In This Article
- Step 1: Open a Questrade Account
- Step 2: Fund Your Account
- Step 3: Choose Your ETF
- Step 4: Place Your Order
- Market Orders vs Limit Orders
- Frequently Asked Questions
- Are ETF purchases really free on Questrade?
- What is the minimum deposit for Questrade?
- How long does it take to fund a Questrade account?
- Can I set up automatic ETF purchases on Questrade?
Questrade is one of Canada’s most popular self-directed brokerages — and for good reason. ETF purchases are completely free (no commission), making it the ideal platform for Canadian investors who want to buy-and-hold low-cost index ETFs.
In this step-by-step guide, I will walk you through everything: opening a Questrade account, funding your TFSA or RRSP, choosing an ETF, and placing your first order.
Step 1: Open a Questrade Account
Go to Questrade.com and click “Open an Account.” You will need your SIN (Social Insurance Number), a Canadian government-issued ID, and about 10 minutes. Choose a TFSA as your first account — it is the most flexible registered account for most Canadians.
Step 2: Fund Your Account
The easiest way is an online bill payment from your bank. Log into your bank, add Questrade as a payee, use your Questrade account number as the reference, and send your deposit. It typically takes 1–2 business days to arrive. You can also do an EFT (electronic funds transfer) directly from Questrade for faster processing.
Step 3: Choose Your ETF
For most beginners, an all-in-one ETF is the best choice. Popular options include XEQT (100% stocks, 0.20% MER), VGRO (80% stocks / 20% bonds, 0.24% MER), or VEQT (100% stocks, 0.24% MER). If you are not sure, VGRO is the most popular choice for a reason — it offers solid growth with a small bond cushion.
Step 4: Place Your Order
In Questrade, go to Trading > Order Entry. Search for your ETF ticker (e.g., XEQT). Set the order type to “Market” for simplicity or “Limit” if you want to specify the exact price. Enter the number of shares you want. Click “Preview Order” then “Send Order.” ETF purchases at Questrade are commission-free.
Market Orders vs Limit Orders
A market order executes immediately at the current best price — simple and fast, recommended for highly liquid ETFs like XEQT or VGRO. A limit order lets you set the maximum price you are willing to pay — better for less liquid ETFs or large orders where you want price control.
Frequently Asked Questions
Are ETF purchases really free on Questrade?
Yes. Questrade charges $0 commission on all ETF buys. You only pay a commission when you sell ($4.95–$9.95). This makes Questrade ideal for regular ETF contributions.
What is the minimum deposit for Questrade?
Questrade requires a $1,000 minimum deposit to open an account. However, there is no ongoing minimum balance requirement after that.
How long does it take to fund a Questrade account?
Online bill payments take 1–2 business days. EFT transfers from your bank take 1–2 days. Wire transfers arrive same day but cost $15–$30 from your bank.
Can I set up automatic ETF purchases on Questrade?
Questrade does not support automatic recurring purchases of individual ETFs. However, you can set up automatic deposits and then manually place your ETF order when the funds arrive. Alternatively, Questrade offers Questwealth (their robo-advisor) for fully automated investing.