Questrade Review 2024: What matters to Canadian investors

Questrade Review 2024: What matters to Canadian investors

This service is similar to Wealthsimple Invest and RBC InvestEase and provides complete portfolio management for a small fee. No, Questrade no longer charges an inactivity fee (i.e. account maintenance fee) when you have a small account balance. This is unlike TD Direct Investing and some other bank-owned brokerages in Canada. You can also read my review of other Canadian robo-advisors or see how Questrade ranks among discount brokerage services. All Questrade clients have access to USD funding, which makes it easy to avoid paying currency conversion fees when buying US-listed assets.

Premium Services

With Questwealth Portfolios, your funds can be invested in registered and unregistered accounts ranging from Cash, Corporate cash, RRSP, RRIF, LIF, LIRA, RESP and TFSA. At the end of this Questrade review, you’ll be able to determine whether the platform is perfect for you based on its products, fees, pros and cons. Intraday Trader, also available under the market research tab on the platform, uses pattern recognition (technical analysis) to keep an eye on trading opportunities in Canadian and U.S. equities.

• The IPO centre can provide you with the latest initial public offering opportunities sent directly to your inbox.
• With this platform, you don’t get bogged down with a clunky user interface.
• Its new app—Questrade Edge—is aimed at attracting active traders with a thirst for lots of data, advanced customization and real-time research at their fingertips.
• There is a web-based platform and a downloadable option called IQ Edge so that you can conduct the research and compare funds before you invest.
• You cannot open a Questrade account unless you have a Canadian address.

High-volume trading fees

Many platforms have both desktop and mobile options, while some individuals constantly on the go may stick mainly with the mobile app options for the bulk (or most) of their trading activity. The fixed-rate plan is ideal for trading stocks at higher volumes over time, and you’ll pay a flat rate commission fee of $4.95 with a contract charge of $0.75. We found in our Questrade review that there is a pretty easy-to-understand fee structure.

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On the other hand, Qtrade has no minimum balance requirement, unlike Questrade’s $1,000 minimum balance requirement. However, Qtrade is questrade review costly compared to Questrade because it charges a $25 quarterly administrative fee (waived if conditions met) while Questrade doesn’t charge any. Are you looking to buy your first home or switch your existing mortgage to another financial institution? Questrade got you covered with its mortgage known as QuestMortgage which is offered by its subsidiary, Community Trust.

• Read our disclaimer below about how we do our due diligence in keeping our review unbiased even though we might get a commission if you sign up.
• Clients can buy and sell stocks from a range of popular companies with fees from as low as low as 1¢ / share, with a min. $4.95 to max.
• Data plus everything else available on the Enhanced market data plan.
• The online trading platform offers two options for your desktop and a mobile app, so you can make quick transactions and access your account reasonably easily.
• We’ll dive into why this platform has gained so much traction over the years as we uncover what it is, how it works, and how to tell if it’s the right investing platform for you.
• You can get the same modern look on the desktop version as you do on the app.

They have been slow to respond to our new brokers, and we have had to contact them numerous times to straighten out problems that should have been simple. While the platform was great and the app was decent, but I would hesitate to go back to them unless they make significant improvements to their customer service. Questrade is worth it if you’re currently relying on mutual funds and bank “advisors” when you do your investing.

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In addition to our Quuestrade review, there are mixed reviews about Questrade’s customer service, based on reports of clients who use the website regularly. In some experiences, customer support to assist with products and services is overall positive, though not all items or issues are adequately resolved as expected. Fortunately, Questrade offers many tools that make it easy and less uncertain for new investors to choose which types of products and services are a good fit for their investment goals.

You’ll pay a 0.25% management fee on balances between $1,000 and $99,999 and a reduced, 0.2% fee for balances over $100,000. And if you have a major life event that changes your investment goals — such as having a baby or buying a house — you can easily log into your account and switch up your portfolio. We’ll dive into why this platform has gained so much traction over the years as we uncover what it is, how it works, and how to tell if it’s the right investing platform for you. The College Investor® provides the latest news and analysis for saving and paying for college, student loan debt, personal finance, banking, and college admissions.

When you log in with your username and password, you also have to submit a code that’s either emailed or texted to you. ETF purchases are free but come with a commission when selling. Trading options cost $9.95 for each trade, plus $1 per contract. The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers.

They’re still a strong contender in the world of online brokerages and have come a long way since I started my DIY investing with them back in 2005. For many Canadian investors Questrade remains a solid and reliable choice. It depends on who you ask, and since you are asking us, we say…not quite. While Questrade does have some excellent features, it is still lacking in a few areas, like customer service and their less than stellar mobile app. While they do offer free ETF purchases, you’ll pay to sell them as well as buy and sell stocks and options.