Questrade Review 2023: Fees, Pros, Cons & Promo

Avoid buying stocks with the idea of a fast return to pay next week’s bills, and resist throwing everything you have into the market. “I wouldn’t promote for somebody who needs the money right away. That’s not what investing is about.” Opinions and information herein is for general purposes only and not intended as personal investing advice. Some recommendations are bound to prove disappointing—know that over time investments can go up and down.

questrade complaints

You can buy and sell ETFs, stocks, and mutual funds and move money to and from your bank account. Is an online brokerage that provides self-directed investors with access to invest in stocks, options, ETFs, mutual funds, and more. The company was founded in 1999 and has since grown to become one of the largest independent brokerages in the country. I’ve been investing with Questrade for a few years now and am more than satisfied with all of the investing options and fees as you have pointed out. The one you did leave out are the Mutual Fund options. This was the reason that I consolidated all of my accts there.

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These are companies that also have sound management… One of the sweetest and most profitable pleasures of successful investing is to buy high-quality “value stocks”… These exchange traded funds are used to track indexes… Dividend stocks make cash payouts questrade forex that serve as a way for companies to share the wealth they’ve accumulated. Once my account grew in size, I had to get a real brokerage, saving few $ is not worth the risk. That would be Wealthsimple Trade and, to a lesser extent, Virtual Brokers.

questrade complaints

The ball is definitely now in the court of the rest of Canada’s brokerages to keep pace. The CESG cash, plus your investment returns within the Questrade RESP account will be taxed as income in the hands of the student. This means that it’s almost always tax-free because of the large amount of tax credits and deductions that students enjoy.

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There are ways to shrink this miniscule number even further using limit order and whole board lots – but that starts to be way too much to worry about for the average Canadian investor. Here’s a common example one might see if they are a monthly dividend investor. Free Electronic Fund Transfers up to $50,000 CAD and $25,000 USD.

questrade complaints

You can read all about the FHSA and how to get the most out of it by checking out our ultimate guide to Canada’s FHSA. So, while there are semi-exotic accounts one could open if they want to exchange foreign currency or invest within a corporation, the option most people will opt for is a Questrade Margin Account. 1) The Questrade RESP account can be active for up to 35 years and you can use the RESP money for a HUGE variety of post-secondary studies. Everything from massage therapy to airplane mechanic courses can be covered.

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Yes, Questrade makes doing an Electronic Funds Transfer between Canadian financial institutions very easy. You can deposit or withdraw money in one to three business days for free in this manner. Questrade was the first of Canada’s online brokers to come out of the gate with a First Home Savings Account .

  • The only glitch is their online trading web site sometimes say they can not access your saved preference settings and the Questrade system seems to crash and is slow to access or no access at all.
  • Will be purchased any stocks or ETFs in USD (such as those traded on the New York Stock Exchange.
  • Most brokers offer similar services and have the same level of support.
  • No, at this time Questrade does not offer the ability to buy cryptocurrency.
  • The Financial Consumer Agency of Canada supervises financial institutions such as trust and loan companies to ensure that they comply with federal consumer protection laws.
  • However, it should be noted that there is a requirement of at least $1000 to start investing on the Questrade platform.

The MDJ editorial team collectively has several accounts with Questrade and benefits from daily firsthand experience. Bonus when you open a new account and deposit at least $150 in stocks. This is a pretty good bonus, especially if you’re looking to start small. So, if you’re looking to invest in international markets, be aware that you’ll incur this additional charge. Is the right investment platform for you, this side-by-side comparison will help you make a decision.

They also have limited hours of support so getting help may take more time. Questrade Trading is the company’s primary trading platform. It lets investors place trades and manage their accounts on any web browser.

Is somewhat easier to use than its Wealthsimple equivalent. This is largely because it’s more streamlined and accessible, with a more comprehensive user interface. In the ad, we see Dave strutting down the street in jacket and tie. But below the belt, he’s wearing skimpy hot pants and stiletto heels, all fired up from the money he just saved on insurance at Moneysupermarket.

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Just forget QT if you want to do more active trading especially options. I’m not sure what RBC charges, but if you’re transferring at least $25,000, Questrade will rebate up to $150 of the fee. I also really like Wealthsimple, it comes down to how hands-on you want to be with your investing. Wealthsimple will charge you 0.5% but you don’t have to worry about constructing an ETF portfolio or rebalancing it. The TD Waterhouse call line is 24/7 and my on hold time is virtually nil.

Call us at1‑800‑363‑3511to have your banking information linked to your NBDB brokerage account. For his part, Mr. Vallescura says despite the ups and downs of the markets, he sees qualities in Questrade that other companies are tough-pressed to match. “I can easily manage that because I inherently understand how fast markets can move, and can balance the needs of the client against [Questrade’s] obligations as a regulated business,” he says. Will be purchased any stocks or ETFs in USD (such as those traded on the New York Stock Exchange.

Hi Pat, Is there a way to buy physical gold or silver (i.e. coins, bars, etc.) within an RRSP? Thanks.

They also appreciate the company’s focus on socially responsible investing. Conversely, Questrade offers a few more options when it comes to funding your account. In addition to bank transfers and credit/debit cards, you can also fund your profile with a wire transfer or by using an e-check.

This newsletter is the ultimate source dedicated to power portfolio building. Like everyone said it is everywhere, a family member I know has TD for his investments and needed to contact him and he had to wait 3 hours on phone and that is pretty much your only option as they got no chat option. The Questrade IQ Edge is designed for advanced trading. This downloadable desktop trading platform lets you trade like a Pro.

Because of this I advise my kids to go TDW its worth the slightly higher fees. After you file a complaint with IIROC, we will let you know we have received it and we will update you after we’ve reviewed your complaint and determined whether to proceed with an investigation. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you’ll be logged-in to this account. In the interest of full disclosure in regards to how safe Questrade is, the company announced in 2022 that CWB Trust Services would now handle the registered plans for Questrade as their official trustee.

This adds an extra layer of protection by requiring you to enter a code, in addition to your username and password, when logging in to your account. When it comes to safety and security, both Wealthsimple and Questrade are members of the Canadian Investor Protection Fund . This organization provides coverage for up to $1 million in case of broker insolvency. Similarly, Questrade’s bonus also rounds out at $50, as long as you’ve deposited a minimum sum of $1,000 in your account. However, the bonus is in the form of commission-free trades, rather than cash.

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