Comments on: Adieu to Questrade http://www.canadiancapitalist.com/adieu-to-questrade/ Helping you invest and prosper Sat, 20 Mar 2010 11:57:22 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Kaimono http://www.canadiancapitalist.com/adieu-to-questrade/#comment-212264 Kaimono Thu, 04 Mar 2010 05:06:41 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-212264 Questrade was ranked one of the the worst online brokers in Canada. https://www.qtrade.ca/_pdfs/en/news/news_091103_GM_ranking.pdf Questrade was ranked one of the the worst online brokers in Canada.

https://www.qtrade.ca/_pdfs/en/news/news_091103_GM_ranking.pdf

]]> By: Kaimono http://www.canadiancapitalist.com/adieu-to-questrade/#comment-212263 Kaimono Thu, 04 Mar 2010 05:04:45 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-212263 I was totally upset with Questrade.com. Their service was absolutely horrible. First, I submitted a request to transfer my asset from ING Sharebuilder to Questrade.com. I had been contacting Questrade all the time, and I waited for more than one month, and the Rep told me Ing Sharebuilder only allow to transfer in Cash. I DID NOT BELIEVE THAT CRAP. So I called ex-broker, and they replied in a official way that Questrade NEVER contacted them for the transfer. So I called Questrade again, and only to find out that REP THOUGHT ING does not allow transfer in kind but only in cash. What a stupid and ignorant employee of Questrade. Second, I planned to sell my shares at the end of 2009 and book the loss. I called Questrade and they told me as long as I trade before end of the year, the loss will be booked in 2009. However, when the trade summary for 2009 came, it did not include any trade after Dec 23rd. And I was very upset and I called questrade. Another Rep told me it is by settlement date. So I asked for recorded message, he told me because of the phone system update, they did not keep any previous recorded message. Another thing about Qeustrade ranked #1 by Globe and Mail, apparently there is another company called Qtrade.com claiming to be ranked # 1 by Globe and Mail for four straight years. It looks like Questrade can not provide the service, but they are capable of lying. Here is the link to the ranking: https://www.qtrade.ca/_pdfs/en/news/news_091103_GM_ranking.pdf Now I will definitely move to another broker. Since I have 50k in my account, I can still get low commission deal from IB or Scotia iTrade. I was totally upset with Questrade.com. Their service was absolutely horrible.

First, I submitted a request to transfer my asset from ING Sharebuilder to Questrade.com. I had been contacting Questrade all the time, and I waited for more than one month, and the Rep told me Ing Sharebuilder only allow to transfer in Cash. I DID NOT BELIEVE THAT CRAP. So I called ex-broker, and they replied in a official way that Questrade NEVER contacted them for the transfer. So I called Questrade again, and only to find out that REP THOUGHT ING does not allow transfer in kind but only in cash. What a stupid and ignorant employee of Questrade.

Second, I planned to sell my shares at the end of 2009 and book the loss. I called Questrade and they told me as long as I trade before end of the year, the loss will be booked in 2009. However, when the trade summary for 2009 came, it did not include any trade after Dec 23rd. And I was very upset and I called questrade. Another Rep told me it is by settlement date. So I asked for recorded message, he told me because of the phone system update, they did not keep any previous recorded message.

Another thing about Qeustrade ranked #1 by Globe and Mail, apparently there is another company called Qtrade.com claiming to be ranked # 1 by Globe and Mail for four straight years. It looks like Questrade can not provide the service, but they are capable of lying. Here is the link to the ranking:

https://www.qtrade.ca/_pdfs/en/news/news_091103_GM_ranking.pdf

Now I will definitely move to another broker. Since I have 50k in my account, I can still get low commission deal from IB or Scotia iTrade.

]]> By: Ilya http://www.canadiancapitalist.com/adieu-to-questrade/#comment-209142 Ilya Fri, 22 Jan 2010 08:23:14 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-209142 I just had a horrible experience with Questrade. I had RRSP in so called USD account, which was suppose to save me on exchange rate, it was a very bad idea for me. Questrade charged me $20 per month for data feed and made several conversions from CAD/USD when I bought and sold stocks in USD. Since their interface and account view is so terrible, you can't really see these hidden charges right away. They show your USD account in Canadian dollars probably just to confuse you more and hide their extra fees and commissions. Anyway, stay away from this broker. THIS IS THE WORST BROKER YOU CAN FIND. I just had a horrible experience with Questrade. I had RRSP in so called USD account, which was suppose to save me on exchange rate, it was a very bad idea for me. Questrade charged me $20 per month for data feed and made several conversions from CAD/USD when I bought and sold stocks in USD. Since their interface and account view is so terrible, you can’t really see these hidden charges right away. They show your USD account in Canadian dollars probably just to confuse you more and hide their extra fees and commissions.

Anyway, stay away from this broker. THIS IS THE WORST BROKER YOU CAN FIND.

]]> By: davyo http://www.canadiancapitalist.com/adieu-to-questrade/#comment-100060 davyo Tue, 08 Jan 2008 18:28:12 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-100060 way off topic but... Be careful with E*Trade. The parent corp was heavily involved in the subprime mess down south and were just bailed out of bankruptcy at the end of last year. The high yield optimiser and free trade promotions are a despirate move to keep investor cash. I don't hink the issue will go away any time soon. I am moving all my capital out of E*Trade to something more stable and secure. way off topic but…

Be careful with E*Trade. The parent corp was heavily involved in the subprime mess down south and were just bailed out of bankruptcy at the end of last year.

The high yield optimiser and free trade promotions are a despirate move to keep investor cash. I don’t hink the issue will go away any time soon. I am moving all my capital out of E*Trade to something more stable and secure.

]]> By: Check Your Withholding Tax http://www.canadiancapitalist.com/adieu-to-questrade/#comment-99699 Check Your Withholding Tax Mon, 07 Jan 2008 23:00:31 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-99699 [...] it doesn’t pay to procrastinate. I wrote about how I was in the process of moving our investment accounts out of Questrade and though I had filled out the transfer forms, I’ve been neglecting to mail the forms to TD [...] [...] it doesn’t pay to procrastinate. I wrote about how I was in the process of moving our investment accounts out of Questrade and though I had filled out the transfer forms, I’ve been neglecting to mail the forms to TD [...]

]]> By: Gene http://www.canadiancapitalist.com/adieu-to-questrade/#comment-95192 Gene Sun, 23 Dec 2007 22:18:55 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-95192 I am in the process myself of switching my RSP from E*Trade to TD. Both offer swaps, which I like, but I want the ability to do wash trades, too. There's no real difference in commissions, so paying the fee to transfer the RSP stings a little, but it will pay for itself with the wash trades. Listen up, discount brokers: your clients want USD denominated RSP accounts! I am in the process myself of switching my RSP from E*Trade to TD. Both offer swaps, which I like, but I want the ability to do wash trades, too.

There’s no real difference in commissions, so paying the fee to transfer the RSP stings a little, but it will pay for itself with the wash trades. Listen up, discount brokers: your clients want USD denominated RSP accounts!

]]> By: Choosing a discount broker « centsprout http://www.canadiancapitalist.com/adieu-to-questrade/#comment-81326 Choosing a discount broker « centsprout Thu, 15 Nov 2007 18:10:30 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-81326 [...] Adieu to Questrade in which Canadian Capitalist talks about how he moved his account from Questrade to TD Waterhouse. [...] [...] Adieu to Questrade in which Canadian Capitalist talks about how he moved his account from Questrade to TD Waterhouse. [...]

]]> By: Choosing a discount broker « centsprout http://www.canadiancapitalist.com/adieu-to-questrade/#comment-80681 Choosing a discount broker « centsprout Wed, 14 Nov 2007 17:38:31 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-80681 [...] Adieu to Questrade Canadian Capitalist moved his account from Questrade to TD Waterhouse. [...] [...] Adieu to Questrade Canadian Capitalist moved his account from Questrade to TD Waterhouse. [...]

]]> By: Jan http://www.canadiancapitalist.com/adieu-to-questrade/#comment-75961 Jan Sat, 03 Nov 2007 06:53:59 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-75961 USD EFT = USD Electronic Funds Transfer, it's just a way to transfer money from your account to questrade's account USD EFT = USD Electronic Funds Transfer, it’s just a way to transfer money from your account to questrade’s account

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/adieu-to-questrade/#comment-75788 Canadian Capitalist Fri, 02 Nov 2007 14:31:33 +0000 http://www.canadiancapitalist.com/2007/10/31/adieu-to-questrade#comment-75788 ceda: I believe Jan is talking about transferring USD cash easily between your chequing account and your Questrade investment account. I haven't heard anything about Questrade offering USD RRSP accounts but there is a rumour that RBC Direct is planning to. noizyboy: For me, wash trades are very valuable as I sell my US stocks over time and put them into ETFs. E*Trade doesn't offer wash trades and in any case, their cash optimizer account isn't available for RRSP accounts. ceda: I believe Jan is talking about transferring USD cash easily between your chequing account and your Questrade investment account. I haven’t heard anything about Questrade offering USD RRSP accounts but there is a rumour that RBC Direct is planning to.

noizyboy: For me, wash trades are very valuable as I sell my US stocks over time and put them into ETFs. E*Trade doesn’t offer wash trades and in any case, their cash optimizer account isn’t available for RRSP accounts.

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