You are about to read our brief Questrade review. It is based upon the limited usage of the brokerage by the author and should not be considered an ouright endorsement. Questrade is the best low-cost online stock brokerage firm in Canada. Full Stop
Questrade is one of Canada's online discount brokerages. The author has used them almost exclusively to trade stocks long & short in the form of a General account, a TFSA and a RRSP account. He cannot comment directly on options trading, commodities, forex and other services offered by Questrade.
I have been with Questrade for about 3 years now. A large portion of my invested funds are held in 3 questrade accounts. Some in a TFSA, some in a RRSP and some in a regular trading account. Questrade is great for purchasing large quantities of lower priced stocks. Their commision of 4.95 (1 cent per share), up to $9.95 is PERFECT for buying large quantities of a low priced stock.
For instance, the author owns a large block of shares in Compton Petroluem which is currently priced at 42 cents per share. Purchasing shares in this company would be very prohibitive at his other broker - interactive brokers - who offer very low per share purchase prices, but would be very prohibitive with a share priced this low.
Most trades I perform on Questrade cost me only about $5 dollars. Compared to many other brokerages, this is a steal. They offer a wide range of products and offer several trading platforms. I am able to buy US and canadian securities in my TFSA and that is working out great.
The only reason I cannot give Questrade a full 5/5 review, is the fact that their trading platform leaves something to be desired. Click the Quest Trade logo to read more.
FINAL SCORE: 4.9 / 5
SUMMARY: a nearly perfect stock brokerage for nearly any Canadian investor
Updated: Jan, 2017 - I've updated this review to a 4.9/5 because in the 6 years since it was written, Questrade has enormously improved their online trading platform. It is much more robust and full-featured than it was back in 2010. I would say it is now almost as good as the Interactive Brokers Platform (our favorite). Another plus - you can buy ANY ETF with no comission!
Original review: Dec 8 , 2010