Questrade is one of our most favourite online trading companies for various reasons we’ll soon get into but first a little background on their company. Questrade was one of the first companies to offer a true flat fee trading service in the U.S and Canada. Based out of Toronto, this company was born to please investors! They have a lot of interesting financial products that you’d love such as the Tax-Free TRADING Account which is basically a TFSA account that you can trade in without getting taxed with capital gains. They also have a Self-Directed RRSP Account that allows you to take full control over your retirement savings by allowing you to trade equities, ETFs, mutual funds and most importantly buy physical gold tax-free. These 2 services alone, bring tears of joy to my eyes!
Aside from that, they are also pretty cheap and easy to use. Similar to ING Direct, Questrade is a dedicated online financial institution. Almost everything you can and want to do, will be done online but don’t worry they have a great application system and live chat service. If you really need to talk to someone, we’ve never had a problem reaching a representative over the phone.
Pros:
- Low Commissions & Account MinimumsAfter-Market Trading
- Margin Accounts are 3:1 (depending on the stock)
- TSFA Trading Account (Tax-Free Saving Account)
- Self-Directed RRSP (With the ability to purchase physical gold within your account)
- Self-Directed RESP (Registered Education Savings Plan)
- Self-Directed RIF (Registered Income Fund)
- You can buy physical gold under your RRSP**
Cons:
- You can’t purchase and/or trade silver
- There isn’t a mobile application for your Blackberry or iPhone
- The professional trading software is PC-based only
Minimum Deposit: $1000
Trading Types: Equities, Options, ETFs, Mutual Funds, Bonds, GICs, Forex, Gold
Equities: $4.95-$9.95 (depending on trade volume)
Company Website: www.questrade.com
Have we tried Questrade? Yes. Some of our members currently have accounts through Questrade.
**Note: When you purchase gold under your RRSP account, you have to store the physical bullion in The Royal Canadian Mint. There is a $0.10/oz/month storage fee. I believe the precious metal is purchased through Kitco.
Happy investing!
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