Can You Buy Crypto On Questrade?

Among the most well-known trading platforms available is Questrade. The Canadian business was established in 1999 and has now assisted investors in several ways for more than 20 years. With its success, the question of whether the site allows users to invest in cryptocurrency has grown. No, they don’t, at least not directly, is the short answer.

But is it possible to purchase cryptocurrency on Questrade?

 

On Questrade, you cannot directly purchase cryptocurrency since doing so would require trading fiat money for encrypted digital keys, something the platform does not yet offer. However, buying cryptocurrency ETFs is one method to participate in the cryptocurrency market indirectly through Questrade.

 

Questrade, however, does not provide the option to acquire bitcoin and keep the keys that may subsequently be moved to a cold storage digital wallet to provide customers exclusive, unquestionable possession of the cryptocurrency. Let’s explore Questrade in detail.

What Exactly Is Questrade?

Questrade is one of the largest discount brokers in Canada is situated in Toronto and operates as an online trading platform and financial advisory company. You must have a Canadian address in order to open a Questrade account; otherwise, Questrade will not recognise ordinary trading accounts (also known as non-registered accounts) from individuals who are not Canadian residents.

 

On Questrade, you may trade a variety of stocks, commodities, exchange-traded funds (ETFs), and mutual funds. Additionally available contracts for differences (CFDs) and forex trading, although using them requires a different trading platform. But, a trading bot like profit builder can help you out in conducting accurate trades. 

 

Overall, Questrade is a trustworthy and well-recognized financial services provider that provides market participants with a fantastic online platform. Questrade is unquestionably something to take into consideration if you’re seeking for trustworthy and user-friendly trading or investment alternative. However, we suggest Bitbuy Canada if you’re in search of a broker that deals in digital assets.

Bitbuy

The top cryptocurrency platform in Canada in 2022 is without a doubt Bitbuy. To begin with, Bitbuy offers very low trading costs for transactions completed using their cutting-edge trading platform: just 0.1 percent. It boasts a beautiful, well-regarded software, accepts more than 25 cryptocurrencies, promptly validates accounts, and takes pleasure in its friendly customer care staff.

 

Over 400,000 Canadian customers of Bitbuy have processed more than $4 billion in transactions. According to the Ontario Securities Commission (OSC).  It is a Licensed Marketplace and a secure and safe online exchange that provides high liquidity for all order sizes.

 

Open a Bitbuy account right away if you’re seeking a well-known Canadian cryptocurrency exchange that provides altcoin trading, first-rate customer support, and a user-friendly mobile app.

 

Why Is It Not Possible to Buy Cryptocurrency Through Questrade?

 

It’s crucial to realise that purchasing bitcoin and investing in it is not always the same thing.

But how? Since you cannot directly purchase cryptocurrency on Questrade, despite the fact that you may invest in digital money like Bitcoin there,

This is due to the fact that carrying out genuine bitcoin transactions is a challenging procedure that calls for a sizable computational resource. Making bitcoin transfers may be a highly sluggish and ineffective procedure without the necessary technical innovation.

 

If platforms are unable to manage massive crypto transactions and safeguard user keys, they might find themselves in a lot of difficulties. As a result, many well-known fintech platforms like Questrade which offers a variety of financial products and are not just centered on cryptocurrencies do not provide the potential of choosing direct crypto purchases.

Is Questrade A Good Place To Invest In Cryptocurrencies?

Technically, Questrade enables cryptocurrency investment. You only need to invest in one of the crypto ETFs that Questrade sponsors to do this.

However, when you invest in cryptocurrency exchange-traded funds, you aren’t truly purchasing the digital asset (ETFs). You are purchasing a share from a corporation that has the asset’s underlying positions.

 

This is different from really owning a cryptocurrency because you’re effectively purchasing shares in a business that simulates the profitability of the cryptocurrency you’re investing in.

In other words, buying a commodity like BTCC on Questrade does not really result in the acquisition of Bitcoin. Despite this, because you bought an ETF that monitors Bitcoin’s profitability, your account balance would reflect any profits and losses the token experienced.

trade

What Service Does Questrades Offer?

The major ways to invest in cryptocurrencies on Questrade are through ETFs that are accessible for both Bitcoin and Ethereum, as well as crypto-focused equities like those of mining businesses. The following is a list of some of the cryptocurrency investing possibilities provided by Questrade:

 

Located in Vancouver, Canada, Hive Blockchain Technologies Limited (HIVE) is a mining operation for bitcoin and Ethereum. stocks accessible on Questrade through the TSX. They operate mines in Iceland, Sweden, and Canada.

The MicroStrategy (MSTR)

MicroStrategy is a developer of analytics and mobile technologies and is infamously led by cryptocurrency bull Michael Saylor. 121,044 Bitcoins are presently held by the business.

 

  • A fully working set of mobile applications and APIs are what Voyager Digital Limited (VOYG) is focused on offering so that anybody may purchase, sell, trade, invest, or make money with their digital assets. Voyager Token is the brokerage’s own cryptocurrency token (VGX).
  • Buy shares in Coinbase (COIN), one of the most active cryptocurrency exchanges in the world. The exchange, headquartered in San Francisco, became public in April 2021.
  • ETFs The following list includes some of the noteworthy Bitcoin-based ETFs that have recently been introduced:
  • aims of the Bitcoin ETF (BTCC)
  • Bitcoin ETF Evolve (EBIT)
  • Bitcoin ETF CI Galaxy (BTCX)
  • Ethereum ETF CI Galaxy (ETHX)
  • Ether ETF Evolve (ETHR)
  • 3iQ Ether ETF by CoinShares (ETHQ)

The convenience of purchasing cryptocurrency through an ETF is its biggest benefit. Simply place a transaction in the same manner as you would for any other Questrade investment to trade ETFs. In order to mine for data or communicate encoded keys, individuals do not require any specialised technical knowledge.

 

Additionally, it is now simple to buy tiny amounts of cryptocurrency. Trading through an ETF makes it simple to buy tiny shares because the cost of a single Bitcoin or Ether is considerably outside the pricing range of the majority of consumers. For instance, if you invested $50 in a Bitcoin ETF and the price of Bitcoin rose by 20%, your $50 investment would now be worth $60.

 

Last but not least, trading ETFs makes it simple to turn your cryptocurrency investment into cash.

The Verdict!

Direct bitcoin purchases are not possible on Questrade. In conclusion.

However, you may still utilise the site to invest in cryptocurrencies through crypto exchange-traded funds (ETFs), which monitor the progress of cryptocurrencies and provide investors with a comparable yield in Canadian dollars.

While this is an easy approach for the typical individual to invest in cryptocurrency, you’ll need to use a separate site if you want exclusive control of the encrypted keys.

That’s all.  I’m hoping this article was beneficial to you.