Questrade Review

Questrade is a Canadian born and bred operation, which enjoys a pretty good reputation in the country. Most Canadians seem to love the services of the brokerage, although some will readily admit that there are indeed some slip-ups here and there.

Most of the complaints are directed towards the customer service of the operator, which is deemed too ineffective by some people. Others allege problems with withdrawals too, though these problems are mostly limited to delays and not actual denials of due money. The general opinion is that if one can do without support, he/she will be fine trading at Questrade.

Overview

Founded back in 1999, Questrade is one of the veterans of the industry. As already mentioned above, it is based in Canada and it is licensed and regulated by IIROC. The fact that it is regulated and that it is Canadian, means that Questrade can offer its traders account protection up to CAD 10 million.

In addition to being regulated by IIROC, the brokerage is also a member of the Canadian Investor Protection Fund. Details regarding the extent of the above mentioned protection, as well the conditions that limit it, can be obtained by contacting the broker directly.

Why would you make Questrade your top trading destination though?

If you are a Canadian, the answer is obvious. The operator offers some of the best trading conditions for Canada and its activity is governed by Canadian law…what more needs to be said here?

In addition to that, unlike most online brokers out there, Questrade offers some rather attractive promotions too. They offer a Refer a Friend bonus, an option to transfer an account from another brokerage to Questrade for free, a free technical analysis newsletter, as well as a coupon for 5 free trades, not to mention free education in the form of eBooks.

The Self-directed Investing option of the broker lets traders purchase ETFs for free, and it allows them to trade stocks for 1 cent per share.

Questrade portfolio IQ features low fees and professionally managed ETF portfolios.

Quite literally, hundreds of thousands of Canadians have made use of the services offered by the operator.

Account Types

Four different account-options are offered by Questrade: Margin, TFSA and Registered, FX and CFD and Managed investing.

Margin accounts are the perfect choice for those who are in the game for the long-run. Individual, organization and joint margin accounts can be opened, and trader investments can be used for leverage, to increase buying power as well as potential profits.

The TFSA (Tax Free Savings Account) option gives users the opportunity to buy and sell stocks and to actively manage their portfolio, by doing what they think is best for them. Also, through this account option, they will avoid the fees big banks would charge them for a similar solution.

The FX/CFD Account option gives traders access to the FX/CFD markets, the way one would expect from an online broker.

Managed Investing works with TFSA, registered, as well as cash accounts. This option is about handing the reins of the action over to professional managers. All traders are required to do is to open their accounts and to fund them. Their financial goals will then be chased down by the broker.

A Free Trial account is obviously also part of the Questrade account type offer.

Trading Platform/Software

Traders can choose their trading platform based on what they’re looking to trade. For ETFs, options and stocks, the operator provides several options: Questrade, IQ Edge and mobile platforms for Android as well as iOS.

For FX and CFDs, the Questrade FX Global platform is available.

Questrade lets traders access and manage their accounts from anywhere. It offers multi-leg options trading, and a fully optimized, web-based trading environment.

IQ Edge is about advanced trading. It is fully customizable, Windows- and Mac-compatible, and it supports advanced trading orders, such as conditional orders and trade bracket orders.

Questrade FX Global comes equipped with an impressive selection of technical indicators. This one is a multi-device trading platform, which works on PCs, Macs, smart phones and tablets.

Deposit Options

As far as deposit and withdrawal options are concerned, Questrade apparently only support wire transfers. Since it is a local operator though, this should not pose any problems for Canadian traders.

Markets

Questrade’s marker coverage may not be particularly impressive, but it is quite satisfactory. Traders can invest through FX pairs, various CFDs, as well as ETFs, stocks and options.

Customer Support

Questrade support can be contacted through live chat and phone, as well as through a number of social media channels, such as LinkedIn, Facebook and Twitter.

Safety

Safety-wise, Questrade is quite possibly the best option for Canadian traders.

Final Thoughts

Questrade is a very solid trading destination, especially handy for Canadian traders. It features great trading conditions, though the quality of its support could be better.

 

Questrade Overview
Regulation: IIROC