Questrade FX Forex Broker Reviews a frustrating Canadian platform
It offers Canadian residents an alternative way of forex trading and investment. Questrade online broker is registered under the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund . Canada’s leading discount brokerage has over $30 billion in different assets and more than 200,000 accounts opened annually. However, read our unbiased Questrade review further and know the insights into its brokerage services. Manual traders have access to extensive research, but new traders will be disappointed by the educational capabilities of this broker.
- Support hours at Questrade are not listed, but the most convenient tool remains live chat.
- It is not that the outside trade is essentially a prospects showcase.
- I have done a great deal of research and according to the multiple official complaints and blog posts, “Questrade is a dreadful company” would be an understatement.
- By 2007, the Globe and Mail ranked Questrade as the #1 brokerage in a consumer satisfaction survey.
- And pretended to have an audit done on my account, even though another manager told me audits take at least 3-5 business days.
CFDs are leveraged products and as such loses may be more than the initial invested capital. Trading in CFDs carry a high level of risk thus may not be appropriate for all investors. You must understand that Forex trading, while potentially profitable, can make you lose your money.
Support hours at Questrade are not listed, but the most convenient tool remains live chat. An FAQ section attempts to answer the most common questions, and this broker does an excellent job explaining its products and services. Most investors are unlikely to require customer support but can access it swiftly in case of emergencies. New customers can sign up for a new account on the Questrade website, and go through a few videos that offer guides to the various available platforms. If you’re transferring an account from another brokerage or bank, Questrade will rebate up to $150 in transfer fees.
Individual margin accounts allow account holders to steer their investments how they want to and use investments and assets as leverage for bigger and newer opportunities. These accounts offer investments with utmost convenience and flexibility. TFSA is offered to help Canadian citizens accumulate wealth by saving and investing in taxes.
Questrade provides three proprietary platforms, namely Questrade Trading, Questrade App, and Questrade IQ Edge. They can be opened as a registered retirement plan , a registered retired education savings plan , a registered retirement income fund as well as other options. These accounts can be funded with as little as $1 in cash and as little as $2000 to be fully invested. Since its inception, Questrade has been rated one of Canada’s best-managed companies for several years in a row. New account openings may take advantage of an additional bonus offer. Questrade offers two bonus campaigns, with the My Family plan granting outstanding value.
It’s ridiculous how they lose customer trust and loyalty over small sums of money this way. After addressing this with a client representative, when they refused the sign up bonus, they agreed to a poor compensation of two free trades. Of course, that never actually happened and once again was a lie… Build your own investment portfolio with a self-directed account and save on fees. Questrade Wealth Management Inc. and Questrade, Inc. are members of the Questrade Group of Companies. Questrade Group of Companies means Questrade Financial Group and its affiliates that provide deposit, investment, loan, securities, mortgages and other products or services.
Electronic fund transfers up to C$50,000 or $25,000 are free of charge. Bank wires in Canadian Dollars face a $20 surcharge, increased to $30 for bank wires in US Dollars and $40 for international ones. Questrade also accepts uncertified cheques for an additional cost of $50 and only in Canadian Dollars or US Dollars.
Questrade also offers comprehensive educational training through its blog and webinars. Trading ideas are supplied on the Questrade platform powered by Morningstar, featuring an array of pertinent market analyses. Questrade provides a safe and secure trading environment through its regulation with the Investment Industry Regulatory Organization of Canada .
Questrade Review FAQ
Traders can also invest in bonds which are debt securities where institutional and individual investors lend money to corporations, governments, and other such entities for a fixed amount of time. When we read the reviews about the service on the web, we were somewhat surprised by the fact that they are mostly negative. According to Trustpilot, only 7% of the reviews were “Excellent” and 40% were “Bad”.
It offers a lot more flexibility to Canadian investors, including an automated portfolio builder and significantly lower fees. By far the most useful educational tool Questrade offers is thedemo accountfor each of its platforms. Using these, you cansimulate investing and trading, even before depositing funds.
An alternative to trading and investing with the big banks for Canadians
Having a ceiling offers traders cost control, a beneficial tool non-existent at most brokers who do not maintain a maximum commission cost. Active traders receive an improved Questrade ETF fees structure that consists of a fixed and variable option. Buying ETFs remains free of charge, but the former comes with a fixed cost of $4.95 for selling ETFs, while the latter lists a cost of $0.01 per ETF with a maximum of $6.95. Questrade is a Canadian broker, established in 1999, that offers resident Canadian citizens an alternative to trading and investing with the big banks.
When starting a chat you have to answer a few questions first, which is a minor inconvenience. However, note that you can only access the live chat if you give a Canadian phone number. We also liked the integration of StockTwits, an app that is like Twitter for traders.
Theresa Carey is a brokerage expert that has spent over 30 years evaluating online brokers and robo-advisors. At BrokerChooser, we consider clarity and transparency as core values. BrokerChooser is free to use for everyone, but earns a commission from some of its partners with no additional cost to you .
They botched that process twice due to the incompetence of their transfer out team, and I had to chase them down to correct it both times. Then my money was finally sent out VIA mail with UPS to the wrong address! I had to find that error as well and I pray they are able to fix it….my money still has not arrived to my bank. Platform tutorials cover topics like currency conversion, researching investments, investment tools, advanced charting and studies, introduction to market data, and many more.
And it’s only after you break through to someone human or support service that you understand why they did that. They can ignore you for months and never inform you of the actual reason. It means you essentially lost the money you had on an account before the arrest. It is a pretty frequent disadvantage of working with brokers, https://forex-review.net/ but the funds you invest aren’t safe. The company can do all kinds of shady activity resulting in you either losing your money or becoming unable to withdraw them. Our Questrade review highlights the wealth of forex trading opportunities across the site, with helpful resources and tools to maximise your chances of success.
When using the app, users can set custom alerts and are notified when orders are filled. Questrade’s mobile app is compatible with both iOS and Android devices. The company is a registered investment dealer and a member of the Investment Industry Regulatory Organization of Canada . They’re also a member of the Canadian Investor Protection Fund , a not-for-profit insurance program. These Canadian regulatory organizations oversee Questrade’s operations and ensure that they adhere to strict investment industry standards.
Buy stocks from just $0.01 per share, with a minimum cost of $4.95, rising to a maximum of $9.95. You won’t be charged for ETFs when you purchase them, only when you sell. Options trading comes in at a flat rate of $9.95, with an additional $1 contract fee. Our Questrade review discovered that Questrade Edge is an advanced trading platform, aimed at professional traders looking for additional features. The platform allows every trader to set up their own, unique and fully customized trading environment. Suitable for desktop and web traders, the Edge platform lets you trade advanced order types, and there’s access to loads of research tools too, including TipRanks, Morning Star and Trading Central.
I joined Questrade about a year ago and about 6-months later i gained more confidence to explore Forex trading. Granted this review might be a little older but i felt that as a newbie into forex trading that Questrade has improved considerably because getting started was quick and painless. The design was polished and opening account was quick and painless . My uncle is one of the webmasters at Craig’s List so I should have a leg up in informing as many people as possible. Consider that Japan’s Nikkei 225 file is up around 25% from its July 2016 lows. In December, the Federal Reserve raised loan fees for the second time since the Great Recession and included the desire of a 2017 financing cost climb to its gauge.
Are also available at this brokerage, including $25 for your first friend referral, $25 for your second friend referral, and a $50 bonus for your third friend referral. It goes against our guidelines to offer incentives for reviews. We use dedicated people and clever technology questrade forex to safeguard our platform. They added 2FA using TOTP and many other methods but despite feedback on reddit that the system should only support ONE of these methods for security purposes at a time . Their support is absolutely atrocious and in-competent and lack simple math.
From experience, I’ve never ended a conversation with Questrade customer service without having an issue resolved. At The Motley Fool, our purpose is to make the world smarter, happier, and richer through long-term investing. Therefore, we do not promote or encourage high-risk investments but instead suggest that these tools be used with discipline, enabling you to achieve your financial goals.
I would give them no stars if i could, time to move to another broker, but which one? I don’t think i can trust the online reviews because they all say Questrade is great. I asked them to transfer some funds out the TFSA I had with them into my other bank’s TFSA.
Relatively low trading fees, ranging from $4.95 to a maximum of $9.95 for stock trades, compared to other Canadian brokers. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don’t have to pay a conversion fee. To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers. Compare selected brokers by their fees, minimum deposit, withdrawal, account opening and other areas. Filter according to broker or product type, including stocks, futures, CFDs or crypto.