Questrade Fee and Account Types Review: What You Need to Know

What Account Types Does Questrade Offer?

Questrade offers a variety of account types to cater to both casual and experienced investors, providing flexibility and tailored options to suit individual trading and investing needs. These account types include Self-Directed accounts for active traders, as well as managed portfolios for those who prefer a hands-off investment approach. Among the Self-Directed options, investors can choose from Cash, Margin, RRSP, TFSA, and more specialized accounts like the FHSA (First Home Savings Account) or LIRA (Locked-In Retirement Account).

Different Account Options Available at Questrade

Questrade offers multiple account types designed to meet the specific needs of different traders and investors. Whether you're looking to invest for retirement, trade stocks actively, or manage your wealth, Questrade has an account tailored for you.

Account Types Overview:

• Self-Directed Accounts – These accounts allow users to trade stocks, options, ETFs, and other assets on their own, without a managed portfolio.
• Questwealth Portfolios – A robo-advisory service for investors who prefer a hands-off approach to investing.
• Tax-Advantaged Accounts – These include TFSA (Tax-Free Savings Account), RRSP (Registered Retirement Savings Plan), and FHSA for home savings.
• Retirement Accounts – LIRA (Locked-In Retirement Accounts) and RRSP accounts help users plan for their future retirement.

Questrade Fees and Commissions

Questrade provides competitive fee structures, offering low commissions for self-directed investors while maintaining the ability to manage tax-advantaged accounts at an affordable cost. Investors should be aware of varying commission structures depending on the account type and asset traded.

Common Fees Overview:

• Stock and ETF Trading: Typically, Questrade charges $4.95 to $9.95 per trade, depending on the type of account and volume.
• Options Trading: Charges range from $9.95 + $1 per contract.
• Managed Portfolio Fees: Questwealth portfolios are managed with a fee of approximately 0.25% to 0.5% annually, depending on the portfolio's balance.
• Margin Fees: Interest is charged for borrowed funds, and rates depend on the amount borrowed.

FAQs about Questrade Account Types and Fees

Q1: How can I close my Questrade account?

To close your Questrade account, log in to your account and submit a request through their secure platform. You may also contact customer support to initiate the process.

Q2: Are there any inactivity fees on Questrade accounts?

Questrade does not charge an inactivity fee on most accounts. However, there are fees associated with not maintaining a minimum balance on some specialized accounts like RRSP or TFSA.

Q3: Can I trade cryptocurrency on Questrade?

Currently, Questrade does not support direct cryptocurrency trading. However, you can invest in blockchain ETFs and other related assets.