Trade Team Manitoba is made up of seven dedicated core alliances working together toward a mutual goal: The delivery of premiere international business activities and services to support Manitoba and Canadian businesses. The premise is based on the Canadian Stock Market with a Questrade® review – the premier trading platform.
What is Questrade®?
Questrade® is an independent online brokerage that was established 1999. They are considered Canada’s leading discount brokerage. Questrade® is a registered trademark and/or service mark of Questrade, Inc. Questrade, Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF).
What are Discount Brokers?
Discount brokers offer many of the same services as full-service brokers, but at a significant discount. The main catch is that you don’t get individual attention or unsolicited advise on what to buy or sell. Certain discount brokers don’t trade futures or sell variable annuities and nor does Questrade®. You can trade with a discount broker and get the lowest fees by accessing the broker’s website.
The best thing about discount brokerages is that you can save a lot of money on trading costs, given that you know what you’re doing and understand the basics of stock trading. Questrade®offers relatively low trading fees at an average of $5 per trade.
Type of Services offered by Questrade®
Questrade®offers a variety of discount brokerage services. They also offer direct-access services.
One of the main concerns of most traders inquiring about Questrade® is if they allow stop orders. As you or may not know Nasdaq has no facility for handling stop orders. In this case, Questrade® does support stop orders. There full list of order types includes limit, limit on open, limit on close, market, stop, stop limit, trailing stop, trailing stop limit, and bracket. If you need more information about Questrade’s order types we suggest you visit this page.
Most brokers provide only basic stock quotes. Questrade® has a full-range of stock information related features. Through IQ Edge, Questrade’s trading platform software, you can customize and access reports straight from the dashboard. Some of these features include account summary, order entry, stock view, and free level 1 snap quotes. However, if you need more data then you can get the advanced streaming package that is 100% rebate-able if you generate at least $48.95 in commissions.
Data fed into your computer is raw stock-market data. How this information is displayed and formatted into charts is dependent on the software that’s developed by your broker. Charting software is critical to make trading decisions which is why Questrade® ensures you don’t need to buy third-party programs to monitor the markets. In fact, there stock charts are powered by MorningStar which a leading investment information supplier.
They also have charts that include all the necessary features such as crosshairs, bars, ranges, and prices.
Types of Brokerage Accounts Available
Now in this Questrade® review, we will discuss the four different account types.
The margin is the most popular account with many different sub-types based on your legal standing. For example, there is the standard margin account for self-directed individual investors. There are also informal trust, corporation, and investment club options – just to name a few. The minimum balance to open a margin account to trade stocks is only $1,000. As a result, many novice traders can get started dabbling in the markets without having to invest a fortune.
They also offer TFSA and registered, foreign exchange and CFD accounts, and managed investing which is essentially their full-service brokerage account.
Commissions and Fees
Questrade® has two pricing plans for trading stocks, options and ETFS. The pricing structure for Questrade® is unique of its kind. The stock trading price commission structure is based on how many shares you buy of each individual stock.
|495 or less||$4.95|
|995 or greater||$9.95|
Therefore, if you are aiming to trade a stock and then sell it, it will cost approximately $10 in commission fees.
- ETFs are free to buy but cost 1 cent per share to sell to a maximum of $9.95 same as displayed in the table above.
- Options trade for $9.95 +$1 per contract.
- Mutual funds trade for $9.95/online. A deferred sales charge may apply if withdrawn early.
- Canadian IPOS: Free to buy with a minimum order quantity of $5,000 CAD
- Precious metals trade at a commission price of $19.95 per trade. The trading for gold and silver stored at the Royal Canadian Mint may have an additional charge because those orders are handled through the trade desk.
- Forex trading is based on the pip spread at around 1.0 – 1.7 pips
- Debenture trading is $30 per trade.
- Bonds, CNSX, GICS, are completely free and carry a minimum order value of $5,000.
- International stocks trade at 1% of the value with a minimum of $195.00 + exchange and stamp fees. International trades are handled through the trade desk.
Questrade® is a good option for most Canadian investors. If you’re interested in pursuing a margin account, you can sign up for a demo account and make some practice trades to start. For information in addition to this Questrade® Review, check out the additional financial articles on our site.