WikiFX

Sagot

Based on my experience opening and funding an account with Questrade, I found their onboarding and withdrawal process required more thorough documentation than some brokers. For my initial withdrawal, I needed to ensure my identity and account details were fully verified. This typically meant supplying a government-issued photo ID, proof of address (such as a recent utility bill or bank statement matching my registered address), and bank account information if withdrawing via EFT or wire transfer. As Questrade is regulated by Canadian authorities, they uphold strict KYC (“Know Your Customer”) and AML (anti-money laundering) standards, which explains the document rigor both at account creation and initial withdrawal. In my case, after initially uploading the necessary verification documents during account setup, I double-checked that none had expired and that my withdrawal details matched my latest submissions—otherwise, withdrawal processing could be delayed. I also learned that for larger or unusual withdrawals, Questrade might request additional documentation to confirm the legitimacy of the transaction or the source of funds as part of their compliance checks. From my perspective, while the documentation process can feel a bit tedious at first—especially compared to some international brokers with looser requirements—it provides a level of regulatory oversight and security that I appreciate as a trader. It is always wise to have recent identification and banking information ready before requesting a withdrawal to avoid unnecessary waiting periods or complications.