Questrade Overview
Telephone: 1-888-783-7866
Regulation: IIROC (Canada)
Pairs offered: 55+ major, minor and exotic pairs
Minimum Deposit: $1,000
Spreads From: 1.7 PIPs
Max Leverage: 1:100
Markets: Stocks, options, precious metals, bonds, Forex, ETFs
Deposit Options

Questrade Broker Review

Questrade was created as a solution to the difficulties experienced by Canadian traders in the traditional investment arena. Stock brokers monopolised the industry, making it difficult for casual traders and investors to reap any benefits from the markets. The high fees, commissions and hidden charges associated with investments and trades gave rise to Questrade. This reputable Forex brokerage has been serving hundreds of thousands of Canadians since inception in 1999.

Overview/ background

 

Questrade Inc. is highly regarded among Canadian traders. It is one of the ranking Best Managed Companies, and it is a member of IIROC & CIPF. Questrade is fully licensed and regulated by the Investment Industry Regulatory Organization of Canada. The company launched in 1999, in Toronto, Ontario. By 2001, the online trading platform was launched and thanks to broadband Internet was readily available to Canadian traders. In 2006, Questrade introduced a $4.95 stock trade, lowering the cost of dabbling in the financial markets for everyday investors. By 2007, the Globe and Mail ranked Questrade as the #1 brokerage in a consumer satisfaction survey.

In 2008, a dual currency account was launched for USD and CAD, helping investors to save money on fees. By 2009, Questrade did away with trailer fees (unnecessary commissions) for Canadians holding mutual funds. In 2010, this trading brokerage integrated a variety of tools and resources into the trading platforms for rapid execution of trades. In 2011, Questrade was recognized as one of the Top 50 best managed companies in Canada. By 2013, investors were able to buy any US/Canadian exchange traded funds for free (no fees) since the trading commission on ETFs was abolished. In 2015, Questrade set up in all in one trading environment where clients could check account balances with 1-click functionality

In 2017, Questrade launched a mobile trading at for all manner of investment/trading activity for Forex traders at this broker.

 

Account Types

 

There are several account types at this FX brokerage, including the following:

  • Forex and CFD Accounts – Forex trading on majors, minors and exotic pairs, with contracts for difference (CFDs). The FX and CFD accounts are tailored to clients across the spectrum.
  • Margin Accounts – margin accounts are available for individuals, as joint accounts, or organizational accounts. They provide clients with access to precious metals, stocks, exchange traded funds, and options.
  • TFSA and Registered Accounts – these tax-free accounts/registered savings accounts do not come with any annual fees or bank-related charges. At Questrade, it’s possible to buy/sell/hold ETFs, mutual funds, stocks, precious metals with these TFSA and registered accounts.
  • Managed Investing Accounts – managed investment accounts are overseen by investment advisors at Questrade

 

Trading Platform/ software

 

The Forex and CFD platforms at Questrade are designed for rapid execution of trades, multi-browser functionality, and feature-rich trading. The FX&CFD platform makes it easy to trade commodities, and currency pairs. Among the many benefits of using the trading platform are full functionality on smartphones, tablets, phablets, Mac OSX, and PC.

The trading platform can be accessed from anywhere, at any time, including the watchlist, trading charts, or dedicated trade tickets. Various technical analysis tools and indicators are available at the click of a button. Clients can also access the trading platform and software in a free trial mode, in a live version, or a demo version. The trading platform is available from the Google Play Store, or the App Store.

Free practice accounts are available at Questrade. Traders are given a CAD $500,000 or USD $500,000 faux trading account for dabbling in the Forex and CFD markets. Clients have 90 days to use up the practice balance, across all devices. Clients can choose their preferred platform including IQ edge, with $500,000 in virtual cash, or FX and CFD with Questrade FX Global with $50,000 in virtual cash.

 

Deposit options

 

Various account funding options are available at Questrade, including the following:

  • Online Banking – free – available in CAD
  • Auto Deposit – free – available online and in your account – in CAD and USD
  • Interac online – online – the fastest way to deposit – free and available in CAD
  • Transfer your account to Questrade – online or through your account in USD or CAD

Other funding options that are available in Canadian dollars and US dollars include certified checks and bank drafts, noncertified checks, stock certificates, and money orders. The minimum initial funding amount is $1,000 to purchase stocks and options, $5,000 to trade options spreads, and $25,000 to write uncovered options or sell uncovered options. Full portfolio IQ accounts, the minimum investment amount is $1,000, and once you have invested, you will need to maintain a balance of $750. If accounts drop below $750, they will be liquidated. For Forex traders and CFD accounts, the minimum account balance is $1,000.

Be advised that Questrade does not accept credit cards, checks drawn on foreign banks, direct deposits by check or cash, credit card checks, or third-party bill payments etc.

 

Markets

 

The range of investment products at Questrade includes stocks, ETFs, options, mutual funds, precious metals, and bonds. Forex traders have access to 55+ currency pairs, with spreads starting at 0.8 pips under normal conditions. The list of currency pairs includes the following: AUD/CAD, AUD/CHF, AUD/USD, CAD/CHF, EUR/AUD, EUR/CHF, EUR/JPY, EUR/NZD, GBP/AUD, NZD/CAD, NZD/USD, USD/DKK, USD/MXN, USD/ZAR.

CFD pricing for indices and commodities references the futures price of the financial instrument, while the spot price determines the CFD pricing for gold and silver. Clients are required to contact Questrade for details of additional currency pairs and CFDs. Clients will be charged a rollover fee for positions that remain open after 5 PM Eastern time. CFDs on gold, silver and currencies do not expire and they will be rolled over at 5 PM Eastern Time.

 

Bonuses

 

Questrade offers clients a bonus with a $50 prepaid Visa rewards card. Client simply need to enter their first name, last name, email address and telephone number and fund their account with $5,000 to receive the $50 prepaid Visa rewards card. If clients transfer their accounts from other brokers to Questrade, they will receive a $150 rebate on transfer fees when $25,000 is transferred.

Refer a friend promotions are also available at this brokerage, including $25 for your first friend referral, $25 for your second friend referral, and a $50 bonus for your third friend referral.

 

Customer Support

 

The FAQ section is the best way to get in touch with customer support. It includes forms, FAQs, live help, email and a telephone number. Customer support is expertly qualified to deal with all manner of Forex trading queries, questions and concerns. Customer support representatives have the requisite skills to tackle complex topics and provide prompt assistance.

The telephone number to call is 1-888-783-7866. Additional support and assistance is available via Facebook, Twitter, email, and some 300 other social media platforms. Getting in touch with support representatives is as easy as navigating to the contact us page where support assistants are readily available.

The snail mail address for the company is:

Questrade
5700 Yonge Street, Unit G1
Toronto, ON
Canada
M2M 4K2

 

Safety

 

This broker is fully regulated by industry leading authorities (Investment Industry Regulatory Organization of Canada). Safety and security are paramount, and thanks to VeriSign extended validation (EV SSL), the highest encryption protocols are used to protect the integrity of trader accounts at all times. Additionally, this broker provides information of client’s previous logins across all platforms. This includes the date, the time, the device that was used, as well as the operating system that the account was accessed through. The telephone number to call in the event of any discrepancies or illegal logins is 1-888-783-7866. Up to $10 million in private insurance is available to all registered traders at this broker.

 

Ease of Use

 

Questrade makes it easy for Forex traders to register, login and start trading currency pairs online. Pricing information, self-directed investment information, managed investing, business services, and security notices are posted on site in a user-friendly manner. Registering for an account is a breeze – you simply need to enter your personal information, verify your details and start trading. A demo trading account with up to $1 million in CAD or USD is available for a period of 90 days. This mimics real market trading activity with zero risk.

 

Final Thoughts

 

Questrade is a fully licensed and regulated Forex trading brokerage that offers a complete set of cost-effective solutions for traders. There are 55+ currency pairs (major, minor and exotic pairs) in addition to commodities, indices, exchange traded funds and other options. As one of the biggest and most respective brokerages in Canada and the US, Questrade has won plaudits from institutional investors and casual traders alike. Clients are protected with up to $10 million in private insurance.

Pros
  • Fully licensed and regulated by the Investment Industry Regulatory Organization of Canada
  • Demo trading platform for up to 90 days with $1 million in virtual funds
  • 55+ currency pairs
  • $10 million in private insurance for all account holders
Cons
  • High minimum account deposit of $1,000
  • Restricted to traders from specific countries
  • Some client reviews are negative
Questrade Overview
Telephone: 1-888-783-7866
Regulation: IIROC (Canada)
Pairs offered: 55+ major, minor and exotic pairs
Minimum Deposit: $1,000
Spreads From: 1.7 PIPs
Max Leverage: 1:100
Markets: Stocks, options, precious metals, bonds, Forex, ETFs
Deposit Options
Pros
  • Fully licensed and regulated by the Investment Industry Regulatory Organization of Canada
  • Demo trading platform for up to 90 days with $1 million in virtual funds
  • 55+ currency pairs
  • $10 million in private insurance for all account holders
Cons
  • High minimum account deposit of $1,000
  • Restricted to traders from specific countries
  • Some client reviews are negative