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Questrade Overview
Questrade is one of Canada's largest independent online brokerages, founded in 1999. It's known for low costs and was a pioneer in offering commission-free ETF purchases in Canada.
Key Features
Free ETF Purchases
Buy any ETF without commission—one of Questrade's biggest advantages. Selling ETFs costs $4.95-$9.95, but buying is always free.
Account Types
- TFSA, RRSP, LIRA, RRIF
- Non-registered accounts
- Margin accounts
- Corporate accounts
Investment Options
- Stocks (Canadian and US)
- ETFs
- Mutual funds
- GICs
- Bonds
- Options (for advanced users)
Ease of Use Assessment
The Positives
- Website is functional and reasonably intuitive
- Good educational resources
- Research tools included
- Mobile app available
- Live chat support
The Learning Curve
- More complex than Wealthsimple
- Trading platform has many options that may overwhelm beginners
- Account types and tax forms can be confusing initially
- Some features require learning
💡 Note: Questrade offers a practice account where you can learn the platform without risking real money. Take advantage of this if you're new.
Cost Comparison
- ETF purchases: Free
- ETF sales: $4.95 - $9.95
- Stock trades: $4.95 - $9.95
- Account fees: None for most account types
- Inactivity fee: $24.95/quarter (waived with $1,000+ balance)
Customer Support
Questrade offers support via live chat, email, and phone. Wait times can vary. Many seniors appreciate having phone support as an option, which some newer platforms don't offer.
Summary
Questrade is a platform often considered by cost-conscious investors who are comfortable with technology. The free ETF purchases may appeal to those building passive portfolios. However, the learning curve varies by individual.
As with any financial platform decision, research multiple options and consider your personal circumstances before choosing.
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About Maple Wealth Guide
Maple Wealth Guide is an educational publication that explains investment concepts, retirement-related topics, and personal finance information for Canadians aged 50 and over. We are not licensed financial advisors and do not provide personalized recommendations. All content is for educational purposes only.
Non-Affiliation Statement: Maple Wealth Guide is not affiliated with any banks, brokerages, investment platforms, or government agencies.