Quick Reference: If you’re searching for an up-to-date Questrade referral code, use the code QUESTRADER to get $50 in free trades (Click here to activate)
Questrade has been around since 1999 and is holding a strong position as Canada’s fastest growing online discount broker. They’ve recently been exploding in popularity in Canada, where the competition for online discount brokers is still relatively low. On a side note, the myQuestrade platform underwent a pretty major overhaul in early 2011, adding features like account activity, balances and positions, and a redesign of the platform that makes it more intuitive to navigate and manage your account.
What they offer: Ultra low trade commissions, no fee RSP & TFSA accounts, ability to hold both USD & CAD in your account to avoid forced currency conversion fees, no fees for QuestraderWEB, a solid online trading platform. More powerful software platforms for advanced traders, and dependable customer service. Questrade’s Mutual Fund Maximizer program also reimburses the 1% trailer fees most brokers charge back to you, which is great.
The Verdict: Whether you’re an active trader or casual investor in Canada, Questrade offers exceptional service, good tools and low commissions.
Where to join: Open an account at Questrade and get $50 in free trades (use this special link & the promo code QUESTRADER to qualify)
In-Depth Questrade Review
Setting Up An Account:
Creating an account with Questrade is easy. You can fund your account via online bill payment or personal check, and be guided in the account opening process by their LiveChat, which is open until 10p.m. EST. Minimum to set up an account is just $1,000.
- Stocks: $0.01 per share (minimum $4.95 / $9.95 maximum for unlimited shares).
- Options trades are $9.95 + $1 per contract. Options assignments are $12.95 flat.
- Forex spreads as low as 1-2 pips on major currency pairs.
- Mutual funds are $9.95 per trade.
- Bonds and GICs are no charge, $5,000 minimum.
- Gold is $19.95 per trade, unlimited.
- International stocks (outside CDN & US traded) are 1% of value traded (min $125)
- Questrade does not charge any inactivity or maintenance fees.
- QuestraderWEB platform (most popular) is free, QuestraderPRO and QuestraderELITE are customizable and start at $20/month.
- International stocks, options, mutual funds, gold, IPOs, bonds, GICs, and other fixed-income investments.
- Foreign exchange (24/7, >30 currency pairs).
- No fee RRSP & TFSAs.
Ease Of Use:
- The trading platform cold be more streamlined since you have to log in to several places to access all your account info and trade, but in general, it’s easy to get used to.
- Questrade offers several intuitive platforms: QuestraderWEB (web based) allows access from anywhere with an Internet connection.
- Trade executions are quick.
- Real-time charts and data for stocks, options, ETFs and indices.
- Intuitive trading interface.
- Streaming news and charts.
Timely support is key if anything ever goes wrong, especially with your money. Each time Questrade’s LiveChat service was tested we met with prompt support by a friendly and helpful rep.
For two consecutive years, Questrade has been chosen by the Investor Economic’s Retail Brokerage Report as the #1 online brokerage firm in terms of asset growth and trade volumes.
The Final Word:
Questrade is the number one independent online Canadian brokerage because they offer a solid service for a great price. If you’re living in Canada and looking to save on your broker fees, Questrade is most certainly the place to go.
(Make sure to use the promo code QUESTRADER to claim $50 on sign up!)
Current Questrade Offer Codes:
Questrade Offer – Enter the promo code QUESTRADER during sign up to receive $50 in free trades. → Claim this promo by clicking here.
Also read: Questrade reviews by Million Dollar Journey and Canadian Capitalist.
Disclosure: Some of the links included in our reviews are affiliate links. This means if you click on the link and purchase the item, we will receive a commission.