What Is Questrade Review – Platforms, Accounts, Fees, Regulation

What Is Questrade Review All About?

When investors consider entering the Canadian market, one common question is: What Is Questrade, and is this broker trustworthy? After carefully researching Questrade's platforms, account types, fees, and regulatory framework, we found that it positions itself primarily as a low-cost online broker specializing in self-directed investing.

This review covers Questrade's investment products (stocks, ETFs, options, GICs, bonds, mutual funds), trading platforms (web-based and mobile), account types (TFSA, RRSP, FHSA, RESP, Margin, etc.), and its regulation under the Canadian Investment Regulatory Organization (CIRO). We also provide a detailed analysis of its pros and cons, real user feedback, and FAQs to help you evaluate whether Questrade is the right choice.

What Is Questrade and How Does It Work?

Questrade is a Canadian online broker serving individual investors. Unlike brokers focused on forex or CFDs, Questrade primarily emphasizes traditional investment products.

Trading Instruments and Markets

• Stocks: Access to major North American stock markets.
• ETFs (Exchange-Traded Funds): ETF purchases are commission-free, a major advantage for long-term investors.
• Options: Flexible trading with a fee of $0.99 per contract.
• GICs (Guaranteed Investment Certificates): Fixed-income products, appealing to conservative investors.
• Bonds: Minimum trade requirement of $5,000, more suitable for high-capital investors.
• Mutual Funds: $9.95 per trade, ideal for those seeking professional fund management.

Trading Platforms

• Questrade Trading (Web Platform): Designed for daily trading and portfolio management.
• QuestMobile (App): Convenient for managing investments on the go.
• Questrade Edge (Desktop Advanced Platform): Built for active traders, offering advanced features.
• Edge Mobile: Mobile counterpart to the Edge desktop platform for consistent cross-device use.

Account Types

Questrade offers a variety of accounts, covering tax-advantaged and margin-based trading needs:

• TFSA (Tax-Free Savings Account): Gains are tax-free with flexible withdrawals.
• RRSP (Registered Retirement Savings Plan): Tax-deferred growth for long-term retirement savings.
• FHSA (First Home Savings Account): Tailored for first-time homebuyers with tax benefits.
• RESP (Registered Education Savings Plan): Designed for education savings with government grants.
• LIRA (Locked-In Retirement Account): Funds are locked until retirement and convertible to a LIF.
• Cash Account: Simple, non-leveraged account.
• Margin Account: Allows leverage and borrowing, suited for experienced traders.

Fees and Pricing

• Stocks & ETFs: Commission-free.
• Options: $0.99 per contract.
• Mutual Funds: $9.95 per trade.
• Bonds: $5,000 minimum trade.
• Forex/CFDs: Mentioned with spreads as low as 0.08 pips, though product details are limited.

Regulation Information

• Regulator: Canadian Investment Regulatory Organization (CIRO)
• Status: Regulated
• License Type: Market Maker (MM)
• Jurisdiction: Canada
• Licensed Entity: Questrade, Inc.
• License Number: Unreleased

Strengths and Weaknesses of Questrade

Pros

• Commission-free stock and ETF trading lowers long-term costs.
• Wide platform selection for beginners and advanced traders alike.
• Diverse account types with strong tax-advantaged options for Canadian investors.
• Regulated by CIRO, enhancing trust and investor protection.
• Mobile and desktop platforms available, ensuring flexibility across devices.

Cons

• No Islamic accounts or demo accounts, which limits accessibility for some users.
• Leverage details for Margin Accounts are not clearly disclosed.
• High entry requirement for bonds ($5,000 minimum).
• Limited transparency around funding methods and processing times.
• Not well-suited for traders focused on forex or CFDs due to unclear product details.

FAQs About Questrade Login

Q1: How do I log into my Questrade account?

Go to login.questrade.com and enter your username and password. The system uses SSL encryption to secure data.

Q2: What if I forget my Questrade login password?

Click “Forgot Password” on the login page, enter your registered email, and follow the reset instructions. If that doesn't work, contact Questrade customer service.

Q3: Can I log in from both mobile and desktop?

Yes. You can use the QuestMobile app or Questrade Edge desktop version, with consistent account access across platforms.

User Reviews

“I've been using Questrade for three years. Commission-free ETFs are perfect for long-term investors like me. Using TFSA for retirement savings has been smooth and cost-efficient.”

“When I tried to invest in bonds, I found the $5,000 minimum barrier too high for small investors. Also, withdrawal processing times are not very transparent.”

“The platform is versatile, but if you mainly trade forex or CFDs, this is not the ideal broker. It's better suited for stock and fund investing.”

Risk Warning and Disclaimer

Questrade, Inc. is regulated by the Canadian Investment Regulatory Organization (CIRO) with a Market Maker license. However, its license number remains unreleased, and regulatory coverage may not extend to all asset classes. Investors should note:

• All investments carry risk, and leveraged trading can result in losses exceeding initial capital.
• Questrade does not offer demo accounts or Islamic accounts, limiting accessibility for some traders.
• High minimums for bonds and limited CFD/forex transparency may not suit all investors.

We recommend thoroughly reviewing Questrade's terms and regulatory details before opening an account, and carefully assessing your risk tolerance.