Questrade

Questrade is Canada's largest independent online brokerage, consistently rated as one of the best platforms for self-directed investors. It challenges the big banks by offering significantly lower fees for trading stocks, options, and mutual funds. Questrade allows investors to hold both USD and CAD in registered accounts (like TFSA and RRSP), preventing forced currency conversion fees.

The platform also offers "Questwealth Portfolios," a low-fee robo-advisory service. Questrade is known for allowing users to buy ETFs commission-free, making it the preferred choice for passive investors building long-term portfolios. It is a legitimate, CIPF-member brokerage that has been operating for over two decades.

Frequently Asked Questions

1. Is buying ETFs really free?

Yes, buying ETFs (Exchange Traded Funds) on Questrade is commission-free, which is ideal for monthly contributors. However, standard commissions (min $4.95) apply when you sell ETFs, so it is best suited for buy-and-hold strategies.

2. specific minimum deposit?

Yes, to open a self-directed trading account, you generally need a minimum deposit of $1,000 CAD. This requirement ensures that users are serious about investing, though promotional offers sometimes waive this for new accounts.

3. Can I hold USD in my account?

Yes, unlike Wealthsimple's basic plan, Questrade allows you to hold US Dollars in your account without forced conversion. This means you can sell a US stock and keep the proceeds in USD to buy another US stock, saving huge amounts on FX fees.

4. Is Questrade safe?

Yes, Questrade is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). This means your account is insured against broker insolvency for up to $1 million.

5. What is Passiv?

Questrade partners with a tool called Passiv, which turns your brokerage account into a modern robo-advisor. Questrade users get Passiv Elite for free, allowing them to rebalance their portfolio with one click.