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Toronto-based Questrade Wealth Management Inc. is lowering the initial investment amount required for its low-cost online investment service, Questrade Portfolio IQ, the robo-advisor announced Wednesday.

The reduced minimum investment of $1,000 (down from $2,000) makes investing even more accessible for Canadians, the firm says.

“Clients can open an account for free,” the company says in a news release, and “any funds deposited below $1,000 will sit in cash until the account reaches the new minimum level, at which point the funds will be invested in a suitable portfolio.”

“We want to make Portfolio IQ work harder for more Canadians,” says Edward Kholodenko, president and CEO, Questrade, in a statement.

“By lowering our account minimum we can make this service widely available and help clients get invested with less, to start growing their savings earlier and faster.”