{"id":1105,"date":"2023-11-17T01:58:50","date_gmt":"2023-11-17T01:58:50","guid":{"rendered":"http:\/\/localhost\/mrc_blog\/investing\/questrade-review-2021-what-you-need-to-know\/"},"modified":"2023-11-24T05:18:57","modified_gmt":"2023-11-24T05:18:57","slug":"questrade-review","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/","title":{"rendered":"Questrade Review: What you need to know"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#Questrade_Review\" title=\"Questrade Review\">Questrade Review<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#Overview\" title=\"Overview\">Overview<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#Products_and_Services_Offered\" title=\"Products and Services Offered\">Products and Services Offered<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#Advantages_of_Questrade\" title=\"Advantages of Questrade\">Advantages of Questrade<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#Disadvantages_of_Questrade\" title=\"Disadvantages of Questrade\">Disadvantages of Questrade<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#i-2\" title=\"\u00a0\">\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#How_does_Questrade_compare_to_the_competition\" title=\"How does Questrade compare to the competition?\">How does Questrade compare to the competition?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#FAQs_-_Questrade\" title=\"FAQs \u2013 Questrade\">FAQs \u2013 Questrade<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#What_you_need_to_open_a_Questrade_account\" title=\"What you need to open a Questrade account?\">What you need to open a Questrade account?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#_Is_Questrade_secure\" title=\"\u00a0Is Questrade secure?\">\u00a0Is Questrade secure?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#_How_is_Questrade_Customer_Service\" title=\"\u00a0How is Questrade Customer Service?\">\u00a0How is Questrade Customer Service?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/#Is_Questrade_right_for_me\" title=\"Is Questrade right for me?\">Is Questrade right for me?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1105\" class=\"elementor elementor-1105\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-300b9ac3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"300b9ac3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7e3ce277\" data-id=\"7e3ce277\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-40134958 elementor-widget elementor-widget-text-editor\" data-id=\"40134958\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"Questrade_Review\"><\/span>Questrade Review<span class=\"ez-toc-section-end\"><\/span><\/h2><p>Questrade is an online brokerage and wealth management firm that opened its doors in 1999. To this day, the organization continues to be Canada&#8217;s largest discount broker and fastest growing virtual brokerage firm. They manage $20 billion in assets and, in 2019, they had applied for federal banking licensing. While they do not currently offer banking services, their position as a competitive financial institution in Canada is steady and growing. Questrade was the first broker to offer severely reduced fees for trading at $4.95 commissions and no expense purchase of North American ETFs. They have maintained their position as one of Canada&#8217;s strongest low-cost and optimal online brokers, becoming the largest independent broker in the country. Their discounted fee model attracts investors who understand fees eat into profit margins. These savvy investors use Questrade to maximize their investments, learn more below.<\/p><h2><span class=\"ez-toc-section\" id=\"Overview\"><\/span>Overview<span class=\"ez-toc-section-end\"><\/span><\/h2><p>Questrade offers intuitive <a class=\"wpil_keyword_link \" href=\"https:\/\/myratecompass.ca\/blog\/investing\/\"  title=\"investing\" data-wpil-keyword-link=\"linked\">investing<\/a> platforms which allows both new and expert investors to trade a wide range of investment types. They have web-based, desktop, and mobile platforms which are thematically designed to offer streamlined user experience between each platform. While this discount broker can service a wide range of investments, the platform is completely self-directed.<\/p><p>This online broker manages to cut operational costs by having no in-person locations.They forward these savings to their clients through low fees. To this day,<br \/>Questrade has some of the lowest fees of any broker in Canada, with no yearly<br \/>fees and free ETF purchases. There are additional savings for investors who<br \/>regularly trade on their platform and maintain minimum amounts of money in<br \/>trading accounts. Although, as of October 1, 2020, Questrade does not charge<br \/>inactivity fees on any accounts.<\/p><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"Products_and_Services_Offered\"><\/span>Products and Services Offered<span class=\"ez-toc-section-end\"><\/span><\/h2><p>Questrade allows individuals to invest in the full range of market investments. They<br \/>allow for stock trading, ETF trading, stock option trading, mutual fund investments,<br \/>bond investments, and Guaranteed Investment Certificates (GICs). Questrade<br \/>allows traders to invest using a variety of accounts, including\u00a0<a href=\"https:\/\/myratecompass.ca\/savings-accounts\/rrsp\">RRSPs<\/a>,\u00a0<a href=\"https:\/\/myratecompass.ca\/savings-accounts\/tfsa\">TFSAs<\/a>,<br \/>RESPs, and non-registered accounts. Below are the various fees for each type of<br \/>investment on Questrade.<\/p><p><span lang=\"EN-CA\" style=\"font-size: 12.0pt; line-height: 107%;\">\u00a0<\/span><\/p><table style=\"width: 467pt; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\" border=\"0\" width=\"623\" cellspacing=\"0\" cellpadding=\"0\"><thead><tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes; height: 18.95pt;\"><td style=\"border: solid #B2C1C6 1.0pt; mso-border-alt: solid #B2C1C6 .75pt; background: transparent; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p style=\"text-align: center;\" align=\"center\"><b><span lang=\"EN-CA\">Product<\/span><\/b><\/p><\/td><td style=\"border: solid #B2C1C6 1.0pt; border-left: none; mso-border-left-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: transparent; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p style=\"text-align: center;\" align=\"center\"><b><span lang=\"EN-CA\">Trading Fees<\/span><\/b><\/p><\/td><\/tr><\/thead><tbody><tr style=\"mso-yfti-irow: 1; height: 18.95pt;\"><td style=\"border: solid #B2C1C6 1.0pt; border-top: none; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">Stocks<\/span><\/p><\/td><td style=\"border-top: none; border-left: none; border-bottom: solid #B2C1C6 1.0pt; border-right: solid #B2C1C6 1.0pt; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-left-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">$0.01<br \/>charge per share, with a minimum charge of $4.95 to maximum charge of $9.95<br \/>per trade.<\/span><\/p><\/td><\/tr><tr style=\"mso-yfti-irow: 2; height: 30.95pt;\"><td style=\"border: solid #B2C1C6 1.0pt; border-top: none; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 30.95pt;\"><p><span lang=\"EN-CA\">ETFs<\/span><\/p><\/td><td style=\"border-top: none; border-left: none; border-bottom: solid #B2C1C6 1.0pt; border-right: solid #B2C1C6 1.0pt; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-left-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 30.95pt;\"><p><span lang=\"EN-CA\">Purchase<br \/>ETFs for free. When selling ETFs, $0.01 charge per share, with a minimum<br \/>charge of $4.95 to maximum charge of $9.95<\/span><\/p><\/td><\/tr><tr style=\"mso-yfti-irow: 3; height: 18.95pt;\"><td style=\"border: solid #B2C1C6 1.0pt; border-top: none; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">Options<\/span><\/p><\/td><td style=\"border-top: none; border-left: none; border-bottom: solid #B2C1C6 1.0pt; border-right: solid #B2C1C6 1.0pt; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-left-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">$9.95<br \/>+ $1 per option contract<\/span><\/p><\/td><\/tr><tr style=\"mso-yfti-irow: 4; height: 18.45pt;\"><td style=\"border: solid #B2C1C6 1.0pt; border-top: none; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.45pt;\"><p><span lang=\"EN-CA\">Mutual<br \/>Funds<\/span><\/p><\/td><td style=\"border-top: none; border-left: none; border-bottom: solid #B2C1C6 1.0pt; border-right: solid #B2C1C6 1.0pt; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-left-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.45pt;\"><p><span lang=\"EN-CA\">$9.95<br \/>per mutual fund trade<\/span><\/p><\/td><\/tr><tr style=\"mso-yfti-irow: 5; height: 18.95pt;\"><td style=\"border: solid #B2C1C6 1.0pt; border-top: none; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">Bonds<br \/>&amp; GICS<\/span><\/p><\/td><td style=\"border-top: none; border-left: none; border-bottom: solid #B2C1C6 1.0pt; border-right: solid #B2C1C6 1.0pt; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-left-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">Minimum<br \/>$5,000 purchase, carries no charge; fees may apply if bonds and GICs are withdrawn<br \/>early<\/span><\/p><\/td><\/tr><tr style=\"mso-yfti-irow: 6; height: 21.65pt;\"><td style=\"border: solid #B2C1C6 1.0pt; border-top: none; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 21.65pt;\"><p><span lang=\"EN-CA\">International<br \/>Equities<\/span><\/p><\/td><td style=\"border-top: none; border-left: none; border-bottom: solid #B2C1C6 1.0pt; border-right: solid #B2C1C6 1.0pt; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-left-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 21.65pt;\"><p><span lang=\"EN-CA\">1%<br \/>of the trade value (min. $195.00 plus applicable exchange or stamp fees)<\/span><\/p><\/td><\/tr><tr style=\"mso-yfti-irow: 7; height: 18.95pt;\"><td style=\"border: solid #B2C1C6 1.0pt; border-top: none; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">IPOs<br \/>&amp; New Issues<\/span><\/p><\/td><td style=\"border-top: none; border-left: none; border-bottom: solid #B2C1C6 1.0pt; border-right: solid #B2C1C6 1.0pt; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-left-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">Minimum<br \/>$5,000 purchase, carries no charge<\/span><\/p><\/td><\/tr><tr style=\"mso-yfti-irow: 8; mso-yfti-lastrow: yes; height: 18.95pt;\"><td style=\"border: solid #B2C1C6 1.0pt; border-top: none; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">Precious<br \/>Metals<\/span><\/p><\/td><td style=\"border-top: none; border-left: none; border-bottom: solid #B2C1C6 1.0pt; border-right: solid #B2C1C6 1.0pt; mso-border-top-alt: solid #B2C1C6 .75pt; mso-border-left-alt: solid #B2C1C6 .75pt; mso-border-alt: solid #B2C1C6 .75pt; background: #F8F8F8; padding: 6.0pt 6.0pt 6.0pt 6.0pt; height: 18.95pt;\"><p><span lang=\"EN-CA\">$19.95<br \/>USD per precious metal trade<\/span><\/p><\/td><\/tr><\/tbody><\/table><p style=\"margin-top: 12.0pt;\"><span lang=\"EN-CA\" style=\"font-size: 12.0pt; line-height: 107%;\">\u00a0<\/span><\/p><p>Questrade offers market data packages: Basic, Enhanced, and Advanced.\u00a0The<br \/>Basic package offers limited information for free with any Questrade account.<br \/>The Enhanced package, which costs $19.95 per month, gives investors access to<br \/>live-streamed data on trades and the opportunity to receive a $19.95 rebate<br \/>when $48.95 is spent on trading commissions. The Advanced package, which costs<br \/>$89.95 per month, provides additional live-streamed data, preferred active<br \/>trader pricing, and the opportunity to receive a $89.95 rebate when $399.95 is<br \/>spent on trading commissions.<\/p><p>Furthermore, there are two Advanced packages, one for US trading and one for Canadian trading. Both cost $89.95 per month, however, in the respective country&#8217;s currency. Once you have one Advanced account, you can add-on the other for a fee. With an Advanced data package, investors also unlock fixed and variable fees for stocks, options, and ETFs. Fixed fees offer savings when buying a large number of stocks, while variable fees offer savings when buying a small number of stocks.<\/p><p>Questrade also offers foreign exchange (Forex) and CFD trading on a separate platform. Both platforms are designed the same way the regular Questrade platform is designed, they are user friendly and customizable.<\/p><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"Advantages_of_Questrade\"><\/span>Advantages of Questrade<span class=\"ez-toc-section-end\"><\/span><\/h2><p>\u00d8\u00a0\u00a0<strong>Low fees.<\/strong>\u00a0Questrade was the first<br \/>discount online broker, they still offer some of the lowest fees in the market.<\/p><p>\u00d8\u00a0\u00a0<strong>No account fees.<\/strong>\u00a0They no longer have any<br \/>fees for accounts. Prior to October 1, 2020, Questrade charge inactivity fees<br \/>every quarter, but have since eliminated this fee.<\/p><p>\u00d8\u00a0\u00a0<strong>Free ETF trades.<\/strong>\u00a0ETFs are free to purchase<br \/>through Questrade.<\/p><p>\u00d8\u00a0\u00a0<strong>Currency flexibility.<\/strong>\u00a0Ability to trade in US<br \/>dollars in registered Canadian accounts. There is no currency conversion fees,<br \/>if you trade and hold with both USD and CAD on registered accounts.<\/p><p>\u00d8\u00a0\u00a0<strong>User friendly.<\/strong>\u00a0Easy to use intuitive<br \/>online, desktop and mobile platforms.<\/p><p>\u00d8\u00a0\u00a0<strong>Insured.<\/strong>\u00a0Questrade customer<br \/>accounts are insured by the Canadian Investor Protection Fund for up $10<br \/>million per account.<\/p><h2><span class=\"ez-toc-section\" id=\"i\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2><h2><span class=\"ez-toc-section\" id=\"Disadvantages_of_Questrade\"><\/span>Disadvantages of Questrade<span class=\"ez-toc-section-end\"><\/span><\/h2><p>\u00d8\u00a0\u00a0<strong>Data is extra.<\/strong>\u00a0Live-streamed stock<br \/>monitoring is only available with pricey monthly subscription of $19.95 to<br \/>$89.95 per month.<\/p><p>\u00d8\u00a0\u00a0<strong>Limited platform education<\/strong>. Questrade offers an informative<br \/>YouTube channel with some information on their platforms, but they heavily rely<br \/>on their simple and intuitive design.<\/p><p>\u00d8\u00a0\u00a0<strong>Residency status.<\/strong>\u00a0Must be a Canadian or US<br \/>resident to trade on Questrade<\/p><h2><span class=\"ez-toc-section\" id=\"i-2\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2><h2><span class=\"ez-toc-section\" id=\"How_does_Questrade_compare_to_the_competition\"><\/span>How does Questrade compare to the competition?<span class=\"ez-toc-section-end\"><\/span><\/h2><p>Since 1999, Questrade has dominated and nearly monopolized the discount online broker market. Up until 2019, their only real competition were the broker services of big banks, which would not have appealed to the modern investor because of the large trading costs they have. While using a big bank&#8217;s brokerage service may<br \/>have appeal to a portion of the investor market, even they have a soft spot for<br \/>discount broker services.<\/p><p>In 2019, Wealthsimple launched a mobile app called Wealthsimple Trade. This<br \/>company has become the main competitor of Questrade. Wealthsimple Trade is a<br \/>no-cost discount broker. While they only trade on limited markets and give a<br \/>preference to Canadian-listed assets, they have quickly gained the appeal of<br \/>many investors. Wealthsimple Trade only allows for limited account types, personal<br \/>(non-registered accounts), TFSAs or RRSPs are their only options. A huge benefit<br \/>of Wealthsimple is the amount of educational information they publish on their website;nthey are extremely interactive. They want new investors to use their platform and have easy access to the information they need to succeed.<\/p><p>Questrade on the other hand, allows for the purchase of nearly all types of investments and allows for a wide variety of accounts to be used with their brokerage services. While educational resources aren&#8217;t the greatest with Questrade, much of this information can be found online through research.<\/p><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"FAQs_-_Questrade\"><\/span>FAQs \u2013 Questrade<span class=\"ez-toc-section-end\"><\/span><\/h2><h3><span class=\"ez-toc-section\" id=\"What_you_need_to_open_a_Questrade_account\"><\/span><strong><span style=\"font-size: 16px;\">What you need to open a Questrade account?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Opening a Questrade account is done completely online. You will be asked to provide the following information:<br \/>email address, name, phone number, home address, Social Insurance Number (SIN), and a government issued photo ID.<\/p><h3><span class=\"ez-toc-section\" id=\"_Is_Questrade_secure\"><\/span><strong><span style=\"font-size: 16px;\">\u00a0Is Questrade secure?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Questrade follows strict data management procedures to ensure privacy of data and finances. They have up to $10 million in insurance and reimburse 100% of losses from unauthorized transactions.<\/p><h3><span class=\"ez-toc-section\" id=\"_How_is_Questrade_Customer_Service\"><\/span><strong><span style=\"font-size: 16px;\">\u00a0How is Questrade Customer Service?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Questrade can be reached at 1-888-783-7866, by email, or via secure line. Live brokers are also available during markets hours.<br \/>While Questrade responds to emails in 1-3 days, they do take some time to respond and have limited hours for full service throughout the day.\u00a0\u00a0<\/p><h3><span class=\"ez-toc-section\" id=\"Is_Questrade_right_for_me\"><\/span><strong><span style=\"font-size: 16px;\">Is Questrade right for me?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>This discount online broker is certainly a good choice for online trading, particularly if you want to learn as you go. The main competitor outside of the big banks is Wealthsimple. When deciding how to manage your investments, always consider your goals and lifestyle.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> Questrade Review Questrade is an online brokerage and wealth management firm that opened its doors in 1999. To this day, the organization continues to be Canada\u2019s largest discount broker and fastest growing virtual brokerage firm. They manage $20 billion in assets and, in 2019, they had applied for federal banking licensing. While they do not&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/investing\/questrade-review\/\">Continue reading <span class=\"screen-reader-text\">Questrade Review: What you need to know<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":1132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[12],"tags":[21],"class_list":["post-1105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0-375x250.jpg",375,250,true]},"post_excerpt_stackable":"<p>Table of Contents Questrade ReviewOverviewProducts and Services OfferedAdvantages of Questrade\u00a0Disadvantages of Questrade\u00a0How does Questrade compare to the competition?FAQs \u2013 QuestradeWhat you need to open a Questrade account?\u00a0Is Questrade secure?\u00a0How is Questrade Customer Service?Is Questrade right for me? Reading Time: 4 Min Questrade ReviewQuestrade is an online brokerage and wealth management firm that opened its doors in 1999. To this day, the organization continues to be Canada&#8217;s largest discount broker and fastest growing virtual brokerage firm. They manage $20 billion in assets and, in 2019, they had applied for federal banking licensing. While they do not currently offer banking services, their&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/investing\/\" rel=\"category tag\">Investing<\/a>","author_info":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",924,616,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",924,616,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",924,616,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg",924,616,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0-375x250.jpg",375,250,true]},"post_excerpt_stackable_v2":"<p>Table of Contents Questrade ReviewOverviewProducts and Services OfferedAdvantages of Questrade\u00a0Disadvantages of Questrade\u00a0How does Questrade compare to the competition?FAQs \u2013 QuestradeWhat you need to open a Questrade account?\u00a0Is Questrade secure?\u00a0How is Questrade Customer Service?Is Questrade right for me? Reading Time: 4 Min Questrade ReviewQuestrade is an online brokerage and wealth management firm that opened its doors in 1999. To this day, the organization continues to be Canada&#8217;s largest discount broker and fastest growing virtual brokerage firm. They manage $20 billion in assets and, in 2019, they had applied for federal banking licensing. While they do not currently offer banking services, their&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/investing\/\" rel=\"category tag\">Investing<\/a>","author_info_v2":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/09\/482203d11c78fe9a9f0c92553218c7d0.jpg","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/1105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=1105"}],"version-history":[{"count":11,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/1105\/revisions"}],"predecessor-version":[{"id":6053,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/1105\/revisions\/6053"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/1132"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=1105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=1105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=1105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}