For residents of Canada, Questrade is the best online broker for trading not only the Canadian stock market but also the US stock market. The client experience is seamless, tools are numerous, and commissions are ultra-competitive. As mentioned above, Questrade is available only to Canadian citizens, and is not available to US residents. Stocks, options, mutual funds, ETFs, bonds, and precious metals are supported in every account.
Beyond trading these asset classes, Questrade clients can also trade forex FX and contracts for difference CFDs with a separate account. Questrade supports a variety of account types, from traditional margin to retirement, and even managed, accounts. Questrade offers two pricing plans for trading stocks, options, and ETFs: Democratic pricing default and Questrade Advantage active trader program. Under the Questrade Advantage active trader program, clients must subscribe to at least one advanced market data offering, then select between the Variable or Fixed-rate pricing plan.
Like Democratic pricing, all ETF trades are commission-free. For the majority of investors, the standard Questrade Democratic pricing is the best deal. Pricing is fair, transparent, and capped for regular stock trades. This also depends largely on what your average order size is and your trading style.
Lastly, Questrade charges no annual fees for all accounts. The fee can be negated if at least one trade is made during the quarter or if one has subscribed to a level 1 or greater data package. Other exclusions relate to individuals who are under the age of 25 or entities operating as a charitable organization. Questrade offers two primary trading platforms: While both platforms are similar in overall functionality, IQ Edge provides a deeper offering of trading tools and customization, and is certainly the preferred platform for active traders.
IQ Web does a very good job providing the core necessities of trading, including quotes, charts, trading, watch lists, news, and account management. IQ Web ran bug free in my Chrome browser, and my favorite tool quickly became the advanced charting, which includes 31 optional indicators and five different drawing tools.
I managed to find only some minor drawbacks. For example, HLC bars are not supported for charting OHLC is the only option and you are not able to save your chart settings to a profile; instead, all changes are saved automatically and resetting the markups unfortunately means starting over.
Once logged in, it was immediately noticeable that the platform is more feature rich than IQ Web, and is built for investors with more trading experience. I was also happy to find that traders are offered the option of skipping the order confirmation window important for day traders , full hotkeys are supported, and default order values can be set for stocks and options together with order parameters, including order type, duration, and route.
Lastly, for users who are not fans of the default Black theme, Light and Blue themes are also available. Market Intelligence and Intraday Trader. Market Intelligence is powered by third-party research provider Morningstar and provides thorough fundamental analysis for equities and ETFs traded in Canada alongside the United States.
Reports for individual securities are of the highest quality and to scan for ideas, the screener tool gets the job done well. For mutual funds research, customers have access to the Mutual Fund Centre also powered by Morningstar which focuses on Canadian funds only. In the US, Morningstar is the leading research data provider for online brokers.
Meanwhile, Intraday Trader is a trade ideas generator that uses automated technical analysis algorithms to present actionable opportunities. Between the two tools, Market Intelligence left me more impressed thanks to the extensive depth of analysis that can be conducted.
For Canadian residents, Questrade provides a well-rounded trading experience with two trading platforms to appease casual and active traders alike. Questrade clients have access to transparent, competitive pricing as well as the ability to trade equities, options, and ETFs of companies based locally and in the United States. With few drawbacks found during our testing, Questrade is, without question, a winner.
Blain currently maintains funded accounts with more than a dozen different US-regulated online brokers and has executed thousands of trades throughout his career. He enjoys sharing his experiences through his personal blog, StockTrader. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page. For options orders, an options regulatory fee per contract may apply.