Questrade does not offer halal (Shariah-compliant) investment options, but it is one of the best online trading platforms that also provides Socially Responsible Investing (SRI) services in Canada.
What Is Questrade?
Edward Kholodenko established Questrade in 1999. Questrade is one of the fastest-growing online brokerage and wealth management firms that serves Canadian citizens. Questrade has started to offer Robo-advising services with its Questwealth Portfolios. It is an alternative service to trading with big banks in Canada.
Questrade provides trading in a variety of securities:
- Stocks (U.S. and Canadian)
- Exchange-traded funds (ETFs)
- Mutual funds
- Contracts for differences (CFDs) (usage of a different platform).
- Forex (usage of a different platform).
Additionally, guaranteed investment certificates (GICs), international equities, access to initial public offerings (IPOs), and precious metal purchases are also available.
Canadian citizens cannot register for Questrade if they do not reside in Canada, and the investors must have a Canadian address to open an account. Compared to big banks, Questrade offers low fees and does not place many restrictions on investors. For instance, trading fees vary from $4.95 to $9.95 in stock trading. The company offers free ETF purchases and relatively low commissions, especially on stocks and options. Typically, Questrade requires a minimum of $1,000 to start trading, while you can open an account with an even less amount. Moreover, it offers an automated portfolio builder for busy investors and beginners. Questrade offers a straightforward, friendly website and mobile app.
Does Questrade offer halal investment?
Questrade does not offer halal (Shariah-compliant) investment options, but you can invest in socially responsible investing (SRI) portfolios. You may consider investing in companies that focus on environmental, social, and corporate governance qualities. SRI Portfolios are one of the best ways to invest while doing good to your community and the world. SRI portfolios give you a chance to diversify your securities since they all use SRI-focused ETFs.
You can invest in the following SRI ETFs:
- Social and corporate governance ETFs – companies with a good track record on labor management, health & safety, and anti-competitive practices.
- Low carbon ETFs – businesses with lower greenhouse gas and carbon emissions.
- Cleantech ETFs – companies that aim to optimize the use of natural resources (like wind and solar companies).
- The SRI portfolios also have the same low management fee as other portfolios of Questrade.
To read more about Islamic Finance related topics, please click here and visit our academy.
Feel free to sign up for our free stock screening services at Musaffa.com