Questrade Canadian Online Forex Broker of Forex Trading Money

Questrade has been around since 1999 and is holding a strong position as Canada’s fastest growing online discount broker. They’ve recently been exploding in popularity in Canada, where the competition for online discount brokers is still relatively low. On a side note, the myQuestrade platform has recently undergone a pretty major overhaul in early 2011, adding features like account activity, balances and positions, and a redesign of the platform that makes it more intuitive to navigate and manage your account.

The sign up was quick and easy which required only a few minutes online and some hand signed paper work to be mailed in. Any questions that I had was quickly answered by the live chat option on the Questrade website. You can fund your account via online bill payment or personal check, and be guided in the account opening process by their LiveChat, which is open until 10p.m. EST. Minimum to set up an account is just $1,000.

Questrade supports several methods to fund your account including EFT (from CAD accounts), wire transfers, cheques, pre-authorized deposits, and broker-to-broker transfers. It should be noted though that you cannot use the EFT method to send USD to your Questrade account. The reverse is possible where you can withdraw USD funds to a USD bank account (they require a void check or a pre-authorized deposit agreement form signed and stamped by the bank). So to deposit USD you can set up a pre-authorized deposit agreement with Questrade which takes about 1-5 business days, or send a certified cheque/bank draft to their office, or wire transfer the funds directly to your account.

For those who want to improve their knowledge of financial trading, Questrade is working in partnership with the Online Trading Academy Canada, which offers live instruction and education provided by professional traders. Tuition is charged, of course, but you can even get a full rebate on it if you win a scholarship from Questrade. Questrade recently launched a scholarship program for the convenience of its loyal clients. Questrade is the number one independent online Canadian brokerage because they offer a solid service for a great price. If you’re living in Canada and looking to save on your broker fees, Questrade is most certainly the place to go.