How much does it cost to open a Questrade account?
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- Updated On:20-Sep-2022
- Replies:1
Short Answer
Questrade is a low-cost online broker that does not charge any account opening fee or maintenance fees. The Tax-Saving Savings Account (TFSA) and Retirement Savings Plan (RSP) are completely free and do not require any charges. Apart from these, there are some charges like data streaming charges, etc that have to be paid after the account opening.
Detailed Answer
Questrade is a low-cost online Canadian broker which allows Canadian citizens to open their brokerage account apart from any bank. The main advantage of using Questrade is that the commission is lower compared to other brokers and it provides all the necessary required features to individuals. Let's look at the pricing at the time of opening the account.
Cost of opening an account in Questrade?
Questrade offers two of its account for free without any account opening charges. The accounts are the Tax-Free Savings Account (TFSA) as well as Retirement Savings Plan (RSP). Questrade doesn't charge any account opening fee or annual maintenance fees. The platform charges a minimal commission on stock, options, commodity trades whereas buying ETFs (Exchange Traded Funds) is completely free, or without commissions.
Rest, you have to pay the commissions on trading options or shares according to your plan. Questrade offers two types of plans for customers. You can choose any plan as per your preferences and requirements. One of its packages is the ‘Self-Direct Investing’ where you pay commissions on a per-share basis. There is another plan typically for traders known as the ‘Active Trader Plan’. Here the commissions are charged on a per-trade basis and not on a per-share basis. This is practical for traders who transact in large volumes.
Other charges
Apart from the account opening charges, there is another type of charge that you have to pay. It is the ‘Advance Data Package’, which is essential to steam the live market data. This costs $89.95 per month and are available for the U.S as well as Canadian data. This fee is rebated once you generate a substantial amount of brokerage ($399.95).
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There are several choices available to Canadians who want to invest in the stock market online. Questrade ranks higher a sone of the best stock trading site for a beginner in Canada, offering access to both the Canadian and American stock markets.
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