Before that, it was $24.95 per quarter, but if you had more than $1,000 in your account, made a deposit of $150 during three months, or were under the age of 25, you were exempt. Inactive traders who placed a transaction in the next quarter were eligible to get their commissions reimbursed up to $24.95. Therefore, even when there was a Questrade inactivity fee, traders had a chance to earn it back.
Questrade Spreads and Commissions
But what if you decide to diversify your portfolio by trading different investment products? Whether you want to take your strategy to the next level or try something new, we have the right questrade forex platform for you. Using Questrade’s demo account, you can trade in a realistic, simulated market with virtual money. This feature is great for trying out the platform, as well as testing the theoretical knowledge you got from reading articles without the risk of losing money.
Advanced traders might also like the P&L Calculator, which can determine probabilities based on inputs including price level, strategy, volatility, etc. Almost all investment types are on the menu with this broker, but only from the U.S. and Canadian markets, however, these markets are usually more than enough for most mere mortals. One of the perks of trading with Questrade is the low prices, especially when it comes to stocks and ETFs.
Margin Accounts 💡
Overall, Questrade is an outstanding choice for Canadian investors and traders alike and rightfully the leading independent online broker in the country. Questrade applied for a banking license in December 2019, suggesting it seeks to expand across the financial spectrum. Questrade offers twenty account types, divided into six Retirement accounts, two educational ones, seven for entities, two for margin trading, two for Forex and CFD trading, and one tax-free savings account. Each one comes with different benefits, but most traders will manage their non-retirement portfolios in the Forex and CFD accounts, with the addition of margin trading. Clients may open as many sub-accounts as they wish, and there is no minimum deposit, but an account balance of $1,000 is necessary before trading can commence.
Stocks
This policy protects clients beyond CIPF limits, up to a maximum of CAD $ 9 million per client, per account, and is subject to the maximum guarantee limits determined by Questrade. Canada’s largest independent online broker to trade Forex, CFD, ETF,Stocks, Options and enjoy some of the best commissions. Securities shown are for illustrative, educational, and visual purposes only, and should not be relied upon as financial advice.
- Advanced trading order types are also available, including bracket, conditional, and multi-leg options.
- Registered Retirement Savings Account (RRSA) is made for, you guessed it, retirement savings.
- Despite the growth and accolades Questrade has gotten over the years, the brokerage isn’t perfect and it is not for everyone.
- In FX trading, investors attempt to profit from movements in currency exchange rates.
It won the JD Power #1-Ranked Self-Directed Online Brokerage in Investor Satisfaction award. Clients have access to a competitive asset selection from a transparent and secure trading environment. New traders should start with the educational resources, as the product and services portfolio available may appear overwhelming. With management expansion plans to venture into banking, Questrade can become a one-stop solution for all Canadian financial needs. It has the infrastructure in place, with the most significant roadblock provided by the Investment Industry Regulatory Organization of Canada (IIROC), its regulator.
- The offer is competitive in just about every aspect here, and the company has also decided to treat itself to a banking license for its 21st birthday, it seems.
- Advanced traders might also like the P&L Calculator, which can determine probabilities based on inputs including price level, strategy, volatility, etc.
- If you’re going to trade stocks, ETFs, options, or mutual funds, you can use QuestMobile, Questrade Trading, and Questrade Edge platforms (Questrade Edge Web or Questrade Edge Desktop).
- The parent company offers financial services to a global audience through its subsidiaries Questrade, Questrade Wealth Management Inc., Community Trust Company Ltd., and Questrade USA Inc.
See all the ways Questrade can help you keep more of your money
Use this free technical analysis tool in your watchlists to sort through markets and identify potential opportunities in real time. See how Questrade compares to the leading Forex brokers by reading one of the reviews below. The company’s representatives are available via phone, email, and live chat 5 days a week and are very courteous and competent in general. Setting up alerts and notifications is super easy, and you can have price and trading volume alerts sent to you via email or SMS. Reading through your portfolio is very easy and understandable as well, however, this level of simplicity comes with a price. Trading fees can be lowered if you have the Active Trader pricing package, which will incur a monthly fee of 89.95 CAD if you want the Canadian version or for 98.95 USD for the U.S. version.
For example, if you want to buy U.S. securities, you need USD, and if you only have CAD on your account, your Canadian Dollars won’t be exchanged into U.S. Rather, you’ll be given a loan in USD, equal to the amount of money you need for that security. Being recognized as one of Canada’s best-managed companies 8 years in a row is quite an accomplishment, especially in the super-competitive world of brokers.
Several brokers levy a more significant fee, followed by a smaller one. A few brokers implement a progressive inactivity fee, starting at $80 after two months until it reaches up to $1,000. Traders may also face an administrative cost for becoming active again. The charges are often detailed in the terms and conditions and not openly stated on the broker websites. Most traders do not bother to sort through lengthy legal documents, and an inactivity fee is the most pointless cost.
He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University. Yes, Questrade recently rolled out forex and CFD trading as part of its Questrade Global platform launch, which is powered by Saxo (as a white labeled platform suite). As a result, new and existing Questrade clients can open a forex/CFD account and switch between the forex and stock broker platforms using their respective Questrade accounts.
The broker offers a rich uite of research tools suitable for pros and beginners alike. We offer impartial reviews of online brokers that are hand-written, edited and fact-checked by our research team, which spends thousands of hours each year assessing trading platforms. Email and phone 2-step verification are required for all clients and trading platforms boast a 256-bit SSL digital certificate, which encrypts incoming and outgoing transactions through a secure connection. Questrade can also enable automated alerts, which provide the last login attempts on client accounts. The Questrade Trading platform comes also as a mobile app, offering the same all-in-one functionality as the web-based version.
Funding your account
It remains outdated and business-unfriendly, mirroring that of the US regulatory environment. Offering an international subsidiary remains one notable oversight at Questrade. Investors and traders have access to three essential research tools provided by Questrade. Market Intelligence delivers asset-specific financials, valuations, regulatory filings, key metrics, and news.
Finally, you just need to make a required initial deposit of $1,000, which is a lot higher than most brokers, and that’s it. There are multiple paths to take if you want to open a savings account with Questrade. The Tax-Free Savings Account (TFSA) is the most popular choice, as it doesn’t incur annual fees, and lets your money grow without getting taxed.