|Questrade MetaTrader 4, QuestradeFX, QuestradeFX PRO
|Minimum account size
|Minimum lot size
|more than 70 instruments
|Spread on EUR/USD
|Online banking, Pre-authorized deposit, Transfer from another broker, Wire transfer, Certified cheque/bank draft, Non-certified cheque, Stock certificate, Money order
|Accepts Canadian traders
|Investment Industry Regulatory Organization of Canada
|Email, Phone, Live Chat
Questrade was founded in 1999 and is considered to be one of Canada’s largest independent online brokerage firms. They offer a choice of platforms that are designed for traders of all levels. Is this broker worth your time and money and most importantly, can they be trusted? Let’s find out in this detailed review.
They currently have 3 systems to offer. The Questrade MetaTrader 4, the QuestradeFX and the QuestradeFX PRO. By comparison to other brokers, there’s not much of a difference to the feature
Design of Website
The platform design is basically the same with as with other agents. There’s nothing exceptional or unique from the layout but since it is easy to use
For forex accounts the minimum initial deposit is $1, 000. This is higher than the average but if you’re actually serious in trading fx and CFDs in the long term then this shouldn’t be a major issue since you will be needing such capital to make a good profit.
Minimum Lot Size
Micro lot trading is usually allowed by this broker. If you’re a beginner you can do live trading with a minimum currency lot size of 0. 01 and lower margin requirements.
You can trade on over 70 instruments via their FX & CFD platforms and this includes currency pairs, commodities and indices.
The pricing on their currency pairs are quite competitive with target spreads reaching as low as 1 . 7 pip even for the EUR/USD pair. Such numbers offer higher possibilities to gain profit.
Withdrawal requests are processed immediately so the only waiting time will be dependent on the banking method that you’re going to use. For cheques, it only takes around 5-7 business days while electronic fund transfers 3 to 5 days. International wire transfers takes 1 to 2 business times. Overall, these are faster than the average waiting time.
Deposit and Withdrawal Methods
There are different ways to add funds to your account. They accept online banking, pre- authorized deposit, transfer from another broker, Wire transfer, certified cheques or bank draft, noncertified cheques, stock certificates and money order.
The have a live chat, email support and phone support with a toll-free number. General, our conversation with their agents ended well although there was a slight waiting around period before we were able to get an agent on the line.
Different quote types are offered by this broker which will depend on the subscription level. Delayed quotes have a 15-minute delay while the Real-Time subscription level may entitle you to either an enhanced streaming or among their advanced streaming package. They also have a Snap quote which can give you instant quotes for any symbol based on current data.
- Regulated by the Investment Industry Regulatory Organization of Canada
- Tight spreads
- Micro lot trading available
- $1,000 minimum deposit too high
- Typical platform design
- Real-time quotes available for higher subscription levels only