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Questrade is known to have a transparent and competitive fee structure that helps its users save their money on unnecessary payments and commissions. While that is definitely true, the case seems to be a little more complicated. The thing is, the broker’s conditions may differ for users from Canada and foreigners. To help you make some sense of these distinctions and the trading conditions Questrade offers, we’ve complied a brief FAQ with a couple of basic questions.
What is Questrade?
Questrade is a Canadian broker that is a part of the larger Questrade Group which also includes an investment service that helps people save money for education or retirement. It has been at the market for more than 20 years, and it has a reputation as a reliable and user-friendly service for investors and traders. However, Questrade is mainly focused on Canadians: users from any other country have a very limited choice of accounts and are charged with higher fees.
What are the trading instruments?
When it comes to trading instruments, Questrade is remarkably versatile. There are more than a hundred currency pairs, a variety of CFDs and EFTs, and many other instruments on different exchanges: TSX, NASDAQ, NYSE, etc. The broker provides you with access to stock markets in 18 countries, so every trader will be able to find something he would like. However, there’re almost no useful education materials on the site, so you’ll have to learn trading elsewhere.
How competitive are the broker’s fees?
Questrade is known to have really low fees, both trading and non-trading ones. Tax-free saving accounts don’t have to pay monthly fees which can be as high as $50 with other brokers. There is also no fee for creating an account, and the Questrade fees for trading operations exist in the range between $4.95 and $9.95, which is a really interesting offer. There’re also absolutely no hidden commissions for things you don’t need.
What are the basic trading conditions?
The broker allows a wide variety of trading strategies to be implemented, and you can use both technical and fundamental analysis methods to earn. The broker even gives you several useful tools to monitor markets and keep track of the current economic news. The minimum deposit is just $1, and the leverage is limited by 1:20. And if you’re unsure whether you want to choose Questrade as your broker, there is a demo account for you to test the conditions.