About the company:

Questrade Inc., a reputable online brokerage firm based in Canada, was formed in 1999 and is licensed by the Investment Industry Regulatory Organization (IIROC). The award-winning broker has generated $15 billion in assets in its 21 years in the Canadian market and has been featured in various online media, including Yahoo Finance.

Trading platforms

Web Platform

The most popular choice among clients is the regular trading platform, which is suitable for traders of all levels. There is no need to download anything; simply create a genuine or demo account to acquire your login information.

The all-in-one trading platform has an attractive appearance and simple features, including historical data, customizable watchlists, and charting tools. Users can choose from three different chart types and view data over ten different timeframes.Bollinger Bands and Moving Averages are among the 30 ready-to-use technical indicators.

IQ Edge

The IQ Edge is the best option for more professional and aggressive traders. Using a clever interface, you can open many platform windows at once and utilize market filters to easily follow movements. Advanced trading order types, including bracket, conditional, and multi-stage options, are also available. The trading platform is meant for desktop computers and requires a Windows or Mac download.

Questtrade Global

For individuals looking to trade in the worldwide FX and CFD markets, the Global online platform is appropriate. Customizable indicators and graphing tools, economic reports, and customized watchlists are all built-in intelligence capabilities. Clients may open up to four chat windows at once in unique time periods, and they have access to nine chart types as well as a number of technical indicators and sketching tools.

Mobile applications

The trading platform is also available as a mobile app, with all of the same capabilities as the web version. On the move, users may access watchlists, built-in research, and real-time market data, as well as create and manage charts and accounts.

The software is accessible for iOS and Android smartphones and tablets, albeit certain technical faults and customer service concerns may need some modifications as a result of some unfavorable online consumer comments.

Markets

Stocks, indexes such as the S&P 500, ETFs, options, and over 110 currency pairings are among the firm’s primary investment alternatives, which cater to a wide range of objectives and risk levels. Other asset classes, such as precious metals like gold, CFDs, bonds, futures, and warrants, are also accessible.

Fees

Whether you are a novice or an experienced trader, the cost structure for self-investing differs. The standard price package for all accounts is $0.01 per share, with a minimum of $4.95 and a maximum of $9.95 per share. ETFs can be purchased for free, but there is a charge for selling them.

The Advanced Pricing Package costs $19.95/CAD per month and includes Tier 1 Advanced Streaming Data as well as a complete refund if your trading expenses total more than $49.95.

Active Trader pricing is also available by purchasing one of the sophisticated data packages for $89.95/CAD per month. Additional benefits include streaming data at Tier 1 and Tier 2, full and partial savings, and other data upgrades.

After you’ve unlocked Active Trader pricing, you’ll be able to choose between fixed and variable charge plans, as seen below. Commodities and indices are two types of commodities and indices. Spreads are used to price CFDs. A commission plus a minimum payment are used to value shares.

There are a few extra costs to consider. Rollover costs for expired and perpetual Contracts for Difference (CFDs), ECN and ATS exchange fees in the United States and Canada, and other administrative fees are among them. In addition, accounts under $1,000 are subject to a $24.95 quarterly inactivity fee.

Portfolio value

The cost of the Questwealth portfolio is 0.25 percent for balances of $1,000 to $99,999 and 0.20 percent for holdings of $100,000 or more. Among the other fees are ETF management expense ratio (MER) fees, currency exchange costs, and administrative fees. Although the expenses appear to be convoluted, the broker is totally upfront and states that there are no hidden fees. Note that the website has rates for GICs and short-selling loans.

Leverage

Only margin accounts can use leveraged products, which are capped at 1:3.33.

Margin trading requirements for stocks, options, and precious metals, as well as interest rates, may be found in the pricing area of the website. Please keep in mind that the business has four tiers of permission for options trading, each of which requires a minimum balance before initiating a transaction, ranging from no minimum balance for Tier 1 to $25,000 for Tier 4.

Payment Methods

You may fund your account by utilizing the trading platform in a variety of ways, including online banking, wire transfers, money orders, and cheques. All electronic ways are free. However, all other methods have costs associated with transfer and withdrawal. Bank transfers in Canadian and US currency, for example, cost $20 and $30, respectively. A $40 international bank transfer is required. The majority of ways take 1-2 business days to process, although the time it takes to receive cash varies depending on the bank or payment system used.

Demo Account

All of the company’s trading platforms have practice accounts available. Demo accounts enable you to try out the platform’s features and functionality, as well as your own trading talents, in a risk-free environment.

You may experiment with up to $500,000 or CAD in virtual currency for 90 days on both the basic trading online interface and the IQ Edge desktop program. For a period of 30 days, demo participants will get $100,000 in virtual money.

Questtrade Bonuses

The broker is now giving two promo codes for 2022: the first is for 5 trades with no commission when you establish an account, and the second is for 10 trades with no commission when you open an account. Please keep in mind that you must deposit at least CAD 1,000 to be eligible. Another incentive demands a deposit of at least $25,000 within 30 days of account opening, in exchange for one month of free trades and Level 2 market data.

When you switch from your existing account, you can also get a discount on transfer fees. The maximum discount per account is $150, and the number of accounts you may transfer is unlimited.

Regulation

The Investment Industry Regulatory Organization of Canada (IIROC) regulates the company. It agrees to a variety of regulatory regulations as a member of IIROC, including regular audits, employee due diligence, compliance with minimum capital requirements, and completing any required misconduct investigations. It’s also a member of the Canadian Investor Protection Fund (CIPF), which means traders may invest with confidence.