Questrade review

Who Questrade suits

Questrade is an independent online brokerage, not owned by a bank, and its self-directed accounts are built for investors who place their own trades. It suits people who buy Canadian and US stocks and ETFs online, want to hold US dollars without opening a separate account, or need a less common account type such as a family RESP, informal trust or partnership account.

We read the figures below from a Questrade-run copy of its pricing pages because the main site blocked our checks, so confirm them on questrade.com before you open an account.

Trading costs

Questrade lists $0 commissions on online trades of Canadian and US-listed stocks and ETFs, both buying and selling. Fractional shares are available on hundreds of Canadian and US stocks and ETFs in any self-directed account, starting at $1. A few charges still apply:

• ECN fees: may apply to some US orders, such as direct-routed orders, US OTC securities and overnight-session trades
• International equities: 1% of the trade value, charged in US dollars, with a $195.00 minimum
• US equity options: $0 contract fees online on Questrade’s transaction fee page, though some of its other pages still show older per-contract pricing
• Canadian options: $0.99 per contract; US index options: US$0.99 per contract
• Exercising an option: $24.95; assignment is free

Account fees and how to avoid them

Questrade lists no fee to open an account and no account fee on the TFSA, RRSP, FHSA, RESP or RRIF. It says it stopped charging an inactivity fee on October 1, 2020. The fee most people will meet is the $150 charge to transfer an account, in full or in part, to another institution. Questrade runs promotions for new accounts, and the terms change often, so read the current offer on its site rather than relying on older reviews.

Accounts offered

Questrade lists a long menu of account types:

• Tax-sheltered: TFSA, FHSA, RRSP, spousal RRSP, RESP and family RESP
• Retirement and locked-in: RRIF, LIRA, LIF and locked-in RRSP
• Taxable: non-registered, margin and joint accounts
• Business and estate: corporate, partnership, sole proprietorship, informal and formal trust, and estate accounts
• Forex and CFD accounts

Currency exchange and protection

Questrade says all of its accounts are dual-currency, so you can hold Canadian and US dollars side by side and aren’t forced to convert on every trade. In registered accounts this applies unless you’ve chosen to settle everything in Canadian dollars. When you do convert, Questrade lists a 1.5% fee in either direction. Its administrative fee page lists $9.95 per request to journal shares.

Questrade, Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF), with CIPF benefits limited to the activities of Questrade, Inc. CIPF protection applies if a member firm becomes insolvent; it does not cover losses when your investments fall in value.