Know Your Brokers before Trading With Them

Introduction

The Internet has become an integral part of everyone’s life. Be it for work, academics, or recreation, the internet is always being used. Transactions are being conducted online, meetings are being held with the help of the internet. Most jobs require active use of internet facilities. Social distancing in the present circumstances has taken a huge toll on the economy; the only hope of ray is the internet, which can reverse some of the damage. Therefore, it is quite safe to say that performing functions online is a much quicker and convenient method than the alternative offline procedure.  

Interactive Brokers

The present situation caused due to the corona virus pandemic compels one to conduct business online. Interactive Brokers are one such brokerage that will enable you to catch up on the updates related to the share market online. Interactive Brokers review has been always in favor of the firm. It secures a perfect score in terms of ease of use, cooperation with the consumer, expertise on the job, and customer service. The firm’s name pops up whenever one is looking for an online brokerage it is one of the best in the industry as suggested by the reviews of several customers. 

Questrade 

Another popular name that is common amongst most Canadians is questrade. They provide broker facilities for the citizens of Canada. Questrade is also an online brokerage platform. They have hands-on expertise and genuine knowledge about the trade. However, there have been mixed reviews about the functions of Questrade. Some of them are discussed as follows:

  1. Questrade allows you to customize options like watchlists, quotes, and offers charting. But the extent to which you can customize the aforementioned facilities is limited.
  2. The platform is uncomplicated and is easy to use. Placing trades is simple and one can easily commence a trade window. The experience is quite satisfactory. 
  3. There is an app available, which can be used on a cellphone. The Questrade app is of extreme convenience as you can check it anywhere and access it at any hour of your liking. 
  4. One will find information and news of leadings companies and economies from around the world. This makes it easy for clients to examine the status of the companies and invest rationally. 
  5. The main feature of Questrade that attracts clients is the low commission that the firm extracts. It is a cooperative brokerage with an excellent customer service facility. 

Interactive Brokers vs. Questrade 

The two online firms have been compared several times. Either brokerage indeed gives a tough competition to the other and clients go back and forth trying to decide which one they should choose. Interactive Brokers operate in Canada as well as with international investors. This makes it difficult for Questrade to compete with Interactive Brokers, as Questrade is a Canadian brokerage and only serves the citizens of Canada. The scale tips in favor of Interactive Brokers as they perform on an international scale. This would suggest that Interactive Brokers have a better experience than Questrade and clients will more likely favor Interactive Brokers. The main challenge for Questrade is, therefore, to bag as many Canadian clients as they can. The low commission is, of course, a smart move by Questrade as it reels in clients. Clients tend to look for a brokerage that is simple and user friendly.

If you are an experienced client, you will find yourself using the Interactive Brokers more easily than Questrade. Seasoned users state that Interactive Brokers is a much uncomplicated platform to use. Interactive Brokers also offers you high-speed execution of the trade. You will waste no time and your trade will be a smooth and fast experience. On the other hand, Questrade is a highly intuitive platform, which makes up for its low speed. 

Interactive Brokers has also taken an excellent initiative to educate their clients about trade through webinars and other courses. On the other hand, Questrade delivers the recent news to you which can help your trading experience. They have also arranged video tutorials to enhance your knowledge about trade as well.

Wrapping Up 

Both firms have their fair share of advantages and disadvantages, and many websites have held a discussion about Interactive Brokers vs. Questrade. The above-mentioned points are likely to help you draw a clear picture of the pros and cons associated with the two firms. Factors like cost and commission, quality customer service, and ease of use vary with each brokerage. However, you should choose the one that caters to your needs and fulfills your necessities.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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