Broker Reviews

stock broker reviews

Questrade Review

About Questrade:

Questrade was established in the year 1999. It is holding a very strong position in Canada. Questrade is one of the most popular online brokerages in Canada and has a huge fan following. The competition is less and Questrade provides an amazing platform. Recently they have added a whole lot of features on their trading platform to keep themselves abreast with the other online brokerages. They have some amazing features like account balance, activity and positions. They have redesigned and redone their platform making it more informative and navigable. It is much more fun to manage your accounts now with the new trading platform at Questrade.

Questrade Offerings:

  • Questrade has very low trade commissions
  • No fee Tax Free Savings Accounts and Retirement Savings Plan accounts
  • You can hold both US dollars and Canadian Dollars in your account – So that you do not lose money in currency conversion
  • The trading platform – QuestraderWEB – is absolutely free
  • Their trading platform is loaded with many awesome features
  • They have one of the best customer support service in the online brokerages
  • Questrade’s Mutual Fund Maximizer will reimburse you one percent trailer fees.

Advantages of being associated with Questrade

  • Questrade offers very low fees for trading. It is as low as one cent per share (With the condition of four dollars and ninety five cents a minimum and a maximum of nine dollars and ninety five cents)
  • There are no charges for inactivity in the account
  • Their trading platform (QuestraderWEB ) works on Mac browser too
  • They are the lowest priced online brokerages in Canada for trading TSX-traded debentures
  • Their customer service is up to the mark and is there always when you need them

Challenges with Questrade:

  • Questrade does not have round the clock customer support and also does not have chat support
  • Their tools QuestraderPRO & QuestraderELITE do not work with Mac
  • There is a minimum deposit of one thousand dollars to open an account with Questrade

The final word: -

If you trade occasionally or are a frequent trader in Canada, Questrade offers you a great trading platform, an exceptional customer service, some amazing tools and some very low commissions

How to set up an account with Questrade

  • An account sign up does not take loads of efforts. It’s one of the easiest sign ups among online brokerages in trading
  • One can transfer money in your account through check or through transferring money online.
  • You can also transfer from another broker
  • Their live chat would take you through the account opening process (available in English, French, Mandarin and Cantonese)
  • There is a minimum amount of one thousand dollars that is needed to set up your account
  • Opening an account takes a maximum of twenty minutes
  • Information that you need to keep handy while opening an account at Questrade
    • Social insurance number if Canadian
    • Social security number if American
    • Citizenship and passport if non-Canadian citizen
    • Residential and mailing address
    • Bank account information
    • Phone and Email address
    • Employer name, address and phone, or source of income if not employed
    • Financial information (annual income, liquid net worth, and total net worth)

Questrade fees and commissions structure:

  • Stocks can be traded at one cent per share (With the condition of four dollars and ninety five cents a minimum and a maximum of nine dollars and ninety five cents)
  • Option trades are available at nine dollars and ninety five cents and an additional dollar per contract.
  • Options assignments are charged at a flat fee of twelve dollars and ninety five cents
  • Mutual fund can be traded at nine dollars and ninety five cents per trade
  • Gold can be traded at nineteen dollars and ninety five cents per trade
  • International stocks outside the United States and Canada are at one percent of value traded with the limitation of a minimum amount of one hundred and twenty five dollars
  • There is no fee for inactivity
  • Questrade doesn’t charge for keeping your account – No maintenance fee
  • Questrade platform can be used at no additional fee though their QuestraderPRO and QuestradeELITE come at a fee of twenty dollar per month

Investments available at Questrade:

Questrade offers you a wide variety of investment opportunities

  • International stocks
  • Options
  • Mutual funds
  • Gold
  • IPOs
  • Bonds
  • GICs, and
  • Other fixed-income investments.
    • Foreign exchange (24/7, >30 currency pairs).
    • No fee Tax Free Savings Accounts and Retirement Savings Plan accounts.

Questrade make sure you trade seamlessly – Easy Navigability

    • Questrade’s trading platform is very easy to understand and even more easy to trade. One of the major drawbacks with Questrade is that it requires multiple logins – but that adds to the security of Questrade too. It does not take long for a user to get used to Questrade’s trading platform.
    • Questrade’s trading platform (QuestraderWEB ) works on any browser
    • QuestraderWEB makes sure that your trade happens at the speed of light

Tools offered by Questrade:-

  • Real-time charts and
  • Data for stocks
  • Options
  • Exchange traded funds and
  • Indices
  • Perceptive trading customer interface
  • Streaming news and charts

Customer Care Centre at Questrade

  • Time is of essence at Questrade customer care department. They are efficient and they are informative. The care team is especially precautious when it comes to handling clients funds
  • Questrade live chat support has always come above expectations in all mystery shopping done by many critics
  • Care team at Questrade is amicable, informative and effective

Awards:
For consecutively two years, Questrade has been chosen by the Investor Economic’s Retail Brokerage Report as the number one online brokerage firm in terms of asset growth and trade volumes.

Bottom-line:

  • Questrade is undoubtedly among the best brokerages present in Canada.
  • They have a host of investment opportunities available and they are economically competitive in terms of their fees and commission.
  • Save on your broker fee and open an account in Questrade.
  • Questrade is the member of the Investment Industry Regulatory Organization of Canada and also the Canadian Investor Protection Fund
  • Questrade offers training through its Online Trading Academy Canada
  • Questrade offers a unique tool Bull’s Eye for its users which includes awesome features like
      • Detailed charting,
      • Financial publications
      • Investment strategies
      • Expert opinions
      • Real-time market news and
      • Webinars.
  • Questrade offers 24-hour trading
  • They also offer the lowest rates on currency exchange services
  • One of the most unique feature of Questrade is that you can hold both U.S. dollars and Canadian dollars in your account.
    • By doing so you can trade U.S. stocks and options without forced conversion charges

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