Questrade is one of Canada's most popular online brokers. Its surprisingly low fees and utter transparency regarding all costs are intriguing and refreshing for potential investors, and thoroughly enjoyed by its current clients too.
One of Questrade's most popular features is the ability to purchase and sell ETFs at no charge. Zero dollar commissions on both parts of the process can save you some big bucks over the course of your investment journey.
Questrade features
Here’s our quick rundown on Questrade’s primary features.
Why You Want It
$50 bonus for funding a new account, and $0 commissions on stocks & ETFs
Special Features
- Excellent array of investing and trading tools
- Trade ETFs for $0
- Commission-free stock trades
Provinces
ALL
Features
Types Of Accounts
- TFSA
- RRSP
- Spousal RRSP
- LIRA
- Locked-In RRSP
- RIF
- LIF
- RESP
- Family RESP
- Corporate
- Investment Club
- Partnership
- Sole Propietorship
- Individual Informal Trust
- Joint Informal Trust
- Formal Trust
- Individual Margin
- Joint Margin
- Individual Forex & CFDs
- Joint Forex & CFDs
- FHSA
Types Of Investments
- Stocks
- ETFs
- Options
- FX
- IPOs
- CFDs
- Mutual Funds
- Bonds
- GICs
- International Equities
- Precious Metals
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$0
Maximum Stock Fee
$0
Minimum ETF Fee
$0
Maximum ETF Fee
$0
Active Trader Stock Fee Per Trade
$0
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$0
Maximum Covered Transfer Fee
$150
Withdrawal Fees?
Account Maintence Fees
$0
Inactivity Fee Amount
$0
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
Questrade product rating: 4.7 stars
One of the best features about Questrade is the fact that you can buy your ETFs for free. This makes investing easy and cheap, though keep in mind you still need to pay a fee when you sell those ETFs. The rest of your investment choices are cheap too, helping you save money while trading.
As you’ll see below, the benefits of investing with Questrade far outweigh the drawbacks, but it's by no means a perfect platform. While it’s free to open an account, you do need a minimum minimum of $250 to invest with Questwealth Portfolios, however there is no minimum for Questrade.
Our rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Questrade
Here's what you'll love if you decide to invest with Questrade.
Pros
Total transparency with fees
Questrade prides itself on being transparent about all their fees, and it's a well deserved pride. From administrative costs to transaction fees, anything that costs you money is listed on their website, all easy to find and simple to understand. Even the fees that they don't charge are listed, no doubt to ease the minds of prospective clients. They've set a standard that we can only wish other companies would follow.
Surprisingly low fees
Not only are Questrade's fees transparent, they're quite reasonable too. As a virtual broker with no physical branches, Questrade is able to offer lower commission rates and fees than most – in fact, there are no annual or monthly fees at all, nor are there any commission fees for purchasing ETFs. They even got rid of their inactivity fee in October, 2020.
Lots of investment account and product choices
By our count, Questrade has 24 different investment account options for its clients to choose from. Of course, this includes some of the most popular types, such as TFSAs and RRSPs, but you'll also find options like joint informal trusts, individual margins, and the new First Home Savings Account (FHSA). And then there's the long list of 11 various investment types, which range from stocks and bonds to international equities and precious metals.
Plenty of convenient methods for support
If something alarming happens with your investments and you need to speak with someone ASAP, Questrade has your back. They've got all the main avenues of contact covered: you can call them on the phone, send them an email, or use their instant online chat feature. You'll also find video guides, step-by-step instructions, and "lessons" on all kinds of different investment methods, terms, etc. They're very thorough and give you the tools you need to succeed.
The cons of Questrade
However, you'll want to keep these details about Questrade in mind as well.
Cons
Limited amount of time to report fraud for full reimbursement
Questrade guarantees 100% reimbursement in the event you experience fraudulent activity in your account, but this guarantee comes with conditions. It’s your responsibility to report any suspicious activity within 6 days of receiving your monthly statement. A good reminder to keep a close eye on your records to ensure everything looks as it should.
Questrade alternatives
So how does Questrade measure up to some of its closest competitors? Let’s take a look.
 |  |  |  | |
|---|---|---|---|---|
| Account | Questrade | Moomoo Financial | Qtrade | CIBC Investor's Edge |
| Genius Rating | ||||
| Why You Want It | $50 bonus for funding a new account, and $0 commissions on stocks & ETFs |  $65 GeniusCash + Get up to $2,200 in trading perks + Extended trading hours. | $80 GeniusCash + Ditch the fees, and trade unlimited Stocks, ETFs, Mutual Funds and more for $0 | Lowest commission rate from a Big 5 Bank online broker + Free trading under 25. |
| Types Of Accounts |
|
|
|
|
| Types Of Investments |
|
|
|
|
| Minimum Investment | $0 | $0 | $0 | $0 |
| Email Support | | | | |
| Live Chat Support | | | | |
Show More | ||||
| Open an account See more Questrade products Compare | I Want This Deal See more Moomoo Financial products Compare | I Want This Deal See more Qtrade products Compare | Open an account See more CIBC products Compare |
FAQ
What are Questrade’s fees?
Questrade does not charge any annual or monthly fees on self directed accounts and buying ETFs is completely free. Beyond that, there are fees involved for most transactions, but they are generally lower than most brokerages, and are clearly outlined on their website.
Is Questrade safe?
Questrade is regulated just like a bank, and their operations are overseen by the IIROC and CIPF, who ensure their operations meet strict industry standards.
How is Questrade’s customer service?
The reviews on Trustpilot for Questrade's customer service aren't exactly glowing (it only has 1.4 stars), and we've noticed quite a few 1-star reviews left by our own readers. In my personal experience, the customer service team was extremely helpful.
How much money do you need to open a Questrade account?
You don't need even a single dollar to open an account with Questrade. However, once you want to actually start investing, you'll need a minimum of $250 in your account.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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