Questrade is as safe as any other brokerage in Canada. It is a safe platform on which you can transfer your money to trade stocks and securities.
Questrade is one of the most well-established names in the Canadian brokerage industry. With more than 50,000 Questrade accounts opened annually, you may feel like you are missing out on building wealth by not having an account of your own.
What is Questrade?
The Toronto-based online brokerage has been operating since 1999 and offers a wide range of financial solutions designed to assist Canadian investors in managing their own finances.
Stocks, ETFs, bonds, mutual funds, precious metals, foreign currency, GICs, options, and much more are among the wide range of investment possibilities offered by Questrade.
The fact that Questrade offers both registered and non-registered trading accounts makes it an ideal trading platform for customers with various investing requirements.
Additionally, Questrade provides Questrade Portfolios, a Robo-advisor service, for investors who choose a hands-off approach.
Questrade offers three desktop trading platforms and a mobile app that give investors complete control over their trading decisions.
Who is Questrade best for?
Questrade is a fit for you if you are a Canadian citizen and resident, and wish to avoid the high fees and restrictions placed on those who hold investments at banks.
It offers a lot more flexibility to Canadian investors, including an automated portfolio builder and significantly lower fees.
Is Questrade safe?
The company is a registered investment dealer and a member of the Investment Industry Regulatory Organization of Canada (IIROC).
They’re also a member of the Canadian Investor Protection Fund (CIPF), a not-for-profit insurance program.
These Canadian regulatory organizations oversee Questrade’s operations and ensure that they adhere to strict investment industry standards.
The company also takes your security seriously. Questrade has numerous technology and infrastructure installed to protect your money.
Your account is encrypted and securely stored, and you will receive an alert if there’s suspicious activity in your account.
With security measures such as PINs and Touch/Face ID, you can feel assured that only you can access your account.
They also care about your privacy. Questrade promises to never sell, trade or share your information with anyone.
Above all, Questrade promises 100% reimbursement for any unauthorized transactions in your Questrade account that result in direct losses to you.
And, your account is insured for up to $10 million in the event that Questrade becomes insolvent.
Final Thoughts: Is Questrade legit?
Thus, we can conclude that Questrade is a legit platform to invest your funds in stocks, bonds, options, ETFs, and mutual funds. It has the same regulatory backing and insurance as the big banks, protecting account holders in the unlikely event that the company becomes insolvent.