UPDATE: We have received several news about Questrade which is why we have decided to make further investigations about this broker. For this reason, we highly recommend that you sign-up with AvaTrade if you’re looking for an alternative broker to trade with.
Questrade MetaTrader 4, QuestradeFX, QuestradeFX PRO
Minimum account size
Minimum lot size
more than 70 instruments
Spread on EUR/USD
Online banking, Pre-authorized deposit, Transfer from another broker, Wire transfer, Certified cheque/bank draft, Non-certified cheque, Stock certificate, Money order
Accepts Canadian traders
Investment Industry Regulatory Organization of Canada
Regulated by the Investment Industry Regulatory Organization of Canada
Micro lot trading available
$1,000 minimum deposit too high
Typical platform design
Real-time quotes available for higher subscription levels only
Questrade was founded in 1999 and is considered to be one of Canada’s largest independent online brokerage firms. They offer a choice of platforms that are designed for traders of all levels. Is this broker worth your time and money and most importantly, can they be trusted? Let’s find out in this detailed review.
They currently have 3 platforms to offer. The Questrade MetaTrader 4, the QuestradeFX and the QuestradeFX PRO. By comparison to other brokers, there’s not much of a difference to the feature so they earned a Platform score of 7/10.
The platform design is basically the same with as with other brokers. There’s nothing exceptional or unique from the layout but since it is easy to use, this warrants a Design score of 4/5.
For forex accounts the minimum initial deposit is $1,000. This is higher than the average but if you’re actually serious in trading forex and CFDs in the long term then this shouldn’t be a major issue since you will be needing such capital to make a good profit. This warrants Questrade with a minimum deposit score of 3/5.
Minimum Lot Size
Micro lot trading is allowed by this broker. If you’re a beginner you can do live trading with a minimum currency lot size of 0.01 and lower margin requirements and because of this Questrade gets a Minimum Trade Score of 4/5.
You can trade on over 70 instruments via their FX & CFD platforms and this includes currency pairs, commodities and indices. It is for this reason that they received a Tradable assets score of 4/5.
The pricing on their currency pairs are quite competitive with target spreads reaching as low as 1.7 pip even for the EUR/USD pair. Such numbers offer higher possibilities to gain profit which is why they are getting a Payouts score of 10/10.
Withdrawal requests are processed immediately so the only waiting time will be dependent on the banking method that you’re going to use. For cheques, it only takes around 5-7 business days while electronic fund transfers 3 to 5 days. International wire transfers takes 1 to 2 business days. Overall, these are faster than the average waiting time which is why they are getting a Withdrawal Time score of 10/10.
Deposit and Withdrawal Methods
There are different ways to add funds to your account. They accept online banking, pre-authorized deposit, transfer from another broker, Wire transfer, certified cheques or bank draft, non-certified cheques, stock certificates and money order. Such diversity of banking coverage warrants a Deposit and Withdrawal Methods score of 5/5.
The have a live chat, email support and phone support with a toll-free number. Overall, our conversation with their agents ended well although there was a slight waiting time before we were able to get an agent on the line. This merits a Support score of 9/10.
Different quote types are offered by this broker and this will depend on the subscription level. Delayed quotes have a 15-minute delay while the Real-Time subscription level may entitle you to either an enhanced streaming or one of their advanced streaming package. They also have a Snap quote which can give you instant quotes for any symbol based on current data. Although they got a Quote Accuracy Score of 10/10, the disadvantage is that you need to be a premium account holder to be able to enjoy this feature.
Questrade is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF) but based on our extensive research, they have a number of unsatisfactory reviews and comments from their clients. Based on our grading system, they were able to register a Reputation score of 20/20.
Questrade offers a set of platforms with technical analysis tools and tight spreads but the downside is that you need to make an initial deposit of $1,000 which is way too high compared to most brokers out there. And even though they provide real-time quotes, you need to be a high level subscriber in order to enjoy this feature. Overall, they have the advantage but this comes with a price.
We highly recommend that you sign-up with much more stable brands such as AvaTrade as an alternative so you can continue with your trading activities.
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