Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    A Must-read Questrade Crypto Review 2022

    Questrade Crypto Review

    Questrade Crypto Review: Our Opinion

    Investing in digital assets using Questrade Crypto is a bit more complicated than your regular crypto exchange. Crypto investments are made possible via Exchange Traded Funds and index funds.

    You also will not have access to your private keys, which means you won’t be able to use your cryptocurrency for anything. So if you intend to utilize cryptocurrencies beyond purchasing them, Questrade won’t be of any use to you. Other alternatives like Coinbase Canada are better options for such uses.

    Questrade is an online brokerage and wealth management company based in Toronto, Canada. The firm specializes in enabling investors to trade cryptocurrency ETFs, mutual funds, and stocks. 

    In this Questrade review, we cover all there is to know about the company.

    The information we provide is obtained from hundreds of user reviews, a hands-on experience, and how they fare in comparison to the competition. 

    An Overview of Questrade

    Questrade Homepage

    Launched in 1999, the company now has more than 2 decades of experience in the exchange industry.  

    Questrade was founded by Edward Kholedenko alongside 3 other partners. Since its inception, Questrade has grown to one of the largest online brokerage firms in Canada. They currently have more than $30 billion in assets under active management. 

    Questrade $30 billion in assets

    Currently, Questrade offers a ton of account types including an ETF trading account, a forex trading account, a guaranteed investment certificate account, a tax-free savings account, a self-directed account, and a CFD account. 

    Investors can start with just $4.95 per stock share.

    For users searching for ETF trading, Questrade offers zero-commission trades and the option to trade all listed ETFs in North America at zero commission. 

    They also have zero limits on the amount of ETFs that you’re allowed to trade, low fees, and no minimum investment. 

    Pros

    Cons

    Key Features of Questrade

    • Regulation: Questrade is regulated in Canada by the Investment Industry Regulatory Organizations of Canada. The firm is also a member of the Canadian Investor Protection Fund [CIPF]. 

    • Demo Account: They offer practice accounts for beginners. 

    • Bank Card Deposit: Questrade allows investors to make deposits with debit/credit cards. 

    • Products: This platform offers a wide range of products including crypto ETFs, Fund, CFD, Stock, Forex, Bond, and Options.

    • Electronic Wallet Deposit: The exchange permits deposits via electronic wallets

    • 2 Base Currency Supported: Questrade supports just 2 base currencies.

    • Minimum Deposit: Questrade requires a minimum deposit of $1,000.

    • Zero Inactivity Fees: They don’t charge investors anything for inactivity and offer low fees.

    How Do You Trade Crypto on Questrade?

    Currently, Questrade does not allow you to trade crypto coins. Cryptocurrencies like Litecoin, Ethereum, and Bitcoin aren’t available for trading on the platform.

    This means you cannot perform actual cryptocurrency transactions on the platform because it involves substituting fiat currency for encrypted digital keys, and the whole process isn’t supported by Questrade at the moment. 

    But it does offer ETFs that allow Canadian crypto lovers to utilize the exchange’s features.

    So if you want to buy crypto and have ownership of the keys which you can send to a digital or cold wallet – Questrade does not offer that possibility.  

    The platform offers several crypto ETFs such as:

    • Evolve Bitcoin ETF (EBIT)

    • CI Galaxy Ethereum ETF (ETHX)

    • CI Galaxy Bitcoin ETF

    • 3iQ CoinShares Ether ETF (ETHQ)

    • Purpose Bitcoin ETF (BTCC)

    The important thing to keep in mind is that when you invest in an ETF know that you aren’t purchasing the asset itself. You’re simply purchasing a stake in a platform that possesses underlying value in the particular asset. 

    So in trading crypto on Questrade you don’t make direct crypto purchases rather you get shares in the firm mirroring the performance of the asset you intend to invest in. 

    If you buy ETHX on Questrade you won’t be buying Ethereum but your account balance would mirror the losses or gains experienced by the particular token.

    The Difference Between Crypto ETFs and Owning Crypto

    Users that buy crypto own the underlying assets of the particular coin purchased. This means investors can use say Litecoin as currency to make purchases and conduct transactions. To have this kind of ownership you must buy crypto directly.  

    On the flip side, Crypto ETFs don’t offer access to a coin’s underlying assets. This means you’ll be unable to utilize the value you own in a Litecoin ETF to make purchases in crypto. 

    Questrade Fees

    Questrade Fees

    In general, Questrade’s trading fees are low. They also have an easy-to-understand and clear fee structure. Deposits or account inactivity fees are zero.

    ETF and Stock Fees

    Their ETF and stock trading fees are low. The terms include $0.01 per share, sales cost $0.01 per share, a minimum of $4.95, and ETFs are free to purchase. 

    That said, when trading ETFs or index funds you’ll be charged just for selling. The ETF fee structure is also exactly like those for stock trading. 

    Withdrawal Fees

    • There are no fees for CAD electronic fund transfers up to $50,000    

    • Zero fees for USD electronic fund transfer up to $25,000    

    • Questrade charges $20 for CAD wire transfer

    • They charge $30 for a USD wire transfer

    • International wire transfers cost $40

    • Questrade costs $50 for CAD and USD uncertified cheque withdrawals

    • For Certified cheques, Questrade charges $75

    • Stop payment cost $25

    • NSF cheque/returned items cost $30

    • Transfer from an account to a different institution costs $150

    • For a partial transfer of an account to a different institution Questrade costs $25

    • Estate settlement costs $250 per account

    Payment Methods

    Questrade does not charge investors a deposit fee. And if you are an international client your only option to fund your account is via wire transfer. 

    Canadians, on the other hand, have many options that don’t have fees attached:

    • Certified cheques

    • Electronic funds transfer

    • Electronic wallets

    • Visa debit card 

    The con here is that the exchange does not accept deposits from debit or credit cards for non-Canadians.

    The bank transfer option typically takes a couple of days but the credit and debit card payment method is instant. This exchange only allows you to deposit funds from bank accounts in your name.

    For withdrawals, the platform does not charge investors withdrawal fees for electronic fund transfers below $25,000 or 50,000 CAD. Wire transfers, on the other hand, cost 20 to $40 depending on where you reside. You also can’t withdraw from Questrade using a credit or debit card.

    Security

    Questrade Regulation

    Questrade offers investors a secure 2-step login process. However, it does not require you to input a security code all the time. This makes it easy to log in. But if you decide to access your account from a different computer you would have to type in a generated code sent to your email or mobile device. 

    Also, after you log in to the account with a new device you’ll need to answer security questions. But with subsequent logins, you can access your account with the normal user ID and password 

    With regards to platform safety, Questrade is regulated by the Investment Industry Regulatory Organisation of Canada (IIROC). They also belong to the Canadian Investor Protection Fund (CIPF). 

    This means your funds are protected and that you’re eligible for CAD 1 million coverage available via CIPF. Beyond this, all accounts are protected by extra insurance up to 10 million in Canadian dollars.

    Opening a Questrade Account

    Opening an account with the platform is straightforward and completely digital. 

    Here are the steps: 

    1. Visit Questrade.com 

    Go to Questrade.com and then click the green “open an account” button located at the top right corner.

    2. Choose an Account 

    Make an account selection. You can choose between a Tax-free Savings Account, Forex & CFDs, Margin, etc. 

    3. Complete User Identification

    After choosing an account you’ll be taken to the next step page, click continue to start user identification. You’ll have to fill in your full name, phone number, and email address. At this point, you’ll create your ID and password that you’ll use to log in. You’ll also have to choose 2 security questions.

    4. Build Your Profile

    Next, you’ll be redirected to your profile screen. There you’ll see boxes Personal, Employment, Financial, and Citizenship. Fill out all the information. 

    5. Preview and Confirm Information

    Simply go over your data and confirm then accept the terms and conditions.

    6. Transfer Funds 

    After an account has been opened you have to deposit the initial funding of $1,000 minimum to begin trading.

    Requirements for Opening a Questrade Account

    To be eligible to open an account you will be required to provide proof of residency and proof of identity. Questrade requires the following documents for identification:

    Proof of Identity

    For identity validation, you will need to provide either your driver’s license and Canadian social insurance number, national ID, or tax identification number if you’re not a resident of Canada. 

    After registration and all account opening steps as seen above, you would have to transfer the minimum deposit which is $1,000 to Questrade from your bank or digital wallet.

    Customer Service

    The exchange offers great customer service and in our experience provided detailed answers to the queries mentioned on all support channels. That said, Questrade does not offer support 24/7. 

    Their customer service channels include phone support, email, and live chat. 

    The live chat option is very fast. As you begin to chat, the program will require that you answer a couple of automated questions first.

    Their phone support is also fast and they provide detailed answers. They don’t offer international phone numbers so you’ll need to use a Canadian number if you don’t reside in the country. The waiting time for phone support varies, sometimes you’ll have to wait for long and other times it’s immediate. 

    For email support, Questrade customer service responds in a couple of hours. 

    That said, phone support and live chat are only available on weekdays. 

    Customer Satisfaction

    Questrade ranked number 1 in JD Power Investor satisfaction in 2020 amongst its competitors. And based on various user reviews, Questrade offers top-notch user satisfaction.

    Questrade Account Management

    Questrade offers several trading platforms from which you can manage your account including desktop, mobile, and web. Each platform differs in the products available as well as the device they work for. 

    The web trading platform provides a huge variety of order types, an intuitive design, and is easy to use. That said, it offers poor customizability and unclear fee reports. 

    Alternatively, Questrade’s desktop platform is much more customizable.

    Is Questrade Right for You?

    Questrade is best for Canadians who want to invest in cryptocurrency ETFs, not those who want to own crypto for transactions. 

    Final Thoughts

    Questrade is a leading online brokerage company in Canada. It offers low ETF and stock fees and adequate research tools for the advanced user. There are no fees for deposits as well. For withdrawals, Questrade offers Canadian investors a ton of options. 

    That said, if you want to buy crypto and own the underlying value of the asset purchased, Questrade is not for you. You can only invest via crypto ETFs. 

    Our extensive analysis of the Canadian Crypto Platforms doesn’t stop here. You can also read our best crypto platforms Canada Guide to find an alternative to Questrade.

    FAQ

    Most frequent questions and answers

    Yes, but only through ETFs. This means you won’t own the underlying value of the asset you purchase.

    Questrade does not offer crypto coins for transactional trading but you can invest in cryptocurrency ETFs.

    No, you can’t. Questrade does not allow direct crypto trading and cryptocurrency transactions but the platform offers exchange-traded funds.

      We always try to provide the most accurate information available, and make sure our team follow through.
      If you want to know more about our Crypto Exchanges Review Methodology follow the link below

      Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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