Does Questrade charge a fee for inactivity?
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- Updated On:25-Oct-2023
- Replies:1
Short Answer
Questrade is one of the major Canadian brokerage companies in Canada. Questrade does not charge any account inactivity or account maintenance fees for brokerage accounts from its users. So, good news is that you won't have to pay any fee if your account is inactive for sometime.
However, it is important to know about various other charges involved which are explained as follows.
Detailed Answer
Questrade is one of the largest Canadian brokerage companies based in Toronto. Questrade is one of the most widely used brokerages to invest in stocks, mutual funds, ETFs and other securities. However, Questrade does not charge any account inactivity fees from the user. There are various charges involved in Questrade related to the withdrawal of funds and others.
Inactivity fees are a penalty imposed by the brokerage company on an account holder for not logging in and making transactions from the account. Not logging in to the account or not executing transactions through the account causes long-term penalties and other potential charges.
Some potential fees charged by Questrade are as follows:
- Per-Trade Commission: Questrade charges a per-trade commission according to a fixed rate for investing in securities such as stocks, mutual funds, ETFs and other investment instruments. This is the major source of the company's income and contributes to most of its revenue.
- Account Maintenance Fees: Questrade does not charge account opening or account maintenance fees from its account holders for registered accounts. However, there may be charges for other various account types.
- Fund Withdrawal Fees: Questrade charges fees for fund withdrawals from its customer when done through the wire transfer facility. Questrade Wire transfer is a paid service for which Questrade charges $20 Canadian for CAD wire, US$30 for USD wire and charges for international wire transfers as well.
Questrade Fee:
As Questrade does not charge any account inactivity fees, it involves various other potential charges to the account holder. These charges can add up to high amounts so the account holder should keep a check on the pending balances and any acculturation of penalties in the account.
As Questrade does not charge any inactivity fees, the account holder should keep a check on the charges explained. One should always be updated on changes in the company's policies regarding the inactivity of brokerage accounts and the charges imposed in future.
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