Questrade Review – Best Online Stock Brokers in Canada

Questrade was the first online platform for trading that offered a low commission fee of just $4.95 – and after 20+ years in the business, you can still get this rate with one of their advanced packages! Now that’s what we call putting the customer first and sharing the wealth. 
Questrade Review – Best Online Stock Brokers in Canada

Last Updated on August 30, 2021 by offerhub

How Questrade Outranks The Competition

Being one of Canada’s largest independent brokerage firms, Questrade has been helping people make online trades since it opened its doors to the public over 20 years ago. It’s still the #1 leader in the industry for the Canadian investors who want the lowest commission fees while receiving top-notch service!

Everybody knows that online trading has become more and more popular over the years, giving people mass opportunities to start taking control of their investment portfolio. We’ve seen a lot of people turn to the online brokers’ platforms to open new accounts to start trading their stocks, bonds, and other investments themselves.

But, we also noticed that none of the other platforms offer what Questrade offers its customers – free ETF transactions, low-cost alternative options, and peace of mind that you are using the same platform as thousands of others and utilizing the best online platform for registered account users.

Who Can Benefit The Most From Using Questrade?

It doesn’t matter if you are a self-proclaimed expert or just starting out as a beginner in online trading, Questrade is there for you every step of the way with all its features and account options!

Let’s take a peek at what Questrade has to offer:

  • Some Of The Lowest Fees In The Industry
  • ZERO Account Fees
  • No Fee For Buying ETFs
  • Innovative Platform That Is User-Friendly On Both Online And Mobile Devices
  • Reimbursement Up To $150 In Transfer Fees
  • Invest In US Investments Without Conversion Fees
  • Lower Fee Incentives For Active Traders
  • Always Available In Real-Time Or Live Streaming

Note: Some types of accounts are subject to a minimum balance requirement and there can be inactivity fees assessed quarterly for some accounts.

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Are There Different Options For Data Packages?

Questrade knows that people’s needs vary drastically when it comes to online trading and they have set out to change the industry by offering different types of market data packages to accommodate every level of experience with online traders.

You can pick the market data package that makes the most sense to you based on your needs and experience. This is a great concept because it allows those who need more to have access to everything their heart desires while the beginner dabbles in trading just a few investments per year.

Whichever type of investor you are, Questrade has you covered! Choose from their basic package to their two options for the most advanced packages. They are all reasonably priced and offer huge benefits regardless of which tier you start at.

There’s a reason that Questrade is recognized for its incredible customer service – they are at your disposal via secure online chat, email, and of course by phone. When you have questions, they are ready and willing to help you find the solutions.

How Do You Get Started With Questrade?

Glad you asked – It’s as easy as 1,2,3! They designed their online account application to simple and fast. As long as you have all the documents needed (SS#, Government Issued ID) to get started – you’ll be on your way in no time.

There is a step-by-step process for opening whatever account you chose and everything is laid out in a user-friendly format. If you run into a glitch or have a question – just utilize the secure online chat for a quick and easy response.

Once your account is established, all you need to do is get it funded! You will have a few options to choose from – the most popular being a transfer through online banking. But if that isn’t what you were hoping to do, there are more options to choose from like transferring an existing account to Questrade.

Note: You need at least $1,000 in your account before you can start trading.

What Are Your Account Options?

There is a variety of account and investment types that you can choose from based on your portfolio and available resources to invest with.

From stocks, bonds, ETFs, to more complex options like international equities, new issues, and precious metals – Questrade has everything you need to get your account created based on your needs.

You can choose from the following account types:

  • Individual Margin, Individual RRSP, RESP, Or TFSA
  • Spousal RRSP, RESP, LIRA, Or Family RESP

Don’t hesitate to speak with one of their informative customer service agents to discuss all these different account types and options before deciding which one will work best for your needs.

How Do You Know Your Investments Will Be Safe?

Questrade is regulated just like other major financial institutions and is insured up to $10 million dollars should they ever need to use it.

They also take privacy very seriously and NEVER sell customer’s details to any third-parties. In fact, Questrade will reimburse 100% for an unauthorized transaction that resulted in a direct loss for you. Your money is safe with Questrade!

All of their trading platforms (Online Web (IQ Web), Desktop (IQ Edge), Mobile App) have been designed to put safety first and you can rely on their platforms to keep all your information private and safe at all times.

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Let’s Talk About Commission And Fee Details

Questrade is able to offer some of the lowest fees in the industry because they keep their overhead reasonably low. Without all the expenses of physical offices and big payroll, they can reduce their fees to their customers and share the rewards of better returns.

  • $4.95 To $9.95 Per Trade To Buy Stocks
  • Commission Free For Buying ETFs
  • $9.95 For A Mutual Funds Trade
  • New Issues Are Free ($5,000 Minimum)
  • Bonds Are Free ($5,000 Minimum & Early Withdraw Fee May Be Charged)
  • IPOs Are Free ($5,000 Minimum)
  • GICS Are Free ($5,000 Minimum & Early Withdraw Fee May Be Charged)
  • Precious Metals – $19.95 USD / Per Trade

As you can see the fees are very reasonable and beat most competitor’s in all the different categories. You can even benefit from lower fees with one of the advanced packages!

Additional Fees

If you open an account and allow it to sit dormant for an extended amount of time, usually three months or longer – you will be charged an inactivity fee of $24.95 for each quarter your account is inactive. Imagine if you don’t use your account for a year or longer, those fees add up and could cost you a lot of money!

But hold on a minute, you can get this fee waived and it’s pretty easy to do! Here are a few ways to get your inactivity fee waived from your Questrade account:

  1. Just make at least one trade per quarter – set a reminder on your calendar!
  2. Age matters – 25 or younger? Get your inactivity fee waived!
  3. Maintain a $1,000 balance across all your Questrade accounts.
  4. Subscribe to one of the market data packages we talked about earlier.
  5. Or just make a deposit of $150 or more per quarter into your self-directed account!

See, getting that inactivity fee waived is quite simple – just make sure you do one of the above in a timely manner!

Note: This is common practice in the industry to charge a fee for inactivity, but we found that Questrade is quite generous when it comes to waiving their inactivity fee compared to other online brokers’.

How Does Questrade Compare To The Rest?

We’ve done the research and looked at all the facts – we did find out that some of the other online trading platforms do have some nice incentives, but when comparing apples to apples – you won’t find any other online broker with all the benefits that Questrade has to offer!

In fact, you can even check out some of Questrade’s biggest competitors like Wealthsimple Trade or BMO InvestorLine. They have some benefits that are equally as good as Questrade’s… but don’t compare when looking at the big picture!

When doing a comparison yourself, be sure to look at all the details included in certain fees and read ALL the small print. We can guarantee you that Questrade will give you the most value for your money!

In Conclusion

We’ve chosen to use Questrade for all our online trading needs simply because they’re the best in the business. How do we know that? Because people just like you have trusted them with over $9 Billion Dollars of their own money! We don’t know of any other online broker that can say the same.

When it comes to being a DIY investor, you want an online broker you can trust, one that will be there for you through the thick and thin – and that online broker for a lot of Canadians is Questrade, which doesn’t surprise us in the least with its huge success as the leading online broker!

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