Summary: Questrade does not provide direct cryptocurrency trading services to its Canadian customers. Instead, Questrade users can only purchase crypto-related ETFs, which is not the most efficient method to gain exposure to the market. The best way to invest in Bitcoin and other digital currencies is via CSA-regulated exchanges compatible with Canadian Dollar (CAD) deposits. 

We recommend the Kraken exchange as it doesn’t charge fees on CAD deposits and is regulated by the CSA and FINTRAC. It presents a broad array of over 200 cryptocurrencies for trading and staking purposes. Kraken enables quick deposits through a range of methods, including wire transfers (Interac e-Transfer) and cards. 

Best Exchange for Questrade - Kraken
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Kraken is a registered Money Services Business with FINTRAC (MSB Registration No. M19343731).
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Can I Buy Bitcoin with Questrade?

Questrade does not provide cryptocurrency trading services and only provides exposure through ETFs. The only secure way to invest in the asset class is by using a licensed Canadian digital currency exchange. We recommend using a platform registered with the Canadian Securities Administrators (CSA) and FINTRAC to maintain regulatory compliance in Canada.

How to Buy Crypto with Questrade Alternative

For those considering investing in digital assets through Questrade, we advise using a regulated platform like Kraken. This exchange has CSA regulation, facilitating immediate and fee-free deposits in CAD from your Canadian bank accounts. Various deposit methods are available, including Interac e-Transfer, wire transfer, debit cards, and credit cards.

Follow this straightforward guide to ease your navigation through the process:

  1. Account Creation: Begin by setting up an account on Kraken and authenticating your identity. 
  2. Choosing Currency: Pick your desired deposit currency (such as CAD) on the Kraken platform. 
  3. Funding: Decide on your preferred payment method (for instance, Interac e-Transfer, wire transfer, or credit card) and confirm your deposit. 
  4. Acquiring Cryptocurrency: The last step is to choose the cryptocurrency you wish to purchase and complete your trade.
How to Buy Crypto with Questrade Alternative.
How to Buy Crypto with Questrade Alternative.

Will Questrade offer crypto in the future?

It is not certain whether Questrade will offer crypto trading and custody services in the future as they have not announced any plans to do so. For now, Canadian investors can gain cryptocurrency exposure by investing in various ETFs on Questrade. Some of the top crypto ETFs are:

  • Purpose Bitcoin ETF (BTCC): Offers exposure to Bitcoin by holding and tracking its price.
  • CI Galaxy Bitcoin ETF (BTCX): Provides Bitcoin exposure by holding the digital currency and following its price.
  • Evolve Bitcoin ETF (EBIT): Seeks to offer Bitcoin exposure by holding the cryptocurrency and tracking its price.
  • Purpose Ether ETF (ETHH): Aims to provide exposure to Ethereum by holding and tracking its price.
  • CI Galaxy Ethereum ETF (ETHX): Offers Ethereum exposure by holding the digital currency and following its price.
  • Evolve Ether ETF (ETHR): Designed to give investors exposure to Ethereum by holding the cryptocurrency and tracking its price.

What is Questrade?

Questrade is a top online brokerage in Canada that was established in 1999. It serves self-directed investors seeking to trade various financial instruments. The platform offers stocks, ETFs, options, bonds, mutual funds, and precious metals. It enables Canadian users to access global markets and manage their investments under one platform.

Known for its competitive fees, Questrade features commission-free ETF purchases and low stock trading commissions. The platform has user-friendly web-based and mobile app interfaces for investors with different expertise levels. Advanced charting, research tools, and customizable watchlists are available for informed decision-making. 

Questrade: Home Page.
Questrade: Home Page.

Final Thoughts

To recap, Questrade is a reputable and established financial services provider with an excellent online platform for investors and traders. For those seeking a dependable and user-friendly solution for trading or investing, Questrade is a strong contender. However, if your focus is on digital assets, consider Kraken in Canada as a recommended alternative.