Best Canadian Online Trading Platform

Largest online stock exchange in Canada

Questrade

Questrade is a self-directed trading platform that lets you create your own portfolio at a lower cost than traditional financial institutions. It is currently the largest online stock exchange in Canada. Questrade was established in 1999 and is headquartered in Toronto. 

Is Questrade safe?

Questrade is a registered broker of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). 

Your account with Questrade is protected indeed, which means your account is protected with $10 million in insurance if this company goes bankrupt.

The Questrade account opening process is simple, which is very suitable for investors who live in Canada or study abroad to open an account to invest in a variety of investment products including Canadian and U.S. stocks, ETFs, GICs, IPOs, bonds, golds, etc. 

Got 4.40% rates in a 1-year GIC in EQ bank. Learn more»

Why you shouldn't put your money into a super low saving rates account in a physical bank?

Because you are losing money.

Not saying that the actual money is disappearing but the spending power of money is disappearing with inflation. Obviously, the same 100 dollars you have today, it is not the same spending power as 10 years ago, every year becomes less valuable it's not going to buy as much stuff year by year as inflation has been increasing a lot lately. It's just eroding the spending power of money that you have in savings.

Key Questrade Benefits:

• Excellent customer service, both English and Chinese. Via chat, telephone, and email. 
• Questrade won the 2019 DALBAR Seal for Service Excellence.
• $50 in free trades when you open a new account.
• Low minimum balance requirement of $1,000, low-cost entry to buy stocks, great for new investors.
• NO annual fee for both registered and non-registered accounts.
• NO fees to buy ETFs: You can buy an ETF listed on the Canadian and U.S. stock markets.
• Stock trades start as low as $4.95, and the highest is $9.95.
• Robust active trading platform, with preferred pricing. Questrade's transaction fees are much cheaper than those of major banks.
• Managed ETF portfolios available through Questwealth.
• Intuitive mobile app.
• Instant deposits.

Questrade is the first exchange in Canada to provide deposits in U.S. dollars. Investors can directly trade with a US dollar account.

Norbert's Gambit Strategy

What is Norbert's Gambit?

With the strategy of Norbert’s Gambit, you can avoid that hidden Questrade currency conversion fee and save on purchasing US dollars.

For example,  if you want to buy Apple stock, you exchanged $5,000 Canadian dollars through Norbert’s Gambit, you will save around $65 compared to exchanging it with the brokerage at the aforementioned exchange rate.

Open an account

If you are interested in using the Questrade platform and starting your financial management, welcome to use the Questrade promo link to register for an account. When you open a new account and deposit $1,000 or more, you can receive $50 in free trades credits.

After logging in to the official website, select the new account you want to set up as shown in the figure below, for example:

• Tax-Free Savings Account (TFSA)
• Retirement Savings Plan (RRSP)
• Margin Account
• Registered Education Savings Plan (RESP)
• Spousal RRSP
• Registered Retirement Income Fund (RRIF)
• Family RESP
• Business Account
• Cash Account

The column on the right will directly show the promo code: 5f78c5995225e, click to open an account now.




After successfully opening an account through the promo link, you will receive a $50 transaction fee-free benefit for any stock transaction purchased within 30 days, which is equivalent to a 10 transaction fee-free benefit within 1 month after opening an account.

How to send money from a bank to Questrade?

Instant deposit is the fast way to receive cash from your bank. You can instantly deposit up to $3,500 per day into your Questrade account.

Why don't I buy stocks through a Bank?

I use Questrade to manage my TFSA and RRSP with a low-cost trading fee.

Mostly, the transaction fees that banks ask investors for are very high, such as account annual fees, currency conversion fees, account inactivity fees, transaction fees... and so on.

For example:
If you buy stocks via RBC Bank- Direct Investing

Stocks: $9.95 per trade, regardless of the number of shares, and $6.95 per trade for active traders.
ETFs: $9.95 per trade, regardless of the number of units, and $6.95 per trade for active traders.

Also, you can expect to pay quarterly account maintenance fees of $25 per quarter if your RBC account balance is lower than $15,000.


RBC Account Fees:
RRSP withdrawal fees: $50
Internal transfers with a third-party name: $25
Account transfer-out fee: $135
Statement replacement charges: $5


Questrade Account Fees:
Annual Fees: $0
Minimum Investment: $1,000
Transfer Fees: $0, and you will be reimbursed $150 per account
Withdrawal Fee: $0

Questrade offers the best combination of low fees, an intuitive trading platform, and excellent customer service. Questrade will for sure attract anyone interested in low fee investing, specifically ETF investors.

Open a Questrade Account

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