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Questrade Review 2022 – Why it is the #1 Online Broker in Canada

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Questrade

9.5

This review will try to break down what Questrade has to offer, its pros and cons, summarize the important details, and give you everything that you need to know as an investor or trader looking for the best online broker to register with.

Pros
  • Lower commission costs than other Canadian brokers
  • Has all the options you need as a trader or investor
  • Suitable for both beginners and experts
  • Both CAD & USD can be held in account
  • Rated #1 Online Broker in Canada
Cons
  • Opening an account can take up to 5 business days
  • Live stream data has a subscription fee starting at $19.95 (but is rebatable)

What is Questrade?

Founded in 1999, Questrade is an online brokerage firm and wealth management firm based in Toronto, Canada. It is Canada’s largest discount broker and has over 500 employees. [Source: Wikipedia]

What type of accounts can you open with Questrade?

Questrade type of accounts

You can open a TFSA, Margin, RRSP, RESP, Forex & CFDs account, and more! Questrade has so many account types offered, unlike some of its competitors. It even offers a joint account for Margin and Forex and CFDs account type. Cash accounts are only available with Questwealth portfolios.

Who can open an account with Questrade?

Canadian residents with a social insurance number can open an account with Questrade. Questrade does not offer its services to anyone who does not reside in Canada.

How long does it take to open an account with Questrade?

Questrade officially says that they typically review account-related documents within 1-2 business days. Some users however said that it took them longer than that. Also, it might take longer if you submit the wrong documents.

What is the minimum funds to open an account with Questrade?

Questrade Pricing

The minimum funds to open an account with Questrade is $1,000. After that, the minimum balance to keep an account open is $250 in equity. It’s also worth mentioning that Questrade only charges a min of $4.95 per trade to a max of $9.95 on its self-directed investing platform. But you can get the first $50 worth of trades for FREE here.

What type of orders can you make with Questrade?

Questrade offers a Market Order or a Limit Order on their QuestMobile and Questrade Trading Platforms. It also offers a Stop (loss) order, Stop-limit order, Trailing stop order, Trailing stop-limit order, Limit on open order, and a Limit on close order on their Questrade Edge platform. In total there are 8 types of orders offered.

Does Questrade offer research tools?

Questrade has several advanced research tools to help you make informed decisions and stay up to date with the market. Including News, Insights, Research, Intraday Trader, IPO Centre, and more!

Summary

Overall Questrade is a sophisticated and leading online broker in Canada. It has so many options for stock traders, day traders, self-directed investors, robo-investing, Forex and CFDs traders, and more! It is totally possible to start generating full time or side income with Questrade using one of their trading options. Ultimately the pros outweigh the cons. Ready to start your trading or investing journey with Questrade? Get $50 in free trades using this referral link!

 

Please note: This content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice. Content on this website may contain affiliate links for which the blog owner may receive financial compensation at no extra cost to you.

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