Questrade Review Is it Legit? June 2024

A full rebate on package fees is credited when a customer generates $399.95 in commissions in a month. Standard pricing is $0.01/share with a minimum of $4.95 and a maximum of $9.95 per stock or ETF transaction. Active trader pricing is activated when a client purchases an Advanced Data Package (Level II quotes on Canadian or U.S. exchanges). Questrade clients can place market, limit, stop limit, trailing stop, and bracket orders on all platforms.

Wait time over 1 hour / 97th in line of online chat

I’m about to switch brokerages because these guys clearly care more about their $45 then they do my business. Good customer service won’t be enough to save them from bad business practices and glitchy programming. If you want to invest in mutual funds, but aren’t sure which one to pick, you can narrow in on the right one using fund filters such as fund class, fund providers, currency, Morningstar category, and others. Put $1000 cash into my trading account, then bought shares, never exceeding $1000 (left a $200 cash buffer in the account).

Are Questrade’s fees high?

Here, investors can make trades, manage their account, check performance, and conduct research on stocks. Investors have access to a wide range of shares, ETFs and funds. Standard accounts can access the Canadian, American, and over-the-counter (OTC) markets.

Service and support

Level 1 and 2 (and Canadian Level 1) data costs $89.95 monthly and is fully rebated if you spend more than $399.95 in commissions. Questrade does not have any restrictions on what kinds of stocks can be purchased. This means anything from penny stocks, to IPOs, to mature mega cap stocks are fair game. Investors are also able to apply for riskier options capabilities, provided their account holds sufficient funds. This means that investors have all of the tools needed to explore the more dangerous aspects of the stock market. I tried to open an investing account for my company with questrade.

How about 2 hours waiting on line when you call…

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio. The CIPF insurance which the broker is covered under also provides broad additional fund protection of as much as CAD$1 million with more insurance extending this cover to CAD$10 million in total. This is huge protection that is questrade forex not always afforded by other brokers. Here we outline everything the broker has to offer for trading stock in Canada and beyond so you can be armed with all of the information you need to make the best stock broker decision. They are regulated in Canada by the IIROC and a member of the Canadian Investor Protection Fund so you can be sure of a completely transparent trading experience with Questrade.

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Active traders have access to Intraday Trader, which is pattern recognition software that finds historical patterns with a profitable edge and then notifies the trader when those patterns occur again. Advanced-Data Packages are $89.95 CAD for the Canadian package and $89.95 USD for the U.S. package. Customers who generate more than $48.95 in monthly commissions receive a $19.95 rebate on the package fees.

1. The platform charges $9.95 plus $1 per contract on each transaction.
2. Used it for years without problems.Problems started when trying to close accounts.
3. Hi Farzad, we apologize for the experience you’ve had with us regarding your transfer request.
4. Questrade clients can trade via two desktop trading platforms and a mobile app, plus a forex and CFD platform, each offering a different experience.
5. They refused documents for insignificant details (e.g. misspelling Montreal in an address).
6. This is huge protection that is not always afforded by other brokers.

The charting package is powerful enough to satisfy most casual traders and order management is surprisingly robust, with available order routing and bracket orders. Options traders get five Greeks and orders grouped by strategy (hooray), but options analysis tools are lacking. Hi Shaun, we’re incredibly sorry to hear about the experience you’ve had with us while trying to deposit your physical stock certificate. This is definitely not the experience we’d like you to have with us as we always aim to provide the best experience for all our customers.

If it wasn’t for the low fees I wouldn’t use them. I am waiting on hold now for 2 hrs 20 mins and counting and also trying chat now for past hour. This is extremely unprofessional and as a brokerage this should be immediately corrected by the company. I can’t access my account and there is no other way to resolve this issue.

Our goal is to help every Canadian achieve financial freedom and make all levels of investors smarter, happier, and richer. For those on the go, Questrade also offers a mobile app with many of the same features as the Questrade Trading platform. When using the app, users can set custom alerts and are notified https://forexbroker-listing.com/ when orders are filled. Questrade’s mobile app is compatible with both iOS and Android devices. Charting on IQ Edge is more sophisticated than that available on the web platform. IQ Edge also includes some real-time market scanners, which are only useful if you are paying for streaming real-time data.

However, it’s important to note that OTC stocks cannot be traded in registered accounts (e.g. TFSA, RRSP, RESP, etc.). They false advertise all over the place, the instant deposit is going on the 3rd business day even though my account was all setup. I talked and chatted to 2 customer service representatives, and they either didn’t want to help or else have no control over their own company’s ability. I had a bottoming signal on the market on Friday, and its now Tuesday, and my balls are neutered to even make a play. The false advertising, and lack of transparency is almost criminal.

This makes them ideal for casual traders especially. You should also note that only USD and CAD are supported as base currencies so you may have to pay a conversion fee if you are depositing or withdrawing another currency. The commissions and fees that you will have to pay at Questrade remain low compared to others in the market. Trading stocks you will find that their best value pricing plan starts at a cost of $0.01 per US or Canadian share and a minimum of $4.95. The maximum commission though is capped at $9.95 here while buying ETFs is free of charge. Trading at Questrade you will find a strong range of both assets and markets to trade in that can rival any top broker.

There are a few customization options, such as choosing columns for reporting and order entry defaults. Overall, the web platform is fairly easy to learn and use. The downloadable platform is called IQ Edge, and it is very customizable with additional research features and order types. Quotes on both platforms are snapshots, meaning you have to refresh the screen manually for updates, unless you pay an additional fee for streaming quotes and data.

Our team will contact you directly to help you out. It protects accounts with DigiCert, last login, touch/face ID as well as a PIN. The firm guarantees protection of your account, banking information as well as personal information. A client’s account is encrypted and securely stored. There are also frequent webinars you can attend on a number of investment-related topics, and Questrade does also have its own YouTube channel that serves as an additional resource for learning.

Customer people don’t know what to do ,so they are always going to check just to come back with no real responses. Your account can be in good standing, then they raise their short margin requirement. You are now on margin call and they give you 45 mins to rectify the situation because of their changes. Margin requirement on that specific stock is now 5 time higher than with IBKR. It happened to me twice now with no notice.If you trade on margin, look somewhere else. Plus commissions on options aren’t the cheapest.