Questrade Review – Unbiased Pros & Cons Revealed

Overall, Questrade is very competitive in terms of its trading fees and spreads. Their spreads are low compared to other regulated brokers, and there are no hidden trading fees. Questrade is headquartered in Toronto, Canada.

Questrade at a glance

Overall Rating

• 4.0/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 1000

Regulators

IIROC

Trading Platform

IQ Edge Platform, Proprietary Platform

Crypto

No

Total Pairs

110

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Questrade Review Revealed – A Key 20 – Point Quick Overview

1. ✅Questrade Overview
2. ✅Questrade Sign-up Bonus
3. ✅Questrade Referral Bonus
4. Questrade Minimum Deposit
5. Questrade Account Types
6. Questrade Account Features
7. How to open a Questrade Trading Account – Step by Step
8. Questrade Demo Account
9. Questrade Islamic Account
10. Questrade Fees and Spreads
11. Questrade Additional Trading Fees
12. Questrade Deposit fees and deposit methods
13. A step-by-step guide to depositing the Questrade minimum amount
14. Questrade Trading Platforms
15. Questrade Current Popularity Trends
16. Questrade Review Pros and Cons
17. Questrade Customer Reviews
18. Conclusion
19. Disclaimer
20. Frequently Asked Question

Questrade Overview

According to research in South Africa, Questrade – the broker is authorized and regulated strictly by the reputable, well-known IIROC. Established in 1999, Questrade is a well-regarded Canadian online Forex broker that provides access to a wealth of popular asset classes at extremely competitive rates. As such, spreads on Forex and CFDs are offered as low as 0.08 pips, while commissions are charged at variable rates depending on the instrument traded.

Clients of Questrade have access to Stocks, ETFs, Forex, Funds, Bonds, Options, and CFDs, which can be traded on two advanced proprietary platforms. The IQ Edge Platform from Questrade provides a fully customizable trading environment, advanced order types, and other built-in features that make this downloadable platform a smart option for traders seeking a more advanced trading environment.

The Questrade Global platform offers personalized watchlists with fast access to the markets on award-winning trading software. Questrade also provides a broad selection of additional third-party trading tools, including the Intraday Trader tool and access to an IPO Centre.

Questrade offers a variety of different account options. These include the Individual Forex and CFDs Account, Joint Forex and CFDs Account, Individual Margin Account, Joint Margin Account, Corporate Account, and the TFSA Account. A demo option is available that allows users to evaluate the trade features of the broker’s trading platforms along with the trading conditions for each account. Questrade does however not have an Islamic Account offer.

An account can be opened with Questrade with a minimum deposit of $1000, which is somewhat higher than the deposit requirements of many other brokers. To this end, Questrade appears to position itself more towards experienced investors and traders who wish to invest with higher sums of money, and who will certainly enjoy the broker’s advanced trading features and excellent customer support.

Overall Rating

• 4.0/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 1000

Regulators

IIROC

Trading Platform

IQ Edge Platform, Proprietary Platform

Crypto

No

Total Pairs

110

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Questrade Sign-up Bonus

Traders who choose to register for a real account with Questrade will not receive a welcome bonus. Questrade is a well-established Canadian brokerage that is highly regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

As a well-regulated broker, Questrade may be restricted from offering broker bonuses to both new and existing customers. Questrade also appears to focus on creating more competitive trading conditions as an incentive for new traders to open an account. With some brokers, once an account has been opened with a Forex broker, clients will have access to trading of currency pairs, and will therefore have to incur some expense for this trading.

The bonus is just a way for the broker to reward the trader’s choice and give all or some of these expenses back to the trader. New traders should note however these bonuses are not available on demo accounts, though many brokers do offer the opportunity to sign up for a free demo contest, with prizes available.

Questrade Referral Bonus

Questrade does not offer any type of partnership program through which loyal customers can earn commissions. Also referred to as referral bonuses, these allow existing traders of a given broker to earn greater rewards through referring a friend to a broker. The trader is compensated by the broker when this referral results in the friend signing up for a real account.

Questrade Affiliate Program

Become a Questrade affiliate and help clients keep more of their money. As a Questrade affiliate, you’ll receive a set fee which is based on how many of your referrals open a new self-directed account. Questrade offers $70 cash for every referred customer

Questrade Minimum Deposit

The minimum deposit amount required to open a broker account with Questrade is $1000. This is a much higher minimum deposit requirement than that of many other brokers, who typically require first deposits of between $50 and $100.

Questrade Account Types

Questrade offers a variety of different account options. These include the Individual Forex and CFDs Account, Joint Forex and CFDs Account, Individual Margin Account, Joint Margin Account, Corporate Account, and the TFSA Account.

Questrade Account Features

Individual Forex and CFD Account

Joint Forex and CFD Account

Individual Margin Account

Joint Margin Account

Corporate Account

Tax-Free Savings Account

How to open a Questrade Trading Account – Step by Step

Opening an account with Questrade is a straightforward process that will consist of the following steps:

Step 1 – Visit the official Questrade website and select the option to register.

Select “Open An Account” from the homepage to proceed to the application process.

Step 2 – Select preferred Questrade account type

Select your preferred account type. Opening multiple accounts at once is possible

Step 3 – Create Questrade id 

Give your personal information, which includes, First name, last name, email address, and country of residence.

Step 4 – Provide Personal, Employment, Financial, and Citizenship information

Questrade requires the following information before opening an account which includes country of residence, citizenship, Social Insurance Number, and employment information

Step 4 – Set up Questrade account

The next step will require traders to click on “Set up account” to begin the process of setting up a Questrade trading account.

Step 5 – Answer Questrade account questions

The first step requires traders to answer Questrade questions such as the account details consent and communication, persons with financial interests and agreements

Step 6 – Sign and submit Questrade documents

Sign and submit the Questrade terms and conditions agreement documentation.

E-sign Questrade documents required:

Step 7 – Fund Questrade Account

Review and confirm the information. Read and accept the terms and conditions

Deposit funds into your account to start trading.

Questrade Demo Account

Questrade Trading and IQ Edge offer you access to trading stocks, ETFs, and options on a wide variety of North American markets including the TSX, NYSE, NASDAQ, and more. You start with $500,000 CAD and USD in virtual cash, and the practice account uses simulated market data from the previous trading day.

Questrade Islamic Account

Questrade does not offer the option of an Islamic Account at this stage. This is a drawback since an Islamic account fulfills a significant role for traders of the Muslim faith. Also known as ‘no swap accounts,’ Islamic trading accounts allow Muslims to engage in online forex trading in compliance with Sharia law.

With 25% of the world’s population practicing the Islamic faith, Islamic forex trading has continued to gain popularity worldwide. Essentially, an Islamic forex trading account charges no swap or rollover interest on positions held overnight in the forex market. An administration fee is, however, charged on some accounts to open positions.

Questrade Fees and Spreads

Traders with Questrade can expect the following spread list: With Questrade, you get competitive pricing on over 110 currency pairs with target spreads of as low as 0.8 pips under normal market conditions.

Keep in mind that the total transaction cost of an FX trade consists of the trading spread you pay, which may vary from the target spread. These tight spreads are also available on CFDs. Commissions are charged at a variable rate depending on the asset traded, and are also competitive:

▶ Stocks: 1c per share

▶ ETFs: Free

▶ Options: trade for $9.95 + $1 / contract

Questrade Additional Trading Fees

Questrade charges swap fees, also referred to as overnight fees, on positions held open overnight. These accrue as interest which can be either debited from or credited to the trader, depending on the nature of the position. An Islamic, or swap-free account, is not offered to traders of the Muslim faith, for whom this type of interest is prohibited under Sharia law.

Questrade Deposit fees and deposit methods

Questrade offers a variety of different deposit methods, which include the following:

In terms of deposit currencies, Questrade only accepts two types of deposit currencies, namely USD and CAD. Traders depositing in currencies not supported, or in smaller currencies like ZAR/Rand, will likely incur conversion fees. In terms of deposit security, Questrade is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

In terms of this regulation, clients of Questrade customers are covered as a member of CIPF, as they are eligible for the CAD 1 million coverage offered by CIPF. Added to this, all accounts are covered by additional insurance up to CAD 10 million.

In terms of fees, Questrade does not charge deposit fees. However, a withdrawal fee is charged on wire transfers, which amounts to between $20-40. Since only wire transfers are available to non-Canadian residents, this can be a hefty fee for those residing elsewhere in the world.

A step-by-step guide to depositing the Questrade minimum amount

The following steps are required to fund your account with Questrade:

Step 1 – Log in to your  Questrade account

Log in to your account, select the drop-down menu under the ‘Accounts’ tab, and click on ‘Accounts’

 Step 2 – Select Payments and Deposit

Once the traders log into their member’s area and select “deposit funds” and choose the method of deposit.

Step 3 – Choose the account to deposit into, the amount, currency, and method

Confirm your deposit

Questrade Trading Platforms

Trading platforms serve as the trading environment, or vehicle, through which transactions are executed and brokers may offer a variety of trading platforms, or they may rely on their own proprietary in-house trading platform which is tailored to their trading conditions.

Trading platforms differ in the same way that brokers differ, and not all trading platforms are designed to facilitate multi-asset trading, traders will therefore need to ensure that both the broker and trading platform can cater for their trading needs.

Questrade makes provision for the following trading platforms:

▶ Questrade proprietary trading platform

▶ Questrade mobile application, and IOS

▶ IQ Edge Platform

Questrade vs Olymp Trade vs Juno Markets - A Comparison

Top Countries by Similar Web - Questrade

Questrade Current Popularity Trends

According to Google Trends, here is an overview of how frequently the search term – “Questrade” is entered into Google’s search engine over a given period of time.

Questrade Review Pros and Cons

Questrade Customer Reviews

Best Broker

Questrade is the best broker..Fast depo, fast profit & fast withdraw .. good job ..100% Recommended! – Thomas

Must Join

I double my investment in 6 months, with excellent customer service! Good CFD and ECN trading – Minnie

Questrade’s Affiliate Program

I enjoy the opportunities to earn an income through Partnership programs offered by forex brokers, Check it out! – Bob

You might also like: Questrade Sign Up Bonus

You might also like: Questrade Account Types

You might also like: Questrade Demo Account

You might also like: Questrade Fees and Spreads

You might also like: Questrade Minimum Deposit

Overall Rating

• 4.0/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 1000

Regulators

IIROC

Trading Platform

IQ Edge Platform, Proprietary Platform

Crypto

No

Total Pairs

110

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Conclusion

Overall, When considering that Questrade does not quite complete in the same way as other brokers with its trading conditions, the approach towards trading really sets them apart from their peers. Questrade is an all-encompassing broker which provides not only trade in various financial markets but offers a solution for all-around management of any, and all, investments.

The pricing is substantially different when compared to other brokers, but it is transparent with no hidden costs or fees and solutions that cater to the budget of any trader in conjunction to their trading needs and objectives, whichever they may be.

Although Questrade does not support the use of MetaTrader, the trading platforms offered are comprehensive in catering to the trading and investing needs of various traders despite their experience, skill, or knowledge.

Disclaimer

Margined and leveraged financial instruments pose certain risks that not all traders can mitigate or tolerate and thus traders will have to evaluate their exposure to risk along with their willingness to be exposed to substantial risks. Traders need to ensure that they can accommodate risks and that they can minimize such through risk management protocols and tools.

Financial instruments are subjected to changes in price movements and therefore speculation on the direction of these price movements may expose traders to substantial risks that may lead to losses that exceed initial deposits.

Overall Rating

• 4.0/5

Read Review

OPEN AN ACCOUNT

Min Deposit

USD 1000

Regulators

IIROC

Trading Platform

IQ Edge Platform, Proprietary Platform

Crypto

No

Total Pairs

110

Islamic Account

No

Trading Fees

Low

Account Activation

24 Hours

Frequently Asked Question

Does Questrade manipulate the market?

No, Questrade does not manipulate the market, Questrade is a regulated broker.

Which platforms are supported by Questrade?

Questrade provides the following popular trading platforms:

• Questrade proprietary trading platform
• Questrade mobile application, and
• IQ Edge Platform

Is Questrade Legit?

Yes, Questrade is regulated and authorized by The Investment Industry Regulatory Organization of Canada  IIROC.

For which type of trader is Questrade best suited?

Questrade offers its services to both beginners and experts.

What is the overall rating out of 10 for Questrade?

8/10