Questrade Review

Questrade: Desktop Accessibility

Questrade has two major trading platforms: Questrade Trading (formerly known as IQ Web) and Questrade IQ Edge.

Questrade Trading is the basic web trading platform for the online brokerage’s customers and is for Windows, Mac, and Linux users. It also works on iOS and Android devices. Questrade Trading is designed for novice to average investors.

Its key tools and features include:

• Symbol lookup—This allows you to look at news and historical information.
• Alerts—You can monitor investments and get instant notifications.
• Charting—Review charts to view patterns and volatility of specific stocks.
• Market data—Real-time market data and quotes.
• Watchlists—Create multiple watchlists for investments that are of the most interest to you.

IQ Edge is a downloadable desktop platform, which is only available for Windows and Mac users. This platform is designed for more advanced and active users.

IQ Edge has many of the same tools and features as Questrade Trading except they’re better looking and more state of the art.

For instance, you can trade conditional or bracket orders as well as multi-leg option strategies. You can also customize the desktop and move different charting, research, and data windows anywhere you like.

There are different colour themes available as well, which makes it easier on the eyes.

The platform looks similar to what many professional traders have and gives Questrade an advantage over some of its competitors.

Both Questrade Trading and IQ Edge are free to use but don’t come with free trades.

Questrade: Mobile Accessibility

You can access the trading platform using your computer or the QuestMobile app. For the app, you’ll require an Android device running Android 5.1 or higher or an Apple device running iOS 10 or higher.

Reviews for the app have improved considerably. It currently has ratings of 3.2/5 stars on Google Play and 3/5 on the App Store.

Users can also open their first Questrade account through the mobile app. This includes a self-directed TFSA, RRSP, or Margin account. Currently, Questwealth accounts cannot be opened on the app, but this functionality is looking to be added in the future.

Users have complained about being logged out of the app after a couple of minutes, problems related to freezing, and how slow it is. Those aren’t the kind of issues that any customer—especially those using mobile trading—wants to face.

Questrade: Safety and Security

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

IIROC is a self-regulatory organization that oversees all investment dealers and trading activity across the country. It writes the rules that set investment and regulatory industry standards. All the major banks and online brokers in Canada are members of IIROC.

CIPF protects property held by member firms on behalf of clients if the firm goes out of business.

The limits are $1 million for all general accounts (margin, cash, and tax-free savings accounts), $1 million for registered retirement accounts, and $1 million for all registered education savings plans (RESPs).

Questrade goes one step further by providing up to $10 million in insurance for all self-directed and managed accounts.

While your investments are safe should Questrade become insolvent, it doesn’t protect your investments if they fall in value.

Questrade also provides an online security guaranty and offers security tools to ensure accounts are protected. For instance, all online web applications use 256-bit encryption, which encrypts transactions through a secure connection.

The brokerage offers two-factor authentication (also called two-step verification). This adds a layer of security so only you can access your account. When you log in with your username and password, you also have to submit a code that’s either emailed or texted to you.

Finally, Questrade will send you an automated email alert if your account is accessed from a new device.

Questrade: Customer Service

There are many complaints about Questrade’s customer service if you look online. Many customers have complained about long wait times, getting disconnected, or having trouble accessing funds in their accounts.

However, long wait times have been an issue for several brokers, especially during the pandemic.

Despite these problems, there are a few ways to get in touch with customer service if you need help with your self-directed account.

The best way to talk to a human is by calling 1-888-783-7866. The phone hours are Monday to Friday from 7:30 a.m. to 8 p.m. Eastern time. The live chat function on the website is also available and the hours are the same as the toll-free number.

For other needs, the hours vary. For instance, if you have questions about your foreign exchange or contracts for difference (CFDs) account, the phone hours are 8 a.m. to 9 p.m. on Monday to Thursday, 8 a.m. to 5 p.m. on Friday, and 5 p.m. to 9 p.m. on Sunday. The live chat function is only available Monday to Friday from 9 a.m. to 5 p.m. All times are Eastern time. There’s also a different number: 1-866-980-9591.

There are different hours and a different toll-free number if you want to open an account.

It seems unnecessary to have distinct numbers and hours depending on the type of help you need, but that’s how Questrade chooses to do business.

Questrade: Promotions

Questrade offers you a $25 referral bonus for every friend that opens an account. For every third referral, you get a $50 bonus. Very few brokers offer a cash reward for referrals, which makes this a great bonus.