It’s possible that Questrade’s vast range of products and services has made the brand difficult to market to any one group. Questwealth Portfolios caters to first-time investors or those with limited experience, while the brokerage service is ideal for non-experts with some investing knowledge and confidence. Whatever the reason, if you’re not yet familiar with this financial services provider, you should be. Here’s the 411 on Questrade and how you can decide whether it’s a good fit for you.
What’s the backstory on Questrade?
In 1999, at the dawn of online stock trading, entrepreneur Edward Kholodenko co-founded Questrade with three partners. Based in Toronto, their aim was, and remains, to offer DIY investors a low-cost alternative to Canada’s large banks and brokerages. Weathering the dot-com crash that soon followed, Questrade emerged to become the country’s fastest growing online brokerage.
In 2014, the platform entered the robo-advisor market by adding pre-fab portfolios of low-fee investments to its product line for those who lack the skill or inclination to go the self-directed route. Today, Kholodenko (who immigrated to Canada from the Ukraine with his family when he was five) still heads up the company, which has $9 billion in assets under management and sees 50 thousand new accounts opened each year.
Who is its target market?
Because Questrade has offerings for self-directed investors (those who are comfortable choosing and buying their own stocks, bonds and other investment assets) as well as hands-off investors who prefer to leave those decisions to a team of experts, it is popular with newbie and seasoned investors alike. The common thread among clients is cost-consciousness, as Questrade’s investment fees* are among the lowest in Canada.
What can I do with my money at Questrade?
Questrade’s user-friendly platform allows DIY investors to open almost any type of investment account online, including tax-sheltered registered accounts (RRSPs, TFSAs, RESPs, LIRAs, RIFs, LIFs) and taxable non-registered accounts (such as margin accounts and foreign exchange market accounts). Once you have at least $1,000 in your account, you can start buying, selling and trading investments. These include stocks, bonds; exchange traded funds (ETFs), including all North American ETFs; mutual funds; GICs; options; initial public offerings (IPOs); and other equities such as precious metals.
If DIY is not your thing, Questrade has you covered with its robo-advisor, Questwealth Portfolios*. You still begin by setting up an account online, but instead of choosing your own investments, you’ll be asked a series of questions about your risk tolerance, investment goals and overall approach to money. Based on your answers, Questwealth’s algorithm will choose a portfolio for you—Aggressive, Growth, Balanced, Income or Conservative—which is made up of a diversified mix of low-fee ETFs. (If you’re into socially responsible investing (SRI), you can also get SRI versions of these Questwealth Portfolios, which support companies that prioritize environmental and social concerns, and have a positive record on human rights and corruption.)
The difference between each portfolio is the ratio between higher-risk investments, such as Canadian, US and international equity ETFs, and lower-risk fixed-income ETFs, such as bonds and GICs. An aggressive portfolio would be weighted toward riskier investments (which also offer the possibility of greater returns), while a conservative one will include more low-risk investments.
Unlike typical Canadian robo-advisors, which rely 100% on algorithms and automation to monitor and rebalance your portfolio when necessary, Questwealth has actual human experts who manage your portfolio for you, without the high fees that most portfolio managers charge for this service.
Requested a withdrawal of funds in July 2019. Still waiting. It’s March 6th 2020. Several attempts have bern made to contact. I get passed to a different person evetytime and receive form letter emails. Nobody will act and they ate holding my money. I can’t even access my account – they closed it, and still have my money. This is not a trustworthy organisation.
I am trying to open account from 1 week. funds are transferred but can’t seem to get hold of anyone anywhere :(. Account is still not activated
It’s been over a week, since I signed up and had funds transferred, but my account still ain’t active. They got my money locked in there. These guys are a joke, I don’t understand how they got good reviews from some sites, even had people vouching for them. I should have just trusted my instinct and opened a trading account with my bank
They’ve had significant outages affecting their client’s ability to trade. There’s also unsettling reports of them aggressively pursuing legal action to anyone who attempts to post negative experiences online. I’d stay away from this one if I were you.
At which account level does one have the ability to customize the charting function with their own formulas for indicators?
It is quite concerning to me after I read these posts on April 25, 2020. I am considering moving my 2 TFSA accounts and other trading accounts to Questrade from other big Canadian banks.
I understand that CoronaVirus is having an impact on day to day operations however, these are my retirement funds I am working with.
every time volatility picks up and the market starts selling off and you need to make a transaction the most urgently, their system freezes up and becomes unusable – this has cost me a lot. I do not recommend questrade for this reason, although there are more reasons I wouldn’t recommend it, that is just a main reason
I’ll second Jordan’s comment below about trading speed and reliability. I switched from TD where my market equity and options trades filled instantly. With quest I sold very liquid Apple and Facebook options at market and the trades took several minutes to go through. In the meantime the prices dropped several percent. My trades were very small and well within the bid/ask volume. With TD this type of trade filled instantly.
I’m having an issue funding my account. They money have been taken from account, but I’m not able see in my Questrade account to trade. Almost one moth after, nothing happens. You can’t trust those people
I recently transferred my assets from Qtrade to Questrade because I trade daily and Qtrade was “taking” a whopping 40% off my trades! On the other hand, I have yet to find out any “holes” in Questrade. The numbers seem to add up and I keep MY profits fair and square. I personally recommend Questrade.
The bad comments regarding the speed of execution and the extended period of time required to see and use funds newly transferred are obviously either fakes that might come from competitors or legit comments from people who have made legit mistakes during the transfer of their funds. As for the execution delays, it’s just false information as the speed of execution is on par with the best brokers out there.
I have been using Questrade actively for the last 2 years. Frankly, I have never experienced any issues with my trades. I am suspicious of the comments above and feel they are deliberately negative about the broker.
For me, Questrade is my broker. Their archaic, clunky and slow interface, whereby by the time you have performed all the steps to make a trade, the opportunity is gone. I use Medved and link it to qt as a data backfill. For some reason, they can’t seem to get the trading interface right. If I had known now embarrassingly pitiful the package is, I would have started out with interactive Brokers. Just my 2 c.
I opened an RRSP and non-registered margin account with Questrade in October 2020 and have not experienced any issues related to trading or funding my accounts. I am a DIY investor and find Questrade’s website easy to use. Typically, when I send money from my RBC account to Questrade, the money appears the next day (e.g., sent money on Monday before 4 p.m. and it was available in my Questrade account Tuesday morning). Sending money from Questrade to RBC can take between two and three business days but this may be as much to do with RBC as it Questrade. Overall, I really like Questrade and recommend it to others who want to be DIY investors.
Whoever wrote this article needs to actually open an account and try interacting with Questrade. Your glowing review is not borne out by my experience.
Because of some issues with my current on-line broker, I opened a trading account with Questrade. I received confirmation, and was soon notified I could begin trading. However, a few days later when I wanted to add my wife to the account, Questrade stopped all of MY activity because her verification documentation was not complete. I then tried to contact Questrade several times over three days. On the “chat line” I was always #99 in line. Whenever I telephoned, a very pleasant sounding recording told me that the wait time was over 2 hours. I had planned to move all six of our investment accounts to Questrade. However, this level of customer service(?) is unacceptable, and under certain circumstances could be very costly. I have instructed Questrade, by E-mail, to close my trading account and return my initial deposit. Let’s see how long that takes!!!!
Worst service in the world. Bought some NWARF shares coz it will go up and make a huge profit but unfortunately the company did reverse split and went under corporate actions so its fair to hold shares for few day but questrade is still holding my shares and its been now 1 and half months and they are still holding my shares and not letting me sell. No answer to calls and no reply to emails. One word for this broker “GARBAGE”. Stay away.
Was going to move to Questrade until I saw these comments. Yea, I’ll be sticking with a bank.
Wanted to transfer my account from a pension plan to a Questrade LIRA, 2 days trying to get hold of someone or anyone from Questrade. First day 1 hour 15 minutes, then I gave up and will try my luck the next day, Second day , started calling early in the morning, 2 hours 10 mins and counting …….we value our time, as much as we value our hard earned money to invest using them as our platform, wondering if they are doing their part to improve their system for better customer care? Should I really use them, if at the get go can’t even get hold of them?
Some of these comments are certainly untrue or the user made a legit mistake. I agree that they’re difficult to get a hold of, which is why I use their “call back” feature so my position in queue stays active and they call me when they’re available, it works everytime. I opened my account in Oct 2020 and now have margin, tfsa and questwealth portfolios, and so far I’m satisfied with the company. RBC was charging a flat $9.99 per trade if I recall correctly and so far I’ve been paying less than $6 with Questrade.