Questrade Vs Qtrade Direct Investing

If you do need to sell your ETFs, you’ll pay $0.01 per share, with a minimum fee of $4.95 and a maximum of $9.95. With its low fees and ease of use, Questrade is our top pick for the best overall online brokerage in Canada. Questrade figured this out pretty quickly, and was one of the earliest discount brokers to release a mobile app.

Once you’ve opened your account, Questrade will walk you through the last step of funding it. Among the many ways to add money to your account, the most common methods are to either set up pre-authorized deposits, use online banking, Interac online, or transfer an existing account to Questrade. Questrade offers two Advanced packages, for Canadian ($89.95/month) or US ($89.95 USD/month) data. The Canadian Data Package unlocks Canadian level 1 and level 2 live-streaming data, select US level 1 live-streaming data, and other data add-ons are available. The US Data Package mirrors the Canadian package, but for access to live-streaming US data. Whether you’re new to investing or have been at it for a long time, Questrade’s got you covered with the access you need to make the most informed trading decisions.

Excellent Customer Service:

It’s got both desktop and app versions, so you can access the platform from home and on the go. With a 2.1 star rating on the Google Play store, and a ton of negative reviews, it’s clear that while they are working on it, it’s not quite there yet. While they have tried to make it simple to use, they have taken away some of the key features liked by users. If you want access to more advanced tools, you can set up alerts, as well as access reports and data to help you make informed purchases.

They will have a transfer form which will need to be completed and signed. With several of Canada’s discount brokerages looking to introduce new refinements and innovations in 2023, I’ll be sure to update my Questrade Review throughout the year. Over the last two decades Glenn LaCoste and his team at Surviscor have ranked Canada’s online brokers according to over 100,000 service interactions across 45 firms. Some of the tools included are charting to help users analyze and map data, customizable alerts and workspace, advanced trading orders and a downloadable desktop version. One thing that Edge users will get that others won’t is access to research powered by TipRanks. The CESG cash, plus your investment returns within the Questrade RESP account will be taxed as income in the hands of the student.

Save money using the “day before pay day” challenge!

In the 1970s, only wealthy people could afford access to the stock exchange in Canada. That was because retaining the services of a broker required taking a veritable fortune out of their portfolio to pay his commissions. Before we get into Questrade Canada review, we want to share with our readers how the investment landscape has changed over the years. Questrade is ideal for any Canadian investor who values low-fee investing, especially if you prefer to buy and hold ETFs in your portfolio. And while other platforms, especially TD Direct Investing, offer more powerful market research tools for advanced and pro traders, Questrade Edge should be more than enough to satisfy most investors.

Access to live-streamed data means you don’t have to keep clicking to refresh real-time info; the data will refresh automatically. If you spend more than $48.95 in trading commissions, you’ll get a $19.95 rebate. The Questrade Global trading platform lets you trade foreign currencies and commodities across more than 15 questrade fx international exchanges. As with the primary trading platforms, you can set up instant notifications and customized alerts. And there’s a Questrade Global app too, that you can download to your iOS or Android mobile device. With an individual account, you’ll get access to global markets and can trade 24 hours a day.

Where Questrade falls short

No, Questrade no longer charges an inactivity fee (i.e. account maintenance fee) when you have a small account balance. This is unlike TD Direct Investing and some other bank-owned brokerages in Canada. Data package costs $89.95 per month and offers level 1 and 2 Canadian/U.S. Data plus everything else available on the Enhanced market data plan. Questrade will rebate transfer fees incurred when you transfer assets from another financial institution, regardless of the balance. The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you.

While this is technically true, what they fail to mention is that the vast majority of our transactions will be purchases if we are building a basic “couch potato” passive index investing portfolio. The MDJ editorial team collectively has several accounts with Questrade and benefits from daily firsthand experience. Questrade has been around since 1999, and controls over $30 billion in assets as of 2023. On top of MoneySense and Rob Carrick giving them their stamp of approval, Questrade has won eight annual awards as one of Canada’s Best Managed Companies. This fact holds a lot of weight because these organizations hold its members to a pretty high standard as far as investor safety goes.

Questrade account types

Top Canadian crypto exchange with advanced trading tools & multiple fiats. While you can open a Questrade account with any amount, you need to deposit at least $1,000 in your account before you can start trading. Registered accounts such as RRSP and TFSA are only approved up to level 2. Before using margin, you should also be aware of the margin requirements, which vary depending on the type of asset (stocks, options, precious metals, FX) and your trade position (short or long). Questrade has been operating for over 22 years and has won several best broker awards over the years from reputable platforms like MoneySense and Surviscor. ECN fees and ATS fees are charged by intermediaries who connect Questrade to the market when you place a market order or other orders that will likely be filled immediately.