Questrade rating

Questrade Margin Interest Rates 2020

2020 current Questrade rates: interest account fees, charged on trading margin loans.

Margin Interest Rates

CAD Prime = 3.95%; USD Prime = 4.75%

  CAD Effective date USD Effective date
Current prime rate 3.45% 4.25%
(Payable by client for margin)
Under $100,000
debit balance
CAD prime +3.50% CAD prime +8.10% USD prime +3.50% USD prime +8.10%
Over $100,000
debit balance
CAD prime +2,50% CAD prime +8.10% USD prime +2.50% USD prime +8.10%
(Payable to client on cash balance)
Under $250,000 CAD prime -4.5%1 CAD prime -4.5%1 USD prime -5.25%1 USD prime -5.75%1
$250,000 + CAD prime -4%1 CAD prime -4.5%1 USD prime -4.75%1 USD prime -5.75%1

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Why Questrade

As most our visitors are “income investors”, we were looking for a firm with cost effective way to earn a regular stream of investment income. We spoke with several Mutual Fund advisors, and the fees they charged didn’t quite fit most investors budget. So we decided DIY (do-it-yourself) is the way to go. We Googled and we called. We attended free seminars and we checked references. And as a result, we built a short-list of some of the most important things we wanted to see in investment “platform”. In the end, a Discount Brokerage account made the most logical sense to us.

After evaluating several options, Scotia’s iTrade platform and Questrade made our shortlist. We signed up for Test accounts on both, and played around a bit using some of the free features offered. What struck us about Questrade was that the sign-up process was rather simple. Everything we had to do we could do online – without posting a single document or visiting a branch. Scotia requested us to fill out a form and email it, with a signed copy and void check to follow via snail-mail. With Questrade, we could scan and upload everything – even the void cheque. So that was a huge convenience.

Secondly, back then Scotia charged $5.99 per trade, but only if you had 100 or more transactions per quarter, and there was a minimum trading balance of over $1,000 that one had to maintain. Compared to Questrade’s $4.95 per trade, and a $1,000 balance, iTrade didn't quite fit our bill. And those were important distinctions.

However, what we were then conflicted over was a great deal that only Scotia (and no other discount brokerage at that time) was offering. They allowed clients to buy/sell ETF’s free of cost – no commissions! And since we were planning to build a portfolio with several ETF’s, that tipped the balance once more in Scotia’s favor. But then we received an email from Questrade confirming that, within a few months, they too would be offering a selection of free ETF’s – including the ones we were interested in. That was the deal breaker for us!