If you're already convinced, simply click here, or enter the referral code RX4RBZMB when creating an account to receive $50 in free commissions from Questrade.
Stocktrades Questrade Review for 2017 -- Is the popular discount broker still the best?
Selecting a broker is one of the most daunting tasks for a new investor. Nobody wants to be stuck in an agonizing relationship. Bad customer service, high commissions, or unresponsive platforms can cause things to get contentious for traders and investors alike. This is especially true when you are just beginning to learn how to buy stocks. When you're a beginner, you need a platform that works seamlessly to avoid any unnecessary road blocks that can be detrimental to your progression.
But there is always a market leader that does all the right things to cleanly and clearly separate itself from the crowd. Consequently, this winner always has inquiries about its place at the top, or rather the reasons as to why it is there.
Questrade is the leader in the discount brokers market. We receive tons of questions on this broker, which is why we decided to do a Questrade review. Alas, such an analysis is needed as it could be the case that the winner is at the top not due its capabilities, but due to the shortcomings of its competitors.
Who are Questrades competitors?
The market is filled to the hilt with brokers, but generally, Interactive Brokers, Virtual Brokers, Qtrade, Scotia Itrade along with Questrade are among our top 5 picks for brokers in Canada.
However, that analysis is superficial and thus an in-depth review going through the nitty-gritty of a broker’s features is warranted. Such a deep review will be useful for not only new investors but also for those thinking about making a change. So without further ado, let’s dive into our Questrade review for 2017.
How did Questrade come to fruition?
At this point in time, you may be curious about Questrade's path to the top. The firm was established in 1999, a time when almost every broker worldwide would charge a pretty penny for the services that they provide.
In such a market, Questrade came in with a double pointed approach of lower commissions and better service. This is something that was unheard of before. In the following years, it won top honors from the likes of The Globe and Mail, MoneySense Magazine, and Deloitte annual rankings. Questrade also took home Canada’s best-managed company award for several years.
Not being part of the big banks was propitious to the broker. It allowed Questrade to be nimble and agile. This allowed them to access a market which was previously a playground for the rich and famous only. It’s agility also allowed quick reaction to the ever changing market and provide certain investment opportunities (such as ETFs) before the big banks.
**NOTE** Before we jump into this review, keep in mind that some programs are specifically geared towards trading, while others are designed for investing. To avoid any confusion we’ll just define the two:
Investing: Buying and selling securities with the intent of holding for extended periods of time. An example of this type of investor may be someone who invests long term in blue-chip dividend stocks.
Trading: Buying and selling securities with the intent of holding for only short periods of time, possibly weeks, but more so for only days or even hours. An example of this type of investor may be someone who trades penny stocks.
With that clarified we’ll continue. Here is everything you need to know about one of the most attractive online stock brokerages available…
Our Review of Questrade For 2017
Most investors start with good intentions and big dreams until the blood curdling sets in when it comes to creating their trading account. Often due to cumbersome procedures, this can lead the strongest of the strong-willed investors off their path and cause them to dump their dreams into the demoralized investors landfill. Even worse, some may just scurry to their bank and murmuringly accept the high fees charged in exchange for the convenience that comes with opening an account where you already have a checking account.
Setting up an account with Questrade
When it comes to setting up an account Questrade is, however, a black swan in the world of discount brokers. The process is well thought out and keeps the end-user in mind. The end result is an uplifting experience for investors right at the onset. In fact, you can get acquainted with the interface in just 2 minutes by signing up for a practice account.
For the proper account, the setup process does not take more than 20 minutes. We highly recommend that you use the intuitive, streamlined and uncomplicated online setup process. The best part about it? DocuSign technology. All your documents can be electronically signed. What this does is leads to a reduction in unnecessary delays due to legality and incomplete information issues. Not to mention the fact that in today's society of growing impatience, fast is king. Nobody wants to have to print out documents and mail them.
You'll need four things over the course of the application:
The first step is to create a user ID and password. Fortunately, this is a step above the old system where Questrade used your e-mail as the ID and sent you an autogenerated password. The new system is safer and allows the user to save an application and come back to it at a later stage if they are pressed for time.
Questrade account types and deposit options
In terms of the types of accounts, users can choose between Managed Investing or Self-Directed. As one could surmise, a self-directed account is user-controlled. The investor is the only person responsible for their demise or propulsion into the ranks of Warren Buffett and Peter Lynch. As for managed accounts, we will provide more details when we delve into the details of the Portfolio IQ account.
The pleasure ride with Questrade does not end there. They make life easy during the most important step of the process, the transfer of money. To begin there is a deluge of options to choose from which are mentioned below.
**An important point to note, the first two methods are absolutely free**
In terms of time, the entire process of transfer is usually between 3 to 4 business days – this is only the first-time transfer. After the initial deposit, further deposits using the same method typically take no longer than 2 business days. Withdrawal times are different from deposit times and can take up to 3 days. Questrade often requires confirmation of identity and that you are the account holder where the withdrawal is going.
What types of self-managed accounts can I open with Questrade?
Canadians have the option to option a large variety of accounts at Questrade, including the following:
How does Questrade fare for US clients or Canadian clients looking to deposit USD?
Life will not be that much harder for the US based clients, or those who prefer to deal in USD. Unfortunately, one cannot use the EFT method to make deposits, but the reverse is possible. For cash deposits, you can setup a pre-authorized deposit agreement that takes 1-5 days to setup. You can also send a cheque/bank draft, or use wire transfer. If the case arises that you want to convert to USD as fast as possible for instance to invest in a rare opportunity in the US, then you can use the built-in exchange funds tool. This tool will take 24 hours to process but is faster than the other methods.
Alternatively, you can use the Norbert’s Gambit – a good way to get around the exchange fees charged by the usual process. Take note that your deposits will be placed into the sub, or the account related to the respective currency.
Such a division is especially useful when it comes to events such as dividend earnings, commissions, and trades tracking. For instance, if you earn dividends on the US-based stocks, the earnings will not be converted to CAD, which usually involves fees. In other words, automatic transactions do not take place, they must be requested separately.
What if I don't want to do an online sign-up form
There are some who aren’t technophiles and prefer to use the conventional method of signing up for an account i.e. using pen and paper. Questrade understands that and caters to that segment of the market. But beware, the process can take between 1 to 3 days if you take this route.
Questrades account minimums
With the sign-up complete the next logical question is, how much does one really need in order to start trading with Questrade? Again, the broker does not fail to impress. It’s account minimums are among the lowest in the industry. Below are the numbers for each of the account types:
There is one exception, the Portfolio IQ Account, where you simply need $1 to open the account. Questrades Portfolio accounts are managed by Questrade themselves. But there is a catch here, you need to have at least $2000 to start investing. If the account balance ever goes below $1500, investments in the portfolio will be liquidated.
With a Questrade Portfolio IQ, your fees will be dependant on how much you initially invest and hold in the account. With Portfolio IQ, you can open the following accounts:
There are a lot of benefits to the Portfolio IQ account if you are not comfortable managing your own investment portfolio. These accounts have lower fees than traditional mutual funds, which can add up to substantial differences in investment returns over the long haul. Check out Questrades investment calculator to see how much you could save and more information on the Portfolio IQ accounts here.
Review Of Questrades Commissions
Commissions are indeed an important component when it comes to choosing a broker. And rightly so, as high commissions can take away from your pie and leave you feeling demoralized due to lower profits.
But demoralized and demotivation are words that are not associated with Questrade when it comes to their attractive commissions. Their fees are among the lowest in the industry, and the reason Questrade captured the market share in the first place. Below is a table that gives an idea of the current commissions at Questrade as of 2017. Save it on your hard-drive if you wish, as it may come in handy later on.
|Type Of Security||Commission|
|Stocks||Penny a share. $4.95/$9.95 minimum and maximum|
|Options||$9.95 per trade + $1 a contract|
|Exchange Traded Funds||Free to purchase, selling $4.95/$9.95 minimum and maximums|
|Forex Trades||Calculated based off pips. View more here|
|Mutual Funds||$9.95 or $45 dollars via phone|
|Internation Stocks||Minimum $195, or 1% of trade|
|Bonds||Free if order is over $5000|
|IPOs||$9.95 on orders over $5000|
Such is our programming that whenever we are confronted with a purchase decision, our first thought is "what’s the price? Nothing wrong with that approach. In fact, the importance of a reasonable fee is accentuated to the nature of the stock market. You want to make sure that you retain the absolute most of the profits that you work so hard to attain.
As mentioned at the start of this article, Questrade acted as a disruptor of the brokers market when it first started. But what’s more impressive is that Questrade has not increased its commissions ever since. This serves as a true testament of the firm’s astute pricing strategy. Based on that fact, it is safe to say that there are not any impending or forthcoming changes to their commission structure.
But these are only the basic commission charges at Questrade. If you are an active trader, Questrade has constructed custom plans for you to suit your needs and reduce your commissions.
Questrades Active Trader program
|Fixed Plan||Variable Plan|
|Stocks||$4.95 flat per trade||Minimum $0.01 to max of $6.95|
|Options||$4.95 + $0.75 per contract||$6.95 + $0.75 per contract|
|ETFs||Free to purchase. |
Sell for $4.95
|Free to purchase.|
Sell for $0.01 a share max $6.95
If you are a trader, you have the option to buy one of their advanced packages. The package has two different pricing options, fixed or variable. Of course, you can purchase these plans as an investor, but you will come to realize that the fees just won't be worth it if you don't hit the minimum amount of trades.
A flat fee of $4.95 for every trade, regardless of the shares bought, or a flat fee of 1 cent per share. On top of that, traders must pay a monthly fee of $90 to acquire these options. But that being said, these fees unlock their advanced marketing packages which allow traders to view quotes with no time-delays.
The best part about it, these fees can be fully rebated, meaning you unlock their advanced data packages AND cheaper commissions for essentially no extra cost. You just have to hit the required minimums listed in the table below.
|Monthly trading commissions paid||More than $48.95||More than $399.95|
|Final price after rebate||$70||FREE|
So how much cheaper are these fees for traders compared to other brokers?
At first, these fees may seem a bit on the higher side, but rest assured they are a far cry from the exorbitant commissions that bank customers pay. As an example, RBC charges $9.95 per trade with the minimum going down to only $6.95 per trade. This difference of 2-3 dollars per trade adds up tremendously over time, ultimately leaving substantially less profits for you.
Questrades inactivity and transfer fees from other brokerages
Unfortunately, if you don’t make at least one commissionable trade each quarter or have less than $5000 in your account, you will be charged an inactivity fee equivalent to $24.95 per quarter.
And finally, an incentive for investors that already have an account with other brokerages, Questrade is willing to cover your transfer out fee that your current financial institution will charge.
Reviewing Questrades Platforms
The battlefield is littered with solutions some complicated and some with mangled interfaces that ultimately cause the user a lot of agony and frustration. No matter how low the fees, if the user does not receive a good experience, they will throw in their gauntlet and switch to a more user-friendly option. Thus, it is imperative that we review the interfaces offered by Questrade at a granular level.
Let’s start at the beginning before Questrade was what it is today. Questrade was what would be termed as a laggard in the tech industry, it was slow to adapt and it's platforms felt archaic, mundane, and cumbersome. Keep this in mind as one must be cognizant when reading online reviews, some may be talking about Questrade Pro, QuestradeWEB, or Questrade ELITE, these being the names of all the old platforms.
But like any other intelligent company, Questrade took advantage of this situation. The moves on the chess board had already been used. In other words, the knowledge base of what does or does not work was already out there, and Questrade used that knowledge to then build a platform that was better than anything available in the market. Similarly, the same way Facebook improved upon what MySpace had to offer and took over the entire market. Questrade evolved and created an outstanding platform and topped it off with low fees. Did someone say “Icing on the cake?”
So what kind of platforms does Questrade offer?
Nowadays, Questrade offers three different trading platforms, that together form the Questrade Suite. They are called Questrade Trading, Questrade IQ Edge, and Questrade ID Mobile. All three of these platforms are enormously didactic, built for only one objective, and that is to provide a great user experience. One of the best features of this suite is the seamless and frictionless ability. One can start a problem program? Trade? Transaction?EDIT THIS TOMORROW on their laptop and then transfer it to their mobile phone, an extremely useful feature for those who use complex trading strategies or are always on the go.
Individually, each platform serves a different purpose. To qualify the features of each, we will use 4-5 different parameters, which are:
Installation: How fast and easy is the installation of the platform?
Core tasks: What functionalities are available when it comes to performing the core tasks associated with trading, mainly placing orders and information access.
Versatility: What operating systems and devices does the interface support?
Malleability: Can the interface be customized to the needs of each individual trader?
Review Of Questrades Browser Platform (Questrade Trading)
In our opinion, Questrade’s browser platform is by far the best option for the average investor. It is the default platform that all US and Canadian customers receive. The interface is clean and extremely easy to use. Sometimes a trader may struggle with the desktop platform as it doesn't exactly allow for a lot of action to be going on at the same time. On a whole, however, the platform has been built with a lot of care and thought, and is ages ahead of anything else out there.
Installation and use
No software installation is required because the interface is web based, in other words, it will run through your browser. For us, the platform works without any hiccups in Google Chrome and Firefox.
For the average investor, the web browser is more than what is necessary. For instance, one can use advanced charting that includes 31 optional indicators and 5 drawing tools. If you are someone who knows the difference between OHLC and HLC charting, you will be more than satisfied with these set of features. Also, it is easy to check multiple things at the same time, be it your balance or trading history, all in a couple of clicks and a few seconds.
There are a number of tools for fundamental and technical analysis, but in some cases, the data-feed can be delayed by 15 minutes. To make the user aware of such a delay, a small clock icon will appear at the corner of the screen.
Most investors want to check their balance and make a couple of trades here and there. If you do not fall in this category, and aim to follow 5-6 stocks at the same time and make numerous traders, the platform would be useless. In such a case, we would recommend that you use the Questrade ID Edge Platform, which will be discussed next.
Orders to buy and sell can be done simply by clicking the double arrow tab located at the top right of your screen, or finding a green "Buy/Sell" button, that is located in numerous positions around the platform. If you have previously searched for a stock, the platform will remember your search history and have the stock available for purchase with one click.
Questrade tries to make the process a little bit easier for traders by adding in a gadget system. This allows for numerous widgets to be loaded in your browser as a separate window, or in the sidebar. All in all the process is easy, but for an investor who isn't looking for speed, a little unnecessary. We also found the results to be clunky. As a result, traders are going to enjoy Questrades IQ platform a little more. We will be discussing that next.
A web based platform will work on all and any device, given the device has a web browser. This is particularly convenient for those who use unorthodox operating systems, such as Linux, because they do not have to worry about compatibility with their operating system. As long as you have an internet connection and a web browser, you are good to go.
Traders can set a home screen, which will appear whenever you log in. It can be the trading screen, or the account balance screen, whatever you want to see first.Like we mentioned above, Questrade also has a gadgets feature. These are screens that display particular information such as activity, balances, or level 1 & 2 quotes. You can play around with these in terms of position on the screen, size, etc.
Review of Questrade’s IQ Edge Platform
Not to be confused with Portfolio IQ, which is a professionally managed low-cost ($14/year minimum management fee) service that considers the investor's personal goals and risk tolerance, the IQ Edge Platform is designed for advanced traders and investors. As you can see from the picture above, there is a TON of functionality with this program. For us to explain it all would be impossible. But we will do our best to highlight the main features, and let you do the experimenting after.
Again, we will evaluate the platform based on the criteria mentioned above.
Installation on most platforms, including Windows 10 and Mac, is a breeze. Built using the programming language C++, this is a standalone and powerful desktop trading platform. It is safe to assume that the best builders were employed to create ID Edge because it functions smoothly, without any crashes or problems.
Recent comments were made about Questrade’s move to incorporate Morningstar research reports into the IQ Edge interface. Such a move will give users access to research on thousands of companies in the US and Canada across multiple categories.
Also, as opposed to the web platform, there is no delay when it comes to level 2 data. Traders can place orders from the level 2 window, which acts as an advantage in terms of speed and convenience, allowing traders to take advantage of market opportunities.
A level 2 order is when you have purchased one of Questrades advanced streaming packages like we explained in the commission's section of this review. Level 1 data is 15 minutes delayed, so traders can gain a huge edge by purchasing access(and maybe being refunded!) for level 2 quotes. On top of that, there is no need to change screens for order confirmation, leading to further time savings.
As we mentioned that it is useful for more advanced traders, advanced entry options such as conditional orders, bracket orders, or multi-leg option strategies are also available. In fact, if options are what you want to trade, you can get started quickly with pre-installed option trading layouts. There are hotkeys for faster navigation, and one can set default order values for stocks and options together with order parameters such as order type, duration, and route.
As mentioned before, this is a desktop based platform and will run only on Windows and Mac devices. You will get the same experience no matter what OS you use. But this cannot be used on your mobile.
As soon as you log in, you would notice that the platform is feature rich. Much more so than the IQ Web. As we have shown in the introduction picture, the features are endless. You can add quick trade buttons, alerts, screening, P&L calculators, and a market mover’s list.
All these options are available for both US and Canadian stocks. Unlimited workspace allows for unlimited windows, or gadgets, which is highly suitable for trading. For a little personality, users can even change the color to blue or light blue themes as well as changing the background and text colour within their stock quotes.
Review Of Questrades Mobile Platform
Most of us live our lives as hustlers, always on the go and looking to get as much done as possible. This is even truer for those who trade for a living. Questrade identifies this need and caters to it with its mobile app.
Installation is straightforward, same as any other app on your phone. In terms of functionality, the app can feel a bit sluggish at times. But overall, it’s an excellent piece of programming and deserves top marks.
Still, Questrade is trying to appeal to traders by including some technical indicators in their stock quote search. The mobile application as you can see above has the same look and feel of Questrades browser enabled platform. This was a huge plus for us as we feel the color scheme and layout allows for ease of use and is easy on the eyes, unlike the dark yet customizable IQ Edge.
Not an ideal tool for a day trader who wants to cover all bases when making an important investment decision. But given the small screen size, the app delivers as much as possible, such as technical indicators when looking up quotes. Navigation is easy when it comes to buying and selling for both stocks and options, with just a couple of taps. Such features are often more than enough for the average investor.
Furthermore, users can also transfer money between accounts, as well as exchange funds. Finally, functionalities such as multiple order types, studies and drawings, and super-fast trade executions are also available.
This evaluation criterion isn’t really applicable here. The mobile platform is built for the phone and other handheld mobile devices, and that is where its use ends.
There is obviously limited real-estate on a mobile screen. Not many options when it comes to customizing the app.
Questrade’s Customer Service
There are quite a few reviews out there that bash Questrade's customer service. However, most of these complaints are old. There was indeed a time when Questrade struggled mightily on the customer service side. But they did what they do best and listened to their customers. In the time since most of the negative reviews, Questrade has evolved and improved its customer service by leaps and bounds. They have done whatever possible to provide users with a great experience.
Also, with a great FAQ section and an intuitive interface, customers hardly need to call the service reps, unless of course you are dealing with a locked account because of mistyping the login credentials more than once. Another great source to look for more information is the forums, this is where other confused users post their questions and share knowledge.
Are Questrade representatives easy to get a hold of?
Still, we would want to take an objective approach and evaluate their services. Almost everyone on this planet will agree that when it comes to customer service, speed, adeptness of staff, and politeness are of critical importance.
You can choose two options to communicate with customer service, either live chat or phone. With live chat, the wait times are almost non-existent. And the best part about it? It's right in front of you, all the time. No looking for the customer service section or scrambling to find and e-mail. It just sits in the bottom corner of your browser. Moreover, the option provides the benefit of not having to dial numbers. Just click to open the chat window and type your question. Phone call waiting times will definitely be longer, but not by a large margin.
The customer service is also very well-trained, which translates to a polite and friendly user experience, along with ability to answer compilated questions. In fact, the customer service is so good that most users will believe that they are getting privileged treatment.
Questrade's Extra Features
The brokerage industry is competitive, highly competitive! Like any other sector with fierce rivalry, it is not enough to just get the job done. A company that goes above and beyond the call of duty is appreciated and respected. Ultimately, it leads to the increased value for the customer.
Questrade is one such company that strives to exceed expectations, and the additional features just accentuate all the benefits that are already offered. The best part is that most of these features are offered at no additional cost.
Questrade's Forum or "The Exchange"
One of the most daunting tasks for a new trader is to decode all the nuances associated with trading and investing, especially if you are pursuing on your own. Even the most accomplished investors in the world such as Warren Buffett and David Abrams work with trusted teams and advisors.
You can create such a personal team, or tap into the collective wisdom and experience of numerous investors by using Questrade’s Forum, also called “The Exchange.” You don't need to be a member to view the forum, so check it out here.
Unlike many other forums on the internet, The Exchange seems to be active. In fact, we were surprised by the activity on it as we had expected it to be a tundra, devoid of any signs of life. If we were to put a number on it, we would say that 80% of the forum had fresh content.
We highly encourage users to participate in this forum as it is a fun way to learn, participate in polls and contests and most importantly, meet like-minded people who can help build knowledge and share experiences.
Questrade's Online Webinars
If you are someone who wants a more “formal” medium of education, there is an incredible option for that as well. We highly encourage users both new and seasoned alike, to continuously educate themselves as good education is paramount in the makings of a good investor. Again, the example of Warren Buffett is apt here, as he spends 80% of his day reading and thinking.
At first sight, one might think that the number of courses (10 to be precise) offered by Questrade isn't something to write home about. However, what the learning platform lacks in quantity it very much makes up for in quality.
Additionally, the videos cover a broad range of topics, listed below:
Viewing these webinars would allow you to build a customized trading strategy, give you knowledge on how to maximize profits and equip you with the tools needed to save on fees etc. And the best part is that all this is for free. That’s right! All these webinars are free to access. As a matter of fact, you don’t even have to be a Questrade member to view these webinars. Use this link to do so now.
Questrade's Blog and Learning Centre
Almost everyone on this planet is guilty of shying away from the task of learning to use a new interface on an app or software. Such fears are exacerbated on stock trading platforms with number and graphs flashing everywhere.
To ease the pain, Questrade offers many options. The easiest is the personal live demo, wherein traders will be taken through all the features of the platform by a specialist and registered for the 90-day free trial.
Another option for all those who live in Toronto is to visit the Questrade Live Learning Center, where you will find platform specialists serving up free trial accounts and live platform seminars.
The blog for Questrade, in our opinion, needs more work. However, it is a good resource if you enjoy light and fun reading such as “Is your cat a better investor that you?” or “6 Ways to Become a Financial Minimalist.”
Reaching the heights of financial wizardry requires one to be exhaustive and meticulous with their research. Knowledge gives you the wherewithal to take the rights actions, without which you will be faced with trouble. The good news is that there are many tools that Questrade provides you to help you with this process.
For those interested in technical analysis, experienced users can delve right in and start using tools such as watch lists, searchable technical patterns, and receive updates on identified patterns throughout the trading day. Those who are new to trading can start with the comprehensive educational area to get a better understanding of technical trading.
Further builds on the market intelligence tools that are available on Questrade and IQ Edge. The amount of information in the form of reports, earnings, filters, and screeners will make you feel and make decisions like a seasoned investor.
Refers to the technical analysis newsletter, containing research and trade ideas, delivered to the user’s inbox on every trading day.
Mutual fund centre
A tool made specifically for mutual fund aficionados, allows them to compare funds against a benchmark and is loaded with reports, earnings, news, customizable and pre-set watch lists, filters and screeners. Following that, when an investor has to make a trade, he can do so directly from the mutual fund center. As of now, the data pertains to Canadian mutual funds only.
Some of us live a fast-paced life and do not have the time to keep track of all our activities. The same applies to trading. However, when the time comes when you do have to track your history, the nervousness can have a pernicious effect on a person’s mental health.
The record keeping mechanism of a Questade trading account obviates the need to track your activities. It’s your very own comprehensive and meticulous record keeper of all trading activity, including but not limited to investment return, account activity, investment summary, current cash balances and positions, as well as total equity and buying power.
At the end of each month, you have the option of a PDF report that is visually appealing, intuitive and easy to interpret. It provides all the details of account activity and is easily understandable by the layman.
Questrade and Initial Public Offerings (IPOs)
Most individuals treat IPOs as a marginalization until they miss out an important one, such as that of Facebook, and then kick themselves. Therefore, we feel that a dedicated IPO center is a noteworthy feature and deserves its own section.
The first important feature is that access to this center is free and includes information on companies raising capital from initial or secondary offerings. These offerings are listed in the form of a list, the items on which when clicked on lead to further information on that particular company offering. Second, there is more than just companies coming to market. Despite the name, IPOs of company stocks aren’t the only types of offers featured. Third, the IPO center also includes fixed income deals, new structured products and secondaries (this spelling is correct, please do not autocorrect) for equities.
Issues related to security can encumber an individual from stepping outside of the safe zone provided by products associated with various Canadian Banks.
The belief that only a well-established bank can provide adequate levels of online-security is more of a myth than reality. Most established brokerages use the same level of security as any other bank.
Furthermore, Quetsrade has a dedicated frauds and scams section for information on both ongoing and new types of fraudulent activity.
Questrade, since its humble beginnings in the year 1999 has made significant bounds into the hearts and minds of consumers and is likely to continue to do so in the future. If one were to dig deep, they would come across some reviews that are generally negative, most probably arising from bad customer experience, as we definitely all have them. A company these days, especially with the evolution of social media, is exploited a lot more than they used to be. No one can be perfect, and Questrade does everything in its power to be close to it.
But the broker has made significant improvements in all areas including customer service since those days. Moreover, the old adage “you can’t please everyone” holds true for Questrade as well, and it would be harsh to expect otherwise.
Overall, the platform provides everything that one could ask for such as low account minimums, an easy to use platform, low commissions, in-depth research, secure accounts, and many other ancillary features. If you are grappling with the issue of which brokerage to choose then you can’t possibly go wrong with Questrade. For Questrade, customers reign and that is what really matters. If you want a quick representation of Questrade, just check out the infographic we published!