Questrade IQ Edge
Trading Platform Review

Questrade IQ Edge is the trading platform offered by one of Canada's best online brokers. Questrade has come a long way since its humble beginnings several years back.

I was one of the beta testers of this platform before it was brought out to the entire market and I had been trading with them way before they became a dominant player in Canada. 

I am not going to delve on the past as to how they have improved as the importance for you is how this platform might suit you as of today. Here are the summarized stats:

Asset Classes
Stocks / Bonds / Options / Forex

Ease of Use    5/5

Charting    3/5

Value for Money     5/5

Customer Support     5/5


Cost

Questrade IQ Edge is offered for free when you have an account open with Questrade. There is also no minimum activity fee, so this platform is definitely affordable!

That being said it does not offer more advanced features as other day trading platforms. Depending on your trading style and what features are important this platform may be too basic. 


Advantages

General

  • Great support - fast and responsive

  • Set alerts (multiple conditions), Time and Sales Window, Level II

  • Offer multiple workstations - You can very quickly/seamlessly change between workstations. You can prearrange windows for a certain workstation (i.e. create an options work station, one for stocks, one for analyzing markets, etc.). It is then very easy to transition between them. 

  • Offer some advanced orders - AON ("all or none"), iceberg, anonymous, minimum quantity, bracket orders

  • Customize look of platform 

  • Link windows easily - for example your order entry window can link to watchlist and chart window so everything adjusts with one click. 

  • Web version of platform (Questrade IQ Web) is very good.
    It has most features as the desktop one (cannot do advanced orders though).

Charting

  • Includes all basic studies and chart types (candle, line, bar)
  • Offers all standard indicators/studies
  • Ability to draw over the chart (e.g. trend lines, channel, Fibonacci)

Analysis

  • Get a visual presentation of the market - almost like a heat map and can view indices, your watch list and your account positions at a glance. 

  • Filter through securities using various criteria 

  • Apart from the platform, they have an account log-in to view your performance since the beginning of your time at Questrade and how you compare to index along with a summary of your positions (what stocks/what industries you are in).

Disadvantages

  • Can't trade off the chart - unlike other more sophisticated platforms where you can simply click on the chart to put in an order (even advanced bracket orders)

  • Charting not the greatest - when trying to fit the chart along with other necessary windows I use for trading it is quite small and the chart display can have weird proportions. 

  • Windows dont snap to each other. If you resize the workstation, the windows will start overlapping each other. To get around this, once you set up your windows with your computer screens, as long as you don't move it, no issue. 

  • Cannot program your own indicators/studies - the platform does not allow you to code unlike other more advanced platforms. 

  • Cannot program strategies nor back test them
    More sophisticated platforms allow you test strategies and analyze their performance. 

  • No exotic chart types (renko, range bars, point & figure)

Final Thoughts on Questrade IQ Edge

This platform is good enough for anyone swing trading or with longer time frames. It allows for some good advanced orders including bracket orders.

However, if you are a more intense/active day trader I think there are more optimal platforms to use for that style. Also, if you want to program your own strategy or back test certain strategies Questrade IQ Edge does not offer these options. Plus the commissions although low, will eat up your account versus other players like Interactive Brokers. 

Since charting is not the greatest, but Questrade as broker is awesome, for my swing trading I use freestockcharts.com and execute my orders with Questrade IQ Edge. 

I think if you are a Canadian resident it is one of the best brokers in Canada. It offers commissions that are lowest than all the Canadian banks and their customer support is great! See my broker review for Questrade's benefits. 


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