Questrade Review

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Company Information Questrade is one of the most popular Canadian online trading brokers. The company was created in 1999 and has since kept its reputation at a high level. The… more

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Website URL
HeadquartersToronto, Ontario, Canada
Support Number1.888.783.7866
Support TypesPhone, Live Chat, E-mail, Call Back
LanguagesEnglish, French, Chinese
Minimum 1st Deposit$1,000
Minimum Trade Amount0.01 lots
PayoutUp to 33:1
Free Demo AccountYes
Regulated Yes
RegulationInvestment Industry Regulatory Organization of Canada (IIROC); Canadian Investor Protection Fund (CIPF)
Account TypesStandard, Informal Trust, Corporation, Investment Club, Formal Trust, Partnership, Sole Proprietor
Deposit MethodsOnline Banking, Pre-authorized deposit, Transfer from another Broker, Wire Transfer, Certified cheque/bank draft, Non-certified cheque, Stock certificate, Money order
Withdrawal MethodsOnline Banking, Pre-authorized deposit, Transfer from another Broker, Wire Transfer, Certified cheque/bank draft, Non-certified cheque, Stock certificate, Money order
Types of AssetsForex, CFDs, ETFs
Account CurrencyCAD, USD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Questrade is one of the most popular Canadian online trading brokers. The company was created in 1999 and has since kept its reputation at a high level. The owner of the brand is Questrade Inc. The company is fully regulated and is registered with the IIROC in Canada. Questrade is also a member of the CIPF (Canadian Investor Protection Fund). The company’s main efforts are the dual currency stock accounts and commission free ETF’s, but in time they started offering Forex and CFD’s trading. With over 15 years of experience in the industry, Questrade has won many awards for their excellent services. For three consecutive years, they were ranked as the fastest growing brokerage. Since 2011 the company has earned the award for “Canada’s Best Managed Company”. In 2014 they were named as “The best Entrepreneur of the Year” and “Dalbar’s number 1 brokerage”. The company offers its services to the US and Canadian traders. As you can see, Questrade offers superb services to their clients and are expected to develop their financial services even further. Let’s see what Forex is trading options does the company offer.

Trading Information

Currently, you can choose from four account options at Questrade. The “Margin” account gives you the opportunity to trade stocks, options, ETF’s and precious metals. The “TFSA and registered” account give you the benefit of avoiding substantial bank fees while trading. With this account, you can trade with individual stocks, ETF’s, options, mutual funds and precious metals. The FX and CFD’s account is the one option that most traders are looking for worldwide. The minimum account size requirement for this option is $1000. The spread type is fixed and go from 1.6 for EUR/USD. Scalping and hedging are allowed. The leverages run from 1:200 (for Forex) to 1:100 (gold and silver, stocks and options). The number of currency pairs offered is 39, and minimum position size is 0.1 lots. The forex trading conditions are not the best in the industry, but you’ll have all the security you need in a company that has been proven throughout the years. The fourth account option is their “Managed Account” which is a wealth management service for retirement plans and savings.

Trading Platforms

As far as trading platforms are concerned Questrade have made the effort to make their products. The package of four different platforms is called the Questrade IQ, and it offers direct access without a dealing desk. It includes Questrade IQ Web, Questrade IQ Edge, Questrade IQ Mobile and Questrade IQ Essential. The IQ web option is maybe the most versatile platform for an online broker to this date. You have all the needed trading features, widgets, and customization that you need on a daily basis. What’s best about it is that you don’t need to install anything on your computer you just need to have an internet connection. The IQ Edge platform gives you a smart and intuitive platform you can use that has trailing orders, anonymous trading and kills durations. The IQ Mobile is designed for mobile devices and works great both on Android and IOS based devices. It will help you keep track on your trades and allow you to react instantly when you’re on the go. The IQ Essential is an optimized version of IQ Mobile for tablets. You have much more flexibility and customization options that will help you in your daily trading.

Security and Customer Services

Security at Questrade is at a very high level. The company has made the effort to implement a secure SSL encryption on their website. This means that your personal data will stay safe and will be available only to the company’s employees. There is no mention of a segregated account option, but there are reports that it’s possible for some types of trading. However, the company is a member of the CIPF, so you can be sure your investments are protected. The customer support is at a mediocre level with the website translated in only three languages (French, Chinese, and English). There are plenty of contact methods available which makes things much easier for clients have problems. There is a live chat support, a callback option, a telephone number and even a postal address for their headquarters in Toronto, Canada. Emails and social media profiles (Facebook, Twitter, Youtube, and Linkedin) are also available if you prefer to get help online. The customer support coverage is 24/5 like most of the companies in the industry. Free educational materials are available on their website. A beginner can also take advantage of the Demo platforms just to see what the trading experience offers. A lot of other helpful information about the market closure on holidays is also available.

Deposits and Withdrawals

Funding your account is made easy with most of the money transfer methods made available. There are the common online banking options as well as cheque, non-certified cheque, and stock certificate. Credit cards and cash are not accepted as deposit methods. The minimum deposit limit varies depending on what you are looking to trade. The minimum amount of stocks and options is $1000, for option spreads is $5000 and for write/sell, open options are $25 000. For Forex and CFD’s trading, the minimum deposit is set to $1000. Withdrawals are made the same way as the deposits. There are fees for cheques, but for ETF’s there aren’t any. The maximum daily withdrawal limit is $25 000. There are more fees for other transfer methods explained on thoroughly on their website.

Deposit Bonus and Loyalty Programs

At the time of writing this review, there are no promotions or loyalty programs available. Questrade is a company with a lot of experience behind it, and it doesn’t need this type of marketing efforts.


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