How To Buy Crypto with Questrade
Quick Summary: Just like most banks in Canada, Questrade doesn’t offer crypto trading on their platform. However, you can easily buy crypto with your bank account using a regulated Canadian crypto exchange.
It’s just a matter of signing up, transferring funds, and then buying bitcoin or the cryptocurrency of your choice. We highly recommend Bitbuy as the exchange to use.
They’re registered with FINTRAC, have most of the popular cryptocurrencies, a great app, fantastic support, and even offer new users free $40 when you start trading!
Table of Contents
How to buy crypto or bitcoin with Questrade
The process for buying crypto with Questrade is very straightforward, there are only a few steps involved and you can use the same process with almost any other Canadian bank.
1. Choose a crypto exchange
While this guide will be using Bitbuy as the cryptocurrency trading platform to use, you can use any of the other crypto exchanges out there. Just make sure you can trust the platform, and if they’re in Canada, check if they’re registered with FINTRAC.
Other factors to consider when choosing a crypto trading platform is the ease of use, the customer support, and how transparent they are with their fees.
Let’s get started!
2. Sign up with the exchange
First, create an account on the platform. Next, go through the quick verification process so you can start trading.
3. Transfer funds
Before you buy any crypto, you’ll need funds in your account. Bitbuy supports Interac eTransfer and Bank Wire to transfer CAD from your bank account.
4. Buy crypto
Once the funds have arrived, find the cryptocurrency of your choice and hit that buy/trade button.
Now pat yourself on the back, you bought some crypto 🙂
More Info About Questrade
Questrade, a Canadian broker established in 1999, offers residents of Canada an alternative to investing and trading with big banks. Questrade can accept any account you have with any Canadian financial institution or broker. If not, you can open an account on the Questrade website. Questrade offers trading in stocks, options and mutual funds. You can also trade contracts for differences (CFDs), forex, and other financial instruments using a separate platform. Questrade also offers guaranteed investment certificates, international equities and access to initial public offerings.
To open an account, you must have a Canadian residence. Questrade does not allow U.S. citizens to open regular trading accounts (nonregistered accounts).
Questrade is the right choice for you if your citizenship and residency are Canadian and you want to avoid high fees and restrictions that banks impose on investors who have investments. Canadian investors have a lot more choice, with an automated portfolio builder and substantially lower fees.
It is easy to get started with a new account. Questrade offers a simple way for new customers to sign up for an account. They also offer videos that provide information about the different platforms. Questrade will reimburse up to $150 for account transfers from other banks or brokerages.
The platforms are intuitive and simple to use. Questrade clients have the option to trade on either the desktop trading platform or the mobile app. Questrade Trading, a web-based platform that offers basic charting, quotes and watchlists as well as research tools, is Questrade Trading. You can customize the platform by choosing columns to report on and default order entry settings. The web platform is easy to use and learn. The downloadable platform, IQ Edge is available. It is customizable and offers additional research options and order types. Both platforms offer snapshots of quotes. This means that you will need to refresh the screen manually in order to get updated quotes.
The mobile app offers the exact same experience as the website, but is optimized to fit the screen.
Questrade clients have the option to trade on two trading platforms: a desktop and mobile app. Each platform offers a unique experience. Questrade Trading offers customization options for trading defaults, watchlist display, portfolio listing, and more. IQ Edge, a downloadable platform that active traders can use, is significantly more customizable than the web platform. IQ Edge offers more features such as advanced order types and hotkey functions. It also allows for charts with more tools and advanced layouts that can all be saved. Customers can use the scanning features built into IQ Edge most effectively if they also buy the add-on streaming information package.
CFD and Forex trading requires a different platform because these asset classes can't be traded on Questrade Trading or IQ Edge. Trading from multiple platforms can be cumbersome for traders who trade multiple markets. The platform is easy to use and customizable for forex traders. It also offers advanced charting, access to more than 55 currency pairs, as well as eight CFDs. CFDs are available for the Dow Jones Industrial Average (DJIA), S&P 500, West Texas Intermediate Crude oil, Natural Gas, Gold and Silver as well as Corn.
The platforms are intuitive and simple to use. It is easy to place trades on each platform. There are multiple options available for you to open a trade window.
Questrade's web platform is mobile-enabled and adjusts to your device. The web platform allows you to create watchlists that can be accessed on your mobile device. Questrade FX Global is required to trade forex and CFDs. Both apps work in the same way and offer similar functions. However, you will need to use two apps if you trade multiple market pairs.
Questrade clients have the ability to place market, limit and stop limit orders on all platforms. IQ Edge allows you to place conditional orders on all platforms, including those that aren't available on the web and mobile.
At the Canadian border, the zero-commission stampede which swept through brokers in the United States ended. Questrade fees are less than other Canadian banks and brokers, and active traders can get rebates on their subscription costs. Questrade offers a number of useful tools for fundamental investors, and they are easy to use.
Long-term investors can benefit from low commissions and access to ETFs at no cost. Questrade's digital advisory services charges 0.20 to 0.25 percent of assets under management.