You are required to email privacy@questrade.com from your registered email ID, requesting Questrade to close your trading account. What’s the reason for closing your Questrade account? Do share with us.
Questrade: An overview
Questrade is one of the well-established online trading platforms, which is an alternative to the platforms of the big 5 banks. The platform was christened in 1999 and is headquartered in Toronto.
You can own and trade in shares, bonds, exchange traded funds, mutual funds, guaranteed investment certificates, initial public offers, commodities, options, contract for differences etc., It has both do it yourself and robot advisory options. Let us find how to close your questrade brokerage account.
Questrade is a decent platform. Yet it has certain limitations. Like the market research capacity is very narrow. Compared to other platforms and banks, it is a bit behind. And this is why most people like to close their brokerage account and switch to a different one.
If you also have found the substitute to it and wish to close your account then remember- closing the account is more complicated than opening. The process is a bit tedious because no bank/broker likes to lose their customer. The simplest way out is trying their IVR service.
How to close Questrade brokerage account Canada?
Before cancelling your account, you must first sell all the holdings held within the platform and pay off any fee or dues you have with the platform. If you wish to have liquid funds, you must then transfer the cash to a bank account. If you wish to invest in a different platform, you must transfer the funds to the other investment platform of your choice.
After doing the above-mentioned activities, you must email Questrade, requesting them to close your account. Please note that you must email from your registered email ID. The email Id is privacy@questrade.com . You must also request them to delete all your information from their repository.
Questrade does not charge any fees for closing an account with them. It could be a joint account or an individual account. It could also be a registered account like a tax-free savings account (TFSA), registered retirement savings plan (RRSP) or a registered education savings plan (RESP) or it could be a non-registered investment account.
However, it charges fees to transfer your funds to another service provider. You have to pay up $150 for a complete transfer of funds and $25 for a partial transfer of funds. Please note that the minimum account balance mandated by Questrade is $1,000.
Closing your Questrade Account
Investors and traders choose to close their online trading platforms for various reasons. It could be because of continuous loss in their trades, need for funds or due to features of the platform.
It is to be noted that the most commonly reported disadvantage of Questrade is its high minimum balance of $1,000 and disappointing app. If you choose to close because of inactivity for a long duration, you should consider not to as, Questrade does not charge any inactivity fees.