Questrade Canada Review 2022
The Canadian broking space is dotted with many different brokers. However, the leading among them is questrade. Instead of choosing questrade canada just because it has a significant market share, it is a good idea to dig deeper into its details and find out whether this discount broker is worth signing up with or not.
Our questrade review today will highlight every aspect of this broker to help you understand if it is worth using it as a platform for trading/investing or not.
What is Questrade?
Questrade is an online broker for Canadian residents and citizens. Through its platform, you can invest/trade in ETFs, mutual funds, stocks, options, precious metals, etc. The company has been around from 1999 and has helped individuals and companies invest $9 billion.
If you compare it with its competitors in Canada, it is currently ranked as one of the best brokerages regarding customer support and ease of use.
It is time to understand how questrade Canada works before highlighting its features.
How does Questrade work?
Questrade offers you a platform for self-directed investing. Apart from that, it offers you a robot advisor as well.
In the self-directed investing account, you can choose the stocks, ETFs, etc., you want to buy. The account provides you with access to all the asset classes that questrade offers. That is why; you can invest in any asset using this account if you make your own investing decisions.
QuestWealth portfolios offer you a collection of ETFs based on your goals and risk ability. It is a robot advisor.
On either of these platforms, you will need a minimum of $1000 to start investing. That is why; you need to save up some money if you want to use the services by questrade.
It is time to look at the features of this platform in greater detail.
Questrade has many different things on offer. Once you go through the features below, it is easy to understand why its offerings are so vast and why it is one of the best brokers in Canada.
1. Numerous asset types on offer:
When you open up an account, you get access to numerous asset types.
To start with, you can buy and sell stocks. You can do the same for options, mutual funds, and ETFs. It allows you the ability to buy and sell precious metals as well.
This way, in whichever type of asset class you want to invest or trade, you will be able to do so using the questrade.
It allows you to deposit money in not only Canadian dollars but US dollars. That is why, if you have your capital in US dollars, there will be no need to use a third-party converter for the same.
The numerous asset types are the reason questrade has become so popular.
2. Different account types available:
Questrade is not only popular for offering different asset types but different types of accounts. Whether you're looking for an individual account, family account, individual margin trading account, or any other, it offers all of them. That way, whichever entity you want to invest or trade for, you can do that easily by opening an account on questrade.
3. Instant deposit:
Once you open up your trading account, questrade allows you to deposit $3500 instantly. That way, you will not have to wait for a long time to use any of the investing or trading opportunities available in the markets.
4. Low fees:
Another advantage of Questrade is that they offer very low fees. To start with, they will reimburse the fees of up to $150 on every account. Apart from that, they charge only one cent per share. Even if you buy a large quantity of shares, the maximum they can charge is $ 9.95 per trade. That is why the fees are limited and pretty affordable, whether you're investing a couple of thousand dollars or $ 1 million.
Buying ETFs is entirely free. Once you qualify as an active trader, the fees are reduced further.
That way, you won't have to worry about paying a significant fee when going with Questrade.
5. Offers different platforms:
When you're looking to invest or trade money, you don't need a specific device while using questrade.
The reason is that questrade offers you a web-based platform, mobile app, and desktop program to invest your money or withdraw it. That is why, even if you're on the move, you can use your questrade account.
6. Numerous research tools available:
Questrade offers you market intelligence by Morningstar. In addition to market intelligence, it offers you reports, filters, screeners, and news. It means that for fundamental research, everything you need is offered by questrade. You need not bother about synchronizing information from many different sources when using questrade. You get all the research tools and information on a single platform.
7. Robust security:
When using an online brokerage, looking at the security on offer is essential. Fortunately, questrade excels in this department as well.
It offers you a completely encrypted platform. It also allows you to set up face ID, Touch ID, etc. It also monitors the last login to ensure no suspicious activity in your account.
The platform is a member of the investment industry regulatory organization of Canada. That is why; your funds are entirely protected. Every account has insurance up to C$10 million.
With so many security features, you need not worry about the funds you deposit in this account.
8. Excellent customer support:
Questrade offers you numerous support options. These include:
- Chat option
- Phone number
- Online form
- Email support
With these support features available, it is easy for you to get help in case you have any questions or queries. With these features, it doesn't come as a surprise that questrade is indeed one of the best brokerages in Canada.
Whom is questrade suitable for?
Questrade is suitable for anyone looking to invest or trade in the numerous asset classes that it has on offer. Since it offers various asset classes and even International equities in different types of accounts, it is suitable for any Canadian resident or citizen who wants to utilize their money to trade or invest in financial assets. Questrade short selling avenues are as large as the buying avenues. That is why, if you're a short seller, then too, questrade can help you out.
- Numerous asset classes are available
- Suitable for traders and investors
- Three different platforms on offer
- Numerous fundamental tools are available
- Superior customer support
- Excellent track record
- Instant deposit feature
- Takes some time to get used to
We can confidently say that questrade is one of the best brokerages available for Canadian Citizens and residents. With numerous features on offer on a single platform, you cannot go wrong with questrade. That is why, if you're going through this questrade review because you were in two minds, we will recommend you to go with it.
You should probably also know the advantages of using Questrade