Questrade Paper Trading
Questrade offers a free paper trading account to all customers, a unique feature among Canadian brokerages. This allows investors to practice trading without any financial risk.
Ease Of Use
Questrade’s online platform presents an easy-to-understand snapshot of your account. Once logged in, your total account balance is displayed, including unrealized gains and losses. The website also categorizes your portfolio by investment type, such as stocks, ETFs, cash, options, and more.
New users will need a few minutes to get used to the platform. Thankfully, Questrade’s website is user-friendly and well organized.
Buying and selling stocks, options, and other assets is straightforward. A shortcut on the main page takes you directly to an order entry page where you input what you want to buy and the amount.
A confirmation message pops up before finalizing the trade, allowing you to check the details and confirm the amount.
Alternative
Questrade's biggest competitor, Webull, offers paper trading as well as much better commissions,
trading tools, and margin rates.
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Questrade Website/Trading Platform/Tools
Questrade provides several platforms for trading both options and stocks. The simplest, QuestraderWEB, is web-based and very popular, offering free instant quotes, up to 1,000 per month. Market data is available from multiple sources like TSX, TSX Venture, and major U.S. markets.
Advanced platforms provide streaming quotes and additional market data. These platforms are available at no extra cost with a commission rebate on data plans, depending on trading volume.
Two advanced platforms that enhance the trading experience are:
QuestraderPRO, a desktop platform for active traders with streaming data.
QuestraderELITE, which offers additional features like bracket orders with streaming data.
Questrade also offers several valuable tools:
Market Intelligence: Useful for fundamental investors, providing screeners, filters, market alerts, and calendars from sources like Morningstar.
Bulls Eye: A stock research tool that offers technical and fundamental assessments and expert opinions with extensive charting.
Intraday Trader: Ideal for day traders, this tool scans the market and provides trading ideas based on real-time data from watch lists and other criteria.
The Daily Ticker: A daily email newsletter providing buy/sell/hold insights based on technical analysis for at least two stocks.
These tools allow for on-the-fly order creation as you analyze stocks and charts. Real-time quotes are accessible by clicking the Snap Quote button located just below the order entry screen.
For tablet users, recent updates to the IQ Essentials platform make trading more straightforward with a new full-screen layout that simplifies navigation.
Questrade Review: Pros
- Excellent commissions across all products, though options are somewhat expensive
- Opportunity to buy physical gold
- No extra fees for penny stocks, large orders, or trading outside normal hours
- Option to hold U.S. dollars in accounts
- Forex trading available
- Access to courses from Online Trading Academy
- Availability of a checking account, which has an annual fee
Questrade Review: Cons
- Customer service needs improvement
- High fee of $125 for outgoing ACAT, which is more than most brokers charge
Questrade Review Summary
Ultimately, cost and ease of use are crucial for investors. Questrade excels in both areas with its competitive pricing and a platform that makes it easy to manage your account, transfer funds, and withdraw money.
We recommend Questrade especially for investors with at least $5,000 to invest and for active traders or those interested in gold or forex trading.
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Updated on 8/7/2024.
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