Questrade Review

As a platform that is quickly becoming a go-to choice for many self-directed investors in Canada, QuestTrade has been receiving a significant amount of attention for its low fees and user-friendly interface. This review will delve into the platform’s core features, including its account types, trading platforms, fees, and customer service. By exploring these aspects, we aim to provide a holistic understanding of what sets QuestTrade apart from its competitors and why it might be the right choice for you.

Questrade Account Types

QuestTrade offers various account types to cater to the diverse needs of investors. These include:

  1. Individual Margin Accounts: This is a basic account that allows investors to trade stocks, ETFs, options, and more using borrowed money or leverage.
  2. Registered Retirement Savings Plans (RRSP): An account designed for retirement savings, offering tax benefits and investment options similar to Individual Margin Accounts.
  3. Tax-Free Savings Accounts (TFSA): A flexible account that allows Canadians to save and invest tax-free.
  4. Registered Education Savings Plans (RESP): An account designed to help save for a child’s education, offering tax advantages and government grants.
  5. Forex & CFDs Accounts: For those interested in forex and contract for difference (CFD) trading.

Trading Platforms

QuestTrade offers three primary trading platforms, each designed to cater to a different level of trading expertise and needs:

  1. QuestTrade Trading: This web-based platform is designed for beginners and casual traders. Its user-friendly interface allows for quick and efficient trading, with features like watchlists, basic charting tools, and real-time quotes.
  2. IQ Edge: A desktop-based platform for advanced traders, IQ Edge offers customizable workspaces, advanced charting, and technical analysis tools. Additionally, it provides access to more complex order types, such as conditional orders and multi-leg option strategies.
  3. Questrade Mobile: A mobile app available for iOS and Android devices, Questrade Mobile offers trading on-the-go, making it easy to monitor positions and execute trades from anywhere.

Questrade Fees

One of the most significant advantages of QuestTrade is its competitive fee structure. The platform offers commission-free ETF purchases, which is a significant draw for investors who focus on a passive investment strategy. However, selling ETFs and trading stocks incur a fee of $0.01 per share, with a minimum fee of $4.95 and a maximum of $9.95 per trade. This fee structure makes QuestTrade an attractive option for those who trade less frequently or in smaller volumes.

Options trading is also competitively priced, with a fee of $9.95 per trade plus $1 per contract. Forex and CFD trading fees vary depending on the product but are generally competitive within the industry.

QuestTrade’s inactivity fee of $24.95 per quarter is a noteworthy downside. However, this fee can be avoided by making at least one trade per quarter or maintaining a combined account balance of at least $5,000.

Customer Service

QuestTrade’s customer service is generally well-regarded by its users. Support is available through various channels, including phone, live chat, and email. The platform’s customer service team is knowledgeable and responsive, addressing most concerns in a timely manner.

However, some users have reported longer wait times during periods of high market volatility or when trying to reach a representative over the phone. In such cases, it may be more efficient to use the live chat or email support options.

Education and Research

QuestTrade provides a range of educational resources for investors, including webinars, video tutorials, and articles. These resources cater to both beginners and more experienced traders, covering topics such as investment strategies, market analysis, and platform features.

The platform also offers a variety of research tools including analyst reports, market data, and news updates. These tools can be invaluable for investors looking to make informed decisions about their trades. QuestTrade also provides access to third-party research from providers like Morningstar, ensuring that users have comprehensive information at their fingertips.


QuestTrade takes the security of its platform and client information seriously. The platform uses industry-standard encryption to protect sensitive data, and it employs two-factor authentication (2FA) to ensure the security of user accounts. Additionally, QuestTrade is a member of the Canadian Investor Protection Fund (CIPF), which provides coverage of up to CAD 1 million per account in case of insolvency.

Pros and Cons of Questrade


  1. Competitive fees, especially for ETF purchases and smaller volume trades.
  2. A range of account types catering to various investor needs.
  3. User-friendly web and mobile trading platforms, with advanced options for experienced traders.
  4. Access to educational resources and research tools.
  5. Strong security measures and CIPF coverage.


  1. Inactivity fee for less active traders, although it can be easily avoided.
  2. Customer service wait times can be longer during periods of high market volatility.
  3. No mutual fund trading options available.


QuestTrade has made a name for itself as a reliable and cost-effective online trading platform for Canadian investors. With its competitive fee structure, diverse account types, and user-friendly platforms, it is well-suited to accommodate the needs of both beginners and more experienced traders.

The platform’s educational resources and research tools further bolster its appeal, providing investors with valuable information to make informed decisions. While the inactivity fee may be a drawback for some, it can be easily avoided, making it a minor concern for most users.

Overall, QuestTrade is a strong choice for self-directed investors in Canada. Its competitive pricing, user-friendly interface, and wealth of resources make it a popular option for those looking to take control of their investments. Earns Commissions From Some Products, See Our Disclaimer For Information.