Questrade Stock Broker Review



Questrade Offer Code - MANUEL


Enter MANUEL to earn $50 Trade Commission Rebate



Questrade logo over a stylistic geometric background.


You have likely seen advertisements for Questrade on TV or on the Internet and are probably wondering - is this the right Canadian stock broker for me?

To start, I will say that I first opened my Questrade account all the way back in 2001, which was just two years after Questrade opened. This isn't an empty review - I have actually used Questrade as my broker for years.

Prior to that, I used some of the big banks as my broker, and they were terrible. Expensive. Slow. Constant outages.

There are also major US brokerages that I could have used, though I prefer dealing with Canadian-owned businesses that caters to Canadians. That's just the way that I am.

Questrade, which is based out of Vancouver and Toronto, has at least $8 billion in assets. The company has partnerships with 150 credit unions across Canada, as well as partnerships with major insurance companies Sun Life and Great West Life.

The company is a member of the Investment Industry Regulatory Organization of Canada (IIROC), which means that they are protected by the Canadian Investor Protection Fund (CIPF).

In addition, Questrade goes above and beyond by purchasing additional insurance to protect their clients up to an additional $10 million. I'm not aware of any other broker that provides this level of protection for their clients.

The care that Questrade gives their clients translates into some pretty strong ratings, including being ranked by the Globe and Mail #1 in their ranking of online stock brokers in 2016.


Enter Manuel as the Offer Code to receive a $50 trade commission rebate.


Questrade offers pretty much every type of account that you could possibly want, including:

Margin (Individual)
TFSA (individual)
RRSP (Individual)
Forex and CFDs (Individual)
Spousal RRSP
Locked-In RRSP
Locked-in LIRA
Retirement Income Fund (RIF)
Life Income Fund (LIF)
Joint Margin
Corporate Margin
Investment Club
Partnership
Sole Proprietorship
Informal Trust
Joint Informal Trust
Formal Trust

Registered Education Savings Plan (RESP)
Family Registered Education Savings Plan (RESP)

Questrade wants your business and will rebate you up to $150 CAD if you are transferring at least $25,000 from another brokerages. Brokerages will charge transfer fees and Questrade offers the opportunity to claw some of it back.

When signing up, enter MANUEL when prompted for a Questrade Offer Code. This will qualify you for up to $50 in trade commission rebates, provided that you make an initial deposit of at least $1,000. These rebates must be realized within 30 days of activating your account on the site.

Questrade will not charge you a fee to open or close your account, plus there are no annual RRSP or TFSA fees.


Use promo code MANUEL when signing up to receive something extra.


Let's look at the commission schedule that Questrade employs.

If you are opening up a self-directed account, the commission on stock trades is 1 cent/share, with a minimum of $4.95 and a maximum of $9.95.

ETFs are free to buy, with a 1 cent/share commission if you are selling, starting at $4.95 and rising to a high of $9.95.

Options are priced out at $9.95/trade + $1/contract. FX & CFDs are as low as 0.8 pips per trade. IPOs are free to buy, while the trade of precious metals will run you $19.95 USD/trade.

Questrade offers a number of different ways to trade, including through their web site, through an app or through a standalone software package called IQ Edge.

There are four different levels of market data packages available, ranging from the Basic package (free) to the advanced US and advanced Canadian packages ($89.95 USD and $89.95 Canadian, respectively). Questrade offers the opportunity to earn a rebate on some or all of your market data fees, depending on how much you trade in any given month.

Questrade offers a number of different ways to fund your account, including bank wire and transferring from another brokerage. Most methods will see your account funded within 1-2 business days, while a transfer from another brokerage can take anywhere from 10-20 business days.

Questrade offers a number of different ways to lock down your account from hackers, including 2-factor authentication and Biometric ID.

-

If you want a managed solution and don't have time to pick stocks or other assets, Questrade offers something called the Questwealth Portfolios.

These are like mutual funds, as they are a basket of assets that are picked by Questrade's experts.

The difference, however, is the fact that Questrade only charges annual fees of 0.25% (down to 0.20% over $100k in assets), which compared very favourable to the mutual fund industry.

As a matter of fact, Questrade estimates that an initial deposit of $20,000 in their Questwealth Portfolios would generate $40,000 in outperformance compared to mutual funds over a 30 year period, strictly due to the fees along (mutual funds can charge 1% per year and even higher).

-

Questrade is the largest independent fintech in Canada. Over 30,000 accounts are opened every year at Questrade, and there are 100+ customer service agents on standby to help you.

The company has a very fast account opening and funding process - you should be up and running, with a funded account, within just a couple of business days. If you have any questions, Questrade is available by phone, email or chat. If you want to take to somebody in person at one of their offices, Questrade can arrange that as well.

-

I have recommended Questrade to friends and family - let's take a look at a couple of the company's testimonials that are posted on their Youtube channel:





You are absolutely capable of managing your own money - mutual funds take far too much money every year (most of them, anyways), which will result in some serious underperformance in your portfolio over time. You can do it.

Here is a list of the assets that you can trade through Questrade:

Stocks
Etfs
Options
Forex
CFDs
Mutual funds
Bonds
GICs
International Equities
IPOs
Precious Metals

Whether you want a typical margin brokerage account, or TFSA or RESP or RRSP, Questrade can give you whatever you need.

Lastly, I wanted to say that Questrade is also a company that is legitimately trying to make the world a better place.

-

How did my time with Questrade start?

Back in 2001, I was using a company called CyberTrader to trade with.

One day I woke up and CyberTrader told me that my account had been temporarily suspended. What had happened?

It turns out that the bigger banks and full service brokers in Canada had gone to regulators to request that they enforce a rule that requires stock brokers that serve Canadian customers to have a physical office in Canada. CyberTrader didn't have an office in Canada, so my account was temporarily suspended.

Questrade, which had started in 1999, and CyberTrader worked out a deal in which CyberTrader's Canadian customers would be taken over by Questrade.

There is absolutely no reason why you can't manage money for yourself at an online brokerage such as Questrade. The days of having to hire somebody to manage your money for you are over - you can easily do this for yourself, without paying the fees involved with using a money manager.

Paying 1-2% per year doesn't sound like much, though it can potentially add up to 10s or even 100s of thousands of dollars over the long term.

With just a few hours per month, you can construct a portfolio that doesn't have to pay out 1-2% per year. Signing up with a brokerage like Questrade is a great way to get started on that journey.

If you want to deal with a Canadian company that employs Canadians and has a long operating history for an online brokerage, Questrade is a very good choice, based on my personal experience with the company.