 in the coming days. Thanks

  14. Avalon Woodbury says:

    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.

  15. Jaymes Black says:

    Nice heads up with the Chat 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.

  16. Erin Garrigues says:

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

  17. Fiona says:

    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.

  18. Wu2u says:

    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.

  19. Ben J says:

    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.

  20. Federico says:

    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.

  21. Aurelio Kass says:

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

  22. Norman St. Clair says:

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

  23. Connor R says:

    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.

  24. Corbin Koch says:

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

  25. Donny Rothfuss says:

    I hope you will write a more detailed 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.

  26. Nico says:

    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!

  27. Dequan P. says:

    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.

  28. Kacey Tremble says:

    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 and things like having an 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.

  29. Dominque Purlee says:

    I love your questrade review!

  30. German VanderVere says:

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

  31. Kira L. says:

    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.

  32. Alexander says:

    Actually @crusher, although QuestraderElite and QuestraderPro were indeed stand-alone desktop applications for Windows a long time ago and they are obviously no longer available and IQ Edge is the desktop successor. Thank god!

  33. Chase Taggart says:

    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.

  34. Tracey Zanon says:

    @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 😉

  35. Toms B says:

    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!

  36. Crusher Dave says:

    I heard their old QuestraderPro/Elite platform was badass! Were they desktop applications and not online? I wonder why they just didn’t keep them and morph it into an online service through HTML 5, or even Flash.

  37. Jesse says:

    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!

  38. Fiona says:

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

  39. Big_Bob_Ray says:

    I use to be a moderately active trader with Questrade but ended up leaving because it wasnt compatible with my browser at the time (Vivaldi). 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.

  40. Rylee says:

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

  41. Malaki says:

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

  42. Denver F. says:

    Thankfully Questrade made good changes over the years. Thanks for the deep look. 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.

  43. Gerardo Chambers says:

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

  44. Frank E. says:

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

  45. Finnegan says:

    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.

  46. From and To says:

    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.

  47. Yancy E says:

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

  48. Mitchel says:

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

  49. Armani B says:

    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.

  50. Malakai says:

    Based on the screenshots Questrade’s joining process looks easy enough. I’ve joined 4 other discount brokers and the time it took to join was ridiculous. So from what I see I do like that almost all of the sign up for questrade can be done online including the electronic signature thing.

  51. Yorick Bell says:

    @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.

  52. trade007 says:

    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?

  53. Brendan G says:

    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.

  54. Valery Hamma says:

    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.

  55. Darby Salladay says:

    hi brit. Actually the QuestraderPRO and QuestraderELITE platforms are just really 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 a long time back. You don’t need to worry about them anymore.

  56. Ron Houck says:

    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!

  57. Britney Gilbert says:

    dumb question but I am wondering why their platforms are now so different looking than their long gone QuestraderWeb, QuestraderPro and QuestraderElite platforms?

  58. Aidan Scuteri says:

    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 including debenture trading?

  59. Jayme says:

    Actually its not quite 4% but more like prime + 2.5% and is related to borrowed money. So your carrying a balance does not actually earn any interest at all with Questrade (unless prime goes above 4.5).

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

  60. Vivien says:

    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.

  61. Johnson Guller says:

    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?

  62. Milan says:

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

  63. Davin Sawicke says:

    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.

  64. Rylan E says:

    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!

  65. Savion says:

    Thanks for this. Are there videos for the platforms too?

  66. Darrel Beak says:

    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.

  67. Brennen says:

    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 other half and see what she thinks about joining these people.

  68. Jarrett says:

    So the Penson thing is nothing to be concerned about if I decide to join questrade? They use to manage other companies too and to be honest they frightened me.

  69. Marcelo O says:

    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.

  70. Wesley H. says:

    Would I be forced to only use their Trading with Questrade platform on my desktop as a Ubuntu (Linux) user or would it be possible to carry it over to also use on my Linux phone too?

  71. Silas Gookins says:

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

  72. Ainsley Drije says:

    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.

  73. Anika says:

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

  74. Malaya P says:

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

  75. River L. says:

    Was just using Questrade’s chat (thanks to whoever 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.

  76. York says:

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

  77. Lexis D says:

    It’s been years since i’ve looked at Questrade. Nice to see they are offering mutual funds online now. When i first became 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 an account with Questrade too.

  78. Salvatore O'Hare says:

    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!

  79. Orland M says:

    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!

  80. Vito says:

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

  81. Jamar N. says:

    @andrew i believe you can call Questrade or use their Chat button to get help to adjust this.

  82. George says:

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

  83. Marquis says:

    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.

  84. Andrew says:

    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?

  85. Kris says:

    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.

  86. Questrade User says:

    Been with Questrade for two 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.

  87. Freddy says:

    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.

  88. Chauncey C. says:

    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.

  89. Xander H. says:

    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 today.

  90. Amir Updyke says:

    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.

  91. Marian says:

    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).

  92. Jovan says:

    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.

  93. Fabian Arnold says:

    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.

  94. Damion Carman says:

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

  95. Corey Turgeon says:

    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.

  96. Ariel says:

    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.

  97. Jeevan says:

    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!

  98. Harvey S says:

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

  99. Javier R says:

    It’s true Questrade is the only one that i know of who takes USD into registered accounts but recently RBC said they would be (or already have?) implementing something similar.

  100. Lynden says:

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

    Great job in the questrade review!

  101. Declan Fortman says:

    Thank god they have the eft 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 soon.

  102. 4daWin says:

    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!

  103. Aydin says:

    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.

  104. Chad Dever says:

    I remember Questrade’s old look offered thru 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.

  105. Jeremie says:

    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.

  106. Mason B says:

    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.

  107. Monte says:

    @don, no this only applies to borrowing on margin (cash you don’t have). That would be sweet if we could earn 2.5% on cash balances. That would completely blow away current bank rates which range from 0%-1%.

  108. Donald says:

    The questrade review above mentions that Questrade has an interest rate of 2.5% CAD. Does this apply to holding cash in the account too? Meaning, can i earn 2.5% interest just by having a cash balance in a Canadian account?

  109. Christo says:

    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!

  110. Jeramie H says:

    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.

  111. Talan says:

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

  112. Leon Davidsson says:

    Yup you can go through Questrade’s trading platform trial for all of their existing platforms, including Trading w/Questrade. So just jump into Questrade’s DIY Trading tab on their site and click Free Trial.

  113. Domini N. says:

    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!

  114. Devaughn R says:

    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.

  115. Nikolas says:

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

  116. Marques Webb says:

    I am frustrated to no end being with HSBC InvestDirect. They charge you for the smallest thing. I am eagerly excited to read this questrade review and get my stuff and the hell out of HSBC for sure.

    Thanks for this. I am only 75% of the way through and absorbing all of this intensely.

  117. Landyn Kirkwood says:

    Jumped on managed investing a week ago. So far its been pretty good. I’ll write my personal opinion about it as i experience more. Questrade’s management guys were helpful and quick in getting back. I’ll make sure to return later and give my full take.

  118. Raphael L. says:

    I am pretty sure American citizens can sign up but there is more hassle since you will have to give more IDs and potentially have to come into their offices in person since you can’t do it online. Might be worth just signing up for an American discount broker instead.

  119. Iridian Amos says:

    LOL i remember the long gone QuestraderELITE looked like for someone who was a heavy trader for sure. I most definitely would prefer Mobile based on the screen picture above.

    Is anyone here old enough to remember and have tried QuestraderPRO or QuestraderELITE before they were dropped? Someone in this questrade review mentions it was possible to still secretly try these older platforms for a test trial run but i think i will be lost if i did.

  120. Amos Toegel says:

    Questrade’s mutual funds looks good. They are priced just right and their pickings are quite healthy. Much appreciated for this questrade review and the $50 questrade offer code.

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