How To Buy Stocks on Questrade 2022 (Step by Step Guide)

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by Enoch Omololu

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This step-by-step guide will show you how to buy stocks using the Questrade brokerage platform.

Questrade is one of the best stock trading brokerages in Canada.

It offers commission-free ETF purchases and competitively priced trading commissions when you buy or sell stocks (and ETFs).

You can learn more about the company in this Questrade review.

How To Buy Stocks on Questrade

To start, visit Questrade to open an account. Our referral link includes $50 in free trade credits after you deposit $1,000 or more in your new account.

Questrade buy stocks 1

Click on the “Open an Account” button and select the account you want to invest with, such as a TFSA, RRSP, individual margin account, etc.

Our $50 referral code SAVVY50 will already be populated in the “Offer Code” box. If it is not, you can add it manually.

Agree to the terms and click on “Open Now” to proceed.

Questrade buy stocks 2

You can now create your user ID and password, and complete your profile.

Fund your new account with at least $1,000 and you are now ready to invest in stocks using Questrade.

Step 1: Search for the Stock

You can use the Questrade trading platform on your laptop or the QuestMobile app on your phone. Both offer similar functionality, and for this guide, I will use the web-based platform.

Search for the stock you want to buy by typing its ticker symbol or name into the search box.

For this example, I want to buy shares of Toronto-Dominion Bank (TD-TO) on the Toronto Stock Exchange.

Questrade buy stocks 3

The price chart for TD shows how it has performed over one day, 5 days, 1 month, 3 months, 6 months, and longer.

You can hover your mouse to see the exact prices. Below the chart is a table with key statistics like the P/E ratio, dividends, and more.

Questrade buy stocks 4

Step 2: Click on Buy and Choose Order Type

Click on the “Buy” button and select your order type.

The most common order types are market order and limit order.

A market order allows you to buy a stock at the best available price when your order is placed. It is generally executed immediately.

A limit order allows you to set a specific price at which the stock is purchased. Unless the price reaches the limit you have set or better (i.e. lower if you are on the buy side), the order will not be executed.

Other order types available on Questrade include:

  • Stop-limit order
  • Trailing stop order
  • Stop (loss) order
  • Trailing stop-limit order
  • Limit on open order
  • Limit on close order

Step 3: Enter the Number of Shares

Assuming I want to place a limit order, I click on “Buy” and select “Limit order” and then “Next”.

Questrade buy stocks 5

In the next window, I enter the number of shares of TD I want to buy (1 share) followed by my preferred limit price ($90.25).

For a market order, the process is even simpler.

Click on “Buy” and select “Market order”, then “Next”.

Questrade buy stocks 9

Enter how many shares you want to buy on the next screen, followed by “Next”.

Questrade buy stocks 10

Step 4: Review your Order

Review your order before placing the trade.

Questrade buy stocks 8

For example, below it shows that I want to buy 1 share of TD.TO at $92.55 CAD.

I want the order to stay active for one day until it is filled or I cancel it.

Questrade Stock Trading Fees

The trading fee for stocks on Questrade is 1 cent per share. There is a minimum fee of $4.95 and a maximum of $9.95 per trade.

Other fees that may apply include ATSs and ECNs charge fees as well as currency exchange fees.

When you place a trade for U.S. listed stocks, a 175 basis points FX fee is charged for the CAD to USD conversion.

You can avoid FX fees by holding U.S. dollars in your Questrade account.

Questrade Promotions

Get a $50 trading fee rebate when you sign up for Questrade using our referral link or code (SAVVY50).

The free trade credit is applied to your account when it has been funded with $1,000 or more.

Questrade

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Trade stocks, ETFs, options, etc.

Low and competitive trading fees

Top platform for advanced traders

Get $50 trade credit with $1,000 funding

How To Buy Stocks in Canada

Questrade is our top choice when you want access to multiple investment types, advanced trading tools, multiple account types, and competitive fees.

You can see how it compares to other brokerages in the following reviews:

Best Investment Offers This month

Get $50 in FREE trades or invest $10,000 FREE for 1 year

Offers self-directed and professionally managed portfolios.

No trading commissions on ETF purchases.

Low fees to buy stocks starting at $4.95 per transaction.

Free transfers from other banks and $0 inactivity fees.

Earn high interest rates on your savings accounts ($150 bonus offer)

1.65% interest rate on your savings account.

Up to 150x more earnings than other banks.

No monthly account fees; fast and easy online sign-up.

Free and unlimited bill payments and Interac e-Transfers.

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Low trading fees at 0.20% and multiple fiat currencies supported.

Trade 16 popular cryptocurrencies.

$50 instant bonus when you deposit $200.

Get a cash bonus and FREE stock and ETF trades

First commission-free stock and ETF trading platform in Canada.

$0 trading commissions.

$25 cash bonus when you fund and trade $150 or more.

Search and track stocks easily with watchlists and price alerts

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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