Question 1

Is Questrade a safe and regulated online brokerage for Canadian investors?

Accepted Answer

Yes, Questrade is a safe and regulated brokerage. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF), offering up to CAD 1 million in protection per eligible account type. Additionally, Questrade provides private insurance coverage of up to CAD 10 million to further protect client accounts. The firm uses bank-level encryption, two-factor authentication, and other strong internal controls to safeguard client assets. While online security incidents have occurred due to phishing attacks, Questrade reimburses unauthorized transactions that fall under their Online Security Guarantee.

Question 2

What are the trading costs and fee structure at Questrade for Canadian investors?

Accepted Answer

Questrade offers a competitive fee structure with zero commission on buying stocks and ETFs, only charging ECN fees of approximately $0.0035 per share on market orders. Selling ETFs and stocks involves minimal commission fees capped at $5 to $9.95 for typical trades. There are no account inactivity fees, and no annual account fees for registered accounts like RRSPs, TFSAs, RESPs, and non-registered accounts, provided certain balance or activity requirements are met. Advanced market data packages and active trading commissions apply separately. Withdrawal via electronic funds transfer is free up to certain limits, while wire transfers and special services may incur fees.

Question 3

How easy is it to open and fund an account with Questrade, and what are the minimum deposit requirements?

Accepted Answer

Opening an account with Questrade is fully digital and fast for Canadian residents, typically completing in under 30 minutes. Non-Canadians have a more complex and slower process requiring document verification by phone and mail. The minimum deposit required to start trading is CAD 1,000, although there is no minimum to open an account. Funding options include electronic fund transfers (EFT), instant deposits with Visa Debit up to CAD 3,500, wire transfers, certified cheques, and pre-authorized deposit plans. The platform supports multiple account types including TFSA, RRSP, RESP, Margin, and Forex accounts.

Question 4

Is Questrade beginner-friendly for new investors looking to start trading?

Accepted Answer

Questrade is considered beginner-friendly due to its user-friendly proprietary web platform, mobile app, and online account opening process. It provides educational resources, though these are limited compared to competitors. The platform offers various account types and access to equities, ETFs, options, and mutual funds, making it suitable for DIY investors beginning their investment journey. However, some reviews suggest that the customer service and mobile app could be improved, which may be challenging for complete novices. Overall, Questrade is a solid option for beginners who value low fees and a broad investment selection.

Question 5

What deposit and withdrawal methods does Questrade offer, and are there any associated fees?

Accepted Answer

Questrade offers several deposit and withdrawal methods primarily via bank transactions. Canadian clients can deposit via EFT, Visa debit card instant deposits (limited to CAD 3,500), certified cheques, and wire transfers. EFT deposits and withdrawals up to CAD 50,000 are free and typically take 1-3 business days. Wire transfers incur fees ranging from CAD 20 to CAD 40 depending on currency and residency. Certified cheque withdrawals cost CAD 75. Non-Canadian clients are restricted to wire transfers which are costlier and slower. Withdrawal requests can only be made to bank accounts in the client's name for security reasons.

Question 6

Which trading platforms and tools does Questrade provide to investors?

Accepted Answer

Questrade offers multiple trading platforms catering to different users: 1) Questrade Trading – a simple and secure web-based platform ideal for everyday investors to monitor holdings and place trades. 2) Questrade Edge – a downloadable desktop platform designed for active and professional traders with advanced charting, customizable alerts, and conditional orders. 3) QuestMobile – a mobile app for basic trading, price alerts, and learning mode, though the app has received mixed user reviews. 4) Questrade Global – specialized for Forex and CFD trading with live charting and economic alerts. All platforms offer two-factor authentication and robust security features.

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