Recommended Articles Edward Jones account closing fee IB vs Tradestation Customer Service A company is only as good as its customer service. Active traders enjoy special pricing plans and fee rebates with Questrade. It holds true that any customer support team should be able to provide accurate, timely and relevant information, whenever needed. While the inactivity fee seems steep at first glance, it’s easy to waive. This currency exchange fee is the only fee we charge on trades. I wanted to buy $2,000 USD worth of VTI shares. If you have experience with currency conversion with your local banks, or brokerages, or money changer, you will realize that there is a difference in rates that you were quoted and the rates that you see on certain website. On the other hand, as previously mentioned, even though it may cost less to own the USD version of the ETF, there are also currency conversion fees to account for. Unfortunately, you have to wait for the transactions to settle to withdraw the money from the account and it takes approximately 2 days. Questrade might not be the cheapest in all use cases, but if you consider that it recently dropped any inactivity fee, if you use Nobert’s Gambit for CAD to USD currency conversions, and if you also make sure to avoid ECN fees , then Questrade should be, if not the cheapest, very close. However, a few days later when I wanted to add my wife to the account, Questrade stopped all of MY activity because her verification documentation was not complete. Thankfully Questrade is not like that based on what you are saying in this Questrade Review. Because the purchase was made with US dollars, I paid no currency conversion fee. For all the details, read our in-depth Questrade review. While, technically, Questrade also charges a currency conversion fee, it doesn’t apply so long as you keep those investments in U.S.-dollar assets indefinitely. Resources show Resources support submenu. Currency options. Everyday Fee Schedule . Because of some issues with my current on-line broker, I opened a trading account with Questrade. Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees. Related: Questrade Fees- Costs for Questrade Discount Brokerage. Ready to save big on conversion fees and keep more of your hard-earned cash? Questrade doesn’t charge annual account fees on any of its self-directed accounts but will charge $24.95 for each quarter the account is inactive. Nearly half our free ETFs are U.S.-listed, giving you many options for gaining exposure to the underlying asset class, and to U.S. currency as well. Low-fees and no unnecessary fees on diversified ETF portfolios. In case you would like to benefit from Questrade’s free ETFs purchases, you can keep both your current brokerage and Questrade active, link both inside Wealthica and enjoy a consolidated view of all your investment accounts. A great choice at that time (and still is to this day) was the ultra low-fee Vanguard ETF VTI. See Questrade’s low fees for trading, market data and margin trading. The costs may appear complex, but the broker is fully transparent and makes it clear that there are no hidden fees. If you want to buy another US$ security, the money will get converted to US$ again and another currency conversion fee will be charged. It could save some investors a small fortune in currency conversion fees. By logging in, you agree to the terms and conditions outlined in the end-user license agreement Resources ⌄ Blog; Money Transfer Tips; FAQ; Currency Encyclopedia; Currency Newsletters; Market Analysis; Glossary; More Resources; Blog. Leverage can increase risk exposure. Hi all, Questrade charges 2% fee to convert CAD to USD (which I think is insane), is there any way to do it much cheaper? IBKR Allows You to Convert Currencies at Near Spot Rates. Other fees include Management Expense Ratio fees (MER) on ETFs, currency exchange fees, and administrative fees. Choose from the world's top providers including BlackRock (iShares), State Street Global Advisors, Horizons, Invesco Canada (PowerShares), Vanguard, WisdomTree, First Asset, ProShares, and First Trust. Below is a list of fees associated with normal day-to-day transactions. It also handles currency conversions at a very interesting fee: 1 basis point (0.01%) + $2.50 USD. Currency Charts. Doing this “round trip” can easily cost 3 or 4%, which is a significant drag to your investment performance. This currency exchange fee is the only fee we charge on trades. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don't have to pay a conversion fee. Questrade’s dual-currency capabilities make investing in USD super easy and cost-effective. I started with low fee Canadian equity ETFs, but soon wanted to diversify into U.S. equities – and I wanted to hold those U.S. equities efficiently in U.S. dollars. Step 3 – Get Your Money . Here's how you can reduce your exchange fees by 90%. For example, if I bought $1,000 USD worth of Apple, and the true exchange rate was 1.25:1, I would expect to pay $1,250 CAD. The only trading fee they charge is a currency exchange fee for USD trades at the daily corporate rate + 1.5% — most brokerages charge around 2% on top of this rate for currency conversion. Check today's rates. Each time you buy or sell an American stock or ETF, there is a 1.5% currency conversion fee. No, Wealthsimple Trade does not charge ECN fees. There are no commission fees, funds transfer charges, or other hidden fees. When you don’t have enough U.S. They also offer margin accounts which enables clients to increase their buying power through leveraged positions. Quick guide to reducing currency conversion fees with Questrade using Norbert's Gambit. Rate Alerts. If you want to convert your currency from CAD to USD, you just need to purchase DLR first and then sell DLR.U. Realize the fees for converting currencies in a typical account can be steep (~1% or ~1.5% on top of fx rate), and so if you round-trip money from CAD to USD and back again, you can quickly lose ~2% or ~3% of the value converted. Set your target rate and we will alert you once met. Minimum $195.00 plus applicable exchange or stamp fees, charged in the currency of the account in which the trade is placed. In the future, we plan to offer USD accounts, which can allow clients who do a large volume of trading in USD to save on conversion fees. Leverage Review. My only cost was the $10 trading commission, which I would have had to pay anyway. What you need to keep an eye on are trading fees and non-trading fees. Currency Converter. In the future, we plan to offer USD accounts, which can allow clients who do a large volume of trading in USD to save on conversion fees. However, if you use a minor currency that is not supported, Questrade will convert your deposits and you will be charged a currency conversion fee. I received confirmation, and was soon notified I could begin trading. I stumbled across this from 2013, but am unsure if it would still work. Plus, you can get $50 in free trades when you start investing with Questrade. Here's how you can reduce your exchange fees by 90%. If your account is inactive for a year, it could cost you $100 in fees. Questrade will reimburse transfer fees up to $150 per account. We ranked Questrade's fee levels as low, average or high based on how they compare to those of all reviewed brokers. Wealthsimple Trade’s currency conversion fee is one of the most important things to consider before opening an account with them. When you convert CAD/USD through Questrade they skim 2% off the top. Look at the 16 Questrade Low Fee Facts table for all details on Questrade’s fees. Isn’t the conversion fee applied over night as the USD is settled? There are no commission fees, funds transfer charges, or other hidden fees. Questrade supports the major currencies like USD, GBP and EUR, but does not support minor currencies. How do you invest with a Questrade TFSA?. Normally other discount brokers actually automatically currency convert whatever trade you are doing into the currency of that trade which automatically hands you not only an extra fee on top their commission charge but can be at such a crazy spread that it probably wasn’t worth doing the trade at all. If you are converting $2000 CAD to US Dollars, the 2% currency conversion fee equates to about $40. Questrade Initial public offerings (IPOs) and New Issues Fees Free to buy. Active Trader Pricing. This means you can trade in markets on both sides of the border without paying currency conversion each time you trade. Questwealth Portfolios Pricing. Hi all, In a non-margin account, Say I have $1000 CAD and 0 USD and purchase a $500 US stock, Will I be charged a conversion fee after the US stock purchase? Questrade offer dual currency accounts where you can hold Canadian and U.S. currency and thus avoid currency conversion fees that some other brokers may charge. So with a 1.20 exchange rate, that $2000 not only becomes $1666.67, it will actually be $1626.67 (or something like that). How to Transfer Your USD to Questrade From Your USD Account: Build the perfect asset mix for your goals. It’s actually very easy and this monstrosity of a post will hopefully explain the how and why, and the step-by-step on how to set up a lean mean TFSA investing machine portfolio. Minimum $5,000 purchase. Inactivity Fee. Instead of paying a conversion rate upwards of 2-3%, you pay as little as $5-10 for a conversion. Hi Emily, you’re right – ECN fees at Questrade often go unnoticed (or unmentioned) but can really add up. Offering of Investments. How does it work? The spot rate is the price quoted for immediate settlement on a currency. Review historical trends for any currency pair up to the last 10 years. To get these low fees, the discount brokerage I recommend you to go with is Questrade. There are ways to reduce the currency exchange fee, such as using Norberts Gambit, but depending on the brokerage, it can feel like a bit of work. What if I sell the stock on the same day? If you’re following a passive buy-and-hold strategy of a portfolio of ETFs and stocks or all-in-one ETF portfolios, it will be completely free to make the transactions on Wealthsimple Trade, provided they are all Canadian. Since DLR.U and DLR are exactly the same shares in different currency, there are no fees. The only trading fee we charge is a currency exchange fee for USD trades of the daily corporate rate x 1.5% — most brokerages charge around 2% on top of this rate for currency conversion. If you are from Canada, you can use several options, a lot of which are free. Issuer. $0 inactivity fee: Questrade no longer charges a quarterly inactivity fee for clients with account balances under $5,000. Compare that to Questrade, where the currency conversion fee-only happens once, and you can hold the U.S dollars in a separate account. Note, GIC and borrow rates for short selling can be found on the Questrade website. Margin Interest Rates CAD Prime = 3.95%; USD Prime = 4.75% If you would deposit in a major currency anyway, then the online broker won't have to convert it. Questrade International Stocks Fees 1% of the trade value. 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