Questrade Tfsa Investment Options

Questrade tfsa investment options

With twenty years of industry experience, Questrade is the best online brokerage in Canada.

Questrade tfsa investment options

It’s no surprise, either. Questrade has earned the trust of so many Canadian investors over the last two decades.

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They’ve allowed countless Canadians to make smarter, more affordable investing decisions.

Questrade also provides flexibility. There are options for all levels of risk tolerance, for rookie and veteran investors alike, offering passive and self-directed investing options.

In this Questrade review, we’ll take a closer look at why Canadian investors choose Questrade as a reliable, efficient, and cost-friendly investing, trading, and saving platform.

What is Questrade?

Questrade is an online investing platform headquartered in Toronto, Ontario, operating since 1999.

Today, the discount brokerage offers some of Canada’s lowest commissions on trading and investing currently available.

As a virtual brokerage, Questrade only operates online, meaning there are no branches or offices open to the public. This allows the discount brokerage to provide the lowest trading fees in the industry.

Questrade offers a variety of investment options that suit all risk profiles, ranging from low-risk investments like Guaranteed Investment Certificates (GICs) to more volatile options like Forex and the stock market.

Questrade has become incredibly popular as a low-cost option for passive investing as well.

It offers its own robo-advisor called Questwealth Portfolios, which allows Canadians to purchase and trade Exchange-Traded Funds (ETFs).

Questrade and Questwealth Portfolios Review 2020

This Questrade review will focus on four sections of the online brokerage: the pros and cons, the sign-up process and account registration, fees and features, and the types of accounts offered.

Pros

Questrade’s pros far outweigh the cons.

Questrade tfsa investment options

Below, we’ll take a quick glance at the benefits and drawbacks the discount brokerage has to offer. Fortunately for Canadians, the pros of Questrade far outweigh the cons.

How To Use Questrade For Beginners (FULL WALKTHROUGH/TUTORIAL)

Here are a few major advantages of investing through the Canadian online brokerage.

  • Low fees:Naturally, low fees are the staple quality of this discount brokerage.

    Questrade has the best fees out of any online brokerage in Canada.

  • No annual fees:With the lowest fees in the country, Questrade also comes with no annual fees.

    Many of Canada’s online brokerages come with annual and sometimes even quarterly fees.

    Questrade tfsa investment options

    Questrade comes with no yearly, monthly, or quarterly fees.

  • Online platforms and mobile app:Questrade offers a very fruitful online experience for customers. As an online brokerage, Questrade offers three virtual platforms: IQ Web, a browser-based trading platform; IQ Edge, a dedicated desktop program; and the Questrade Mobile App.

Cons

Nothing in life is perfect.

Below are a few drawbacks that come with using the discount brokerage.

  • Quarterly Inactivity Fee:For accounts under $5,000, Questrade charges $24.95 if no trades are made within that quarter.
  • Minimum Balance Requirement: Opening an account with Questrade requires a minimum balance requirement.

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    Minimum investment requirements vary from account to account. For example, opening certain accounts requires a minimum investment of $1,000.

Sign-Up Process and Account Registration

Questrade’s sign-up process is relatively straightforward.

Questrade tfsa investment options

Upon signing up, customers need to distinguish which account or accounts they would like to open before investing. Below is a brief summary of each investing account the discount brokerage offers upon sign up.

Types of savings and investment accounts

Margins stocks purchased with money borrowed from brokerages to purchase shares or make investments.

Questrade tfsa investment options

Using Questrade Margins to buy stocks can reap you significant gains or losses, as they tend to be riskier investments.

  • Tax-Free Savings Accounts(TFSAs) can hold various investments, such as GICs, ETFs, Stocks, Bonds, and Mutual Funds. The account earns tax-free interest on investments and returns, as long as the gains remain under the yearly TFSA contribution limit.

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    A TFSA acts as an excellent shelter for tax-free investing.

  • Registered Retirement Savings Plan (RRSPs) can hold several types of investments, including Bonds, GICs, Equities, and ETFs, among others. This savings account is suitable for long-term savings and purposed mainly for retirement.

    What can you invest in your TFSA?

    Another account offered is the Registered Education Savings Plan (RESP).

  • Robo-Advisor: Questwealth Portfolios is Questrade’s robo-advisor. A robo-advisor manages a portfolio pre-determined on an investor’s risk tolerance and manages it on their behalf.

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    Robo-advisors use an algorithm to manage your investments.

  • Unlike financial advisors or mutual funds, robo-advisors manage ETFs for a fraction of the cost.

    Questwealth is no different. The robo-advisor manages your investment portfolio and monitors your investments based on your risk profile.

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    There is no need for constant monitoring, financial savviness, or extensive research when investing, just an understanding of your personal risk tolerance.

For the Couch Potato investors, using a robo-advisor is an excellent option, as they do not require constant monitoring. However, consistent control of any investment is always ideal.

Fees and Features