Personal review of Questrade
January 12, 2022

Personal review of Questrade

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Software Version

Self-directed Investing

Overall Satisfaction with Questrade

I use Questrade to manage various portfolios, on both registered and unregistered accounts. The scope of my use case is being able to buy/sell securities, manage the various portfolios, and track monthly realized/unrealized P&L to advise on future investment strategies/decisions. Questrade makes this all very simple to do with its easy-to-follow user interface and great customer support.
  • Easy to follow user interface.
  • Monthly reports are very detailed and contain visuals to aid in the understanding of performance.
  • Questrade has a very responsive customer support team.
  • Questrade has low fees.
  • In Questrade's annual tax reports, they do not currently show the ACB of the securities that were purchased/sold. This would aid in tax reporting greatly.
  • Questrade should be a bit more transparent on its fees for FX conversion, margin interest, etc. Currently, it is located on a single page that you have to actively search for -- otherwise, the fees can appear hidden.
  • Ability to choose pre-determined options strategies rather than having to create them yourself from scratch.
  • Ability to track your monthly performance through Questrade's reports.
  • Ability to track the Greeks for options.
  • Ability to create a watchlist with custom notifications.
  • Questrade's instant deposit feature has had a positive ROI as it enabled capital to be deployed instantly, which led to positive-returns intraday. Prior to instant deposit, one would have to wait up to 2-5 days for their deposit to show up on the account.
  • Questrade's monthly reports had a positive impact as they visually displayed portfolio performance in a visual manner, using both graphs and charts to aid in their explanations.
I have used WealthSimple before, and I can say that Questrade is just a bit more intuitive for me. It's catered for beginners, but also has additional features for those who are a bit more advanced. Questrade is a flexible platform that allows you to create and track various types of portfolios, create and track various types of strategies, etc. By far the superior choice in my opinion.

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Questrade is very well-suited for personal investing, both on registered or unregistered accounts. Questrade will do the registration work for you for its registered accounts, which is a nice plus. Questrade is well-suited for beginners who are looking to get into investing as its interface is very easy to follow. Some scenarios where Questrade may be less appropriate are for those who rely on technical trading indicators as this is not a free feature on Questrade, as you get delayed quotes on the basic Questrade. Further, if you are going to be making a lot of trades and will have to report taxes, Questrade may not be ideal as the tax reports do not show ACB, and thus, this would be up to the trader to track themselves and report on.