Online Security Guarantee
Last updated: September 13, 2019
Your Money is Safe
At Questrade, your security is important to us. We use industry-leading security tools and practices to ensure your account is protected. It is also important that you, the account holder, take an active role in your account’s security.
There are certain steps you can take to ensure that your account and personal information are protected.
Internet encryption protects your information while it is in transit between you and our systems. The encryption encodes your data so that it cannot be read or altered by third parties. Our online web applications use a 256-bit SSL digital certificate, which encrypts both request and response transactions through a secure connection. To ensure that your connection is secure, please verify that the URL protocol in your web browser’s address bar reads “https” and not simply “http”.
Action item: Check your web browser’s address bar to ensure that your connection is secure here.
Controlled Access to Your Accounts
You can only access your account by providing the correct login credentials. You can add a layer of security to your account by enabling 2-Step Verification (“2SV”) on your account. 2SV helps ensure that you, or only people authorized by you, can access your online accounts. Once you enable the 2SV feature on your account, you will need to enter a code you receive via text message or email to confirm your identity and log in to your account.
Learn more about 2SV (and other security features) here.
To set up 2-Step Verification for your account, log in to your Questrade account and go to Settings. As 2SV is one of the requirements to fully qualify for our Online Security Guarantee, which is detailed below, we strongly recommend that you enable this security feature.
Action item: Set up 2-Step Verification.
Enhanced Security Login Process
When you create your user name and Profile during the account-opening stage, you will be asked to select security questions. This is done to ensure that no one else is able to access your accounts. Each time a login is attempted from a new or untrusted device, you will be prompted to answer the security questions you previously selected.
Successive failed attempts due to entering incorrect credentials will result in the account being temporarily locked.
Further successive failed attempts during the security question stage will result in a permanent lock-out, which will require you to contact the Questrade’s Customer Service team to reinstate access to your account.
Automated alerts are a great way to stay on top of your account. Questrade provides last login alerts to let you know the last time and date your account was accessed, the approximate geographic location it was accessed from, and the device that was used to access your account.
If you have a Questrade trading account, you can also set up confirmation alerts so that you can view all orders that are initiated from your account. Not only do these alerts tell you when your open orders have been filled, but they can also act as another layer of protection to let you know when activity has occurred in your account. Learn more about this here.
Action item: Set up automated alerts.
Terms and conditions
The principles of Questrade’s Online Security Guarantee are:
- If an Unauthorized Transaction in your account occurred as a result of a breach of Questrade’s systems and you suffered a direct financial loss, Questrade will reimburse 100% of your direct loss;
- Compensation for any direct financial loss, which resulted due to an Unauthorized Transaction is conditional upon your adherence to Sections 2 (“Your Responsibilities”) and 3 (“Limitations”) below.
For the purposes of this Guarantee, an “Unauthorized Transaction” means a transaction that was carried out in your Questrade account without your permission, authorization, or knowledge and where a law enforcement report can provide supporting information that you have been a victim of fraud. For greater certainty, an Unauthorized Transaction does not include any transactions carried out in your account by:
- a person acting under authority to trade in your account;
- a person acting on your behalf; or
- a person to whom you, directly or indirectly1, provide your Questrade Account Credentials. (“Account Credentials” means your personal customer information, which is required to access your account and includes your account number, password, user ID, and/or security questions).
- Notify us immediately, but in any event no later than six (6) days after the date you receive your electronic monthly account statement upon discovering that:
- an Unauthorized Transaction occurred in your account; or
- your Account Credentials have become known to someone else
- Cooperate fully with Questrade and provide all information and take all actions that we reasonably request when investigating an alleged Unauthorized Transaction;
To notify us, call us at 1.888.783.7866.
Questrade will reimburse you for your direct monetary losses pursuant to this Guarantee provided that:
- The Unauthorized Transaction occurred as a result of a breach to Questrade’s systems;
- You do not share your Account Credentials with any other person2 or organization including, without limitation, an online account aggregation service provider, or are otherwise negligent or careless in keeping your Questrade credentials confidential;
- You do not engage in, alone or in concert with others, any fraudulent, criminal, or dishonest activity with respect to your Account(s) and comply with all contractual obligations you have with Questrade;
- You maintain a current version of anti-virus and firewall software;
- You have taken reasonable steps to protect your credentials, including enabling 2-Step Verification (2SV) within your Questrade account prior to the Unauthorized Transaction;
- You regularly (at least monthly) review your account activity, statements, and trade confirmations;
- You notify law enforcement of the Unauthorized Transaction, upon discovery; and
- You only access your Questrade account from a trusted device or network that would reasonably be deemed to be secure and do not use a device or computer that would reasonably be believed to contain software that had the ability to reveal to a third party, or to otherwise compromise, your Account Credentials;
- You take reasonable precautions to prevent Unauthorized Transactions, including:
- Signing out of your account and closing your Internet browser at the end of your online investing session; and
- Not accessing your account through an unsecure Internet connection.
Limitation of liability
Questrade will not be liable to you for any indirect, consequential, special, aggravated, punitive, or exemplary damages whatsoever, in whole or in part (including but not limited to any business interruption, loss of profit, loss of opportunity, market loss, or any other commercial or economic loss) resulting from an Unauthorized Transaction in your account, even if we have been advised of the possibility of such damages.
We may amend the terms and conditions of, or revoke, this Online Security Guarantee at any time without notice.
At Questrade, your security is very important to us. Thank you for your efforts to secure your account information and helping us ensure the safety of your information.
1Indirectly providing your Questrade credentials can occur in a variety of ways. For example, it can occur without your knowledge as a result of accessing public WiFi hotspots while using your Questrade account on your computer. One way to ensure that your Questrade credentials are safe is to avoid connecting your device (on which you access your Questrade account) to public WiFi hotspots, or other WiFi networks that you are unfamiliar with or have reason to distrust.
2With the exception of your Authorized Traders that you have designated by both you and the Trader signing the Trading Authorization- Order Execution Account Only form with Questrade.