Our review of Questrade Broker 4.5/5

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Questrade in brief

Our opinion of Questrade

We particularly liked Questrade’s low-cost trading options, which include commission-free ETF purchases and competitive rates for stock trades. The availability of USD accounts is another standout feature, allowing Canadian investors to save on currency conversion fees when trading U.S. securities. We found the variety of account types, including registered accounts like TFSAs and RRSPs, highly appealing for those focused on long-term, tax-efficient investing.

We would have liked to see fractional share trading included, as this would make high-priced U.S. stocks more accessible to smaller investors. Additionally, while the trading platforms are user-friendly and feature-rich, the mobile app could benefit from more advanced tools to match the desktop experience.

Who is Questrade designed for?

Questrade is best suited to self-directed investors in Canada who are looking for a cost-effective, flexible platform with access to diverse assets and tax-advantaged account options.

Let's find out more about our test results.

Security and reliability 4.5/5

Established in 1999, Questrade is a prominent Canadian online brokerage and wealth management firm headquartered in Toronto, Ontario. Over the years, it has grown to become Canada's largest discount broker, managing approximately $30 billion in assets. The firm employs around 2,500 individuals, reflecting its substantial presence in the financial services industry.

Questrade has been consistently recognized for its excellence in business management, including being named one of Canada's Best Managed Companies for twelve consecutive years, achieving Platinum Club status. This accolade underscores the company's commitment to sustained growth and exemplary business practices.

For Canadian traders, regulatory compliance is a critical factor in assessing a broker's reliability. Questrade is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), ensuring adherence to industry standards and protection of client interests. Additionally, Questrade is registered with the Ontario Securities Commission (OSC).

Questrade offers several features to help traders manage risk effectively:

• Stop-Loss Orders: Traders can set predetermined exit points to limit potential losses.
• Account Protection: Client accounts are protected by the Canadian Investor Protection Fund (CIPF), providing coverage of up to $1 million in case of insolvency.
• Segregated Accounts: Client funds are held separately from the company's operational funds, ensuring added security.

Market and asset diversity 4.5/5

Questrade has established itself as a leading Canadian online brokerage, offering a diverse range of assets to cater to various investor preferences. This extensive selection enables clients to build well-rounded portfolios across multiple markets.

Questrade's asset diversity surpasses the market average in several categories, providing investors with ample opportunities to diversify their portfolios. However, it is important to note that Questrade does not offer Contracts for Difference (CFDs), which are available at some other brokerages.

Our opinion on the diversity of Questrade offerings

Questrade stands out for its extensive range and selection of traditional assets, often exceeding the market average when it comes to ETFs and mutual funds. However, the lack of CFDs, derivatives, and cryptocurrencies reduces its appeal for traders seeking exposure to these modern markets.

Platforms and tools 4.5/5

Questrade provides a robust set of platforms and tools designed to cater to both beginner and advanced investors. Each platform offers unique features that enhance the trading experience and empower users to make informed decisions.

Questrade Web Platform

This user-friendly platform is perfect for beginner investors. It includes:

• An intuitive interface for simplified portfolio management.
• Access to stocks, ETFs, options, and mutual funds.
• Interactive charts and basic tools to track performance.

Questrade Edge

Designed for active traders, this advanced platform provides:

• Technical Analysis Tools: Customizable charts, technical indicators, and real-time alerts.
• Advanced Market Data: Real-time pricing, order books, and market depth.
• Advanced Order Types: Stop-loss, trailing stop, and conditional orders.
• Customizable Interface: Enabling users to tailor their trading experience to specific needs.

Questrade Mobile App

The mobile app delivers a streamlined experience for managing investments on the go:

• One-click buying and selling of assets.
• Portfolio tracking and performance monitoring.
• Synchronization with the web and Edge platforms.

Decision Aids and Tools

• Real-Time Data: Available through subscription for active traders who require up-to-date information.
• Portfolio Analysis: Tools to track performance and identify areas for improvement.
• Asset Research: Integrated tools to explore market trends and analyze companies.

Fees, spreads and commissions 4/5

Questrade positions itself competitively in the Canadian brokerage market by offering a transparent fee structure and reasonable spreads across various asset classes. While it provides cost-effective options for many traders, some fees are higher than the market average, which may impact cost-sensitive investors.

Trading Commissions and Spreads

Below is a comparison of Questrade's commissions and spreads for commonly traded assets against the market average:

Other Fees

• Inactivity Fee: $24.95 per quarter if no trades are made and the account balance is less than $1,000.
• Currency Conversion Fee: Spreads apply when converting currencies, which may result in higher costs compared to some competitors.
• Data Fees: Real-time market data packages are available for a fee, though basic data may be free.

How is Questrade's price positioning?

Considering the competitive commissions on stocks and ETFs, Questrade offers a cost-effective solution for many traders. However, higher spreads on certain forex pairs and additional fees like inactivity charges may affect cost-sensitive investors.

Customer reviews 1.6/5

Questrade currently holds a Trustpilot rating of 1.6/5, based on 255 reviews, indicating mixed customer experiences, with complaints primarily focused on customer service and technical issues.

Here are some recent testimonials from Canadian users:

• Emily T. (January 12, 2025): "I appreciate the low fees on ETF trades, which is why I started using Questrade for my TFSA. However, I experienced delays with deposits, and it took nearly a week for my funds to appear. This caused me to miss a key buying opportunity. Customer service eventually resolved the issue, but it was frustrating to wait so long."

• Daniel M. (December 8, 2024): "As a beginner, I found Questrade’s interface easy to navigate, and their educational tools were helpful in building my portfolio. However, when I tried to transfer my RRSP from another institution, the process was extremely slow, taking over a month to complete. I had to call their support team multiple times, which was disappointing despite their competitive fees."

• Sophia R. (February 3, 2025): "Questrade Edge is excellent for technical analysis, and as an active trader, I’ve enjoyed its advanced features. Unfortunately, there was a platform outage in January that delayed my open orders for hours. This glitch caused me to miss a profitable trading opportunity, and their compensation was minimal. Stability improvements are needed, but overall, it’s still a decent choice for Canadian traders."

How is Questrade positioned in relation to its competitors?

Conclusion of our review on Questrade

Questrade offers a compelling range of features tailored to Canadian investors, with a particularly strong emphasis on low-cost ETF trading and a variety of investment account types. Its diverse selection of assets and advanced platforms, such as Questrade Edge, make it a competitive option for both beginners and active traders. The availability of a demo account is a plus, providing an opportunity to test strategies before committing to real funds.

However, the absence of copy trading and the relatively high minimum deposit might deter some users, especially compared to brokers with no minimum deposit requirements.

The broker's regulation under IIROC and client fund protection through CIPF ensures a secure environment for trading, reinforcing its reliability in the Canadian market.

Questrade stands out for its balance of affordability, asset variety, and advanced tools but could enhance its offerings by addressing customer service and adding features like fractional trading or copy trading to appeal to a broader audience.

Before opening a Questrade account, take the time to compare the best brokers in Canada.

What types of accounts are available with Questrade in Canada?

Questrade offers a variety of account types to cater to different investor needs. These accounts include both registered and non-registered options, designed for retirement savings, tax-efficient investing, and general trading. The following table summarizes the key features of each account type.

Tax-Free Savings Account (TFSA)

The Questrade TFSA is a popular choice for Canadian investors looking to grow their savings tax-free. This account allows users to invest in a wide range of assets, including stocks, ETFs, mutual funds, and bonds. Contributions are limited to the annual TFSA limit set by the CRA, and all gains are tax-free, making it an excellent vehicle for long-term wealth accumulation.

Registered Retirement Savings Plan (RRSP)

The RRSP account is tailored for retirement savings. Contributions to an RRSP are tax-deductible, and investments grow tax-deferred until withdrawn. This account supports various investment options and offers significant tax advantages for Canadian traders planning for retirement. Withdrawals are subject to taxation, making it ideal for long-term investing.

Margin Account

The Margin Account is designed for general investing and trading. It allows investors to trade on leverage, amplifying potential returns but also increasing risks. This account supports a wide variety of assets and offers flexibility for active traders. Margin accounts are not tax-advantaged and require careful management due to the risks associated with borrowing.

Forex & CFD Account

The Forex & CFD Account is specifically tailored for currency and CFD traders. It offers access to competitive spreads and leverage, making it ideal for traders looking to capitalize on short-term market movements. While not tax-advantaged, this account provides advanced trading tools and real-time market data to enhance trading strategies.

Demo Account

The Questrade Demo Account is designed for practice and education. Users receive $500,000 in fictitious capital and can trade in real market conditions for up to 30 days. This account is particularly beneficial for beginners to familiarize themselves with the platform and for experienced traders to test new strategies risk-free.

Islamic Account

Questrade also offers an Islamic Account for Sharia-compliant trading. This halal trading account ensures that no interest is charged or earned on trades, adhering to Islamic finance principles. It supports a wide range of assets and provides the same features as other account types without compromising on compliance.

These account options provide flexibility and cater to a diverse range of investor needs, ensuring that Questrade can serve both beginner and advanced Canadian traders effectively.

Deposits and withdrawals at Questrade: How does it work?

Questrade offers a variety of deposit and withdrawal methods to accommodate its clients. Below is a summary of the available options, including currencies, processing times, and associated fees:

In comparison to its competitors, Questrade provides a comprehensive range of funding and withdrawal options with competitive fees. The availability of instant deposits via Visa and Interac Debit cards offers added convenience for clients.

While some brokers may offer additional methods such as credit card or electronic wallet funding, Questrade's selection covers the essential needs of most investors. The fee structure is transparent, and the processing times are in line with industry standards, making Questrade a reliable choice for Canadian investors seeking flexible and cost-effective account funding solutions.

Does Questrade offer copy trading?

Questrade does not currently offer copy trading or social trading features. While copy trading is a popular feature among certain brokers, particularly in the forex and CFD space, Questrade focuses on providing a self-directed trading experience and advanced platforms like Questrade Edge for investors who prefer to make independent investment decisions.

As a result, there are no dedicated platforms or software for copy trading, no access to a network of traders to be copied, and no additional fees associated with such features. Investors looking for copy trading capabilities may need to explore alternative brokers specializing in this service.

For Canadian traders, Questrade’s strength lies in its low-cost ETF trading, extensive asset variety, and robust tools for individual trading strategies, which compensate for the lack of social or copy trading options.

What is the tax treatment of income generated by Questrade?

Income generated through trading on Questrade in Canada is subject to taxation, and its classification depends on the nature of the trading activity. The applicable tax regime considers whether the income is treated as capital gains or business income, each of which has different implications:

Applicable Taxation

• Income Considered as Capital Gains: If your trading is occasional and not your primary activity, profits are treated as capital gains. In this case, only 50% of the gains are taxable at your marginal tax rate.
• Income Considered as Business Income: If your trading activity is frequent, intensive, or professional, your profits may be taxed as business income. Here, 100% of the gains are taxable.
• Registered Accounts (TFSA/RRSP): Gains within a TFSA (Tax-Free Savings Account) are fully tax-exempt. For an RRSP (Registered Retirement Savings Plan), the income is tax-deferred until withdrawals, typically at retirement.

How to declare trading income or revenues?

Registered Accounts (Tax-Free Savings Account - TFSA, Registered Retirement Savings Plan - RRSP):

• Gains and income earned within these accounts are tax-sheltered.
• Withdrawals from a TFSA are tax-free, while withdrawals from an RRSP are taxed as regular income.

Non-Registered Accounts:

• For capital gains: Use Schedule 3 of your income tax return to report net gains (after deducting losses).
• For dividends and interest: Include the income in the appropriate sections of your T1 General Form.
• If classified as business income: Report these earnings in the T2125 (Statement of Business or Professional Activities) section and deduct allowable expenses.

Additional Considerations:

• Convert foreign transactions into CAD: If you traded in foreign currencies, you must convert the amounts into Canadian dollars using the official exchange rates provided by the Canada Revenue Agency (CRA).
• Offset losses: Capital losses can be used to offset capital gains in the same year or carried forward to future years.

Points to remember

• Investors using non-registered accounts must report taxable income annually.
• Transactions within a TFSA or RRSP do not require annual reporting unless withdrawals are made.
• Consulting a tax professional or specialized accountant is advisable to ensure full compliance with tax regulations.

Contact: how do I contact Questrade's customer service?

FAQ

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.