Few months back, I moved our investment accounts to Questrade, attracted primarily by their ultra-low commissions and good word-of-mouth recommendations. Everything went smoothly for a while – my account was transferred out without a hitch and trades were executed perfectly – until last week. I logged in to my account and discovered that an interest charge was deducted on our USD account. The interest charge was puzzling because I never trade on margin or short stocks. I thought it was no big deal; mistakes happen and it has happened once before at my previous big bank broker and it took a mere phone call to have the charge reversed.

It turned out that at Questrade it is a big deal. I’ve been contacting them for four straight days asking for an explanation and reversing the interest charge but it’s always one excuse after another. The first day the agent said it is taking time to check my account and he would resolve the matter by the end of the day. The next day, a different agent claimed that “the servers are down” and I would be contacted for sure shortly with an explanation. On the third day, I got the same agent again claiming they were still working on resolving the matter. Today, another agent claimed that someone would have to review my records for each trading day to verify my claim that there was no margin balance (though it took me a four minutes to check; not four days). And on and on it went …

Finally, I had to send an e-mail to Emil Vojkollari, Client Acquisitions Supervisor at Questrade requesting his intervention in this simple matter. Sure enough, within a very short time, a Questrade agent finally contacts me with the information that the interest charge was an error and would be taken care of shortly. Well, why did it take so long?

As a client, my bottom line is very simple: if Questrade made a mistake, it is a simple matter of acknowledging it and reversing the charge immediately; not giving me the run around. Perhaps for $4.95 per trade, you do get what you pay for.

This article has 334 comments

  1. So did you actually close your account Questrade and where did you go to?

  2. I’m curious as to where you’ll go as well. I’m looking to open an online account and it’s good to hear this kind of first hand account of different brokerages.

    • I moved my account to interactive brokers. their customer serive is lousy but paying 100 shares for a 1 dollar and their platform is excellent too. I put a bracket trade on qtrade but it never trigger on time. with IB its smooth and slick….

  3. Canadian Capitalist

    John, laketrout: I haven’t decided to move my accounts yet but if I did move, I’d consolidate all my accounts with TD Waterhouse. We currently have our RRSP accounts with them and though I’ve been with TDW for only a few months, I am impressed with their service. Also, if you have $100K in total household assets with TDW, you qualify for their $9.99 commissions. I’ve posted about TDW and other brokers elsewhere on the blog. Just look in the “discount broker” category.

  4. Interesting situation – I suspect that errors and issues that come up with Questrade have more to do with the fact that they seem to be a fairly new company rather than the cheap trades.

    Mike

    • Questrade has been around since 1999. Plenty of time to learn how to support customers for small problems.

  5. I’ve been thinking about opening an account at Questrade, and I’m quite close to doing so, but every now and then, there’s a negative that comes up about them, either as a comment at the famed Million Dollar Journey Questrade post, or as a post on a site like this. From what I’ve read, Emil does a great job at taking care of business once things get to his level, but I’m concerned about having to hassle every now and then with mistakes like this. What to do? I really just want to set up a sleepy portfolio with some funds, but brokers like eTrade or TDW just charge too much.

  6. That was part of my reluctance to jump over to some of the new kids on the block. I always get *very* frustrated when client reps can resolve simple problems (try transfering a phone number between carriers, it’ll drive you nuts).

    • LookingToParkRSP

      Check out disnat which is the online brokerage of Desjardins. They waive all fees on TFSA or RRSP if you have min. balance of just $15K with them instead of the $25K required by other banks. And they have just reduced their commission fee to $9.95 to all investors regardless of your account size, trade frequency and etc. I haven’t signed up with them yet but I am going to give them a try. When it comes to registered products which is pretty much our life savings, it’s better to go with large established institutions for peace of mind and safety.

  7. Er, that shouldn’t be *CAN’T*. I have no problem when they can resolve simple problem. I actually like that.

  8. I opened up a Questrade account about two months ago but have yet to execute a trade there. Shortly after I opened my account, both the broader market as well as my own opinion on the market turned bearish. So, there’s nothing but the basic minimum in that account holding it open.

  9. Faisal – if you look hard enough you will find both positive and negative comments on every broker. I don’t know what you should do about a broker but maybe just try to pick the one that best suits you and go from there.

    Mike

  10. Canadian Capitalist

    Faisal: I second Mike’s opinion. If I still paid $29 at the competition, I would probably put up with Questrade. But we are eligible for TDW’s low commissions, so I’d rather not deal with any hassles.

    I am not concerned that Questrade made a mistake but the CSR’s gave a runaround instead of fixing the problem. As of today, the charges are still not reversed! That’s FIVE days!

    I can’t help but compare their service with TDW. I called them once to link all the accounts of our household for the lower commissions and one week later it still wasn’t done. I called them a second time and the CSR offered to fix the problem and call me when it was taken care of. Now TDW made a mistake too but it still impressed me that they took care of the problem so well.

  11. What are the implications of moving your broker? I assume there is just a termination fee per account (I believe $100 for RBC Direct investing). And a bit of time for the change to take effect..

    Is that it?

  12. I had a similar incorrect charge at TDW. The agent had it fixed before the end of the call.

  13. Canadian Capitalist

    Joe: Moving to a different broker is very easy. You have to fill out a transfer form, a fee is deducted from your account ($125 at Questrade) and it takes a week or two for the account to be moved. Brokers often offer to refund the transfer fee.

    TonyR: It happened to me once at RBC Direct Investing. They reversed the charge immediately. That’s what I expected of Questrade too.

  14. Ugh…I just opened my Questrade account. 🙁

    CC, have you actually got the US cheque transfer (with fax) to work yet? I know you detailed how to do it but wasn’t sure if yuo’d actually performed the transaction. How quickly is a USD deposit at TDW completed?

    For me the difference between a $9.99 commission and a $4.95 commission is significant enough to stick with Questrade. But I’ve only made one purchase siince opening the account and I’ve still not transferred our RRSPs until I see how it works out.

  15. Use Interactive Brokers – 1$/most trade, min 10$/month. Works perfectly for someone interested in sleepy portfolio and investing in index ETF’s

    • Marilyn Gibbins

      I would not recommend Interactive Brokers. I cannot even begin to explain all of the horrendous problems I had with them – very unethical company and they never correct their errors, which of course, are always in their favour. Their system always crashes and you can never get through to their call centre, especially when their system has problems. If you do reach someone, they are so junior and untrained that you will spend all of your time explaining to them how their system works and how to do their job.

  16. Canadian Capitalist

    Telly: Yeah. I got the US cheque transfer working with Questrade. With TDW, if you deposit the cheque at a local branch, your account would be funded within a few days. I mailed a cheque to the local TDW office and they had to go to a branch to deposit and even then it only took 4 business days.

    For me, there isn’t much difference between $9.95 and $4.95 because I make only a few trades in our investment account in one year. I’d rather have reliability compared to the lower cost.

    Willfly: If I do move my account again, I will go to TDW. There are benefits to consolidating all accounts in one place.

  17. Generally, our clients’ response to the service team is very positive, saying things like fast, efficient, knowledgeable, and courteous. Unfortunately, even if we’re batting 99.999%, there is the rare ball being dropped.

    And unfortunately that’s what happened in your case, Canadian Capitalist. We are investigating the precise details of what happened, which we do any time there is an issue.

    Now I’d like to turn to a few of the thoughts that have been raised in this thread.

    Canadian Capitalist // Sep 25, 2007
    Finally, I had to send an e-mail to Emil … requesting his intervention in this simple matter…
    Canadian Capitalist: I’m glad you emailed me. In fact, this is precisely what I’ve been saying for a while in your forum and others. If there’s every a problem, contact me directly.

    Faisal // Sep 26, 2007 at 12:00 am
    From what I’ve read, Emil does a great job at taking care of business once things get to his level, but I’m concerned about having to hassle every now and then with mistakes like this.
    Faisal: My invitation to contact me directly is for everyone. It is not a hassle at all. As I said above, sometimes a problem doesn’t get adequately addressed – and this can and does happen with any company. My role is to be the back-up – make sure nothing and no one is overlooked.

    • FourPillars // Sep 25, 2007 at 9:47 pm
    Interesting situation – I suspect that errors and issues that come up with Questrade have more to do with the fact that they seem to be a fairly new company rather than the cheap trades.
    Questrade is now in its 8th year of operation and we have about 70 employees at our office. We were the first direct access broker to become a member of the IDA in Canada, and we are members of the Canadian Investor Protection Fund, and a participating organization of the Toronto Stock Exchange, TSX Venture Exchange, and the Montreal Exchange. In other words, Questrade is a solid, dependable brokerage. And we do listen.

    Thanks,

    Emil Vojkollari
    Client Acquisitions Supervisor
    Web: http://www.questrade.com
    Phone: (416) 227-9876 ext.380
    Toll Free: 1-888-783-7866 ext.380
    Fax: (416) 227-0078

  18. Canadian Capitalist

    Emil: Thanks for your comments. I do know that Questrade listens to clients and you thought out of the box to fix the delays with depositing USD cheques. That’s why, despite my recent experience, our accounts are still with Questrade.

    Yes, mistakes do happen. But, I’ve been contacting your CSR’s every day for four days asking to justify the interest charges. They promise to investigate further and contact me by e-mail or phone but don’t follow up. Why? That’s not one dropped ball. It’s four.

    As of this morning, the interest charges are still not reversed despite yesterday’s email that the error has been “identified and corrected” and the issue would be “resolved very shortly”. For me, this is still an open issue and Questrade’s response has been unacceptably slow even when you are cracking the whip.

  19. Hi CC, Is saw your post about the 9.95 at TDW with 100K in a household. Do you have a link for that info from there site? I’ve never heard of this before with them. thanks.

  20. Canadian Capitalist

    Mike: If you have 100K in total between all accounts in the same household with TDW, you are eligible for a $9.99 commission. You have to call in to notify TDW about the accounts to take advantage of the lower commissions. This is very new and is only effective as of Sept. 2007.

    Link

  21. Pingback: Thicken My Wallet » Blog Archive » Does Bad Customer Service = Better Profit?

  22. Canadian Capitalist

    Emil: Actions speak louder than words. The charges are still not reversed ONE WEEK after I contacted Questrade.

  23. Canadian Capitalist

    Finally, the interest charges were reversed and my account credited as of this morning. Thanks to Emil for his efforts in sorting out this problem.

  24. Thanks all for the responses! CC, good to hear that your charges have been reversed. At this point, I’m still debating opening my RSP there.

    willfly, IB is great no doubt. I had an account with them and except for the added urge to become a trader, I really enjoyed being with them. In the future, I’ll definitely go with them again for my non-registered investments. If only they did RSPs, though.

  25. “If you have 100K in total between all accounts in the same household with TDW, you are eligible for a $9.99 commission”

    Do “all accounts” include only brokerage acct or does it include savings / chequing accts at TD bank as well?

    Thanks,

  26. Canadian Capitalist

    Dom: I believe it is only brokerage accounts with TD Waterhouse that counts.

  27. Canadian Capitalist

    telly: I just deposited a USD cheque into my TDW account on a Sat. The deposit showed up on the cash balance on Tues, the same day it was cleared from my checking account.

  28. Interactive Brokers; the lowest commisions
    Example
    100 XTR – $1
    2,000 CVV – $4.8

  29. Pingback: Mayur Jobanputra » Questrade - not all they are cut out to be

  30. Hi CanadianCapitalist. Thanks for having your web site and teaching the web community. I have also found that Questrade is not all that they are cut out to be. I have put a small post on my blog, and put a series of posts on redflagdeals.com detailing my experiences.

    http://www.redflagdeals.com/forums/showthread.php?referrerid=32220&t=508143
    http://www.mayurjobanputra.com/index.php/2007/11/27/questrade-not-all-they-are-cut-out-to-be/

    I am still with questrade today, and I have pretty much put all my transactions and investing on hold (except for a few small investments). Clearly, there is a lot more I need to get educated on before I jump in further with a larger investment

  31. I noticed that questrade Online Live Help is not working! Anybody experienced that?

  32. I cancelled my questrade account after they mistakenly sent me someone else’s application form (complete with Social Insurance Number)

  33. I mailed a us draft to questrade 1 week ago, 2 days later, I was able to trade those founds.
    3 days ago looked to my account and all my positions were sold, and all my money is gone, I have been talking with them for 2 full days, they say they will contact me or email me, but they haven’t. I cant believe that they don’t know where my money is. I Talked to my bank and they said the draft has already been cashed. I don’t really know who to contact.
    Painful situation .

  34. Canadian Capitalist

    Jose: You should contact Emil with your problem. I hope your problem gets resolved and please do let us know how it turned out.

  35. Yes I will let you know. They haven’t been able to tell me where the money is yet, this is so frustrating.

  36. Well, I guess we get what we pay for

  37. I too am having problems opening an account with Questrade.

    On Dec 14 I initiated an Internet transfer to open an RESP account at Questrade. As of Dec 27th the money has yet to appear in my account.

    Most concerning is the lack of interest by the phone representatives at Questrade. Initially I sent an email and received only an automated response.

    After several phone calls each with empty promises to follow up I spoke with a phone rep who admitted that there was a computer glitch on their side and that I should feel confident about making a larger transfer to accommodate an end of year tax deadline.

    When asked when I could expect to see the issue resolved they could provide no timeline. Monies deposited would not be accessible until the issue was resolved.

    After escalating the issue Questrade indicated that they would send me an email confirming the situation. Two days later I am still waiting for the email to be sent.

    …/Disappointed

  38. A friend and I were thinking of opening a joint account with Questrade, but are also considering forming a “club” of sorts (we’re in university) with a few other people and thus opening a club account. Anyone know the benefits/down-falls of both accounts? Tax implications? charges? etc.

    Thanks!

  39. Well, I have swapped several times because no matter where you go, there are problems.

    I trade a lot of US stocks in my RRSP and even if TD Waterhouse “washes” trades, it is a completely manual process and error-prone. I have to check over the washes to make sure it’s done correctly and this is because of really inadequate software.

    And yes, when I had issues around how they arrived at some of the values it took 3 calls to separate people and two weeks to get an answer and correction.

    My background is financial software, and this stuff is complicated, so that’s why a good system is important. As soon as you have to get people to do a review of some issue, that’s what takes time, and you have to follow up no matter where you go.

    Personally, I like any company (like Questrade) that endeavours to keep Canada in the 21st Century by at least making attempts to bring technology to us. The US has had it for years – take a look at “Think or Swim” – just awesome trading for everyday people like us.

    Anyway, Questrade just announced they’ve added the capability to keep US dollars in our RRSPs to avoid exchange rate fees, so I’m checking them out.

  40. Questrade Hater

    To Mark:
    I was in a similar situation like you. It took me two and a half months to see my internet transfer, and it wasn’t even the full amount. My suggestion to you is to contact wherever you are transferring your money from (e.g. your bank) and have them investigate the transfer. Don’t waste your time on the phone representatives. Each time you call them, they all act retarded, with a memory span of a goldfish.

    As for those considering Questrade, ENTER AT YOUR OWN RISK!!!! The fees are enticing, but CAVEAT EMPTOR (let the buyer beware). If you consider them, DO NOT WIRE THE MONEY VIA INTERNET!!!!!

  41. i have had numerous problems with questrade. here’s the latest.

    i got an e-mail from them detailing my account info, and how they had tried to send me correspondence, but it kept getting returned. the account info they e-mailed me wasn’t mine. there in front of me was someone elses name, address, account number, phone number account type, everything but there passwords!
    i logged into my account at questrade, and sure enough, staring back at me was this other persons info.
    needless to say i was furious. they kept brushing me off, though. never addressing my queries as to how this could happen. this was 2 weeks ago, and i am currently looking for another online service.

  42. Paul,

    Please contact me ASAP.

    Thank you,

    Emil Vojkollari
    Client Acquisitions Supervisor
    Web: http://www.questrade.com
    Phone: (416) 227-9876 ext.380
    Toll Free: 1-888-783-7866 ext.380
    Fax: (416) 227-0078
    _____________________________________________________________________________
    Questrade Inc. | 5650 Yonge Street, Suite 1700, Toronto, ON M2M 4G3

    Trade Stocks for $4.95
    Ranked # 1 for both Fees and Customer Satisfaction – The Globe & Mail

  43. Fox,

    I need you to contact me as well. I find these situations quite hard to beleive.

    Thank you,

    Emil Vojkollari
    Client Acquisitions Supervisor
    Web: http://www.questrade.com
    Phone: (416) 227-9876 ext.380
    Toll Free: 1-888-783-7866 ext.380
    Fax: (416) 227-0078
    _____________________________________________________________________________
    Questrade Inc. | 5650 Yonge Street, Suite 1700, Toronto, ON M2M 4G3

    Trade Stocks for $4.95
    Ranked # 1 for both Fees and Customer Satisfaction – The Globe & Mail

  44. Paul, Fox,

    I still need you to contact me.

    As for anyone else reading these blog, please disregard the above comments from Paul and Fox until I verify their validity.

    Thank you,

    Emil Vojkollari
    Client Acquisitions Supervisor
    Web: http://www.questrade.com
    Phone: (416) 227-9876 ext.380
    Toll Free: 1-888-783-7866 ext.380
    Fax: (416) 227-0078
    _____________________________________________________________________________
    Questrade Inc. | 5650 Yonge Street, Suite 1700, Toronto, ON M2M 4G3

    Trade Stocks for $4.95
    Ranked # 1 for both Fees and Customer Satisfaction – The Globe & Mail

  45. Canadian Capitalist

    Emil: I’ve emailed Paul and Fox asking them to contact you directly.

  46. need advice
    i was looking to open a individual questrade account do start day trading. I am mostly looking to trade within the nasdaq or nyse but i live in canada. Are there any fees between the currency conversion when i buy US stock? If there is can i aviod paying this fee by setting up an account which only hold US dollars? Are there any discount brokerages in canada where i am able to do trade between canadian exchanges and US exchanges without a fee?

  47. Canadian Capitalist

    Derek: When you open a taxable account with any discount broker, two accounts are opened for you: one CAD account and one USD account. All transactions in the USD account are in US dollars. I’m not sure I understand the second part of your question.

  48. “As for anyone else reading these blog, please disregard the above comments from Paul and Fox until I verify their validity. ” Emil Vojkollari- Client Acquisitions Supervisor

    This person seems an expert at putting out “fires” but the question remains…WHY are there so many fires at Questrade???

    I am surfing here (webpage) because I want to move all my holdings OUT of CIBC, which incidentally indulge in nickel and diming their investors to death, on top of major screw ups of their own! And yes, the last illicit charges I discovered, I had to fight tooth & nail in order to have them reversed; which they only did, after many weeks, because I threatened them with a complete move out! I assume this kind of “eronneous” activity will only increase since they (CIBC) have written off somewhere around $7.2 BILLION dollars (or more by now!) of Wall Street con job subprime mortgage related “investments”! You would think that heads would roll over there but nothing happened; business as usual! Where do you think they will plunge their greedy hands in order to make up for their short sighted stupidity? Take one guess!

    But, on the other hand, they still have not “lost” my account holdings, such as is the case with one of the aforementioned Questrade “fires”!

    So, my dillemma seems to be: do I keep on maintaining the expensive ship (CIBC) I hardly use [no Canadian shorts in RRSPs & bear market] or do I save money by transferring to a cheaper but rickety paddle boat that can sink (lost account/ wrong trades executed/ etc.) at any time while I attempt to cross the alligator infested waters (Wall & Bay street)?

  49. William From Montrel

    I have been using Questrade for many months. I am overall happy with it, made about 50-100 orders alltogether. I think I would recommand Questrade.

    I’d like to warn some people though. Those of you who sometimes make quick actions, like selling one share to buy another one instantly… watch out! Questrade has lot of issues with their server/database and sometimes when you sell, your available money is not updated right away, and you won’t have ‘sufficient funds’ to buy. More than once I had to contact customer support with their web/java support page, and they had to contact account management to have my available funds manually updated by them. I don’t know what’s wrong with their system but there is definitely something wrong.

    But if making “quick” actions is not something you usually do, Questrade is certainly the way to go, from my own experience.

  50. Pingback: Adieu to Questrade

  51. I have been a longtime eTrade customer. The only problem I have had with them is the trading(Limit Orders) odd lots. I did switch sometime ago to Questrade but at the time they offered 2 different system of fees: 9.95 or 4.95 plus 1 ct/share. The latter got pretty pricing if you took a run at a “penny stock”. Plus the fact that I was never really comfortable with their trading platform. The long & short is that I went back to eTrade. Since then I see Questrade has gone to a straight $4.95/trade(correct?) and I am still having the odd lot problem with eTrade so I was thinking of switching back to Questrade(that is how I came across your Blog) once more. But now I am puzzled.

    I saw some mention of Interactive Brokers: I have had a futures account with them and know a number of other traders connected to them. The consensus was that they had great commission rates but literally ZERO customer service.

    Any suggestions has to how one might get around the odd lot business with eTrade which they tell me only applies to the Canadian exchanges?

  52. Canadian Capitalist

    Butch: Can you explain a bit more about the odd lot problem with E*Trade? I must confess that this is the first I am hearing about it.

  53. An example: I just went to my eTrade acct and attempted to place a Spot on 320 shares of QUA that I hold and received the following error message:

    “Currently eTrade Canada is not accepting odd lot stop orders for TSX & TSX Venture securities.”

    To the best of my knowledge, I did not have this problem with Questrade. I am not familar with other brokers.

  54. Canadian Capitalist

    Butch: I checked with TD Waterhouse and it seems to let it through with a warning “The number of shares you have entered includes an odd lot and may be subject to a price premium.”. Not sure how to get around the problem with E*Trade.

  55. Butch: 320 shares is not an odd lot order. It is a Mixed Lot order. Methinks you don’t know what you are doing.

  56. Well Watcher may well be correct. I never proclaimed to be an expert but I do know that I can buy 540 shares of XYZ but when it comes to placing Limit orders(a Stop or a Sell) for those same 540 shares I get the error message above: “Currently eTrade Canada……………………..

  57. Questrade’s Incompetence

    causes

    financial loss for investor

    Late June 26 2008 I funded a Questrade account after extensively familiarizing myself with the Questrader Pro demo as well as consulting with ‘new customer service’ when questions arose.

    Starting to trade on July 1.08, using the Life Questrade Pro Platform, I executed more than 100 trades as a day trader / swing trader to date.

    In absence of a comprehensive Questrade manual showing rules and regulations pertaining to its policies and trading platform, calls to customer service were needed to clarify discrepancies inherent in the life versus the demo platform.

    Unfortunately, I received as many contradicting information as there were agents I spoke with; requiring additional calls asking for verification from a supervisor. Andrew has to be mentioned as most professional, helpful, willing, competent and customer service oriented .

    Nonetheless, reaching the “life” customer service department involved extensive waiting periods and when finally connected the respective, presumably knowledgeable ‘life account holder agent’ often needed to consult someone else to get an answer to the question; i.e. clarifying after hours trading to execute an order set off many contradicting instructions by Wes, Wen, Wendy, Ricki and Karan Mahotra whereby the latter fortunately does chose to get help instead of spouting unqualified misinformation which fails when followed.

    Some of the issues are the number of decimals allowed to enter, excessively long time lapses to fill market orders despite direct access, limit orders do rarely appear on level 2 queue view, commission amounts charged are shown at 2x the amount incurred, etc. etc. etc. etc. etc. and on and on.

    Aside from these shortcomings, one is hopeful will iron itself out after learning Questrade’s intricacies in the most inefficient manner, Questrade’s ineptitude and lack of concern for the client does also prompt a heavy monetary loss to the user of Questrade as shown below:

    On July 22.08 I closed one of several same symbol long positions which were accumulated over several days. The trading platform however, closed a position other than the one selected by me which had shown a gain when closed out at that time. Instead a significant loss occurred when the system chose a different position of the same symbol acquired at a different price than the one I had selected.

    I called Questrade immediately following the incident. After 15 minutes on hold, I was informed by Ilia?, / Elia? that Questrade’s policy does not allow for account holder selection of positions to be closed out of multiple same symbol positions, but the system selects automatically the first in first out position if several positions have been accumulated over several days.

    Conversely, if all of several same symbol positions are accumulated during the same day , the last position acquired is the first one out upon closing/covering one of the positions held.

    I accepted that information as a lesson learned, after confirming that I had not overlooked that crucial information in Questrade’s 70 page info/disclaimer material. Instead I was advised by Ilia/Elia? that it was my responsibility to call in for obtaining such information prior to doing the trade because Questrade is a discount broker.

    With this information in mind, on July 29, 2008 at 14.08 hours, I covered that day’s last acquired position held as one of several same symbol positions acquired during the morning of July 29.08. That particular position showed a gain of $148.73 .

    This gain, added to a $557.23 gain closed earlier that morning in other symbols’ positions, would result in a total gain of $705.96 before commissions.

    Instead, the arbitrary Questrade system selection presented me with a loss of $254.11 because the trading platform system covered a different position which was not the last position opened and thus had a different price and therefore was creating a loss. Consequently, my gain for the day to 14:09:36 hours was reduced from the earlier gained $557.23 to $303.12.

    In addition, my unsuccessful attempts to resolve the issue in several phone calls to customer service resulted in repeated disconnections, more than 13 minutes waiting periods on hold and refusal by agent Ilia to connect me to a supervisor.

    Instead, rude, rushed and unfriendly, he tried to convince me that only a paper, but no real loss had occurred.

    He assured me he had now adjusted the account to eliminate the loss occurred. When I asked him how the result is shown so that I can see it in my trading account, he answered that he is not an IT programmer and thus, does not know how the computer did it.

    I was/am unable to detect any changes made, my losses remain the same as prior to my call to Questrade and are reflected at closing of the markets.

    Brad, agent at the trade desk, and later agent Karan, assured me the account would be adjusted at end of the trading day because current attempts made by them failed for technical reasons unbeknownst to them.

    During my 1 and ¾ hours occupied with the phone ordeal and frustration, my other positions could not be closed out at 14:15 hours which would have resulted in a small gain; instead, an additional loss of $ 1120.57 occurred for a total loss of a minimum of $1374.68 at the end of the trading day.

    Furthermore, the unresolved issue prevented me from re-acting to market performance during the remaining 1 ½ hours of trading, disabling the opportunity to re-gain some of the previous weeks’ losses.

    Questade’s agents remarked they are very sorry about what happened. I requested several times to be connected to a manager or supervisor and asked for a call back, I AM STILL WAITING TO BE CONTACTED.

    Related documentation is available.

  58. Last Thursday I was successfully approved for an account at Questrade after about 40 minuets of online interrogation which was easy enough. I was/am eager to invest so I immediately transfered $1000 into my account from my online bank account.
    I contacted Emil to further speed up the process and he told me he was doing all he could to speed up my account setup and that it would take 2-4 business days; so Wednesday at the very latest.
    I sent Emil an email on Monday which he hastily responded to kindly telling me that he was doing his best, and that the funds should be in in the next 2 days. Unfortunately they weren’t and on Wednesday I sent an email to Emil and another on Thursday, both of which have yet to be responded to. Indeed instead of getting an helpful information whatsoever I received insult to add to injury in the form of an email that I could have received over a week ago telling me that “my account has been approved” and listing methods by which I can “Now” transfer money into my account, online transfer being listed as the fastest.

    I feel like this latest email was manually sent as something for me to chew on as nothing gets done, I find it very frustrating and to be honest and I’m a beginning to worry about my money.

    ps does anyone know if Paul or Fox ever resolved those issues with Emil?

    Canadian Capitalist: Are you still with Questrade?

  59. Questrade’s promotion for 30 Free Trades is a Scam!!! I signed up because of the promotion and now they tell me I didn’t enter the promotion code. I made sure that the code was inputted and perhaps their site made an error by omitting it but instead of offering to investigate the situation their answer is because you didn’t enter the code you do not qualify. Customer Service is horrible!! They even tried to tell me my account was activated after the deadline which really outraged me. The email they sent thanking me for opening an account with them was dated in July. And if they say they will call you back be sure not to hold your breath because you will definitely not hear from them.

    It is really sad to see nowadays that a company’s image is only worth approxiamately $150.00.

  60. i **** agree with you. i’ve a questrade account too and it took 2 weeks to activate it. wuz worse, i lost a 300%+ opportunity in FRE and FNM

  61. Well Kevin, I just open an account with them AND it does takes approx 10 business day to do it, just like any other broker. As per your lost opportunity, well it nice to say “I lost 300% opportunity”, the reality is you wouldn’t take the trades or you would of lost money…..I love newbies mentality…..Here ‘a hint : now that your account is open, short WB (Wachovia)….

  62. Canadian Capitalist

    Kevin: Of course, it took you 2 weeks. I just opened an account with RBC and it took me one week. I expect and plan to have no trades for a week or two when an account is opened and transferred. IMHO, your “lost opportunity” isn’t Questrade’s fault.

  63. Beware of illegal trades on Questrade on your account by hackers

    Please note that recently my Questrade trading account was compromised (so were a few other accounts of other inverstos -as per the information by the Questrade agent. )

    due to the low commission fee structure, I registered and set up an account with Questrade. Everything was going well untill this Thanksgiving day when someone hacked into my account and sold some of my divedend paying stocks that I owned and purchased 2000 shares of another stock on my account without any authorization.

    Questrade states that I am supposed to cover the trades ? If a credit card is stolen (similar to stealing my Questrade pasword) the bank covers the loss.

    TD waterhouse has a system by which even if you log into your trading account , you need to enter an additional four digit trading password (like a pin number) to confirm a trade whether it is a buy or a sell. E-trade has a similar system, when a person can log into their trading account but cannot buy or sell unless an unlill a four digit pin is used

    Something to ponder is that why is it that Questrade do not have ample security or layers of security measures to prevent illegal trades from happening from individual accounts.

    Questrade seems to the only online trading company that does not protect its accounts against “frauds” with an Online security quarantee..

    Is this the reason for the low commissions on Questrade ?

    Someone put a buy order of 2000 shares of anpthe high value stock ie $20,000 dollars worth illegally.on my account

    can you imagine that this could have set me back a few years due to this illegal trading by the hacker…

    since a few other investors had the same problem, this is also the result or minimum levels of security at Questrade.

    hence cheap trades are great , however if an investor is not protected against online trading frauds by Questrade, as is the case with other online trading , one could become pauper in seconds

    I am at a loss to figure out what to do about this situation.

  64. If you value good service and reliable web site then STAY AWAY!!

  65. [This comment has been edited for profanity. To the commenter: Please remember that this is a public forum in which we welcome all viewpoints stated in a polite manner. We cannot accept innuendos, profanity, vulgar comments or wild allegations. You are welcome to submit comments that conforms to these rules. Otherwise, your comment will be deleted and you’ll be blacklisted.]

    I these idiots, are the worse in the industry. Yhet have this $250 min account balance requirement. so if you trade options and suddenly you drop under $250, they suspend you trading platform, they freeze your account and they still charge you data fee. Bunch of idiots..really. they did that to me even though i never had a negative balance and had traded 54 time in 2 months.

    they, they go and sell out your account without even sending you a notice or a phone call. they make discretionary trading in your account without your permission or, even notifying you and convert currency.

    worse of all, i opened my account with a 30 trades rebate promotional code, and they told me it takes 3 months to get it. and now, since i am pissed at their conduct and am not interested in trading with them, they are telling me the offer was expired and not willing to give me my 30 trades rebate.

    another thing is, my account had $30 negative balance because of data fees, which they had suspended anyway and i was not using, so instead of just a nice first time email to request the money, which i wired it anyway, they go like: pay it immediately or we send it to collection. I am like, WHAT THE **** IS WRONG with you idiot!!!

    another thing, if you look up your transaction history on penson web site, you’ll see they also screw you on commission. i just saw $140 commission for 35 contracts, which is supposed to be just $9.99 + (35x 1.25)

  66. Canadian Capitalist

    YanYan: No profanity please. You are welcome to share your experience and frustration without resorting to obscenities. Thank you.

  67. Hi CanadianCapitalist readers,

    As much as market volatility can be an opportunity, it can also be a challenge. If you are trading on margin in current market conditions and your account enters a margin call, we are bound by industry regulations to take action – which may include liquidating a position.

    Questrade’s obligations in regards to margin are to individual clients as well as to the regulatory bodies that oversee the Canadian financial services industry.

    For more information about our margin policy, visit our margin centre located here: http://www.questrade.com/pricing/margin_centre.aspx. There are links to our stocks, options, and forex margin requirements as well as a link to IIROC (the Investment Industry Regulatory Organization of Canada).

    Note that part of our risk mitigation is to freeze access to trading platforms if the equity in an account drops below $250. This is clearly noted several places on our website. The practice protects individual clients and Questrade.

    If you have issues with any of our policies or processes – be it a margin call, commissions, a rebate or offer – then please let us know directly. Writing about it here in this forum may help inform other clients, but without formal requests through our client services department, we are unable to act.

    YanYan: I can sense your frustration. Please contact client services and request escalation to a supervisor. In the case of margin calls, we may not be able to make any changes for reasons indicated above. However, if there are errors in your account, we will be able to initiate an investigation. If, as you noted, you would like to transfer out of Questrade, we will be able to expedite the request.

    Lynn Suderman
    Communications Manager
    Questrade

  68. Wow. Some interesting reading. I just opened up an account and it took 6 business days equating to 8 in total. I must be lucky eh?

    It would also seem to me that most of the negative sentiment is driven by people with poor grammatical skills. Not all mind you. I wonder if there is some correlation between people that can’t express themselves effectively and the problems that have occurred. Perhaps it is really difficult for the Questrade staff to deal with some of these complaints due to the fashion in which they are approached. Maybe?

    As for opening my account; I had no issues and realized from the get go that it could take a few days. I was happy. My internet bank transfer had taken effect the day after I received the new account welcome email.

    I am a novice at this and therefor the only piece of advice I can give to prospective account openers is this: It is NOT the same as opening a “”Hotmail” account. People think that they can pop in and open an account and make a quick buck on a tip they heard somewhere. Nope. I have realized that it is a way of life. Whether you day/swing trade or invest for a longer term, you had better realize that you are getting involved in a very complex system where mistakes and errors can and often do happen. Deal with it.

    If you can show me a broker or any other service in this world that has a 100% perfect track record, I will show you a fantasy world.

    I’ll try to keep my own words in mind when I run into a snag…!

    Here’s a profanity for you all which I am sure you have heard; “Sh*t happens!”

    Happy trading.

  69. Pingback: insurancesitesfind » Blog Archive » Comment on Giving up on Questrade by paulric75

  70. I totally agree with you. Questrade customer service sucks big time. Empty promises all the time. I’m closing my account now and they are still asking me to fund a 20 cent deficit in USD. WTF….. they wont’ even take my loony and keep the change. Stupid company.

  71. Garbage Questrade

    I f you open an account in Questrade .
    Questrade will eat your money all the time when you don’t check your balance and cash history.
    After that , you have to make calls to beg them to change it,
    then they will delay to tell you the reason or just forget this .

    Even their commission is cheap, throw it away.
    You save commission here, but you will lost more in Questrade , trust me.
    It is a Garbage Questrade!!!!

  72. Questrade Negative

    Wow – I wish I would have seen this site before I made the mistake of opening an account. The actual opening process was quite nice. Electronics signatures, electronic transfers… unfortunately almost 2 weeks after it was approved and still no trading account to use. So I asked what the delay was… “This is totally normal”. Ok I said – what does it mean when you say you should be up and trading in 1 business day? No reply. I asked for them to close out the account and return my money. Now more then a week later I am still waiting for my money. A different excuse every time I call the customer service line. It’s a real shame – that have the potential of a good product. It’s just their customer service makes it unbearable.

  73. I also wish I had seen all these comments before joining questrade, I am an amateur to trading but there are certain things common logic can judge. I have contacted questrader about the problem I have, all I was looking for is an explanation but it seems when I brought up the info they chose to ignore me so I am going to post on every website to search for the answer. I contacted them concerning a change of name from PNHL holdings to GTLA. After they gave me GTLA shares at an average of 0.20 when the high was 0.17 on the day of trade. This is the exact email and reply sent.

    Hello,

    As per our conversation, your account has been reviewed and we can confirm that your account has been properly updated. The terms of the corporate action that saw PNHL simply change symbols and name to GTLA (GT Legend Automotive), was that each share of PNHL was exchanged for 0.0005 shares of GTLA. At the time your account was holding 4,929718 shares of PNHL which were converted to 2465 shares of GTLA. The average price for the GTLA shares has been set to $0.20 based on an average price of $0.0001 for your PNHL shares. The prices are not official and are for display. It is your responsibility to know what price you have paid for your PNHL shares and what price your GTLA shares should be valued at. Please contact us if you have any further inquiries.

    Thank you,

    Nicholas Roussos
    Client Services Specialist
    Web: http://www.questrade.com
    Phone: (416) 227-9876
    Toll Free: 1-888-783-7866 ext.421
    Fax: (416) 227-0078

    hello, I thought the trade was supposed to be 1 pnhl for 0.005 shares of GTLA since even if it was just an exchange, the GTLA on that day was 0.02 , can you check that for me please Wednesday nov 26 which was the day of the “change in name” , this is the chart from historical prices Google finance, as you can see it opened at 0.02 that day and wouldn’t change to 0.17 until after the name change is effective, that is a dramatic jump that can only be influenced by such an occasion, also if the high of the day was 0.17 why was my average purchase price even above that. If I am to calculate from the 0.02 opening price, since the name change should take place at the opening of the market to begin trading immediately I should have had 24648 shares… that is $0.0001 per pnhl divided by $0.02 per GTLA, giving 1 pnhl for every 0.005 GTLA therefore dividing 4929718 by 0.005 giving 24648, I think the error in you calculations came in the placement of the decimal place, the price of GTLA was 0.02 not 0.20

    I will really appreciate it, if the experienced traders will let me know where I stand in this situation, now even if I was wrong I would never in my life recommend this excuse of a trading website to anyone, not even an enemy. My experiences with them begun with a VTSO placed for a penny stock worth 0.82, I knew it was a risky trade and asked the limit to be 0.80, the stock dropped to 0.20 in about 2 days, I am not actively managing my account, I return and find out I lost about $300 so I contacted customer service, what I was told was that they do not advice the use of VTSO with penny stocks because sometimes their system fails to execute the trade, something along those lines, I was basically 1 month into trading at that time so thinking it was my own stupidity not finding out how well vtso works with penny stocks before placing it I left the matter, now a few months later speaking to the same Nicholas above about some other matter I asked about the vtso since it popped into my mind, just to find out if the answer I received previously was the common held notion, His excuse or reply I should call it was, I told the system to execute the trade if the price dropped 0.80 instead of 0.02, now I recall distinctly that the other representative went over the trade and confirmed that I did everything right…I then told him to check the chat between myself and the other representative to confirm it, his reply was since the trade was done 6 months ago the chat was deleted from record and their risk department cannot do anything about it now given the period of time, then he just closed the chat window without even awaiting my reply.
    I learnt my lesson, so from now on any conversation I have with them I save, and I have hard copies of their rudeness and ineptness.

  74. Hi
    I’ve been trading full time for 5+ years. I have traded at many houses and can state that the best is INTRACTIVE BROKERS. Not the best for a newbee as this is where the real big dogs play such as fund managers. I’m looking at the forms that on on my desk filled out and ready to send into Questrade, realizng now, I will not follow through. I had too many problems with the basic online application, which is a very early warning sign of the future problems with the trading platform.
    Can some one inform me who is behind Questrade.??
    I want to open aCanadian TFSA and that was my only reason for examining Questrade.
    Can anyone provide information on Tradefreedom?
    Thanks. and please explore your options with INTRACTIVE BROKERS.

  75. Questrade just died. I tried to trade on the 5th, all my orders were rejected – “insufficient buying power” (I placed 4 or 5 of them reducing amount every time, still – rejected). On the 5 th phone was busy all day, I managed to contact some Susan via live chat but she disappeared midway through the conversation. Today I got through on the phone but only to the machine, nobody picks it up. Looks like they got way too many clients, more than they can digest. “Anthony to the rescue”, I am looking for another broker. Their customer service does suck. This seemed to be a common story by the way, when a company just starts they all nice and plush, then they become too fat and complacent and they do not care anymore (Sorry, just venting)

  76. Hi CanadianCapitalist readers and Anthony,

    As with many other brokerages, Questrade has been working diligently to correct the errors caused by the Horizons stock split / consolidation. These are HGD.TO (consolidation: 1 new for 5 old), HOU.TO (consolidation: 1 new for 5 old) and HOD.TO (stock split: 2 new for 1 old). If your trade issues relate to any of these securities, please contact our trade desk at 1.888.QUEST.66 (783.7866), extension 3, and they’ll be able to execute your trade.

    Which brings me to your concern about telephone accessibility. We have been experiencing technical difficulties with our phone service provider. The major issue has been solved, but in order to prevent this problem from recurring, we are setting up a dedicated trade desk line which should be operational in the next day or two. I will return here to post the number as soon as it is live.

    If you cannot get through to the trade desk at the existing number (above), please email me directly with your name and phone number, and I will pass the information along.

    Thank you to all Canadian Capitalist readers who comment here.

    Lynn Suderman
    Communications Manager
    lsuderman@questrade.com

  77. Glad I found this post (and comments). I was halfway through completing an application in the other browser tab but have decided to take my money elsewhere. All the comments here combined with my not-at-all-impressive phone call yesterday to enquire about a new account have convinced me to stay clear of these guys.

    p.s. The technical difficulties with your phone service provider, and your admissions of such, smacks of a small-time operation. I understand you’re still growing but I’m not trusting thousands of dollars to a company that can’t maintain a phone line. (I called the toll free number yesterday and the lines got crossed with someone having an existing conversation…they couldn’t hear me, but I could hear everything the gentleman was discussing with the other party. I thought it was my cell phone, but it appears it was the technical difficulties with your telecom service provider. My advice: switch providers, sign up to strict SLA’s and have redundancy built into your system.)

  78. Thank you all for the education I could not find on official websites. It is forums like this that really help us who are just starting out and really can’t afford to learn from the school of hard knocks. I was considering Questrade due to the review in the Globe and Mail when it ranked all the on line brokers. I think someone should send them a link to this page.

    Once again thanks for saving me a pile of frustration.

  79. Thanks everybody … your combined comments have me convinced and I will be looking for some other on-line broker now. Not that I needed much more confirmation … two days ago I spent well over an hour in a chat with an agent named Emil without ever getting a straight answer to a straightforward question.

  80. Their System was down again for part of the afternooon two days ago. They sent a message to traders on the trading web site about orders.

  81. Take it from someone who knows Questrade inside out, people at this company really don’t care about individual clients, they are only focus on their combined $$$. I was initially introduced to this firm through a friend but quickly ran into several problems with them at an early stage; I closed my account with them after five months. Unfortunately, despite being a service firm, they appear to know nothing about ‘quality customer service.’ Rather than finding a solution to what are simple problems (such as requests not being completed on time, or not being able to get through to a customer service rep) these people seem to prefer blaming someone else (often their own clients) for the problems. Since that unsatisfying experience with this company, I have openly told all my friends and family to stay away from them and would strongly suggest the same to anyone who is reading this post.

  82. Yeah, I have been having problems with Questrade too. I have been trying for a month to open a new trading account with them. It’s a joint account with my wife, so I had to send in all of her ID as well as mind. They confirmed that they had received everything, then, about two weeks later, they somehow managed to loose all of the ID, the $5 cheques and the pre-authorized deposit agreement I had signed with them to fund the account. It does not exactly instill confidence in their ability to hold my money safe, if they cannot keep track of basic documents

  83. Low commissions, Direct Access Platform, Streaming minute Charts, Level I and II, and the ability to hold $US in my RRSP, and no currency conversion fees, convinced me to open an account with Questtrade.
    Opening the account was smooth, however I could not get the account funded.
    I wanted to transfer 4 stocks from my Royal Bank RSP. They said it would take 10 days. After 32 days still no transfer. I canceled that transfer, thinking perhaps I did something wrong.
    In my second attempt to transfer the 4 stocks, I sent the paperwork by express courier to speed things up, ($20.), but they lost the paperwork. It was supposed to arrive overnight, but eventually after 5 days they found the paperwork, and then after another 32 days from that point …. still no transfer.
    So I canceled the 2nd transfer and gave up.
    If it is going to be that hard to put money into the account, how hard will it be to get my money OUT.
    I canceled the account, but, now I get an official TAX RECEIPT in the mail for my original $5.00 deposit, which means the account is still open, I’m afraid to deal with them again. How much will they charge to close the account that they could not get to work in the first place?

  84. I tried to open an account online and had nothing but problems so I faxed all my documents except for the cheque, then to speed up the proccess I sent everything by courier. I was told it would take 2-3 days to be approved yeah right more like 2-3 weeks. I give it a week then I talk to an agent on chat cause you can’t get through on the phone and ask what the status of my account is. They tell me they have’nt recieved the documents yet. This goes on for a few days meanwhile the stocks I’ve been watching have 12+% gains but my account is still not open. Finally they say ok we did get your documents and we will try to speed up the approval process. I give it till the next week to allow them their so called 2-3 day BS. So again having to do the chat thing they tell me they have’nt recieved them, by this point I’m ready to lose it. I ask to speak to a manager and am told that I am, he says that he can understand my frustration but can’t open my account until I send them the documents AGAIN because THEY MISFILED them and could’nt find them. I said I allready paid $20 once to get them there and it’s your screwup why should I have to pay again. His response was you can send them regular mail and then asked if there was anything else I he could help me with, upon hearing that I hung up. I read all the negative comments on million dollar journey and now here and gave them the benefit of the doubt IDIOT. All I have to say in closing is the comments have a lot of validity as I experienced it firsthand from rude incompetent chat agents telling me they never recieved my documents when they had to whomever was the STUPID @!@#$ IDIOT that missfiled (another word for lost) my application. I will be looking for someone else even if it cost a little more and I strongly suggest you do the same.P.s. they lost the application but managed to cash the $5.00 check, go figure.

  85. Marcel Elderhorst

    I had funds with Questrade many years ago but transferred them out for a better deal elsewhere. Then last year, I realized I could make a percent more on some funds if I switched them to F Class. None of the brokers in Canada would let me hold F Class except for Questrade. I transferred some funds to Questrade to take advantage of this. Then little by little I found more advantages at Questrade and kept transferring more funds there until I have almost everything with them.

    Yes, there are little difficulties with paperwork and such just like you’d see at any brokerage but overall, I think Questrade is fast becoming one of the best brokerages in Canada.

  86. In November 08 I opened a joint acct. with my son through Questrade. They lost my son’s $5 fee. My son then sent them a second $5 fee. in Jan. 09. They promptly proceeded to lose this cheque as well. I put a trace on the chq. and informed then when the chq was received. Two weeks ago after many phone calls and runarounds they finally located the chq and said they would open the acct in the morning and would receive an email with instructions. I know from experience how slow they are so I gave them a few days. Today is Feb 17…I emailed them. They said they need a $5 chq from my son and thats their final offer..No apologies.
    They also inadvertently deposited the initial $4500 I sent to open the acct. into my own personal trading acct.
    I have made a very long story short here. I worry about my money with this company. Is it safe??

  87. In November 08 I opened a joint acct. with my son through Questrade. They lost my son’s $5 fee. My son then sent them a second $5 fee. in Jan. 09. They promptly proceeded to lose this cheque as well. I put a trace on the chq. and informed then when the chq was received. Two weeks ago after many phone calls and runarounds they finally located the chq and said they would open the acct in the morning and would receive an email with instructions. I know from experience how slow they are so I gave them a few days. Today is Feb 17…I emailed them. They said they need a $5 chq from my son and thats their final offer..No apologies.
    They also inadvertently deposited the initial $4500 I sent to open the acct. into my own personal trading acct.
    I have made a very long story short here. I worry about my money with this company. Is it safe??

  88. pablo,

    this is truly unbelievable. If it were me in your shoes I would probably just put an end to the relationship. The story that you’re telling indicates a poorly run company, with extremely poor ownership and management. Tim Hortons is better organized – and more respectful of their customers – than that.

  89. Bob B. 02.23.09 at 8:51 pm

    I’m peeved with Questrade too. I’ve had tens of $Ks in cash laying in my Questrade margin account for months, as I’ve been prudently staying away from holding much in the way of stock shares lately. Finally, I got around this week to checking on my cash and how much interest Questrade is paying me on all that idle cash. Their page says I’m getting paid “CAD rate – 2.5%” on balances up to $49,999, as long as I have a $10K minimum. But they don’t define “CAD rate”. Instead they offer a link to the Bank of Canada site’s home page, and you’re left to go searching… I never did find the “CAD rate” there. I found the Prime business rate, 3%, and thought maybe that was it. But a Questrade LivePerson chat rep. later told me no, CAD rate referred to the overnight bank rate. She said she believed it was currently 2%, which means I’m getting paid 0% interest on my cash! She confirmed that yes, I’m geting paid 0% “currently”. Outrageous enough, but what’s worse is they don’t come out and straighforwardly tell you this on their site.

    In fact, someone glancing at the page might easily mistake the minus sign for a hyphen and conclude Questrade is actually paying them a generous 2.5% interest , much more than their bank savings account does – encouraging themn to keep as much cash with Questrade as possible! In reality, Questrade’s happy to hold large amounts of your cash, but refuses to pay a cent in interest on it!

    I suspect Questrade is deliberately misleading people, trying to keep as many clients as possible ignorant of the fact they are getting ripped off, and receiving an unjustifiable 0% interest paid on their hard earned cash.
    The rep I spoke with claimed rates change all the time, so they can’t post the specific rate! Yeah, right. They can update the value of my account balances daily, but not their interest rates? Sure.

    By contrast, my other broker, Interactive Brokers, not only pays me interest on my cash ( 0.5%), but posts the figure plainly as 0.5% , as well as showing how they derive it: It’s the current LIBOR bank rate minus 0.5%. IB says the LIBOR is currently 1%. I suspect the “overnight bank rate” the Questrade rep. mentioned and LIBOR are one and the same. I also think she was guessingb (incorrectly) that that bank rate was 2%.

    I’ve also come to despise Questrade and all other Canadian brokers and the TSX for the comparatively sky high commission fees charged on Canadian listed stocks, and usually on US listeds too.

    When I buy US listeds via Interactive Brokers (a US Broker with a Canadian branch) , I typically pay a mere $1 US per trade! IB’s fees are higher on low priced stocks, as it’s based on the number of shares, but I can buy $10,000 US worth of a $35/share stock for $1!

    I now like to daytrade, which entails multiple round-trip trades per day, and at $1 a pop commissions, daytrading US stocks via IB is very feasible. It is NOT feasible to daytrade TSX stocks though , because at $5, $10, $20 per buy or sell trade, the commissions mount up fast, and will soon wipe out any profits!

    The TSX and Canadian brokers continue to gouge and insult customers by continuing charging high fees, and by paying 0% interest on your cash while obscuring this ugly fact.

    Questrade is also less than candid about the extra “exchange fees” that apply
    above their advertised $4.95 or $9.95. You only get the base rate if you “add liquidity”. Whenever you oplace a market order, or place a limit order but hit the current bid or ask price, you are removing liquidity, and you get penalized for doing so by being charged “exchange fees”.
    Only if you place a bid lower than the current “best bid” or place an ask price higher than the current “best offer” price do you avoid these extra fees.
    Again, sneaky Questrade is not very up front in their ads or on their site about this stuff. I had to go to another broker’s site to find an explanation of removing and adding liquidity. But check your trading slips, and you’ll see lots of those extra fees, unless you know about them and place your orders in such a way as to avoid them.

    Online stock transactions are not much more complicated technologically than are ABM bank machine transactions. There’s no reason why commission fees need to be more than $1 per trade. Anything more is indefensible gouging of customers by greedy exchanges and brokers.

  90. Bobb999. Your comment woke me up a bit.

    “Online stock transactions are not much more complicated technologically than are ABM bank machine transactions. There’s no reason why commission fees need to be more than $1 per trade. Anything more is indefensible gouging of customers by greedy exchanges and brokers.”

    My take: As I see it, people need jobs, and to get paid you need someone to pay you money. I think some of the fees are not just greed, but need. I am beginning to understand how technology has been putting a lot of desk jobs out of work. I don’t like to be out of work myself… Would I help my boss to put in a machine that would eliminate my job? I think not. Unless I was very close to retirement.

    Yet, I want the most for the least myself. I wonder if things are moving to fast these days for people to be able adjust comfortably? When I grew up you held the same job for 40 years: today you might get 4 months or 4 years, and then have to move on.

  91. Bobb999: all brokers will charge these ECN fees on top of the commission fees.

    • Canadian Capitalist

      Bobb: I’m not a huge fan of Questrade but paying almost nothing on cash balances is standard industry practice, not unique to Questrade. TD Waterhouse, for instance, pays 0.025% on RRSP accounts and 0% on Investment accounts.

      Some brokers charge an extra ECN fee; most don’t. The big brokers like TD Waterhouse and RBC Direct do not charge extra ECN fees.

      The points you raise in your comment aren’t specific to Questrade. It could be a general criticism of the industry.

  92. Yes, I know Questrade isn’t unique in some of its client-unfriendly policies. But there’s something insulting for a broker to pay 0% interest on even large (multiple $K+) cash balances. Still, Interactive Brokers pays something, 0.05%. To my mind half a % is far preferable (and less contemptuous of clients) than 0%.

    The entire Cdn. brokerage and exchange system remains a rip-off compared to what’s available in the US. Many US brokers have a wonderful system, where your cash is automatically swept into a money market fund each day, with interest rates comparable to, or better than, bank savings account rates.

    Those exchange fees charged when one removes liquidity are charged by US exchanges too, but only when your order is a very large size, like a $50K trade or more. Most times, I pay a rock bottom $1 per trade through IB (on US listeds), with no extra fees at all.

    Paul Binder: Your post reminded me of something too. My job niche I once worked in was killed by the internet and
    technology advancements. Now I’m trying to make a living
    in a different way, via stock trading online, using the same technology that wrecked my previous livelihood!

    Internet and computer technology allows people like me to be self employed, working from home trading stocks.
    Technology eliminates certian jobs, but it opens up brand new jobs for many others.

    Only the lowest commissions make daytrading online feasible. I don’t know how anyone except the most brilliant traders could make much money at all if they had to pay standard Cdn. broker commission fees that easily eat up your profits! For instance, I paid $31 in commissions today daytrading US stocks and ETFs with IB. I made 28 trades (14 round trips). Instead of $31US, Questrade would have charged me well over $300US, 1,000%+ more, for the exact same trades even!

    I can understand why Questrade’s Cdn. stock commissions are high – everyone’s are, including IB’s – but I don’t understand why Questrade’s US stock commissions are so uncompetitive compared to IB’s, which presumably makes a profit charging me an average of just over $1 per trade!
    I bet they’re doing just fine charging me $1 per mouse click!

    -The word “gouging” springs to mind.

  93. typo…my last post should say that IB pays 0.5% (i.e. 1/2 %) interest on cash, not 0.05% as I mistakenly typed, as compared to Questrade’s 0.0% . A sad Questrade is less-than-direct in stating on their site.

  94. Ok, I’ve read through all the reviews of Questrade, and they sound like they have very poor customer service, I work for one of the larger brokerage firms (big 5 banks) and while the charges are a little bit higher I think they definitly pay off with the customer service you get, also, for people worried about interest on cash charges, its why they have money market, you can buy RBC money market for $1000 which has a return of about 2%, or if you dont have $1000, you can buy $100 of TDB164.

  95. Is it me or is Questrade + Questrader website down right now 7:11am on Feb 25!!!

  96. I have only been with questrade for a month and I have already encountered three three major issues. My very first day of trading the buying power was down for hours, they lost my void cheque, thus, delaying a withdraw request and today the server is down! This is all within one month. Also, 9 out of 10 times i can’t get anyone on the phone and I have to rely on the live chat which also can take a very long time.

  97. I’ve been with Questrade for over a year and I’ve never had a serious issue. Every time I’ve contacted customer service, I’ve reached someone quickly who helped me right away. I have a feeling that these investing blogs’ comments seriously over-represent the chance of having something go wrong. People who experience a problem are much more likely to post than people who have good experiences.

    Also, a reading of the above posts seems to show a relatively large number of day traders, inexperienced traders, and penny stock traders. These type of traders are all much more likely to experience issues with any trading platform.

    All in all, I think Questrade is good choice if you’re looking for a Canadian discount online brokerage.

    PS – I’ve experienced more problems with Rogers and Bell, two very large and well-established companies, than I have with Questrade. Customer service is generally pretty lacking over the phone for most organizations.

  98. Canadian Capitalist

    Jon: Fair enough. I know many fellow bloggers have accounts with Questrade and are happy with it. I’ve noted that elsewhere on the blog that I might stick with Questrade despite the problems if the difference in commissions was very large (say someone paying $5 with Questrade and $30 elsewhere).

    But, a proper comparison of Questrade is not with Bell or Rogers. It is with its direct competitors. I’ve had accounts with RBC, TD and E*Trade and nowhere have I encountered as many problems as with Questrade. And I should clarify that I’m not a daytrader and never have bought anything on margin. I pay $10 with a big bank broker and for a $5 difference, Questrade isn’t worth the hassle for me. Your mileage may vary.

  99. I’ve been with Questrade for about 1.5 years now and never had any problems. Sure the Webtrader may have not executed one transaction request some time last year but that was just that one time and it was very brief (about 5 mins). I was a little pissed at the time but came to realzie that things like that happen from time to time.

    I remember using a coupon code when signing up that gave me $50 in free trades which for me meant the world so that i wouldnt stress out too much since a lot of my early trades were being done for free.

    I will try to find it on the web and post it here for those of you who prolly want to try it out with free trades and see how the whole experience goes. I think that would prolly be the easiest way for people to make up their mind on whether Questrade is good or bad…

    I will write back soon if i find the coupon online…

    ~Anna

  100. Ok, i finally found the coupon.

    You get $50 in free trades.

    or use this direct link and just signup to get your free $50:

    If you’ve ever wanted to find out if Questrade is right for you then here’s your chance. Nothing to lose.

    ~Anna

  101. Anna, you MUST make sure to input the coupon code: even if you click that link you gave.

    You ONLY get the $50 when you input the code in the “Promotional Code” input box when you sign up.

    So for those signing up make sure to type in the coupon code: and not just solely rely on the direct link.

    Thanks Anna for finding and sharing that offer code! It’s a great find!

  102. Dealing with Questrade is one of the most frustrating experiences in my life. ARGGGGG! I’ll disclose more info once I close my account soon.

  103. Anna. T: where did you hear about that 50 free trades promo?
    I just signed up for Questrade 2 weeks ago…but I heard no mention whatsoever of this?

  104. BEWARE OF QUESTRADE’S SHADY ACCOUNTING
    PRACTICES

    I have had the single worst experience of my entire life with Questrade over the last few days, as I write this MY ACCOUNT IS MISSING $923.45 or 35% of my entire account balance & life savings after 3 CONSECUTIVE DAYS OF ACCOUNT IMBALANCES. I am actively spreading the word of my ordeal through any medium I can until the problem is fixed I have gotten a letter to the editor posted in the Kingston Whig-Standard and am awaiting publication of my letters to the Toronto Star, Toronto Sun and the Globe and Mail. My uncle is one of the webmasters at Craig’s List so I should have a leg up in informing as many people as possible.

    I have personally traded stocks, options and funds for 7 years and ETF’s, FOREX and bonds for 5, so I consider myself informed about the online broker business. I am not a wealthy person but I enjoy investing in a ‘hands on’ fashion. I had an account with E*Trade for 6 years with no problems. A few months ago I left them for Questrade because of the cheaper commissions and their favorable consumer ratings.
    Up until the morning of March 5, 2009 I had a very good experience with Questrade, I even got my account set up in only 4 business days, which was very impressive!

    *Note all figures include commissions and exchange rates at the time of the transaction. Also, I have a TaxFreeSavings account, which means no margin account, no loans, no borrowing, no overdrafts. I can do transactions up to my current cash balance, any more money and it will reject the order because of insufficient funds. I can prove all claims/ figures through screen shots of history and physical account activity forms mailed to me after every day that I traded. With that in mind……

    The night of March 4, 2009 at 4:05PM I bought 23 shares of FAZ (an ETF) @ $79.80 USD=$1,840.44 USD (total after trade commission) x 1.27(the exchange rate at the time)=$2337.36 CAD worth of stock in my account + $54.72 CAD in cash left in my account=$2392.08 CAD is my total account balance.

    The morning of March 5, 2009 at 9:33AM I sold the same 23 shares of FAZ I carried over from the day before @ $86.86USD=$1992.81 USD (after trade commission) x 1.2785(the rate at the time)=$2547.81 CAD + $54.72 CAD (cash left in account since night before)=$2602.53 CAD total cash in account now. But there was actually $2232.04 CAD showing in my account balance when I checked it after the trade like I always do. That means my account was $370.49 CAD… just like that.

    I’m not going to go in to greater detail but the same thing happened the next two days as well taking $165.04 CAD on the morning of March 6,2009 and then again for $396.96 on the morning of March 9, 2009. I suspended my account at that point and stopped trading. They had taken $923.45 CAD by the end of it, or 35% of my life savings (I am still young and busy paying off student loans). I would’ve suspended it after the first day but they assured me it would be fixed and after the second day I was waiting for this manager to call me back, which he failed to do.

    Now you would think that in the face of this irrefutable evidence, and the fact that they admit a computer glitch took money through faulty a exchange of currency from a bunch of other people’s Tax Free Savings Accounts over these same days, that they would admit the error. Boy was I wrong, the real fight had just begun as I spent 2 hours and 06 mins. that day (have long distance phone bill to prove it) on the phone to 3 different people at customer service, trading desk, etc. They just tried to explain it away going down a checklist of things;didn’t add in trade commissions (even though the totals I used from webtrader history have them added in), exchange rate (which I took from the forex website), my miscalculations, etc. Each person would say they would “send a report to the back office and someone would follow up with me in the next few days. Guess what, not one of them did, I called again on Friday March 6, 2009 and asked to speak with a manger that didn’t call me back for 4 business days and when he did he brushed me off, even though they admitted “some money was taken from my account and put back”, $181.82 CAD on March 5, 2009. He refused to understand that I sold stock for this price and then my account balance said I had much less then what I sold the stock for, even though this is very simple concept. Robert Chandler is the name of the “manager” I spoke with. He at one point 30 mins. into the conversation said hold on for 5 mins. and pretended to have an audit done on my account, even though another manager told me audits take at least 3-5 business days. Apparently Rob is a superhuman adding computer… either that or a bald faced liar. I called him on the amazingly quick audit he was able to do and he hung up (I have a witness who was also listening to the call), after 45 mins. of denials. I spoke with him a few days later and said he couldn’t bully me into submission, that I wanted a real audit of my account. He told me a real audit is $75 an hour charged to my account. I asked if Questrade was found to be at fault, would the audit be free? He said no the audit would be around $500.00 in total and would not be refunded even if they found that Questrade took money from my account.

    I then attempted to go higher then Rob by using this excellent comment post and contacting Emil Vojkollari and Nicholas Roussos who seem to help people on this blog solve problems with Questrade, and guess what? I have left 2 messages for Emil seeking assistance in the matter and 4 for Nicholas asking him for help as well and both HAVE YET TO RETURN ANY OF MY 6 MESSAGES. That is not client support, that is an abomination and I intend to make it my hobby for the next few months until every cent of my $923.45 CAD is returned to me with an apology of mass proportions. The ironic thing is that after my forensic auditor finishes his assessment I can take them to small claims court where if found guilty of taking money from me they would be on the hook for $1000’s to pay for my legal counsel (my dad, who charges $300/an hour) and $1000’s for their own legal counsel plus have to explain the verdict to the IIROC Canadian securities regulatory body and risk losing their retail broker license.

    Sorry it took so long to read, but PLEASE, ANYONE WHO DOESN’T ALREADY HAVE AN ACCOUNT WITH QUESTRADE…DON’T, ANYONE THAT HAS AN ACCOUNT ALREADY…CLOSE IT. THIS AGGRAVATION HAS GIVEN MY WIFE AND I WEEKS OF SLEEPLESS NIGHTS AND UNTOLD STRESS. This recession has been hard enough on everyone let alone being taken for 35% of my families entire savings. Questrade are at best a terrible company with horrendous customer service and complaint response, and at worst criminal with gross misconduct on the part of ROBERT CHANDLER. You don’t hang up on someone or lie and say you are doing an “audit” that was magically finished in 10 mins. instead of the standard 3-5 days. The fact that neither Emil nor Nicholas has bothered to return my calls proves that the upper management is also not taking customer’s complaints seriously. It’s sad what this world is coming to sometimes, I hope between the huge ad on Craig’s list and the letter in the Whig-Standard, the letters hopefully in the Tor. Star, Tor. Sun and Globe & Mail: people will recognize the absolutely vile way they have handled me. I was only trying to get my family ahead using a discount broker to save fees, I didn’t deserve this, my wife didn’t deserve this and my 5 month old daughter certainly didn’t deserve this. Shame on you Questrade.

  105. OK the key here poeple here is all the brokers have These problems . Im ok with problem as long as they are tryin to better their service. I have used CIBC, TD, Qtrade and now questrade. you here same stories at all the brokers, i will give questrade the dont have the pocket cibc has some it may take them more time to fix.. Im ok with problems if you can still trade and the account is up to date… you should all track you with on a spreed sheet, to keep a second record so if the is a problem you dont get screwed.
    questrade is great if you are an active trader the inclued level 2 quotes and their platform for free if you trade lots. i onlt have 2 problems i wish they had a special rate for activetraders 1.95 to 9.95 a trade for active traders. I make 200 to 500 trade a month 1000 bucks to 3000 a month in trading commissions. It would be nice to se them do more for their active traders.. i also have one other problem is i cant short sell for the first 10 min at the open…
    all the brokers have these problems ,questrade is just the lowest hit to my pocket book.
    Here is on positve i dont have to much problems shorting stocks with questrade my rejections were 50% high at other brokers. questrade is great and will be the best if the did more for their active traders,, ie lower commissions for active traders. i im a trading club and would get every one to swich over to questrade once they lower the min to 1.95 or .99 min 9.95 max .. once a broker come out with a lower min and has a max I will switch.
    mike

  106. Firstly, I had over $80,000 CAD in a cash stock account. I purchased $20,000 of a US ETF. I find out that they “loaned” me the

    money and charged me. Then I find out that I didn’t really get to take advantage of the USDCAD appreciation. They did. As an

    example, i had “borrowed” $20,000 USD at 1.20 rate for $24,000 CAD. When i sold the ETF the rate was 1.25. Therefore I had

    $20,000 * 1.25 outstanding or $25,000 CAD and not the original $24,000 CAD.

    If they had converted my own money then i would not have had to pay interest to them and the $1000 appreciation would have been

    mine. Their response was “Well we tell you when you are on Hold all the time that we do not exchange money automatically in non

    -RRSP accounts.” My response is two fold — Who listens when on hold and Just because you tell m that you are going t steal from

    me doesn’t make it right.

    The second item was the account closing process. After 12 DAYS and various emails from me and being on Hold for a sum total of

    HOURS over the 12 days, they sent me an email telling me that they could not give me my money because they did not have a cheque

    on file from me. They just stopped the process with no option for anything else.

    Finally got a service rep on the phone. He tells me that the money laundering Act says that they cannot send me my money. I

    tell him that FINTRAC does not say that. Questrade opened my account based on electronic signatures and electronic connections

    to my bank through a direct deposit. Section 4.8 clearly states http://www.fintrac.gc.ca/publications/guide/Guide6/6E-eng.asp

    Cleared cheque or deposit account method
    You can use either of the following methods, but you cannot combine them.

    * Confirm that a cheque drawn on a deposit account that the individual has with a financial entity has cleared. This means a

    cheque that was written by the individual, cashed by the payee and cleared through the individual’s account. It does not include

    pre-authorized payments as these are not cheques written by the individual.
    * Confirm that the individual has a DEPOSIT account with a financial entity.

    Now Questrade used that rule to open my account and take my money but when it comes to giving my money back they wrap themselves

    in FINTRAC and say sorry — no money for you.

    Just another excuse to delay giving me my money back.

    Am I upset– YES. I had an issue with their USDCAD conversion policies which differ from RRSP and non-registered accounts. For

    that i pulled my account.

    The run around trying to get my own money is what really upset me. 12DAYS and still no money.

    • Canadian Capitalist

      @Pete: I don’t see how you can accuse Questrade of “stealing”. First, they make it really clear that the CAD account and USD account are separate and you are responsible for transferring money between them. If they loaned you $20K USD, you owe them $20K in US dollars, not converted Canadian dollars on the day they loaned you money.

      I can’t comment on your account opening process. Personally, my account was fully open only *after* I sent them a void cheque. From what I can recall, that was the procedure at other brokers as well.

  107. I was going to open a new account but I stopped short just after reading this. I see here lot of negative comments. If Questrade really likes to get new clients they should post the reply for these complaints. Even if the customer did something wrong, we would like to know what mistake he did so that others should not do the same mistake. It will save questrade from much of the bad publicity. If anyone like me reads these blogs, he will not do the business with the company.

  108. hai canadian capitalist and the readers,

    i need ur help. i am new to investing in stock. since the market is bearih i thought of getting into it to invest some money for the long term.

    i would be buying some stocks (mostly us listed stocks) .i live in canada and could you please suggest me which online broker i should open an account with to get a fair deal on the commissions and currency conversion.

    thanks

  109. Arogya: this is a wicked resource–http://www.milliondollarjourney.com/review-canadian-discount-brokerages.htm
    Good starting point.

  110. thanks patrick and cc for prompt response.

    i checked both resources and read thru the blogs.
    quite interesting .lot of information. thanks friends.good work.

    i did notice that there has been a lot of negative comments about questrade starting 2009. about their customer service.
    (infact i did try calling them three times on apr.1/09 during working hrs. but nobody answered the phone).

    i have opened an acct .with scotia mcleaod ,because they are my regular bankers, i havenot started any activity there.

    i was thinking of questrade or IB. but recent comments about questrade is pretty scary!!

    in one of the blogs somebody mentioned about loosing 30% of ur euity with IB because of their auto liquidation rule?? . i don’t understand this. could some one explain me ?

    what about sharebuilder from IND direct?

    thanks for ur precious time and advise.

  111. sorry ING direct.

  112. ARogya

    You will find all of these problem at all brokers,,what i want too is if they are fixing the problem….trading is serious, it all about money so read the fine print people, loosing 30% of you euity means the dude was in stock that where going down and most likey margined ,, and the maintance margin kick in if he held over night.. as for the new one and buy us, etf or stock questrade it the boom cause they dont hit you with a curreny charge cause you have a us and canada margin account ,, and its on the new ones fault that he has tro pay interst cause he never read the fine print,, where it says cause you have 2 accouts (us and one canadian) use must tranfer money back and forth or you get charge intrest.. for ex..you have 10 000 in canadian account well you have 0 us account but because of margin and buyin power the us account uses you canadian dollors as collateral and give you buying powerand margin… now i love the this is the only broken that has this right now.. whats does this mean well when you buy us stock in other broker you get hit with a currency fee when you buy and when you sell cause all account are in canadian dollars unless you open a us dollar trading account.. but where questrade get you if you hold stock and didnt transfer the move from cad account to us account you get charged intrest…
    mike

  113. [Ed. note: Please mind your language. You can register your disagreement or displeasure without being disagreeable.]

    seriously. It’s the worst customer service ever.

  114. Apparently the IIROC is going to hold a Questrade discipline hearing on April 28th. Will they be shut down?

    http://finance.yahoo.com/news/IN-THE-MATTER-OF-Questrade-cnw-14842736.html

    Notice is hereby given that a hearing will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), on Tuesday, April 28, 2009 at Legal Transcript Services, located at 390 Bay Street, 11th Floor, Suite 1102, Toronto, ON at 10:00 a.m. or as soon thereafter as possible, to hear evidence and submissions in the matter of Questrade Inc. (the “Respondent”).

    The hearing concerns matters for which the Respondent may be disciplined as a Regulated Person of IIROC, pursuant to Part 10 of IIROC Dealer Member Rule 20.

    The hearing concerns allegations that the Respondent:

    (a) From December 2006 to the present, advertised margin rates below those prescribed by IDA and IIROC minimum standards despite being advised by regulatory Staff not to do so and has thereby engaged in business conduct unbecoming a Member Firm or Dealer Member contrary to IDA By-law 29.1 and Dealer Member Rule 29.1;

    and

    (b) From December 2006 to the present, failed to obtain required margin from its clients as required by IDA By-law 17.11 and IIROC Dealer Member Rule 17.11 despite being advised by regulatory Staff to do so and has thereby engaged in business conduct unbecoming a Member Firm or Dealer Member contrary to Association By-law 29.1 and Dealer Member Rule 29.1;

    IDA formally initiated the investigation into the Respondent’s conduct on May 14, 2007. The Respondent is currently an IIROC regulated firm.

    The hearing is open to the public, unless the Hearing Panel orders otherwise. The Hearing Panel’s decision and reasons will be made available to the public. The Notice of Hearing is available at http://www.iiroc.ca.

  115. DO NOT OPEN AN ACCOUNT WITH QUESTRADE!! I initially opened my tfsa account in the begginning of March and my account was incorrectly opened to settle in US currency. It is now half way through April and countless requests to have the issue resolved have lead to no resolution. Im actually attempting to have the issue resolved once again today… keepin my fingers crossed… Do yourself the favour and pass these guys by.

  116. A looooooooong story, short. DON’T OPEN AN ACCOUNT WITH QUESTRADE. D.y.u. want more info? send me an email.
    End of story.

  117. Please, beware of Questrade – Fraudrate!

    A month ago I established with them TFSA account and send 5,000 CAD.
    But my negative experience with their customer service alarmed me: long waited time on phone, rudeness of agents, can’t get answers even on simple questions. After last unsatisfactory conversation, I smell a rat and requested close account and send my money back to my bank account, thanks that I did not invested money yet.

    And I can’t get my money back!
    They use my money as free loan and make any excuse do not return money.
    Despite to their promise to make EFT in 3 business days, it’s already two weeks as I try to get my own money.

  118. yeah, Questrade is bad. We all know that.

    But in Canada, we have (as always) very few options. All the discount brokers suck here. We have to pick the less evil option.

    Is Questrade the one? Maybe. Who knows.

  119. Jack you make a good point. In Canada we have very few options. And why is that? The dumb politicians and their “regulations” of course. They have made it extremely difficult to open up a stock brokerage company…

    I’m reminded of the motto of the late champion of liberty Harry Browne: “Government doesn’t work.”

  120. Alan // May 19, 2009 at 11:07 am

    I am taking Questrade to court to recoup my $11,000 loss in amargin call. They had my money to cover the margin but depts at Questrade were not conmmunicating well enough. Also I checked IIROC webpage, IIROC had a hearing about Margin issue on 4/28/2009. If anyone have same experience like me, Pls send me email(alanycui*no spam*@yahoo.com).

    I’d like to hear more about their incompetence. Maybe we have a class action case and share some information and experience. Thanks a lot.

    Alan

    Mike Madej, I don’t know your email. Pls send email to alanycui*no spam*@yahoo.com. Thank you!

  121. Questrade is lowest at $4.95 per trade but it comes at a heavy price when it comes to Customer service, also mailing bank draft or certified checks also takes forever to show up in your account, forget about sending personal checks.

  122. Folks,

    My experience with Questrade has been awful. I have used their QuestraderWeb and Questrader Pro platforms. I have had nothing but problems with their platforms going off line in the middle of a trade, not being able to log back in and finally being able to contact their help desk when I had these problems was almost impossible. I finally closed my account last month and have decided to move on to a more reputable broker. This company cost me money and frustration.

    Stay away….

  123. Just talking to Yang on the QT chat. Very unhelpful. I’m inquiring about how QT charges an extra fee of .001/share for trades executed at the “open” (see note 1 here: http://www.questrade.com/pricing/exchange_ecn_fees.aspx).

    So, I’m asking what the definition of “opening trades” is…like is it 9:30:00-9:30:30? Or 9:30:00-:9:31:00? Etc.

    At first he or she had no idea what I was talking about, then claimed that there is no definition of “opening trades”, that some clients could be charged this extra fee “after 12 noon”!

  124. We can only echo the negative experiences with Questrade. We were trying to have three accounts transferred to them and the customer service is completely immune to ‘customer service’. They have been the most unhelpful brokerage I have every experienced – by far. I use Trade Freedom owned by the Bank of Nova Scotia and have had no particular issues with them. Questrade has been a battle from the word go – with complete indifference from their customer service – adieu Questrade!

  125. after 7 business days and 3 times of calling in, my new account opening applicaiton has been proecessed in ScotiaiTrade. So I asked them don’t bother, just cancel the application. Now I’m a little hesitate to open an account with any Canadian brokers.

  126. after 7 business days and 3 times of calling in, my new account opening applicaiton has NOT been proecessed in ScotiaiTrade. So I asked them don’t bother, just cancel the application. Now I’m a little hesitate to open an account with any Canadian brokers

  127. okay, I was considering an account with Questrade but there is not a snow balls chance in hell that I would transfer my hard earned $$$cake with this inept group of misfits calling themselves a discount brokerage !!!

    From what I’ve read here of the blatant misconduct of withholding funds, not opening accounts on time, overcharging for set up fees, gauging by not paying interest on cash held, unauthorized trades, phone line problems, no customer service reps available while online accounts went down etc, etc, etc.

    I have accounts with CIBC and TDWaterhouse. In terms of trade pricing CIBC allows you to buy a package for $395 and you get 50 trades over a year for that price and any additional trades after that are $6.95. I really like that option if you are buying and selling quite a bit. The automated service is not the best and need improvement if you by chance need to pull off a trade over the phone with out using a broker or broker assisted trade.

    TDWaterhouse is will cost you more if you trade often around $29 per trade unless you have $100K in your account, then it’s $9.99 TD has a very good automated system if you need to make a trade over the phone. As far as level 2 market depth I’m paying $35 par month for it with TD so it’s not free.

    In the end you pay more but get decent service and can be rest assured you can make a trade when you need to and your cash is safe and will be there and can be transferred back and forth from your TD or CIBC bank accounts in a seamless click of a mouse.

    In fact I have deposited funds into my TD trading account via a a guaranteed bank draft at my local TDWaterhouse Bank on a Saturday afternoon and have been able to trade Monday morning. That’s the kind of service you need.

    I will look into Interactive Brokers – if you are making allot of trades on the US exchanges it seems that is the way to go hands down. In the end I think it is a prudent idea to spread your money around to several brokerages if you have over 100K and that way you can exploit each trading platform for your particular needs and in the end play one brokerage off the other.

    This way you as the consumer take back some of the power that these brokerages hold over your money and in effect create competition among these brokerages and better services as they fight over your hard earned $$$Cake 🙂

    That Bob fella was dead on we Canadians are absolutely being hosed by the banks here in Canada. They only way to fight as consumers is to spread your $$$Cake around and make them fight for it !!! The result will be better service and cheaper rates.

    For example I deal with three different banks and have line of credits with all three. If I need a mortgage I make them fight for my business and if they can’t compete I employ the free services of a mortgage broker. It’s off topic a bit but ties into the whole discussion in the end about fees and how the consumer is being screwed !!!

    bobby

  128. Longtimetradin.

    Here’s a bit of background first.

    I have been following stock market movements since at least 1976, but my first real move came along when I correctly calculated the stock market crash of 1987 to within minutes about ten weeks before the crash occurred. Accordingly I took the initiative to influence my family’s financial advisor to shift investments in such a way as to minimize the impact of the 87 crash.

    My mum, dad, older brother and sister had no faith in my judgement, so I went about things so discretely that apparently none of them realize the trouble I went to to this day.

    I was basically doing the ETF thing long before ETFs were invented, but the trouble is that no one will believe my expertise until sometime after I have explained all of my methods to them.

    Now I have got a whole bunch of new methods that I intend to keep to myself for the sake of retaining some sort of trading advantage, and I have got to say that I am a bit bewildered as to why bloggers so often try to give their stock trading tips away to others for free on web sites such as this one.

    My methods used to pretty much consist of going in pretty much the exact opposite of the directions or advice of the so called experts who used to write in the Financial Times, but those guys at FT. com seem to have wised up now so that method no longer seems to be particularly useful anymore.

    This is the first time that I have ever posted on a financial blog and I am sticking my oar in because I think that I have got something to say that won’t be contrary to my own financial interests.

    It pays to be selfish, but for a naturally helpful guy like me, it’s a heck of a lot more difficult than readers might imagine.

    I am not pretending to be able to understand what most other bloggers or traders say, but where’s the big so called benefit in Questrade’s $4.95 deal?

    If I am getting things right, then if I were to buy 500 shares of some company or other through Questrade at exactly $25 a share I would pay the exact same price that I currently do at RBC trading direct, so where’s the benefit in that?

    I suppose I could buy 400 of the same shares and then try to tell myself that I have just saved the princely sum of one dollar, but I don’t know how to delude myself that such a shifting from the RBC would be worth all the bother.

    Both the 500 share deal and the 400 share deal would incur similar percentage costs, but I don’t see why I should bother blowing the dust off of my calculator to provide more accurate figures.

    What I am asking other bloggers to consider is where is the sense in anyone frequently trading with around $1,000 because it just doesn’t seem likely to me that such risky strategies would be worth my while as a trader.

    Another thing that bothers me is so called experts who tell me that they want to protect me from both upside and downside risk.

    I try to put my money in as much risk as possible of going up in value, but maybe I have been missing something and getting investments wrong since 1976.

    Call me silly if you want, but I thought that the objective was to make money.

    It seems to me that Questrade probably gets a lot of trouble and bother from traders who apparently have the opposite objectives to my own.

    Mind you, I have never seen the appeal of gambling, so maybe I am missing out on lots of fun.

  129. TOTALLY SCREWED BY Questrade.

    I was holding onto a stock called the sentry select income fund (SDT.un.to) and it is converting to a mutual fund by August 14th and as result was delisted from the TSX on the Aug 4th and stopped trading. This morning in it’s place I have a stock with the ticker SSDUF.pk which trades OTC and is USD position. Since it’s a USD position I now have a large margin call because of inadequate funds. I contacted Sentry Select and they have told me that SSDUF.pk had nothing to do with their stock but the people at QT don’t seem to care and all they demand is that the margin call be filled. I can’t trade my SDT.un since it doesn’t exist anymore. I’m scared that QT is going to sell this junk that is in my acct in it’s place and cost me a ton of money.

  130. questrade had an error friday aug 7, 09 for premarket orders. In turn a position wasnt added to my account and I have a negative balance in my usd of $14000
    i have contacted them numerous times and finally was able to get through to them. they are now reviewing my account for the position, I printed out the history and the numbers do not add up and I am indeed holding a security thats not posted to my account. I am positive i have been paying interest on the amount.
    It is truly a disaster. I feel terrible for referring 3 of my friends to this platform.

  131. Questrade is the absolute worst online trading platform in Canada. There trading platform is consistently down, there service is abolutley the worst, they do not answer the phone. If and when they do answer the phone the people working at Questrade lack skill to solve problems and do not do what they said they would do. Everything I am telling you is the truth, if you need an online broker, go to itrade, or RBC, do not use Questrade.

  132. use questrade if you have enough money to burn. Or if you wanna lose your money quick enough. Because when their server down, you can’t send any order or modify any order, and if you try to call their 1888 number you will be on hold forever.

  133. wow, this is a good forum with excellent postings. i was thinking seriously of opening a Questrade account to trade. Now, i can confidently say i won’t open that account anymore. thanks guys

  134. After reading through some of the post here – it is quite disturbing that I had already open an account with Queatrade. I trade forex and opened an account with QTfx – my experience was not as pleasant as it was with other forex brokers that I had accounts with. I find there CSR very tardy in addressing concerns. – Wish I had know all this before.

    Any one knows a good Canadian forex broker that you would recommend? Thanks

  135. STAY AWAY!!!

    I have bee trying for a month to close an account with them. My SIN is apparently wrong and is thus preventing an ATON transfer. I sent them proper documentation over 3 weeks ago. They told me the changes were made. They lied. They keep on telling me my SIN has been rectified but I have tried placing 3 ATON transfers and they have all been denied for an incorrect SIN.

    It has come to my attention through extensive conversation with their supports team -who will never answer the phone, ever- that they have multiple databases, some with my wrong SIN some with a correct SIN.

    Bottom line, they don’t change it, and I think it’s on purpose. I can’t transfer out my account until they do.

    I am in the midst of filing a grievance with the Ombudsman for Banking and Investment Services.

    STAY AWAY!

  136. Well, of all the complaints so few people leave a contact email or any validation whatsoever. Here are a few of my takes:

    1) If you do not leave a contact email for your complaint I would consider it to be a false claim from a competitior (this happens). Why would you make a complaint on a forum that you know is monitored by Questrade Customer Service, then fail to give them any means by which to contact you? That gives me the impression that you only wanted others to hear you rather than solve an issue.
    It is easy to say that they do not answer phones and how bad a broker they are, but is it possible you are an equally bad or worse client and they are trying to weed out idiots that harrass the phone lines with poorly constructed criticism from people that need to start at 1+1=2

    2) Anybody complaining about first in first out rules and thinks the broker sold the wrong position should learn the federal laws involved with trading. If you think that I would just love to hear what you think about taxes if you actually made money.

    3) Anybody complaining about stock splits or de-listed stocks, do you understand what that is? Do you realize all brokers would have handled these issues in exactly the same manner? as mandated by federal law.

    4) Anybody complaining about exchange rates from CAD to USD does not understand the very basics of finance and they must struggle to count change at the grocery store…try go back to school or just get a job like your mom says.

    5) ANY post without an email address should be considered nothing more than hearsay and bad rumors. If you are subject to that type of information and read it as fact then I would recommend that trading is not for you as you will be required to do some of your own thinking to be successful.

    6) Why not add a disclosure to your posted complaint? One that states for example you do not work for or act as an agent for any brokerage service? I have actually seen in the past in forums where a poster beats around the bush until he is specifically asked if he was an agent from a different broker, at which point he was legally obligated to disclose he was…but until then he acted much like a dissatisfied customer with complaints similar to those above.

    7) Furthermore before you even run a forum on the topic why not add a checkbox that requires people to agree to a set of terms for using the forum? For all you know I might be the CEO of a brokerage firm logging onto the forum in order to spread rumors about a competitor, why not build a ToS agreement that can hold some merit?

    I did not even need to sign in to leave comments on this forum nevermind agree to any terms of service whatsoever, and for that reason I cannot believe a single grievance any of you post. This entire web page is useless in my opinion.

    Just my opinion though, and notice that I leave an email address so that anybody with information can actually contact me to help rather than allow my comments to snowball among rookie traders.

  137. lol oops mcdougalldoug*no spam*@hotmail.com

    Edited: Added *no spam* to discourage email trolls.

  138. Doug – Yes… all the other 125+ people are crazy… Love the Hotmail account. This seems like the writings of desperate Questrade Executive….

  139. Scott – I think Doug may be looking for a job at Questrade … wouldn’t an exec there already have an email account on their server?

  140. Canadian Capitalist

    @Doug: Ask yourself this question: I have reviews of other discount brokers on this site, so why is it that Questrade is the only one with such a long list of negative comments? If competitors are spreading FUD, it stands to reason that they’d comment on other pages as well. It happens very rarely.

    “Why not add a disclosure to your posted complaint? One that states for example you do not work for or act as an agent for any brokerage service?”

    … which is lacking in your own post. I take it you don’t work for Questrade because Questrade customer service folks tend to disclose their full name and how to get in touch with them.

    I can assure you that I personally encountered the problem I’ve detailed in this post. I can also assure you that it was Questrade’s fault.

  141. my mistake, full disclosure is such that I do not work for nor am I affiliated in any way with any brokerage firm in any way whatsoever.

    That was not my point, the point was that most of those complaints seem to be coming from people who do not understand the very basics of investing and if you ask me they had no idea what they were doing, may as well have been a roulette table.

    I place no doubt in the story of your experience with questrade, but your story was well spoken, you detailed how you worked with the customer service, and also how your problem was remedied….although not fast enough….and after reading my post again it did not mention your story which was eventually settled

    The point was that you sensationalize postings that are barely legible from people complaining about things a broker was required to do by law. People who are going to complain about foreign exchange rates then blame the broker for calculating it and applying the charges should have stayed on Sesame Street a little longer before moving to Wall Street.

    The fact is I came here looking for reviews and on the whole I could not find much use for the page. I am trying to select an online broker at the moment but did not find anything on this page that would really affect my decision to trade with Questrade or not to. The fact is the only people who could coherently tell a story seem to have had the conflict resolved, while the other 125 people Mr.Scott refers to cannot spell to save their life.

    So in conclusion for the people who seem to like to pick highlights:

    1) Yes Canadian Capitalist, you seem to have had a valid problem with Questrade, during which you had trouble with customer service, but your conflict was resolved albeit not in a fashion you thought was acceptable.

    2) I was looking for good answers to real questions but found mostly people talking about problems while they don’t even understand what the problem is…useless information.

    3) My complaint was not even really a complaint rather a comment on the content of your forum. No place in my message did I mention your original story I have only made comment that you poorly moderate.

    4) Now lets hear disclosure form you? You have brought it up again without making any type of statement of your own. Why not tell us if you belong to any affiliate programs? Why not tell us about FinanceAds.ca or your recommended reading section? Do you profit from the sale if I click your link to buy a book? Seems to me like you are hardly an objective point of view.

  142. Canadian Capitalist

    @Doug: Let’s get this straight: You want me to investigate every comment here, find out what the problem is, check with Questrade what went wrong, then go back and delete the comment if it is unwarranted etc. so that it is more useful for you. Sorry, but you expect too much.

    “Why not tell us if you belong to any affiliate programs? Why not tell us about FinanceAds.ca or your recommended reading section? Do you profit from the sale if I click your link to buy a book? Seems to me like you are hardly an objective point of view.”

    Check out the FAQ page. I can’t do a Full Disclosure for every one of the over 23,000 comments on this blog.

  143. I don’t really care what you do nor do I “want” you to do anything. You sure seem to take offense to the whole disclosure issue and your FAQ page is far from the full disclosure that you seemed to demand from me even while it is yourself making claims. Where in this world is it considered ethical to offer disclosure to question a claim? In many instances it is ethical and also required by law to offer disclosure.

    Again…I just simply noted that the majority of the comments on this page are nonsense and pointed that out in the interest of the very readers you say you serve…or now say you cannot serve outside the FAQ page? I would think then that my post sorting out the bad comments should be welcomed by you.

    Its no doubt to me you lost money when a bubble burst, for the mentality of this webpage is in my opinion the sort of thing a bubble is built on in the first place….hype and sensationalism.

    You seem to have gotten yourself emotional to the very mention of Questrade, go back and read my first post and no place in it will you find me defending them or pointing out good things about them, only pointing out that many complaints were invalid. Nor did I say I had doubt in your problems with them so I really don’t understand why you took a defensive point of view with me unless it really is something to do with your lack of disclosure.

  144. lol now you got me typing without paying attention…meant to say….In many instances it is ethical and also required by law to offer disclosure when making claims.

  145. The idea that competitors would be spreading FUD about Questrade on an online forum is ridiculous. It is in Questrade’s power to change things, and they should start with their customer service and communications department.

  146. The idea that it does not happen is totally naive in my opinion. Plus that is NOT what I said is happening in this forum…what I said was it is poorly moderated and that these nonsense posts are left to snowball among rookie traders who come for advice. I did not mention disclosure until I was accused of being from Questrade….so whoever said that must also think competitors and reps leave comments?

    It bothers me more that the person who claims to be helping so many people will not fully disclose what his relations are to the organizations he reviews.

    If my idea is so ridiculous what about the post above that complains he was charged exchange rate while trading in USD? only a complete moron would think they could trade in USD from a Canadian broker without paying exchange rates.
    Or how about that other guy who complained that the broker closed positions in the wrong order? Ever hear of the FIFO rule? well he didn’t and his lack of knowledge is surely not the brokers responsibility but the moderator has allowed comments like this to influence others.

    Then the moderator has the balls to say he doesnt’ have time to address all the comments on this page but mine was answered in less than an hour? It seems more like I hit a soft spot than anything. He refers me to the FAQ but there is nothing even close to disclosure there.
    Furthermore I have found a link on his page which refers to a review done by somebody else….who in that review rates questrade as #1? Please explain that if you can without sounding like YOU work for somebody .

    If it is possible for somebody to contradict himself more than it will take more comments from the moderator to prove it.

    Canadian Capitalist, no I never said you should investigate every post, but by so prompltly replying to mine you prove that you at least read them all so why on earth would you leave such totally nonsense complaints on your page? Or at least why not comment when they are so obviously wrong so that other rookie traders are not influenced by invalid complaints.

    In my opinion you are nothing more than an affiliate program and I could just as easily get truthful opinions about brokers from a used car salesman.

  147. Canadian Capitalist

    @Doug: Alright, I’ll start with a full disclosure. I am an engineer, I work in the semiconductor industry and I have no affiliation whatsoever (direct or indirect) with any financial firm. I don’t receive any compensation from anyone, directly or indirectly, for writing negative posts for Questrade. For that matter, I haven’t received a single red cent to write any of the 1,200 posts on this blog. In fact, it is quite the opposite. Questrade runs an affiliate program that pays quite well and I choose to not to participate in it because I can’t in good conscience recommend a broker I had poor results with. Regardless, I want Questrade to succeed because competition is healthy — it lowers prices and improves service for retail clients like us even if we have accounts at competitors. Also, this thread is monitored by Questrade CSRs. They write back and ask me to remove invalid comments and if it is warranted I do. If anything, this thread is a headache that I can do without. That it why I take offense when you suggest that I have a hidden agenda here.

    You are welcome to point out that some of the comments refer to problems that are really the client’s own fault and you’ll note that I never questioned your right to do so. In fact, check my comments (#62, #92, #99, #108) where I do point out that it is incorrect to blame Questrade for a customer’s fault. I cannot do that for every comment and I feel it is unfair to expect me to.

    I responded to your comment because you said every complaint on this page is invalid. I assured you mine is not and simply observed that why is it that Questrade, alone among Canadian discount brokers, has this long list of complaints on a public forum? I couldn’t care less whether you open an account with Questrade or anyone else. In fact, I shouldn’t care what you think of this site but sometimes my emotions get the better of me.

  148. I am sick and tired of being hit by TDW for undiscolsed forex conversion charges in RRSP/TFSA accounts. I thought Questrade was the answer until I read this message board. Is there any other Canadian online broker which allows you to trade US securities in RRSP/TFSA accounts without the conversion fee gouging which TD, RBC, etc engage in ?

    My enthusiasm for Questrade has deflated like limp baloon after reading the posts. I am thankful though that I read this board before I called Questrade tommorow morning.

  149. After much thought I have decided to open account with Questrader. My reasoning is that we should encourage small players if we have any serious intentions of not being exploited by oligopolies. Canadian banking and telecom sectors have allowed the oligopolies to form to the detriment of the consumer who is gouged.

    I find the commissions structure of big investment banks like TD , RBC, etc grossly unfair for the consumer wanting to trade US securities in RRSP and TFSA accounts. I have been burnt badly by undisclosed commissions on forex transactions within tax assisted accounts….it looks like extortion racket because the consumer has no choice and all big banks seem to be doing it with impunity and mutual collusion.

    I am willing to put up with small inconvenience in order to encourage a smaller player which is willing to compete….this is the only way we can save Canadian telecom and banking consumers from exploitation.

    Go Questrade!

  150. I tried to open account today. Ran into a problem (actually a bug) in their application for corporate account. The online help could not resolve it asked me to call b/w 9 to 5. Unfortunately, that time does not work for me . Incidentally, I had called in the morning and was to told to open the account online. The complaints about poor customer service appear to be true.

    I will try once more and then perhaps give up….and stay with TDW :(. Customer service does not leave a warm feeling with me. I hope I am proven wrong soon.

  151. Just that no body thinks that I am lying…given below is the transcript of the chat session. I am still willing to try them out….
    —————————-
    [Edit: Chat transcript removed on commenter’s request]

  152. Moderator….could you please remove my last message (chat transcript). I didn’t mean to put the CSR on spot. It was not his fault. Thanks

  153. Interesting to see it was over a year ago I posted a comment here complaining about the poor customer service over the phone (I wasn’t a client then and still am not a client). It’s sad to see that since my Jan-09 post, the complaints have only grown more serious and numerous. Even now, I have had a chat window opened for the last 20 minutes to “test” Questrade’s live chat and am still waiting to speak to an agent.

    I wanted to start with a small opening balance ($2K) just to buy some shares and hold on to them and couldn’t justify the high commissions charged at the big banks. Just like a year ago, I have decided not to open an account with Questrade. Instead, I am considering thinkorswim (now owned by TD Waterhouse). The downside is you can only trade US stocks and you can only hold a USD account. But the commissions are $9.95 flat and user feedback seems to be quite positive

  154. While I do appreciate that QT offers the Canadian investor the opportunity to save a lot of money on trading costs, especially the investor who doesn’t have $100k to qualify for TDW’s and other online brokers’ discounted rates, the fact remains that customer service remains an issue. And it’s not just the complaints in this thread. Check out other websites and you’ll find the same recurring problems. It’s no wonder why the larger brokerages are in no hurry to cut their fees.

  155. I went through this entire thread on Monday AM, Jan 11, 2010 to see what comments were like wrt Questrade. I was planning to open an account, and then probably transfer several accounts to Questrade. I found the comments typical of many traders/investors that want all the discounts available, often only making a few trades a year, but expecting service like you get with a full-service broker.

    I went ahead and opened a TFSA account for test purposes.
    The New Account process started at 11:45 Monday, was also funded on Monday, and the account is now up and running and ready to trade as of Wednesday, Jan 13, 17:00 PM. It doesn’t get any better than that, and all electronic! I hope everything else will run as smoothly as this did. So far this is the most professional start-up ever and over the past 15 years I have had multiple accounts with Royal Bank, TD, BMO and TradeFreedom/Scotia and none of those have come close to such no hassle processing. Maybe the transfers will be more complicated but when things go well I believe that is also worth noting.

  156. Dave: ya most people on here are just bitching. Some have legitimate complaints tho.
    Re: QTs’ account opening, I agree, it’s the best that I’ve come across. All electronic for most accounts. That’s great cause sending in forms in the mail is a pain in the ass.

  157. I opened my account with Questrade a couple of weeks ago. I like to trade nyse and tsx but some penny stocks too. Well forget those with qt! Ecn fees make buying 20k shares a 29.95 commission – both ends, for a total of near 60 bucks. Both TDW and CIBC don’t charge ecn, and tdw is only 9.95 for active investor and cibc has the investor’s edge package for 7.90 down to 6.95/trade.

    Five trades with qt in a week and my average commission with ecn is 18.25.

    BTW – After my first mistake with placing a market order on penny stock, I made sure I placed limit order that took quite a while to fill, which is stupid in itself on a volatile stock. Anyways, day later the order fills and I’m still dinged $20 ecn fees. I guess they keep the credit for adding liquidity and ding all their clients for removing. Pretty shoddy, extremely disappointed.

    Two accounts for me now – cibc investor’s edge for Canadian and/or penny stocks and IB for everything else. Would have been nice to give the small Canadian company the business.

  158. Pinned: you shouldn’t be charged any ECN fees for limit orders…with one exception. If you have a limit order that gets filled in the opening trade of the day, then you will get dinged.
    That must have happened on your limit that you still got charged the 20$ on.

  159. The limit order in question was filled in the afternoon, it was not at market open.

  160. pinned: OK, that is strange then. I think you should ask them and them about that bogus fee and get them to cancel it.

  161. I was here on Jan 13 and mentioned that my experience with Questrade was positive. Since then I transferred one account from another broker to the Questrade account I opened 2 weeks ago and that went very smoothly too.

    To be sure I wasn’t kidding myself I placed an option order earlier today, partially to test things, and once I changed the option symbol from the old to the new designator I was filled in about 1 second. So far I couldn’t be more satisfied how smoothly all this has gone.

    Lastly Questrade clears through Penson and I don’t anticipate problems from them either. TradeFreedom also used to clear through Penson, until Scotia bought them out and tossed them. I had only one serious problem with Penson and that was a non-qualified option trade on currencies in a registered account. I argued that the trading platform should not have let it go through.
    I lost, they won and I had to move it out.

    The biggest concern I have now is that Questrade gets bought out too soon and we’ll be back to the situation where the big banks stifle all competition and suck our money out of the registered accounts mafia-style!

  162. I’ve been using Questrade for about a year (two investment accounts and two TFSAs) and haven’t had any problems. Whenever I have a question, I email them and they get back to me pretty quickly. I’m not an active trader, though. Long term investing, with only a few trades a month.

  163. Retireeincolombia

    I too switched to Questrade recently. Between my wife and me we have about 600K in stocks and cash with them.

    I am less than impressed.

    (1) I have only used their webtrader. My style is basically buy and hold, so my approach is pretty simple. Then this morning on February 3, I couldn’t log on to their website when the market was opening. It turn out there were other trading links that I didn’t know about that were still working. I had to go into “myquestrade” to get on line to talk to somebody to find that out. In any case, for their website to be down during market hours is pretty amatuerish. Unacceptable really.

    (2) They told me 3 months ago that they were upgrading their phone system. When you phone customer service you are on permahold for extended periods of time. They keep spinning the same bullshit line.

    (3) I sent them a post-dated cheque with a covering letter, clearly explaining in BOLD TYPE that the cheque was post-dated. They cashed it anyway. Evidently their back office staff cannot read English.

    Spending winter overseas as I do, I expect to be able to access their website, especially during market hours.

    I am pissed and when I get back to Canada in the spring will probably switch to Trade Freedom or some other discount outfit.

    I am not impressed with Questrade at all.

    BTW…does anybody have any experience with Trade Freedom? They told me that with our combined account size, we would have a dedicated customer service phone line.

  164. ref # 168
    Well the dedicated customer phone line at TradeFreedom might be 10 minutes on good days, 40 or more on bad days, and I normally give up long before then.

    Since TradeFreedom was bought out by Scotia the cost to transfer Can$ to US$ and v.v. on EVERY buy and EVERY sell trade has increased from 40 pips to around 100 pips or about 1% for registered accounts like RRSP, TFSA, LIRA, etc. So now we have to cover 2%, plus commissions just to hit breakeven. Hardly a trader’s paradise and this is a huge negative when it comes to properly managing risk with stops. I can hedge in my forex account at 5 pips, I don’t need this!

    I often buy securities in the US market under the US symbol designator, because that’s where ALL the liquidity is. But, if it trades in the Canadian market they will change it and park it in the account under its Canadian symbol designator and the initial price is converted from US to Can $, even when the same symbol can’t get up to 1000 shares a day while it trades
    1 to 2,000,000 shares per day in the US.
    Furthermore, if I want to trade in or out before Toronto has finished its 4th coffee and decides it’s time to open the door at 9:30 the premarket has often already moved most of what it will move for that day. Most reports come out at 8:30 EST, several earlier, and only a few after 9:30.
    And forget trying to reach them to have it converted back to US so it can be sold premarket because that takes you back to the phone problem.

    TradeFreedom has a very basic electronic trading platform but it works quite well most of the time. In short, I was quite satisfied at TradeFreedom while they were independent but now they’re just another big bank “discount broker” with all the crap that entails.

    For now my biggest concern is that one of these mothers takes out Questrade.

  165. Well I posted some comments on here a few days ago…I’m dealing with QT’s customer service here myself today. The fellow with I’m dealing with is an idiot. He cannot speak english very good. And they screwed up my request. I needed a form filled out by them, and they mailed it back to me blank! Lol, idiots.

  166. Satisfied QT Customer

    Patrick: “He cannot speak english very good”? That’s the pot calling the kettle black! Neither can you by the looks of things.

  167. satisfied: umm, I did a make a grammatical error? English is my native language. I can speak it like a charm lol.

  168. So he said ‘good’ instead of ‘well’. Big deal. Your comment is not really a defense for the immense ineptitude of Questrade.

  169. Satisfied QT Customer

    I wasn’t trying to defend Questrade. If you read my comment again, slowly this time, you may actually notice that there is zero reference in defense of the company other than in my “name”.

    I have been following this thread since it began and I can totally understand that many are dissatisfied. I on the other hand place many trades with the company and I have never experienced any of these ineptitudes. I guess I am lucky. Or I guess that the old adage “you can’t please everyone all of the time” has validity in the case of this company and every other company I have ever dealt with. But I do take umbrage to people that bring language or perhaps sometimes race into the equation. What has this got to do with the issue? Perhaps we should be satisfied that AT LEAST the offensive non-English speaking gentleman is sitting in Toronto and not Mumbai or somewhere in the Philippines where other corporations outsource to for cheaper and more pathetic services. So leave out the language issue when moaning and complaining.

    This is totally off topic. For that fact I am embarrassed. But I am not embarrassed by pointing out a mistake made in the very language which Patrick is criticizing. And no it’s not a big deal.

  170. Well put and well spoken. You’re quite right and I apologize. I’m currently (and I mean at this moment) trying to close my account with questrade because of a mistake that they made that cost me a chunk of change. Because of that I’m tense and angry with this company at this moment in time. I will post when it is all resolved, whether it is good or bad (I hope the former but fear the latter).

    p.s. – I’ve always been told (and usually follow) the rule to never post a message or send an email when you are angry or drunk as you always end up regretting it. I’ll try not to make that mistake again.

  171. satisfied: the point of language is that this person that I’m dealing with is doing a s***-job because he cause he barely understands the language.

  172. Canadian Capitalist

    @pinned: Did you try contacting Lynn whose contact information is available in the earlier comments? I’m not sure if Lynn is still around but she may be able to help with your problem.

    Personally, I ran into problems at Questrade as well. That’s why I’m not with them anymore. But I also know a lot of people who are quite satisfied with Questrade.

  173. No I didn’t contact Lynn, got some other rep. The outcome was as I had feared (actually worse) and my account will be closed as of tomorrow. I am going to give cibc a try as I’m pretty active trader and I like their $395/year deal. Hope it goes better then this experience!

  174. pinned: watch out with cibc, i was looking into them at one point, and if I remember correctly, i noticed that they are not a direct-access broker. Meaning once you place an order it doesn’t going directly onto the exchange.

  175. Dissatisfied QT Customer

    I think we all know Satisfied QT Customer is QT employed and I find his existence quite amusing, am I alone in this?

  176. “Perhaps we should be satisfied that AT LEAST the offensive non-English speaking gentleman is sitting in Toronto and not Mumbai or somewhere in the Philippines where other corporations outsource to for cheaper and more pathetic services.”

    This cracks me up. If the employee in question does not speak well enough to satisfy customer requests, then it makes no difference whether he is located in Toronto, Mumbai or Podunk Village.

  177. Satisfied QT Customer

    Why not call me at my business tomorrow you d*******? I at least own and operate a design and manufacturing concern which supports multiple families. I don’t rely on trading to make my living, and therefore I don’t get all personal when I suck at it and lose money. It’s a choice I make to play, and every bloody Brokerage has it’s good points and bad points. Trading is not for you Mr./Mrs. Dissatisfied. You are a real clever one aren’t you? A really paranoid and assumptive prick. You’re also probably a Liberal. That’s ME being assumptive: How do you like that? My existence IS quite amusing. Thanks to one line-monkeys like you!

    Actually I appreciated “pinned”‘s reply and I actually felt bad. I didn’t mean to upset him, especially because he is legitimately pissed of at the moment and obviously a bit sensitive. I’ve been there. I do agree though that a lot of the time that English is sadly lacking in the service industry. So in a way, in retrospect, I tend to now want to agree with Patrick’s comments. Sorry Patrick and point taken.

    If we are to exclude the outsourcing which is damaging to our economy, I have to agree that there is no excuse for poor language in the service arena. ESPECIALLY since I am an immigrant myself, having been here only 10 years. And hey… thanks for the immigration policies which allow people like myself to come here and make a success of our lives. I do apologize for the countless number of tools that we (yes I am a proud Canadian citizen) let in. If I were to be even more assumptive, perhaps say, like YOU, I would assume that YOU are an immigrant too. Oh yeah, damn. I forgot; WE ARE ALL IMMIGRANTS. So give a company a break on language issues, and knock the s*** out of them for poor service. Agreed.

    Hey, imagine that! An immigrant that’s Conservative.

  178. Satisfied QT Customer

    Oh and Jeremy, I am so happy to have cracked you up. But this is the difference. Remember how many times you bitch and moan about how you get connected with someone overseas when you make a service call? Oh, no! You never do that right? Here’s the difference Mr. Economist; “at least” = “at least it is someone that is sitting locally and getting paid to do a job and pay taxes which contributes to our economy.” Go and read a little bit about how outsourcing negatively affects the economy to further understand what I mean. And sometimes the command of the English language is somewhat acceptable. My reference was to to the affect on the economy…. F*** I feel like I am digging a deeper hole here. But I simply refuse to believe (Yes Mr. Dissatisfied…. even as a NON QT employee) that the English was THAT intolerable. And we should all be used to it by now. We ENCOURAGE and WELCOME multiculturalism and foster enclaves of micro-cultures don’t we? Wow. How un-Canadian of us to be so intolerant. Boo hoo hoo…. Too bad.

  179. Satisfied QT Customer

    Oh, please excuse my English! I meant effect.

  180. Lmao. Don’t hit that keyboard too hard, you could hurt yourself.

  181. A little update on my questrade experience. I did finally get my issues resolved. Still not happy with how it was resolved, and am certainly _very_ unhappy with the level of customer service.

    BUT (don’t kick me!) I’ve decided to stay with Questrade at least for now. The devil you know….. Patrick’s advice to look into cibc was very relevant (thank you Patrick!) as it appears they are not a direct access broker. In fact, you can’t even place a short order online, it has to be phoned in. I’ve looked at IB as well and from everything I’ve read their customer service is as bad or worse. Their platform is far superior though. Something I’ll consider down the road. Still no tfsa or rsp though.

    FYI, I contacted TD regarding their $7/9.99 active trader pricing. My concern was I didn’t want to pay the ridiculous $30/trade until I hit that magic number of trades. Had a response from them the next day:

    “please note that if you can provide us with a current statement from
    your other brokerage firm indicating you have accumulated the number of
    trades needed to qualify for the active investor rates, we will code your
    accounts to have the lower commission rates immediately.”

    I cannot say that I am fond of Questrade but I now have some knowledge about how they operate so intend to stay under the radar and try to not get myself into the situation of having to deal with their customer service.

    Just remember that you get what you pay for…. if service is important to you look elsewhere.

  182. DO NOT USE QUESTRADE. I’m about to move my stuff to TradeFreedom. Here’s why. Mail to Questrade CEO:

    Your company has erroneously billed my account, and failed to reverse it.
    It was first called a USD conversion charge.
    When I said thats funny, I dont have any US stocks, it became a data charge.
    I’ve posted below a number of responses from your agents, including the fact this completely erroneous charge will be reversed. I also received a telephone voicemail attesting to this.
    That was March 29,2010
    It is April 15,2010.
    It is still not reversed.
    I contacted your support again today who said they’d investigate, but this has gone on long enough, I’ve already been told it will be refunded, only for further lies.
    Please ensure this is fixed, tomorrow, Friday April 16,2010. I hope further action is not necessary.

  183. I just signed on to them but boy, are they slow in their account set-up area. It does not give me the most confidence.

  184. As Qustrade’s customer I found this post and all the comments to be an interesting read. I have to agree with most of the criticism here.

    The bottom line is this: screw ups and poor customer service aside, Questrade is a pile of junk simply because of the poor quality of their software and user interface… or interfaces, since you have to login to 13 different sites to carry out a simple task.

    What’s worse is that in the 4 years I’d been a customer I’ve seen no significant improvements to their sites! I think Questrade will eventually lose many customers as new brokerages spring up and competition increases leading to lower fees. If they don’t clean up their shop, that’s inevitable.

  185. Frig man im a super duper beginner when it comes to this trading thing and was going to give Questrade a shot – but after reading this entire thread im soooo lost.

  186. Can any one please tell me what Questrade interest rate was for US Margin account, 2007, 2008 and 2009. I was told by one of its workers that 1.5% above US prime rate for 07,08. Another person told me it was 2% above. which one is right?

  187. Questrade is terrible. I am fighting with those guys to recover $1000 for a stock split that their system “missed” as ususal. Here’s how it works: You have a 100 shares at $10 each for $1000. The stock splits 2 for one. QUestrade won’t give you 200 shares at $5… INstead, the following day you are down $500… as you now have 100 shares at $5… I sent about 13 e-mails over the last 3 months and talked to 3-4 guys… they all seem to understand but they don’t change the number. In my case, the numbers are a bit different but I am down $1000 on the WY ticker. I am e-mailing the CEO this Friday if I have no action… ANyway, I am out as soon as this is resolved. If I leave now before it is corrected, they will pocket the $1000 on my behalf… I am stuck for now…

    Mediocrity spells: Q U E S T R A D E

  188. Eric,

    Have you considered contacting the IIROC? I hope this helps.I had a screw up before with questrade where I put in an order to sell but decided to cancel it. The next day somehow I lost those shares with no rhyme or reason. Fortunately for me it took just one online chat to fix that. I hope you are able to resolve your problem. Remember to keep all records and document everything. Good luck.

  189. Omg, I am shocked after reading all of this. I have opened an account with QT and sent myQuestrade account $1000 because I am 27 and want to start investing in stocks already damnit!! I hope to God Rob is lieing or perhaps he was billed because he did not keep the minimum of at least $250 in his account? But then there’s what Eric said, like OH MY FRIGGIN GOD!!! I’m really not sure if I should trade with QuesTrade now because having an account with them sounds just as risky as investing in stocks.

  190. Actually I don’t really have any other choice but to go with Questrade because it looks like all the other Canadian online brokerages need you to fund thousands in your account. The second lowest amount I’ve found was $5000 which I can’t afford to part with and all other require much more.

  191. wow are there a lot of trolls on here. I tend to agree with of all people Doug. That said, when it comes to cash money, people tend to get a bit more upset than normal. I know I’ve switched banks in the past over relatively small issues. I guess at the end of the day we all want to feel like we are special when the reality is that the vast majority of us are not and are treated as such. Personally I think CS is at an all time low in this country, but we are still miles ahead of the US and many other countries out there. My advice…try not to get your panties in a bunch every time life doesn’t do what you want or expect it to do.

    For all of the negative posts up there, the main fact remains that they charge low fees for trades. If that’s important to you then they are likely a good option, if not then stay with the banks.

  192. Most of my problems with Questrade have been resolved satisfactorily,
    HOWEVER:
    I completed a transfer request to transfer my RRSP Account from Scotia McLeod in March 2010. 9 Months later the transfer is not complete and QTrade said they had completed the transfer! I don’t know if this might partially SMDI’s fault, as I do not know if SMDI gave Qtrade a complete audit of the funds which would be transferred? There should be proper government mandated protocols in place to ensure all funds are transferred, otherwise fraud might be rampant! After no resonses to my many queries about the missing funds for so long a time, I may be forced to charged both SMDI & Qtrade with grand theft or embezzlement to recover the missing funds!

  193. Frustrated. Extremely difficult to set up accounts & fund accounts.
    Ready to go back to RBC – for much better service. Fees may be more – but service is incredibly better.

  194. They’ve just updated all their websites and it didn’t go over too well. Lots of bugs and the customer support team is extremely busy. Probably best to stay away until they clear up all the bugs or you’ll just end up frustrated.

  195. I read the comments, no surprise… this is what happens when you deal with a company run from someone basement.

  196. yes questrade sucks, today the market tanked royally and i was looking to sell my put options, but when i went to sell the platform said i have put options, but the order was rejected to sell them. i tried chat window then i tried calling. after 18 minutes waiting on cell phone it said that i was the next in line to talk to the trade desk. then all a sudden the message said sorry we can not take your call at this time. so the chat window was too busy and the call center was too busy and you cant trade. they suckkkkkkkkk

  197. Yes david, they are pretty bad.

    I assume you had long put positions. Depending on your time of purchase and the strike price, today would have been a good day to sell some of them. If your orders were not filled, I suggest you speak to a lawyer to sue for damges. I hope you documented the time you issued the order. That way you can establish damages. I suggest you bring a lawyer into the picture, and them document the date and time of orders, along with the date and time of phone calls.

    My wife & I spend the winter overseas (we are retired). When we are in Canada during the summer, I work for a few months, so we reinvest all dividends and mutual fund distributions into new shares/units. Before leaving Canada we instructed Questrade (in writing) to take all dividends (from common and preferred shares) as cash (we need the cash while being overseas). That went smoothly enough. However, we also instructed (in writing) that 2 of our mutual fund positions take monthly cash as well. That didn’t happen. They continued to reinvest the monthly distributions into new units. We sent a reminder email (with a pdf copy of the signed letter). They still didn’t do it. I sent a reminder email again today, and basically told them that I had given up, and that, since we are returning to Canada in April anyway, they might as well simply continue what they have been doing all along. I suppose buying new mutual fund units is not a bad thing anyhow.

    Yesterday, I put two limit orders to sell naked puts on ABX.TO and CNQ.TO (i.e., the Canadian market, because the US market was closed). The orders were queued. They were never accepted. There was plenty of margin power to sell the naked puts. Maybe they thought I didn’t have enough margin power, because their “buying power” calculation on yesterday’s open was out by about $100K. 10 naked $43 puts and 10 naked $40 puts on TMV expired worthless on Saturday, as did 20 naked $4 puts on S (Sprint Nextel). They didn’t adjust my buying power to reflect their expiry. I sent them an email to point this out. This morning my buying power was corrected, but then they put the expired puts back into my security position. Very strange.

    Moreover, speaking as a retired person leaving Canada’s winter behind, why the bloody hell does it take them as much as (sometimes apparently) 5 days to make an electronic transfer of funds? While overseas, we like to draw out our dividends so that we can enjoy ourselves. Very annoying.

    I am thinking of offering them my services as a trouble-shooting office manager. They wouldn’t even have to pay me. All I would ask in return would be to be remunerated on the basis of a percentage of new business, because if they don’t clean up their act, they will be losing a lot business……….including mine. Trust me. I would clean things up. The necessary heads would roll.

    Actually, the thought of switching accounts to (say) Scotia ITrade) is rather daunting. Will Questrade screw up that transfer too?

    I am also concerned that perhaps, internally, they are so fucked up that anybody competent who might still be there will, out of sheer frustration, simply jump ship. Then their clients would REALLY be in a pickle. I think we unsatisfied customers need to bring the various Provincial Securities Commissions into the picture here.

  198. I’m having problems withdrawing funds from Questrade. I put in the withdrawal request online on Feb 3, 2011 and it is Feb 24, 2011 and I still do not have funds. A relative of mine is also having the same problem. It’s become a very long wait to reach anyone on the telephone (message box full) and “live help” on their website was 1.5hour wait before I got a rep.
    I’m very concerned now and will be speaking to a lawyer tomorrow as Questrade won’t give me any information and just keep saying “Thank you for your patience”

  199. Hello, my name is Matt and I work at Questrade. I would like to take this opportunity to answer some of the concerns made by clients after re-launching our online services on February 7th.

    First off, I would like to apologize on behalf of Questrade for any inconveniences experienced as a direct result of our data migration. Our entire team is fully aware that some clients have not been receiving assistance as quickly or seamlessly as they deserve and I assure you that we are working diligently to deliver all the services you deserve.

    @stayawayforabit

    Regarding your comment made on February 11th:

    Our software migration on the weekend of February 5th and 6th was by and large a success. However, as with any upgrade as sweeping as ours, there were some issues that emerged. Most of these issues have been fixed on our end, and our client services team have been working overtime to respond to your emails. We are still experiencing higher than usual phone and live help wait times. Go here (http://go.questrade.com/go/blog/blog_post/11-02-23/The_best_time_to_reach_us.aspx) for more details on the best way to contact us.

    @David

    Regarding your comment made on February 22nd:

    I’m sorry that you were unable to place a trade on this specific day. If you require immediate trade services, please note that our trade desk hours are Monday to Friday, 8:30a.m. to 4:30 p.m. ET. If require a follow-up to an issue experienced that day, our trade desk will be able to use our backend system to determine what happened, and address your issue specifically.

    @ Lawrence
    Let me offer my apologies that your directions were not followed. If you would like us to investigate this issue, please e-mail support@questrade.com with your name, account number and as many details as possible regarding these written requests (ie date of submission, who, if anyone, you spoke to, etc) and we will do our best to find out what happened.

    Regarding any orders placed on February 21: as February 21 is Family Day in Ontario and George Washington’s birthday in the United States, both the TSX and US stock markets were closed. A full list of Canadian/US stock market closures throughout 2011 is available here. (http://www.questrade.com/contact_us/default.aspx)

    As for electronic transfer of funds, there are a number of factors that can lead to a five day wait time: when we receive funds we deposit them to client accounts, but the funds won’t be reflected in your account until the next day. When withdrawing, it will take day to process your withdrawal, then depending on your bank, it can take anywhere from one to four days to be displayed in your account.

    @D

    You are justified in your concern. Waiting three weeks for a withdrawal is not ideal. Without your specific account information, I cannot say what exactly happened. I can say that at the time you initiated your request we were right in the process of migrating our software, and as a result we were experiencing a backlog of requests. I can assure you that the backlog is now cleared and if your request has not yet been processed, it should be very shortly. Please note that you can track the progress of your withdrawal request in myQuestrade, or send an email to support@questrade.com and a representative will get back to you. I know my response doesn’t fix your situation, but I hope it does assure you that your issue is not being ignored.

    In closing,

    Please visit http://go.questrade.com for real-time updates on all changes at Questrade. Register for blog updates using RSS and email feed. We are posting daily to the blog with common questions and issues, updates, and resolutions.

    I hope I was able to address some of the concerns expressed.

    Regards,

    Matthew Basile
    Questrade

  200. @ David:

    It seems rather futile to ask support at Questrade to investigate our written instructions not being followed. There were 2 follow-up emails sent. The letter that was originally sent (and the pdf of same in the follow up emails) was unmistakable.

    Asking Questrade to “investigate” this now is rather like closing the barn door after the horse has already run off.

    I disagree that the software switchover was a success. For one thing, our account was locked. We could not issue orders on line. We were advised to call a number in Toronto. I called (using Magic Jack……….so you didn’t even have to pay for the phone call), was put on permahold for about 90 minutes. After about 90 minutes the phone at the other end was apparently picked up, because I heard some voices, and then a click. The call was cut off. Back to square one. Back to waiting in the phone queue again.

  201. I tried to transfer $13500 on 27 Jan from my RBC acc to my TFSA & found out that it was inactive and closed when I called a few days later. I spoke to Alison after being on hold for more than 1 hour on the 3 Feb. She told me that we needed to give her a screen shot of the transfer from my RBC acc with my name on it and which I did. She opened a new TFSA for me and ensure me that the transfer will be done in 2 days. I received an e-mail stating I have insufficient funds, so I called Alison back & she was rude and told me it has not been 2 days yet and to ignore my e-mail. I called a week later as the funds still has not arrived. After being on hold for 90 mins, I left a message and no one has ever called me back, I left 3 messages the next 2 weeks which have never heard back. On the 22 Feb, I finally got hold of a customer service rep after 90 mins being on hold. I sent the screen shot again which he promised it will be done. Then today Simar called to say the transfer could not happen and requested a void chq with both my wife and my name on it. The transfer has taken almost a month and the funds are still not in the account, I voiced my frustration and was told that he could not refund the amount into my bank account and told me to go into my bank to ask for a statement with joint names on it or to recall the funds. His attitude was extremely rude when I asked him why we would need to provide joint account information as it is my TFSA which he could not explain. I am so very disappointed with Questrade as my wife has a TFSA with Questrade and persuaded me to transfer some funds into it for trading instead of RBC Direct Investing. It has taken almost a month and the stock has gone up almost 50% and at this point, I don’t even want to deal with Questrade any longer. I am going to transfer my funds out of Questrade once it has arrived in my TFSA as Simar told me that is the ONLY option we have. Unless Questrade can provide some options to make up for what has happened as they told me it had nothing to do with the system upgrade. I will definitely tell my friends and family to pull their accounts out of Questrade as the hassle is just not worth it. Their customer service is the worst I have ever experienced and the wait time on the phone is just ridiculous averaging 90 mins plus. I consider time is money and who has time waiting on the phone for 90 mins every week to try to get a small transfer resolved.

  202. Your service sucks. Takes hrs to to get in touch with any one, live help never works. I tried opening RSP account, you opened another TFSA in bonus when I already have one with you guys. Promo are scam. My TFSA is active since Oct 2010, I am still waiting for National Post. You either can’t help or place blame on others and make false promises.. Wonder how long you will last…

  203. I’ve been having issues with Questrade for the past full year, and I have been with them for almost 2 years. Issues with them:
    1. Account balance on QuestradeWEB is not liable,as I was also told and confirmed by a Questrade superviser, she directed me to to on Penson, which is Questrade’s back office, however, balance on Penson is either nor updated on a timely manner, or plenty of mistakes. Especially the P/L report, is a completely useless piece.

    2. Currently, I have issues with their either accounting or converting problem–I had 300 shares of TZA bought at 17.60 before the share’s reverse split, (which in a sense that I should have 100 shares at the new price of 52.80 per share), however, they didn’t update the conversion on time, and during that time, I bought an extra of 100 shares of TZA at 39.30,( which in a sense that I should have 200 shares of TZA in my account). However, after their massive and messy calculation, I now have 66 shares of TZA at average cost of 92.93 per share. I am a very active trader, and because of their errors, I could not dump my TZA yesterday and suffered loss and may suffer even more if my account still in this situation.

    3. Long term issue, I almost never got a clear picture of how much money I have in my account, due the confusion of their service and account information. And as everybody mentioned, it takes forever for them to pick up the phone or answer my inquiries online. Also I converted CAD to USD longtime ago, yet I don’t see my USD amount, but only saw the combined balance.

    I have contacted Questrade regarding my account balance and TZA issues. Will follow up how they resolve this problem. I am now giving them time and chances to correct their mistake. However, is this still not going well, I am thinking of a class action lawsuit against this company, anybody has any idea of what to do or anybody has similar experience? Please come forward. I really frustrated by the way how Questrade it is.

  204. @ Sharon….

    The problem was the notion of a class action law suit is that you would have to show measurable damages. In other words, you would have to show that lost a measurable amount of money due to your inability to access their service or their inability to follow instructions. You cannot really sue them for “incompetence” per se. All you can really do is move your account.

    Showing damages just might be possible if you can show that you were unable to issue and/or have filled an order when there was an advantageous price for you. However, I don’t see how that could translate into anything of a class-action nature, because each account holder’s circumstances are unique. I think back to when our account was locked after the conversion. It was annoying, but I can’t really sue them over it because we didn’t lose any money.

    You might be able to get the Securities Commission involved. The problem there is that such commissions are Provincial Jurisdiction. Living in BC, I had to phone the BC branch, and then they had to phone Questrade in Toronto. If Securities regulation were Federal, they would have more teeth.

  205. @ David…..

    Further to your notion that the software switchover was a success, I will offer further personal experience to dispute your statement.

    (1) There are inconsistencies in the cash balances shown in questrader and myquestrade. Any organization that is having problems accounting for its cash has, in my experience of years and years in public accounting (I am retired now……..but my experience did include the audit of a brokerage house), is almost certainly having problems accounting for other items on its balance sheet too.

    (2) Dividend payments are being delayed. Yesterday some dividends were supposed to be in our joint acount that have not yet made it there. This happened earlier in February too. The dividends at that time were directed toward the old account numbver, and took a day or two to get into the new one.

  206. @ Lawrence,

    I’d first like to address the success of our software migration. I’ll paraphrase what our CEO stated in an email to all clients, which was also posted on our blog: the migration was by and large a success, but there were some errors and issues. He then stated all the steps we were taking to minimize the impact to our clients. Please go here [http://go.questrade.com/go/about_questrade/ceo_Message.aspx] to read the whole thing.

    Our internal processes were geared up to recognizing and correcting problems. Equally important was telling our clients what was going on. This we did through direct email to any affected clients. But we also posted updates continually on http://go.questrade.com, a site purely dedicated to keeping our clients informed in real-time during and after we performed our system upgrade.

    To address your points:

    1) On February 17th we published this as a known issue on go.questrade.com. We recognized the discrepancy and are working to correct it. It is not an accounting issue. In the meantime, the cash balance available in myQuestrade is the accurate figure. [http://go.questrade.com/go/blog/blog_post/11-0217/KNOWN_discrepancy_between_available_cash_balance_in_myQuestrade_and_your_platform.aspx]

    2) Today, we updated go.questrade.com with information about LIFs and RIFs [http://go.questrade.com/go/blog/blog_post/11-03 01/IMPORTANT_Changes_to_RIF_LIF_payment_dates.aspx]. I’ll also respond to you here: depending on your bank or financial institution, you will receive payment approximately two to four days after the stated payment date. Prior to February 4th, the payment date was the day you received payment in your bank account. We are currently working to restore the payment date to the previous parameters to ensure that the “pay date” and the date you receive the payment match. All clients affected by this change will receive an email with instructions very soon. In the meantime, if you require immediate modification of your LIF/RIF payment date, please contact Questrade client services at 1.888.783.7866 and we will adjust the date accordingly.

    In closing,

    Please visit http://go.questrade.com for real-time updates on all changes at Questrade. Register for blog updates using RSS and email feed. We are posting daily to the blog with common questions and issues, updates, and resolutions.

    I hope I was able to address some of the concerns you expressed.

    Regards,

    Matthew Basile
    Questrade

  207. @ Matt….

    I am not talking about LIF/RIF payments. I am talking about dividends showing up in our joint margin account when they are supposed to.

    As far as contacting 1-888-783-7866 is concerned, the wait times are unduly long.

    It’s a good thing that, as a trader, I am not a high roller.

  208. Although in some ways it is nice that someone at Questrade is noticing the issues being brought up on this board, it does absolutely nothing to address or solve those issues. They keep saying that they are aware and are working towards fixing those problems but I personally haven’t seen any my account issues being resolved. So I don’t believe a word Questrade says. It’s like when Dick Fuld was talking about how Lehman was still ok right before it collapsed. What else are they are going to say other than that everything is ok and the conversion was a great success. I don’t suppose they’re going to come out and say it was an unmitigated disaster.

    As an example, I have one position that for some reason on one fateful day was switched to the pink sheets version. I spoke to someone on live chat after waiting ~1.5 hrs and tried first thing in the morning because I knew it was going to be busy. Anyway, a request was supposedly made to fix the problem and that was 2 weeks ago. Since reading the messages on this board I realized that it is futile effort at this point and I’m going to have to wait a while before the enormous backlog of problems is sorted out and cleared. I just hope it doesn’t tank before I can get out. And they wonder why people get angry, it’s not like they are going to reimburse us for their incompetence when we are unable to trade our stocks. I guess this is what we get for going to with a cheapo online trading platform. I’ve learned my lesson now and want to get my money out but with the number of people on this board having their money go missing after electronic transfers I’m not going to risk it.

  209. This is my horror story – in dealing with Questrade:
    I have been trying to open an account from February 8, 2011 ; after a while I realized this company is NOT worth dealing with, it is THE WORST company in any business I ever had to deal with and now trying to get my money back

    Here is time-line of events:

    – February 8, 2011 Opened Account
    Individual Margin – Created 02/08/2011 , finished application, uploaded all documents

    – February 9, 2011 Email : , Attachments : 5084KB
    You forwarded this message DOCUMENTS FOR ACCOUNT # XXXXXXXXXX newaccounts@questrade.com (Sent all document in email as well) ; eSign does not work so I send by regular mail “Statement of Acceptance”

    – February 10, 2011 Phoned several times – could not get through, line was busy ; tried Live Chat – Live chat not available

    – February 11, 2011 Phoned Questrade, waited 50 minutes to get someone on phone ; when someone finally answered – I was told that they got everything , I just need to “fund the account” and after account is funded it will take day or two to approve it for trading and open it

    – February 16, 2011 Phoned several times during the day on February 16 –could not get anyone to answer the phone ; finally in the afternoon I managed to get “William” on live chat after waiting over 50 minutes (at the same time I was calling them and waited for over one hour but nobody answered during that time) William told me they did not get my funds ????

    – February 16, 2011 – I did funding again

    – February 17, 2011 – My Account at Questrade shows that they accepted funds

    – February 18, 2011 – I call Questrade 7:35 Am, wait 25 minutes and get to speak with CSR Lora ; Lora was very unpleasant and kind of rude, after explaining why I called – she said “system is down” , she can not check why my account is not open, but WILL call me or send me email during regular business hours today ( she did not call or send email)

    – February 18, 2011 – I sent email to Questrade asking what is going on with my account

    newaccounts@questrade.com
    Attachments : 5087KB
    WHEN ARE YOU FINALLY GOING TO RESPOND ?????????? ACCOUNT # XXXXXXXX
    (Update: as of March 2, 2011 – NO answer)

    – February 18, 2011 – Called Questrade at around 5 PM , waited close to one hour, when finally got through, I asked to speak with Manager; I was connected to speak wit Steve, – I told Steve – either open my account or give me my money back ; he said they are having problem with the system and my account will be open for trading by Wednesday February 23, but just in case to give them until Thursday, Feb. 24.

    – February 26, 2011 – Questrade stil did not open account, nobody contacted me in any way shape or form, I phone Questrade and leave message – to open my account no later then Monday February 28, 2011 or to refund my money ; also I advised them that if they do not open my account I will be coming on March 2, 2011 to get my money back

    – February 26, 2011 – I sent FAX to Questrade, asking them to open my account no later then Monday February 28, 2011 or to refund my money ; also I advised them that if they do not open my account I will be coming on March 2, 2011 to get my money back

    – March 2, 2011 – account still not open , money not refunded ; NO word from anyone from Questrade

    ______________

    I am going to see them today at 11 AM, at this point, I am ready to call police if they do not give me my money back. I have police number handy; also I have phone numbers of all major newspapers and few TV stations – I will be calling them to inform public about this

    MESAGE OF THIS POST : BEWARE – STAY AWAY FROM QUESTRADE !!!!!!!

  210. @Davor

    On behalf of Questrade, please accept my apology. Your experience opening an account with us was unacceptably long and frustrating. I’d like to see if I can help. Can you please email me at mbasile@questrade.com, include your full name and telephone number. I will expedite this with our client services and new accounts managers. I can guarantee you that if the funds were received as you indicated they were, even if they aren’t currently showing in your account, they will be credited to you before the 2010 RSP contribution deadline.

    Regards,

    Matthew Basile
    Questrade, Inc.

  211. Okay everyone, just to update what happen to my situation mentioned above–Questrade promised to resolve to problems yesterday, they did, I could see how they they changed my account information—to lock my total equity in place, then change whatever shares or adjust whatever price to come to make my account balance right. I couldn’t help to highly doubt this company’s accounting method and ability to provide a proper calculation to it’s account holders–us.

    Nobody called and explained, I just saw the numbers changed and at least I’m getting relieved because the account balance finally makes sense to me now so that I can get my money home the next step( at this point i don’t even care the fraction amount of interests or whatever commissions they charged, it’s my lest concern)You can’t even imagine one day when you see your money in your account disappeared half due to their accounting method, it’s terrifies me that a company like this could survive long.

    I am moving my funds to BMO Investoline where I used to trade. I might be paying more in commission but I know I can breath there.

    To whoever need to make a complain or contact Questrade, don’t just call or go online and wait, email to myquestrade@questrade.com, Attn: Client Service Supervisor, Katherine. She was one of the only few person I spoke to at Questrade could sort of help and polite.

    read many reviews on this site, now I am really scared that how long I would need to wait to get my money back. I will keep updated, just to give whoever an idea how this company is, and I as always, give fair comments.

  212. @ Davor…

    Maybe it’s time to get the Securities Commission involved?? Actually, I am surprised if they were not in there already. It’s important for Ontario customers to push this. It’s rather awkward requesting this from BC.

    When I get back to Canada, I think I will move everything to Scotia I Trade…or maybe to BMO investor on line.

    My dividends that were due on February 28 are still missing.

  213. @ Mat…

    re: missing dividends….Dividends from Bank of Montreal Common Shares were due by February month end. They are not there.

    You referenced a delay in LIF/RIF accounts. I repeat…I am referring to dividends due into our margin account.

    I am also checking some other relevent dates. It looks to me (though I am not sure yet) that dividends (due in February) from HR.UN.TO are also missing.

  214. @Lawrence

    Please email me your contact information at mbasile@questrade.com so that I can have your specific issue looked in to.

  215. @ Matthew Basile

    Matthew,

    I appreciate attempt to acknowledge the problem , forgive me for being skeptical but I am not entirely convinced that this effort is genuine or just attempt to do “damage control” of some sort.

    My skepticism is borne out of fact that until yesterday I spoke with 5 different people at Questrade and NONE of them ever came through with their promises.
    And when you bring question or suspicion in weather I even funded my account in first place by saying : “ …. if the funds were received as you indicated they were…” – it does not inspire much trust or confidence, does it ?
    Mr. Basile, for everything I said and posted here I have rock solid proof – documents to support and confirm that facts.

    As opposed to Questrade, I do what I say, so exactly as I promised – I did go to Questrade yesterday and I did manage to get my money back. (Apparently you “alerted” Client Service Manager that I might be coming)
    I just hope that cheque I got from Questrade will not bounce

    Do not have time right now but later on I will post how my encounter with Questrade went on, with some tips and information on how to deal with Questrade

  216. New info about my situation:

    Had a client specialist Andrew Morris called and went through everything together, but I still find it confusing and quite unbelievable they way how they reconcile my account balance. However they did and sincerely explained what has been happening to Questrade, and promised this situation will be changed after a few months and asked to consider to keep my account active. I refused so due to the unpleasant experience with them. I dumped everything at market price and insisted to close my account, and they promised 5-7 days I can go to their office and pick up my cheques( well, they said they can send the funds to my bank but I am scared to wait forever).

    It’s at no doubt that this broker is having all sorts of problems at this point. My last post here is to advice whoever interested in opening an account in this company do not make the decision now, at least wait and see if they really do improve.

  217. @ Sharon…..

    Unless you were highly margined, or in highly speculative positions, you would have been better off just sitting on your positions. Securities themselves are segregated. It’s eaiser for cash to go astray than it is for segregated securities.

    It would have been quite alright to strip out any surplus cash balance before you transferred the account elsewhere.

  218. @ Mat….

    I have sent you two emails. One describes an outstanding issue that is not very clear (relating to distributions from HR.UN.TO), and the other is my contact (phone in Colombia) information where I am overseas.

  219. @ Sharon

    In your post, you mentioned name ” Andrew Morris” , client specialist.

    Well, when I went to Questrade yesterday to get my money back, I met with young fellow, in his twenties – by name of Andrew Morris. He gave me his business card which says : Andrew Morris, Client Services Supervisor ; then word “supervisor” was crossed out and written by hand – ” Manager ”
    (he says he was recently promoted and do not have new business cards)

    It may be small thing, but what is Mr. Morris indeed? Is he : Client specialist or Client Services Supervisor or Client Services Manager?

    Again, it may not matter much but WHY say to one client that you are you are : ” Andrew Morris , client specialist” and to other client that you are : ” Andrew Morris , Client Services Supervisor or Client Services Manager”

    I mention this only because when I told Andrew that I spoke with Manager Steve – he did not know any manager by that name, so it appears even when you ask to speak with manager – it is not guaranteed that another person you speak with is really a manager or person in charge

  220. Follow up….Questrade has acknowledged that dividends for HR.UN.TO are indeed missing. They were supposed to be in our margin account at the end of February. As of this morning’s open, they were still not there.

    Upon further investigation, it appears that dividends on CHR.B.TO are also missing. According to these 2 sites, said latter company is supposed to be continuing with their dividend of 5 cents per share per month.

    http://tmx.quotemedia.com/quote.php?qm_symbol=CHR.B

    http://online.wsj.com/article/BT-CO-20110208-712554.html

    I suppose things may have changed about those dividends plans, but if they have, I have not seen those changes. In any event, I see no such payment in our February account activity on myquestrade. Said dividends should be in our margin account.

    Next thing I have to investigate is whether all our mutual fund distributions, in both my wife’s RIF, and in our joint margin account, are coming through like they are supposed to.

    @ Davor

    I don’t really give a rat’s ass who is in charge. I just want our money. That’s is a significant chunk of the money that we use to live on over the winter.

  221. Further follow up……..

    In this morning’s opening balances, there is still no sign of the February dividends due for HR.UN.TO, which dividends Questrade has acknowledged as being due.

    I sent another email this morning to enquire. As of this writing, there is no response yet.

    I have still not ascertained whether dividends are actually due on CHR.B.TO

  222. I, too, have been going through hell with Questrade “customer service”. I have been trying to transfer my RIF from my previous broker since mid-December 2010 and it is now March 7, 2011. I have gotten the total runaround, with many hoops to jump through, and with their blaming my previous broker, even though the broker approved the transfer at the beginning of January. They are STILL looking into the problem and promise to email me “tomorrow” (tomorrow never comes). Each time I contact them, I have a two hour wait to gain access to the chat line, and several hours spent with chatting delays. Meanwhile I have a large amount of cash that I cannot access and trade and have lost over $10,000 since December because of this mess.

    And that’s only ONE of my problems with these people.

    Folks, it’s just not worth the low trading cost. Stay away from Questrade until they clean up their act.

  223. I have learned that CHR.B.TO will be issuing quarterly dividends, as opposed to monthy distributions that were done while they were an income trust. This means at this point no dividends are missing from our shares in CHR.B.TO.

    As of now, they have still not contacted me about the missing dividends from HR.UN.TO. It’s not a lot of money, but it’s the apparent lack of internal control that has me worried. This has to be a procedural issue. If small amounts of dividends can go missing, then so can large amounts. I cannot imagine that we are the only Questrade clients that have shares in HR.UN.TO. We already had a February month end issue with BMO common share dividends, which did show up, albeit a few days late.

    @ David L.

    I think for you it’s time for you to contact the enforcement desk of your provincial securities commission. Phoning them or getting on a chat line with them seems rather pointless. I can never seem to get through by phone and the wait times for chat lines are unduly long.

    @ Mat Basile.

    C’mon Mat.

    Are you you still going to tell us that your system conversion was a success? This is March 7. I am talking about dividends that were due at the end of February. Next up for me is going to be the Securities Commission. Lucky for you, I am being very, very patient, but even that has its limits.

  224. @ Lawrence

    I think you should contact as many newspapers, TV stations, etc – see if they want to run the story about this & warn other people to stay away, also calling police might not be bad idea.

    I was ready to do both things, but I got my money back

  225. Further follow up.

    This afternoon, I received an email from Questrade saying that they are still “investigating” our missing dividends from HR.UN.TO.

  226. @ Davor….

    This bad publicity cannot be helping them. Are you in Toronto? I am not. I am in Colombia right now (this old guy’s version of being a snowbird fleeing Canada’s winter). Contacting Canadian newspapers from here would be rather awkward.

    But I think contacting Toronto newspapers and/or TV Stations would not be a bad idea. What would they fear more? Would they fear bad publicity more than the Securities Commission breathing down their necks? Just direct their attention to this Blog.

    If you are in Toronto, maybe you can do it?

    As for the police, I don’t think they would or could do anything unless they had reason to suspect that fraud is involved. It is not the mandate of the police to investigate incompetence, which, as far as I can see, is really the issue here.

  227. @ Lawrence ,

    Yes, I am in Toronto, abut 20 -30 min. drive from them, that is why I decided NOT to put up with their crap and go directly to see them, man I was so mad & I was ready for anything…..

    My opinion, if you manage to get Securities Commission involved – this would be potentially more damaging to them, but it is harder & longer way. Also, I would suspect that Securities Commission would be more sympathetic & accommodating to Institution then individual, giving them more ” benefit of the doubt”

    On the other hand, BAD publicity can strike much faster and be much more powerful. In this day and age where media strive to dig up any dirt they can, it may not take long to get them interested.

    In regard – me contacting media – I could do this only for my case, I could not do it for you , because I do not know the details, and some other reasons

    But I could post some phone numbers, email , etc. of major newspapers, TV stations here – if this would be helpful to you

  228. @ Davor…

    As for contacting the media, all you have to do is direct them to this blog, and then we can see how thorough they are in their journalism. Each person, including you, can tell the media about their individual cases.

    The Securities Commission’s mandate is to protect the public. They are not supposed to be poodles for the securities firm. For what it is worth, I have contacted the BC Securities Commission (living in BC means I have to deal with them). I will keep this blog posted as to what, if anything, they do.

    Getting phone numbers of newspapers is no trick. I can do that from here. I have access to a Magic Jack number, which means I can communicate by phone at virtually no cost.

    Tomorrow I am going to Cali, and will be back where I am living on Wednesday. I will follow things up on Wednesday, including keep this blog posted as to anything Questrade does or does not do.

  229. @ David L.

    I think for you it’s time for you to contact the enforcement desk of your provincial securities commission. Phoning them (i.e……………QUESTRADE) or getting on a chat line with them (i.e.,……QUESTRADE) seems rather pointless. I can never seem to get through by phone and the wait times for chat lines are unduly long.

  230. Who else wants to join me in seeking legal remedies? These jokers locked my account post-migration while holding February options and have yet to get a straight answer from them. Supposedly they could not figure out what I held in my account…

  231. @ Lawrence:

    Forget the OSC or SEC, I went to them a few years ago with all the proof they needed for intentionally falsified financial reports, including explicit instructions to falsify statements and mislead auditors, followed up by threats if I do otherwise, from the CFO in audio-video, and have yet to do anything about it since the crime is done in Canada and the stock trades in the USA; OSC used that as the excuse for doing nothing. Apparently it is too much work for them to coordinate with any other force in order to lay charges. I contacted the same agents about my Questrade debacle and one month later they still cannot figure out what they do for a living.

  232. @ Daniel….

    when you talk about flasified statements, are you talking about an Investment Dealer, or are you talking about a company whose shares trade on the exchange?

  233. I am talking about a publicly listed company that likes its earnings guidance to always be exceeded; nonetheless, I gave them a ready made case except that for whatever reason, politics, incompetence, indifference, or whatever it may be they chose not to prosecute. Most likely politics, given some of the mansions being built at addresses where hush money was being sent out of the offshore accounts. The same sort of manipulation occurs in every company I know, but not to that extent, there are always soft ways of manipulating earnings but if “real” earnings do not improve sometime soon thereafter then it is either a bloodbath or hardcore falsification that must follow. The company I was with at the time chose the latter. More or less same story as Enron except these guys also defraud the government to make up for the lack of real earnings.

  234. My investment dealer cannot figure out what I own and locks the account for a week instead, they need not falsify statements since they get to keep their license despite their self made issues…. You would think that since it takes one minute to check what I owned the Friday before the migration this issue would be solved in five minutes. Instead, they kept my account locked until it lost 1/3 of its value despite my pleas with them to unlock the account before 2 earnings releases in that first week post-migration.

    Anyway, I want to find enough others in my situation to start a class action lawsuit that would put them on their knees and hopefully make them history.

  235. I had opened 2 accounts with Questrade few weeks ago and was waiting to transfer my positions there. It looks like Penson has screwed up their migration because they are a correspondent broker of them. They should consider moving to another main broker which uses IBM-SIS for back office because it was working them before before Penson went to Broadridge or some other application provider.

    Whatever the case may be, the oraganization looks unprofessional; and incompetent and my business is better off elsewhere. I pay $10 per trade at TD and even lower at interactive. I was looking at Questrade for US trading in plan accounts. But it seems like I am better off with my current brokers.

    Bye, Questrade!

  236. @ Daniel…..Our account was locked as well, right after the system transition. However, we don’t really have grounds to sue them because there were no damages. I am not a super active trader. We did have some naked (short) put option positions that we were thinking of closing (we called to do so, but couldn’t get through……..see below), but that turned out not to be necessary. We were eventually able to let them expire worthless.

    In your case, it sounds to me like you have a case for damages. You should be talking to a lawyer on your own. To make it a class action suit, you would have to have a number of people who lost money because of the same situation (i.e., having the account locked). It’s because every account holder has such unique circumstances that putting together a class action suit could be difficult. You really ought to go after this on your own. On the other hand, maybe a lawyer would have some ideas about how to gather up more plaintiffs to make it a viable class action.

    The very fact that some accounts were locked after the system change means that the system change was a failure. To try to dress it up any other way (as Mat Basile did) is fatuous. One might as well put lipstick on a pig. The phone number that was given to make an over-the-phone trade was useless. I tried to get through, but was on permahold for about 90 minutes. After 90 minutes, a live body picked up the phone, but all I heard were voices and background conversation. Then the phone went click. I gave up. I didn’t call again. Questrade did not properly staff or provide the necessary logistics for the needs of the system change.

    I really don’t know how any Questrade representative can come in here and tell us in good conscience that the system change in February was a success, but Mat Basile came in here to tell us exactly that. It’s in this blog for everybody to see..

    By the way………our dividends for HR.UN.TO (due at the end of February) have still not shown up. It’s not a lot of money (about $25), but that’s not the point. It’s our money. I am watching our account like a hawk. Who else may be missing money, especially somebody who might be extremely busy at work and may lack the time? I am retired, so I take the time. We have much more sizeable dividends due later this month, and I am very concerned that they may not show up. An email yesterday from Questrade said they were “investigating”. It’s Questrade that should be investigated.

  237. As Questrade is a member of IIROC, apparently our concerns relating to their conduct falls within the jurisdiction of IIROC.

    Should we wish to contact IIROC directly, we can telephone 1-877-442-4322.

    I will see if I can find a Magic Jack or a Vonage number to call them from Colombia, where I will be until early April. For internet here, all I am using is an aircard for the local cell phone network.

  238. I had enough. I am going to turn this questrade email off.
    It has been so long since then, that I do not care anymore.
    RBC will give me 9.95/trade if I have $50,000 in the bank
    I got around 100 k so I am good with the costs
    Questrade does not seem to have grown much in the last years.

    I find it hard to watch a conversation between a Questrade employee and a screwed custeomer.
    Not good .

    I never got my money into questrade.
    Thank god for their incompetence.
    Or I would be another loose screw trying to get my money out.

  239. Update…..

    Our dividends from HR.UN.TO, which were due at the end of February, finally showed up in this morning’s opening cash position.

  240. Guys, check out Virtual Brokers !

    After total FIASCO and crap in dealing with garbage “Customer Service” at Questrade, I am looking to open an account with Virtual Brokers. Yes, they are relatively new, unknown, “upstart” , etc

    But their customer service – is WOW, I mean really WOW !!! I sent them email after midnight last night , with an application and all supporting documents they were asking for. THIS MORNING, before 9 AM, email was reviewed and ANSWERED ! I was shocked, really, and very pleasantly surprised. Then I had to call them, and did not have to wait at all, got live person right away

    First impression – simply amazing !

  241. Well, I had bought of out of the money options that were deep in the money by the Monday after migration so I am also looking at who ended up with the offsetting short as it will be super great if I can show to a judge that Questrade or a related party owned the offsetting position and did not allow me to sell until they liked the price…. that is a standard boiler room tactic and I will catch them if that was the case. Incidentally, they allowed me to trade on the very morning when the earnings were out and somewhat weak….

    As for the phone number for trading, I had quite a bill for the time spent waiting but at least I have recordings of all the calls including the quick hangups by the broker once I got through. They could not even be bothered to say one word, just picked-up the line and hung up. Then I would call again trying to get CS direct me to a different number only to have the broker hang up again.

    Too bad for them as I thought they were ok, for the price, for trading USD in registered accounts. But they took away gains I had made over three months through their behaviour and that is not a price worth paying.

    [Edit: Please be careful about making unsubstantiated claims about Questrade or anyone else. Thank you.]

  242. Received the following email today.

    I told them that I received my money. We shall see how things go in the future.

    Dear xxxxxxxxx,

    We are contacting you regarding your complaint against Questrade. I was hoping to be able to speak with you about your experience today while you were available in Florida but was unsuccessful.

    We would like to explain that we have received a number of complaints about the problems that Questrade is experiencing and we wanted to obtain some details about your issues with them. We can tell you that we are continuing to discuss the issues with senior IIROC Staff and have sent a request to Questrade for details on what is being done to correct the problems they are experiencing. If you are still having problems that have not been resolved please let us know. Also you can send a formal complaint detailing your issues to Questrade’s Chief Compliance Officer Mr. Cliff Pereira. His contact information is as follows:

    [Edit: Contact details of Mr. Pereira removed at Questrade’s request]

    If your dispute involves a claim for compensation, you may wish to consider contacting the Ombudsman for Banking Services and Investments (OBSI). The OBSI is an independent organization that investigates customer complaints against financial services providers, including banks, investment dealers and mutual fund dealers in order to provide an impartial resolution of customer complaints.

    You may contact the OBSI as follows:

    Ombudsman for Banking Services and Investments
    P.O. Box 896
    Station Adelaide
    Toronto, ON M5C 2K3
    Toll Free Telephone: 1-888-451-4519
    Toll-Free Fax: 1-888-422-2865
    Toronto area telephone: (416) 287-2877
    Toronto area fax: (416) 225-4722
    E-mail: ombudsman@obsi.ca
    Web site: obsi.ca
    Administration: (416) 225-4410

    Thank you and if you have any other questions or concerns please do not hesitate to contact me directly. My contact information is listed below.

    Susan Clarke
    Case Assessment Officer
    Enforcement Department
    Investment Industry Regulatory Organization of Canada
    121 King Street West, Suite 1600, Toronto, ON, M5H 3T9
    PH: 416-646-7287 Fax: 416-646-7285
    E: sclarke@iiroc.ca

    ******************************************************************

    [Edit: Questrade wants to keep the contact information of their compliance officer confidential. Therefore, I’ve edited this comment to remove address, phone # and email information. No other edits were made]

  243. @ Daniel:

    It sounds to me like your options are as follows:

    (1) the Questrade Compliance officer
    (2) The Banking Ombudsman
    (3) The police (if in fact Questrade was acting as principal rather than agent)
    (4) a Lawyer
    and/or
    (5) Some or all of the above.

    Your inability to sell an option position for which there was a bid and ask seems very suspicious. At the very least you should have been able to exercise an option that was in the money.

  244. Wow, I just found this log of comments and I could write as long a log myself about all the issues I have had with Questrade, although it is “working” for me. You just have to watch everything like a hawk and take screenshots of everything you do b/c they do make errors and customer service is horrendous and very slow. I’ve had a request in since NOVEMBER regarding Online Trading Academy rebates which are supposed to rebate you 10% of your commissions back yet Questrade has only been rebating back about 5% or less. They refunded some of the money with NO explanation as to how they got that rebate amount which was STILL SHORT of what they owe me and I am still waiting to hear back about getting the rest refunded. Meanwhile each month that passes I get a new rebate for the previous month that falls short. This is a less urgent matter than trade errors or balance errors or transferring money in or out but still so frustrating that it takes so long. I have had a zillion other issues too, but for now, I’ll just keep an eye on this blog. And email Matthew!

  245. I’m unsurprised by many of the comments in this thread so far. It’s true that many of the complainers have atrocious written English, and don’t appear to know what they’re doing (or getting into), but as Canadian Capitalist says, Questrade seems to get a lot more flak than many other brokers.

    My own experience involves my recent attempts to sign up for an account with Questrade (I should have read this thread before I started the application). Lately, I’ve been having trouble with getting my account number to fund my account – I keep getting told that my account is approved, and that I should be able to see the account number in the myQuestrade webpage. However, myQuestrade tells me that I have no accounts.

    Upon contacting support regarding this issue, the representative asked if I would send him my login information so that he could “have a look at it”. This strikes me as extremely unprofessional behaviour, and I’m concerned about the fact that they now have a void cheque and my social insurance number.

    If any Questrade representative answer for this situation, I would be interested to hear about it.

    Until then, I’m investigating other brokerages. Any suggestions for someone with less than $50k in assets would be appreciated.

  246. I wished to open an account with Questrade, but after reading the comments I changed my mind. Please advise me with a reliable broker-house where I can trade smoothly. Please advise.

  247. I posted here on March 7, 2011 (5:15pm) after three months of total frustration with Questrade.

    I am reporting back now to say that, as far as my experiences go, Questrade has cleaned up their act very well, and continues to improve. I am now getting very prompt replies to Live Chats (used to take several hours just to get through to a specialist; now just a minute or so), and the website upgrade is now functioning well (although slow).

    I have looked around at other online discount brokers and I must admit that Questrade has the very best package, at least for what I want to do (best features and best costs). For instance, I can hold CAD and USD together in a registered account (such as my RRIF or my TFSA) and Questrade automatically exchanges funds (US$/CAD$) as required when I trade, for a very low fee (0.5% compared to my bank’s 3%). This is MUCH more convenient than the other brokerages I looked at where I have to maintain two separate accounts for my RRIF, one in USD and one in CDN; very cumbersome and error-prone.

    I have decided to stay with Questrade because I feel they are responding rapidly to the internal problems (even though they communicate poorly about their progress) and things are definitely improving. They still have work to do, especially in response time to certain requests, but I have noticed a 1000% improvement during April 2011 and feel much more comfortable with them now.

  248. YourRRSPisNotLostWePromise

    DavidL, I have had a similar horror story with a transfer from another institution to Questrade. I laughed at quite a few of your experiences, because they have mirrored my own. The CSR’s role is to tell you everything is fine and get you off the phone. As you mentioned, they do this by telling you they will call you in a few hours or the next day. That never happens. When you call back, the apologize for the previous person’s lack of service, and also promise to call you the next day, which they also do not. My transfer started in January, and only now in April have they accepted something is wrong and have started an investigation. Previously they claimed I should wait longer. Then they blamed the upgrade. Then busy tax receipt time. Then blamed the other institution. Then me for not providing something they never asked for. And now they’re blaming Penson and that they would start another investigation which is excuse #6.

    The expression “you get what you pay for” doesn’t apply to Questrade. You truly get much less. The impression of support. The impression of a call centre. But they’re not there to help. They’re only there to deflect for another day. Being a powerless Questrade CSR must be the worst job in the world. Everyday you break your promises, but they’re not real promises if you’re just reading from a script, right? That must be what they tell themselves so they can sleep at night and until they can find a new job. I’ve decided the CSRs are saints, and they must burn out really quick.

  249. I have tried to open an account with them and they were calling me at home Sunday night to complete my application. Every call I made was terrible. I am not sharing personal details of all what happened but they are the worst broker in Canada………….stay away from Questtrade.

  250. I have had a TFSA questrade account since January 2011, and so far everything has been great. Never had a broker before and have never used a previous online broker, so don’t really have anything to compare it to. I probably do between 2-8 trades a week, and use QuestraderWeb with quotestream. Haven’t had any issues with questrade. There are a lot of negative comments on this site, and it comes up on any search of questrade. I would recommend questrade to friends and family. Just one newbie’s two cents.

  251. I’ve had it completely with Canadian Brokerages.
    I’ve had an account with TD Waterhouse and I mainly trade US equities and also options. The US market is huge, the variety of instruments is wide, the liquidity is higher, there’s much more selection, and there’s a lot better research available. (It’s all relative.) I

    I use TDWH “wash trading” technique to avoid being hit with exchange fees in and out of trades. want to trade US equities because of the variety, the sheer size of the market, the opportunities and level of support and research available.

    It works, but only minimally, and involves too much follow up. (Think: “Manual procedures”)

    For options, a stop-loss is not available. So I can’t be responsible about my trades and have to baby-sit. Same problems if I want to trade less than 100 shares.

    So I’ve played with the OptionsXpress Canada Trading Platform and I think their commissions are in-line with the rest of the industry. They take RRSP and TFSA (I’m happy to fund the whole thing in US dollars for the advantages of trading in that market) Besides, any of the bigger Canadian firms trade on the US markets anyway, so I have access from there.

    The last thing I’m investigating is ECN fees to see what that means and what the impact would be.

  252. I tried opening a trade account under a corporation, print off the check list and filled out all the forms and transfer $1000, double check the list to make sure i have everything, sent the package away March 25, 2011. May 9, over a month later, I received an email from a new account agent that I was missing personal account void cheque, this requirement was no where on the check list. I sent the more information. Now May 26, 2011, I still do not have an account. I called the customer service line today, they have no record of my $1000 transfer. Unbelievable.

  253. @Frustrated

    My name is Matt and I work at Questrade. I’m sorry to hear that your recent experience with us was not positive. Please email me your information so that I can have a member of our solutions team contact you directly. You can send the email to mbasile@questrade.com.

    Regards,

    Matthew Basile
    Questrade, Inc.

  254. @ Frustrated ,

    Please DO NOT believe one word what they tell you at Questrade (this includes Matthew Basile too), these guys are bunch of LAIRS and scam artist. I can not believe that they are still in business and that they are not shut down for good. I feel sorry for anyone who has to deal with Questrade.

    I suggest, if you have a chance, go there yourself and get your money out of there. Also, do not hesitate to call Securities commission, Police, Media, whomever you have to call to help you get this sorted out.

    For more info – please see also my post on March 2, 2011 at 9:46 am

    My strong advice : GET YOUR MONEY OUT A.S.A.P – AND OPEN AN ACCOUNT WITH VIIRTUAL BROKERS – they are thousand times better in terms of customer service and commissions are just SLIGHTLY higher

  255. Opening up an account with Questrade was super simple for me. I think I was up and trading withing 5 days. Questrade rep even called me to see if I had any questions before I started trading and I did. I havent withdraw any money yet. I am a small time noob with $2500 invested and probably will not invest any more than $3000 until I play around with transferring and withdrawing money from Questrade back into my Bank. If withdrawing funds is simple too then I will be sticking around with Questrade.

    I recommend everyone to transfer their funds electronically from Bank to any online site, that way you will have proof of who has the funds.

    And if you think about it, it probably takes long from QT to answer your calls because they probably have a hard time hiring enough people that wants to work at a call center answering calls from pissed off customers. It is partly QT fault so dont complain if QT starts a call center in India or Philipines becuase North Americans are too picky about the type of work they do.

  256. I chose Questrade because of its low fees. As a relatively passive investor (mostly ETFs, nothing complicated) I didn’t think I would need a lot of bells and whistles, so the rough edges on Questrade’s platform didn’t particularly bother me, and I was (naively) confident that any serious glitches that might come up would be professionally addressed.

    I opened an account with Questrade earlier this spring and have since experienced nothing but problems. Simple matters (such as receiving credit my promotional free trades) were a headache – not to mention serious errors in their system such as transfers from my bank account which were, erroneously, processed in duplicate. The straw that broke the camel’s back, however, was when Questrade sold all of my stocks in a particularly company at $2.00 ABOVE the price of my stop order. To make matters worse, the sell took place just before the ex-dividend date, rendering me ineligible for the dividend on my stocks that quarter. Having followed the stock price, I knew there was no reason my order should have been executed. Since Questrade has no e-mail alert or other notification system when orders are executed, I did not notice the sale until days later and immediately filed a complaint.

    After two weeks of contacting them by e-mail, on-line chat, and by telephone, the excuse I was given is that I had submitted an “all or none” stop order, therefore the price at which I had set the order did not apply. As far as I am concerned that is entirely moot – Questrade did not have my authorization to sell my stocks at that price under any circumstances. I felt robbed.

    Not only was my serious concern not resolved, but it took two weeks to get an answer of any kind, after which I was essentially told by telephone that I didn’t understand the situation and that my concern was unreasonable.

    This is not the type of fly-by-night organization to which I wish to entrust my life savings any longer, and I have told them so. I encourage others to avoid this company like the plague. The savings in commissions are not worth the headaches, technical glitches, and risks associated with trading with this brokerage.

  257. I’m currently in Questrade application limbo – I worked in the US for a short bit so I have an SSN. As a result, QT wants me to fill out a W-9 form, even though I am not a U.S. person (a U.S. person is either a U.S. citizen, or a resident alien).

    I called Questrade to discuss this, and the convoluted answer I got back was something along the lines of, “the US is tightening their hold on brokerage accounts so we need you to fill out a W-9.” I explained to the customer service rep that I do not qualify as a U.S. person as I’m neither a citizen, or a resident alien (and in fact have never lived in the U.S.). The rep told me that it doesn’t matter, they need the form filled out. I balked at this response, considering that by signing off on the W-9 form, you are certifying that you are indeed a U.S. person. Falsely certifying the W-9 means that you are committing perjury. I explained this again to the rep, and again I got back the basic response of “it doesn’t matter, you just need to sign the form.”

    I realized I was getting nowhere with this, so I said thank you and hung up. Later on I e-mailed QT customer service, looking for clarification on their requirement to fill out a W-9, and whether filing a W-9 triggered the need for a U.S. tax return. They answered back, “You don’t have to file for taxes just because you have a SSN but you do have to fill a W9 as you mentioned because you have a SSN.” That didn’t even answer my question, which wasn’t if I had to file taxes because I have an SSN, but if filling out the W-9 form meant I had to file a return.

    Anyway, I e-mailed them back with my concern over sending in a false W-9 form. The General section of the W-9 form even states that you should be filling out a W-8 form if you are a foreign person (aka not a U.S. person). I asked them whether a W-8BEN would be more acceptable for me to fill in. This was just yesterday so I’m waiting on a response.

    If they answer back that only a W-9 form will be acceptable, I’m aborting my application process and running as far away as I can. There’s no way I’m going to lie to the IRS. I’ll eat a higher commission fee at my TDW account rather than be worried about a false tax filing.

  258. Justine,

    I just had the exact same thing happen about 6 weeks ago. Same situation as you. I just used a different email address and submitted a new application and said NO that I didn’t have a U.S. SSN. That solves your problem. Otherwise, by law they are required to get that form, even though it makes no sense b/c you are lying by saying you are a US citizen, etc. I discussed it all with them too. Just say you don’t have a US SSN. This is not an offense as the W-9 lying would be.

    Hope that helped!

  259. If you are having these nonsensical problems this early on, imagine when a real problem comes along. I wouldn’t continue with the application process.

    I just switched my Canadian RRSP from TD Waterhouse to OptionsXpress.

    I plan to trade equities, as they have an excellent interface (I know, they are well-known for options, but I can put a trailing stop on my equity trades too, as well a conditional stops.

    I can invest in any of the bigger Canadian companies that trade on the US exchanges, and on all US instruments.

    TD Waterhouse, polite as they are, were difficult to work with (by my standard, which means I don’t have to call them all the time, and I can be responsible with all my trades). The TDWH interface didn’t let me put a stop loss on GOOG because I only had 15 shares. And no stop-losses on Options trades – so how do you trade responsibly? To me, the interface constitutes a part of “the service” and this just didn’t work for me. Too much baby-sitting in choppy markets.

  260. I think I have to close down my accounts (including RRSP) at Questrade. I logged in one day and found out that I have zero Canadian funds and the stock that I did not purchase. The agent tells me that there is no problem with my account as he sees it. I had to volunteer to send them the screen shots and pdfs generated by there software. Absolutely, unbelievable and scary. The issue is still unresolved…

  261. Hello Alberta – I would like to assist you with this. Can you please send me an email at mrust@questrade.com with your contact information? I’ll discuss your situation directly with the manager of our client services team.

    Maggie Rust
    Social Media Communications Specialist
    Questrade

  262. Well , it seems that there is a lot of smoke in here eh ?
    Soon I hope to publish an account of my online trading experiences with TD . ITrade , and Questrade.
    For openers as Canadians we are getting a royal screw job …on both fees and services ….

    Stay tuned …

    joseph

  263. joseph you are absolutely correct about the royal screwing we are getting.
    We are getting that screwing on all sides the banks the bokerages and the governements–Federal and Provincial.
    I have been aware of the disparity of charges and lack of services we have been getting for over a decade.
    Questrade is well to be kind not one of the larger robber barons.
    The mere fact that any of us is paying more then $5 a trade proof of the royal screwing by itself.
    As most Canadians actually trade on the TSX and the NYSE at the same time.
    We are subject to unreasonable fees to do so. Sure Canada has a exchange but it isnt the biggest player on the market. That is why we trade on the NYSE also.
    A comparison of costs just from TD would give you a big example of the screwing we are getting.
    The fact we are forced to work under margin conditions to open accounts in some brokers is a pure joke or another poke in the hole for us.
    It is the banks that mostly do this and TD is no exception by saying we need $50k or $100k in business with them to get a moderate decrease in costs to make equity trades is another joke. Many or id say most personal accounts do not trade on margin why we are forced to prove we are worth of margin status is a joke.
    But back to the comparison. TDWaterhouse also runs TDAmeritrade south of the border.
    A comparison of costs you will incur over your time at TDW compared to TDA could amount to quite a sum in just a short time frame. Over a long time frame well it is possible to say that maybe the cost of a car in extra fees.
    ScotiaITRADE bought Canada ETRADE a few years back and just about doubled all costs and requirements though when questioned on this back when the M&A occurred the promised that no significant changes in cost will occur LOL what a joke.
    The trading platforms that are available to others are superior in quality and efficiency
    TO Buy Canadian is the only sure way to get F****D imo
    I could go on and on about this as i am very aware of the BS that goes on but just writing this small tidbit makes my head hurt to realize how F****d we are

  264. Dave, with all due respect, this is a blog about Questrade, not TD. It is unfair to compare “discount” brokers with “full service”. Questrade’s rates are quite reasonable. And please proof-read before posting!! 🙂

    I have been with Questrade now for about two years. I have watched as they went through terrible expansion growing pains and many things went wrong and, because they always seemed to be in denial, they were very slow to correct the problems (see my previous comments above).

    I can now say Questrade has really cleaned up their act and I seem to be getting reasonable service from them. They still have big issues such as dreadfully slow server response and inconsistencies with the user interface (horrors — different pages use different date formats so that you never know, for example, if 8/9/2011 is August 9 or Sept 8) and different pages present the data in differing formats and with links to sub-pages in varying obscure places. I wish their web designers would get to work on these user-interface aggravations.

    They have also recently cancelled Chrome’s ability to voluntarily remember my username and password and added the requirement for passwords to be complicated and, together with timing out my connection every 10 minutes or so, this is a HUGE ROYAL PAIN. They have lots of internal security; this was an unnecessary aggravation.

    And don’t get me going about the deficiencies and buggy performance of their QuestraderPro platform or the lack of a useful up-to-date manual on their Elite platform. Considering the high monthly cost of these platforms, these things are unacceptable.

    On the positive side, they have given us the BullsEye Tool for research and it is fabulous (and free).

    For now, I expect to stay with Questrade and hope they keep improving and, at this point anyways, I would recommend them to others looking for a discount broker.

  265. Questrade customer service is a nightmare. I can relate to the other comments on this blog. No answer, no replies, being “left for dead” on the Live Chat…
    I could deal with the wonky trading platforms and having to log in to a completely different company’s website to see my dividend distributions (until recently), as long as I never had to deal with an actual person there.
    However, I have been trying to transfer out my account to a U.S. broker since I relocated to the United States in June. My U.S. broker has had to initiate the transfer out on three separate occassions because Questrade rejected/lost/ignored/claimed the paperwork was incomplete. This has been a complete hassle and I have wasted at least 15 hours of my time trying to make this transfer happen (and note that it has not been completed yet!) I contacted Questrade and asked if they would waive the Transfer fee because of the huge hassle. I got a standard “all institutions charge transfer out fees.” Not even a “sorry for all of the problems.” Thanks for coming out, Questrade!
    Lesson learned: you get what you pay for and in the case of Questrade, you always end up on the losing end. Avoid them at all costs.

  266. I looked at Questrade, but there are so many issues with it I ended up moving from TD Waterhouse to OptionsXpress Canada. I trade Stocks and Covered Calls in my RRSP.

    The functionality is great and it takes very little to qualify for the lower $9.99 trade fee. You don’t have to have a huge account – just 9 trades in a QUARTER. I qualified in the first three weeks with them, then I called them up and they lowered the rate right away.

    The platform is good, and you can set up “conditional” trades (eg. When SPY hits $120, then buy 100 shs of WMT). One feature I like is the “one triggers two” order. eg Buy 100 shs of TD @ $100 triggering two orders to sit in a wait state. Order 1: Sell 100 shs of TD at my target ( $110) OR at my stop loss ($95). Out of the two orders in the wait state, as soon as one is executed the remaining one is cancelled automatically by the system.

    You have to fund the account in US dollars and then you can trade anything on the US markets (and this includes many of the Major Canadian Stocks too)

    I’ve been with them about 5 months now and I like them.

    Glad to get away from Canadian Banks’ games.

  267. You can compare rates of all Canadian brokerages at http://www.discountbrokerages.ca if you are looking for something different.

    However, sounds to me like this is a non-issue. If after the first phone call you had just taken the agent at his word and relaxed, the issue would have been dealt with and the interest returned. It might have taken longer, maybe not as long, who knows. But they fixed it, just like they said they would.

  268. It is totally beyond belief what I have been going through with Questrade in the last month. I have been a client for two years now and have been persevering through their endless growing pains but it has reached a level of absurdity that is difficult to comprehend.

    It is too complicated to explain here in detail, but following is a synopsis of my many chats and phone calls:

    First, I have been trying since Dec 1, 2011 to get my US$ and CDN$ bank accounts linked to my various Questrade accounts (Margin, RIFs, TFSAs) so that I can withdraw some of my money. They have had ALL required documents for over a year now and I cannot even begin to tell you what I had to go through with them to get them to accept my bank documents originally. When I went to withdraw some more money this month, they decided my TD bank documents were no longer acceptable and disconnected my bank accounts from Questrade and cancelled my withdrawal requests. This problem, as of Dec 22, is STILL not resolved. When I finally did get them to add my bank info to one account, they got the account number wrong.

    Second, today my wife’s TFSA and RIF account info disappeared from my Questrade page. Upon phoning them, they forced my wife and I to split up our supposedly joint accounts and for me to create a new user login and 14 digit password to get my accounts back so I could see them again, and forced my wife to open her own separate account, even though for the last two years we have been shown as fully joint with equal trading rights. So, after two full hours on the help desk phone, I have her accounts set up separately but all her data and stock holdings are shown as “Data Not Available”. The support desk is looking into it, and, judging from past experience, I will not hear from them for another 4 days or more and then it still will not be corrected.

    Both these matters are quite serious as I am required by the CRA to withdraw my annual amount from my RRIF and my wife’s RRIF before the end of the year but I cannot get the bank links established and can no longer even see my wife’s account holdings.

    Folks, PLEASE STAY AWAY FROM THIS NIGHTMARE CALLED QUESTRADE. I am getting close to the point of going into their offices with a Police escort and filing formal charges. I have huge fears that the rest of my accounts will similarly vanish and I will have no proof of anything and I will lose all my investments.

  269. You definitely should call police or go with police there. You should contact media too, TV, newspapers, etc.
    I am hugely surprised that these guys are not shut down for good. With all horror stories about this company, they are closer to be CRIMINAL ORGANIZATION then company

    Something similar happened to me earlier this year, but I did not put up with their BS. for long, I went there, and I was ready to call police…. ,

    If interested – you can read my post from :
    March 2, 2011 at 9:46 am

  270. @VeryScared: Please contact Maggie whose contact information can be found in the earlier comments. I hope this can get resolved for you.

  271. Hi VeryScared,

    We separated dual accounts to remain compliant with current industry regulations. While I understand it is no longer as convenient, security and privacy issues took precedence. We advised all clients affected by this change by email. If you did not receive the email, could you double-check your email filters to ensure it didn’t go into your spam? Please let me know.

    We are working to resolve the “Data not available” that you mentioned. Rest assured you can view your account balances anytime in your trading platforms, along with the monthly eStatements.

    I will have a supervisor from our client services team follow up with you about setting up a link to your bank. Please contact me at mrust@questrade.com with your contact information so I can forward it to the appropriate Questrade staff member.

    Best,
    Maggie Rust
    Social media communications specialist
    Questrade Inc.

  272. A Current Questrader

    First time poster.

    If I can offer any tip, STAY AWAY FROM QUESTRADE!

    I have an RRSP, RESP and TFSA with them, so you could say I’m experienced.

    Here is a screenshot of my balances:

    http://imgur.com/MwgVs

    Math much? It’s only financials right? Not important to bug fix this I guess.

    This happens every time I deposit. It’s always off for a few days.

    I work as a software developer and seeing this kind of stuff scares me. 2+2=5 tells me that the basic code is flawed. If more complex operations are working with this data, I can only imagine the nightmare going on behind the scenes.

    There are lots of little bugs like this in their user interface.

    I’ve had transfers say they went through, complete with Order #’s but no balance show up. I had to contact a bunch of people. 2 weeks later.

    My grant for my RESP took 6 months to get after I deposited the $2500. More fun calling; asking.

    No wonder their customer service is terrrible. They must be getting calls non-stop.

    I will be slowly gettting out Questrade and going somewhere else.

    Don’t take a chance with your hard earned money on a company that doesn’t care about their core systems. Stay out and stay away!

  273. ^^Yo your screenshot is not working! And I want more informationon this..I sometimes wonder if my acct has balance problems..

  274. oh dear. I got Questrade mixed with Qtrade and just opened an account with Questrade by mistake… Qtrade is the one I read good stuff about. Now I am afraid I compromised my safety. I was looking for a platform with lots of data. If all these bad things happen with Questrade why isn’t it shut down. Like, what if you get your account raided or your ID snatched? Money is only safe once you’ve spent it maybe.

  275. Here are some of the issues I am facing with Questrade:

    1- The account summary is generating an error. It does not show exactly my current equity. It is just a random number. I chatted with a Questrade representative live and they said that there was an issue in the IT department and they would solve the problem in March wowwww good job guys.

    2- The representative asked me to go to the account positions. I went there and I got the “system error” message and a link to contact the IT department, and the lovely link shows a lovely SQL server code. Good job on that one. The representative asked me to take a screen shot and email it to the IT department. I did not do it. I have other things to do.

    3- After 2 days, I no more got the system error I mentioned above. But now the error is in the trading history. Good job on that one guys. I hope you solve that issue before March 2015

    4- Mutual funds: Why there is no switch option? It is either buy or sell? What if I buy a mutual fund in a corporate class and I want to switch it in the same class to avoid paying taxes? That is what the corporate class structure in mutual funds is all about.

    5- Again mutual funds: When we buy mutual funds we do not have a choice to choose whether the dividend is paid cash or reinvested. Why? When I was buying a mutual fund, I used that lovely online help and the representative told me that all the mutual funds distributions are paid cash. Fine, that is what I wanted. However, I checked my account and saw that the opposite was true: Mutual funds dividends are automatically distributed. I do not want that. I want to get my distributions as cash. That is my aim. I need those cash.

    And more and more. I want to take my money out of Questrade. Of course they will charge me money to close my account but oh well, better than losing my entire portfolio because of their IT issues.

    Questrade should be shut down, not even bought.

  276. A Current Questrader

    Someone needs to call the media about these guys!

    Again I’m having more display issues. Now it says that my accounts are margin accounts. Totals are way over the balances I should have.

    Scary stuff. Is someone buying stocks on my credit? Calling them tonight. Pardon the french, but I’m scared shit-less now.

    InvG: I have also been asked to “give them a screenshot” as well.

    I can’t believe our government is insuring these guys… I sure as heck wouldn’t. They have no idea what their system is doing.

    I’ll say it again…someone in the media needs to do a good long piece on these guys.

  277. Oh I checked my account and it also says margin though the account is TFSA. I really am willing to close my account there but it is not fair for me to pay $125 + taxes because of such bad company.

    I do not know what to do

  278. A Current Questrader

    So as of yesterday, Questrade has apparently pulled their account balance screen. It’s not showing up anymore. I think they disabled the javascript that was calling it. This however seems to have broken their “Logout” button.

    What a clown parade.

    This “margin” display bullcrap is apprently happening to others:

    http://www.canadianmoneyforum.com/showthread.php?t=10507

  279. Do not, and I repeat DO NOT, open an account with Questade if you value your health. I am convinced that the policies they put in place are unethical and they have given me heart burn maybe even an ulser. I have been trying to open up my accounts for the last month. Upon submitting in my papers, I was told that all that was required was for me to fund the account. I redeemed my mutual fund and funded my unregistered account in cash. On the day that the funds were credited to my account, I was told that they could not proceed with providing my access ID`s until I get a letter from my employer. I have never heard of such a request, but I was assured by Questrade that this was required by their compliance department as Questrade is IIROC regulated and since I work in the financial industry my employer is required to produce a letter to confirm if I am a “Pro“, whatever that means, and also confirm if statements are required by employer on trades that I make. After several phone calls to say that my employer isn`t IIROC regulated and this letter is not required, I relented and got the letter from my employer. A few days later I followed up with Questrade to see if they got the letter, and of course they hadn`t, but the individual I was speaking with told me that the letter wouldn`t be required. It was now over a week since I had funded my account and wasn`t able to trade or make any money off interest because Questrade doesnt pay interest eventhough they have use of the funds and make money off our cash held in deposit. Already disgusted, I told Questrade to that if this letter isnt required, to remove the requirement immediately and provide my ID’s, their repsonse was this was going to take a few days. I had it and moved my funds out. I am still waiting for some of my accounts to be approved because this silly letter requirement hasn’t been taken off my account. Also, one thing they also fail to mention which I found out recently, the account approval process is step 2, you are still required to fund the account with atleast $1000 before they issue your ID so that you may trade, and of course that can take up to 2 business days. I do not recommend using Questrade. I plan on moving my accounts to CIBC, their fee are rather reasonable if you have a large enough balance and/or are an active trader. See all of the negative comments now, I would not have moved to Questrade….let our experiences be a lesson for others.

  280. (Sorry if you have read this already as I am cross posting to several blogs… That’s how angry I am…)
    Glad to see even after all these years this thread is still alive… I have had nothing but nightmares with everything I do at Questrade lately. It all started well with margin trading in US & CDN and I never really had any issues. Seeing that things were good and trades on the cheap side I decided to entrust my TFSA contributions for my wife & I in 2011. That’s when the problems started… Still to this day, March 2012, zero of my 2011 contributions have been recorded with CRA (over 1 year). I have simply given up after phone calls, emails, reports generated & the BS excuses they keep giving me. They did’nt believe me on anything and expected me to call the CRA on their behalf! Huh? What a nightmare that is still unresolved. No idea if they will ever report our contributions. These will be cashed out in December of this year without a doubt and moved to my TDW account.

    Being a little naive and trusting, I also signed up for direct withdrawals and purchase of Claymore ETF’s on a monthly basis. Well, that really started off on the wrong foot when they deducted 2 securities payments/purchase correctly but my third was 3x (!!!) the requested amount. I was lucky that I had the funds to cover it in my originating account but it took 2 deduction cycles (read $900 taken) to correct the problem and 3 weeks for them to actually send my money back. The onus was on me to prove they had actually taken the money, they had not purchased the securities on my behalf and for me to involve my bank in the process! It was brutal arguing with them constantly over a two week period.

    Anyway, there is more but I digress… I am really happy with TDW and moved all my business there. They have been absolutely amazing for customer service, accuracy of request processing and just fantastic to deal with overall. Trading execution is noticeably faster for buy & sell requests. In my opinion, it is well worth the $9.99 per trade for the type of long term investor that I am. As Chris says: Let our experiences be a lesson to others.

  281. I have a horrible experience too! I had a “all in kind” TFSA transfer request on 15-Feb-2012, on 3-Mar-2012, the status showed “completed”, however all my positions and fund didn’t show up in my account. After I chased them every day, the agent still didn’t know where my money and stock went…..Finally, my positions showed up in my account on 14-Mar-2012, 8 working days later!

    But now I have to face to 27% loss, over $1100, of my position in 8 working days becasue it is in down trend and I couldn’t find them and sell it!! The agent told me they can credit me $25 for 5 free trades as repay. I don’t know now who shall I talk to because I couldn’t find any contacts of management level from their website.

  282. Joss, if I were you, I would complaint to the Ombudsman office. You fill in a form from their website and explain your issue to them http://www.obsi.ca/default.aspx

  283. I opened a Questrade account a few weeks ago looking to do long term precious metals investments on the TSX. When I have been able to get though the log in screen on Questrade I find everything hellishly slow. I lost a lot of money during the DotCom bubble back in the late 90s simply because my online brokerage was not able to handle the internet traffic. I am going to close my accounts today having never made a trade. (I am still waiting for the Withdrawl Funds page to load, I clicked on it when I started writing this)…….2 minutes later, still waiting. The best part will be paying the Admin fees for a service that barely worked.

  284. InvG, I think I am ready to take further action. The funny thing is QT agent replied my email on 12-Mar today, it took them 8 business days to reply my email!! I guess they may not have enough manpower. The agent replied that they changed the status to “completed” because they thought it was done, but they still need to take few days to deposite stocks into my account. What an answer! I am surprised again that their “completed” has another meaning which is “not completed”! So now the question is “CAN WE TRUST YOU?”

  285. Had problems with Questrade myself, signed up on a $50 commission credit which they denied me once my account was opened. Reported the scam to the Better Business Bureau so we’ll see what happens. I contacted customer service multiple times and was given some bs about I hadn’t entered the promo code, despite the fact that I HAD entered it and had detailed info to support that claim. Regardless they should have just given the credit whether they believed I had entered the code or not, that would have been good customer service.

  286. Current questrade client but seriously looking at moving to my TD account for everything, if you want cheap trade fees & are willing to put up with really poor customer service i guess questrade is ok, i have put in stops on stocks that have not triggered & limit buys on stocks that have not triggered & contact customer service & either nobody calls back or it takes a week & i get the excuse “it’s not our fault but the service we trade through didn’t execute the order”, my questrade SERIOUSLY slows down my computer & i reported this months ago but nothing ever done, i log in & click the “market data” tab & sometimes it tells me i need to log in which i have already done & again reported monts ago & nothing done.
    I do not make many trades as i tend to buy & hold, my feelings are that they monitor the amount of comissions you are generating for them & if you trades lots & pay high data fees maybe you get better service but if you don’t then tough luck, real shame as i like the fees & was looking at paying the $5 on a regular basis to buy extra shares on a dip instead of doing a DRIP & not knowing what price they will be bought at. (bad experience buying yellow media on DRIP at over $6 OUCH !)

  287. Another trade today hit my buy price & didn’t trigger, not going to bother calling them just a waste of time

    • I had a good one last week… Trade executed at 3:45pm at my limit price but transaction did not show till after the nightly reconcile! I was sitting till close wondering why my order was not executing despite seeing the ticker on my TDW account showing my strike price. I only have a few securities left in both my accounts to cleanup and I am gone December.

  288. Very poor service. Their system has crashed a couple of times in the last few months causing me to loose several hundred dollars. There response:

    While we try our best to ensure the platforms, our websites, and our internal software are all up 100% of the time, this is unrealistic to guarantee or expect.

  289. OMG I remembered these comments about Questrade. I signed up with Questrade before but never came around activating my account or transfer any funds. I found the sign up proces complicated already, the documents that were to be uploaded never uploaded and I had to call to get things confirmed. But I wanted to give it another shot so I signed up again, same story.

    The reason I was interested in Questrade is because of their recent new MT4 platform that allows you to trade foreign exchange.

    I have to admit that I contacted them this afternoon and got pretty good customer service. I’m going to try it out, the MT4 platform I mean realizing this could be working against me.

    I also want to say that I used to work with different brokers and almost all of them had something that wasn’t nice or didn’t turn out to be good customer service. If Questrade really sucks I’ll find out sooner or later.

    Miranda

  290. NO MIRANDA NO, you will find out what a mistake you have made, they just moved all clearing in house & it is an even bigger disaster now than before, i had a cash balance in my account & sold some stocks & ended up with LESS cash than before, called them & they are not willing to do anything about it, trying hard 2 be patient with them but lt’s hard

    • @ Rick

      Perhaps you shuld contact police about it. They have been getting away with this type of thing for way too long. These thieves should be closed down & thrown in jail

  291. Since moving all clearing in house we have dividends missing (from the end of December and early January) from both my wife’s TFSA and from our joint margin account.

    This is January 8 today. We sent an email on the weekend to which they have sent the standard reply (“we will respond within 48 hours”). As retirees, we regularly draw our dividends out, so now our Canadian dollar account shows itself as being overdrawn. So two things remain to be seen:

    (1) Will they credit us with the missing dividends within a reasonable time?

    (2) Will we be dinged for interest for the amount we were “overdrawn” (which we were not really, because the dividends were due)?

    I am not holding my breath.

  292. Hi everyone,

    My name is Laural and I work at Questrade.

    Miranda, welcome to Questrade! I’m happy to hear you had good customer service. That’s always our goal. Don’t hesitate to call with any other questions.

    Rick and Lawrence, you’re right. Questrade began to self-clear as of January 1, 2013. You can read more about it here: http://bit.ly/Xk6Aij

    As with any system change, there may be some delays in normal processes. One example is dividends, which were deposited through our old clearing broker and are being systematically “swept” or posted to client accounts. If your dividends had a pay date of January 4th, you should see them in your accounts today. Tonight (January 9th), more dividends will be posted and you will see them tomorrow. This process will continue until we’ve cleared out dividends with a record prior to 2013.

    If you have concerns about your accounts or the service you have received, please contact our client services team at 1.888.783.7866 and they’d be happy to assist.

    To everyone else, the best way to reach us with questions and concerns is by contacting customer service: http://bit.ly/QTHelp

    Or, you can bring this conversation to the Exchange, Questrade’s online community:
    http://community.questrade.com/ Our team members are always reading and responding to posts over there, and it’s a great way to reach out to us.

    Thanks!
    Laural – Team Questrade
    Social Media and Community Manager

  293. More than I can bear

    I have been with Questrade since 2010 and have lived through crisis after crisis with them. I have a very substantial amount of money invested through them and I do a lot of trading.

    I am very scared.

    It seems every time they get one problem solved (or simply sweep it under the carpet), they come up with a whole new set of problems and the madness starts all over. They do not do sufficient due diligence and expect their clients to be their Beta Testers.

    I have suffered through the months required to get my accounts transferred from another broker, their new website design, transferring cash out, many cancelled requests, their new buggy platform, “buy-ins” (5 in the last 4 months) where they give me 15 minutes first thing in the morning to cover my shorts (I am NOT on margin) and lose me a lot of money or they will do it for me at a “service” charge of $45 +HST.

    And as if this is not enough, this new clearing house they have set up is nothing short of a nightmare. First, almost $100,000 cash disappeared from my account and now today, I have spent 6 hours trying to figure out why they made over ten trades in my account last night, not only losing 2000 shares of an existing short in the process, but leaving me simultaneously with a portion of the shorts converted to longs.

    There is not enough time for me to explain all the madness I have gone through with this company and I just cannot take it any more.

    @Miranda, PLEASE do not use Questrade until you give them 6 months to straighten out the mess they are in now.

    And for anybody else that wants to short stocks, take your business elsewhere or expect losses as they do not have the resources available to safely handle your short requests.

  294. More than I can bear

    It gets worse. All trade orders Thursday and today (Friday Jan 11) are delayed by up to 30 minutes for “Broker Review”. And once any trade is entered, I cannot cancel or modify it; I must wait out the delay and so that stock is frozen for me while the market moves on. I spent over an hour on the phone waiting for the trade desk and no luck. And over half an hour before I got on the chat line and the only answer is “we’re reviewing every trade before they are executed” (not just mine, everybody’s).

    My account is still messed up with missing shares and numbers that don’t make any sense at all and the only answer I can get is they’re working on it. I have lost thousands on this fiasco.

  295. More than i can bear: I made trades yesterday and today. I have not experienced at all the 30m delay that you are.

  296. Hi More,

    My name is Laural, and I work at Questrade.

    I’m sorry to hear about your frustrations, and would like to help you resolve this.

    In order to help you out, you will need to share your account details with us. You can do this by contacting client services: http://bit.ly/QTHelp

    Or, if you want to talk about general questions, you can start a thread on one of the forums on the Exchange, Questrade’s online community: http://community.questrade.com/

    Our team members are always reading and responding to posts over there, and it’s a great way to reach out to us. But remember, for privacy reasons, please don’t include personal account information in a public forum.

    Thanks!

    Laural – Team Questrade
    Social Media and Community Manager

    • More than I can bear

      Laural, thank you for getting back to me so fast. I have spent far too many hours investigating these problems and have got nowhere. Contacting the trade desk by phone is impossible (I waited over an hour then gave up). Chat lines are totally back-logged – typically takes 30 minutes or more to get through.

      Perhaps you could refer back to the following chats to get the full story. I would very much appreciate it if you could help without my having to go through all of this again. I can email you transcripts of the chats if you want.

      You are now chatting with ‘Alpesh’
      Your reference number for this chat is LTK12124059673111X
      About my RRIF money that was withdrawn into an unknown account and disappeared. Not resolved.

      You are now chatting with ‘Jeffrey’
      Your reference number for this chat is LTK12124060012677X
      About extensive trading activity in my account and disappearing shares after market close, and is totally confusing

      You are now chatting with ‘Prital’
      Your reference number for this chat is LTK12124060042658X
      About the 30 minute delays after an order is placed and further to my missing shorts

      You are now chatting with ‘Felix’
      Your reference number for this chat is LTK12124060062933X
      Further discussion of my missing shares and trading delays

      These are just 4 of about 40 chats I have had about problems since 2010. I really am at my wits’ end.

      Thank you so much if you can help me.

  297. I have been working to establish accounts at Questrade since Oct 2012 for myself and my wife, and have been running into brick wall when it comes to actually funding our accounts.

    I deposited my physical share certificate on Jan 4th of this year. After waiting 4 of the 5 business days I was told it would take to settle the deposit, I called into the New Accounts dept, only to be told that I had to have previously deposited the $200(+HST) fee to pay for the deposit.

    Deposited that and waited a few days – Calling into New Accounts every few days resulted in being told that my shares would settle in “3-5 days”

    It’s 01/28/13, and I’ve been chasing down where my shares are at for 3 days straight, with New Accounts employees ignoring voicemails and direct email messages.

    In hindsight, it appears that I’m encountering a culture of overworked, understaffed, and potentially under qualified New Accounts and Transfers staff… I’ve worked for a national discount brokerage in the past (in a compliance / director capacity), and I say in as objective a manner as possible, that I’ve never encountered a financial organization that is run as poorly as Questrade.

    Once this is all settled, I intend to pull my sizable portfolio from Questrade, and will ensure that every person I encounter knows to avoid this institution.

  298. I think Questrade is one of the worse companies in brokerage industry and I do not think they follow fair business practices. Their customer service almost non-existed. I consider myself lucky if I can hold of anyone to chat or talk after 40 minutes. Email response takes days! Their reporting system and statements are confusing, are not easy to understand by a novice investors and they use every opportunity to hide or make it worse to comprehend.

    I personally lost thousands of dollars in interest since I traded US stocks only with a margin account funded in $CAN. They do not convert existing funds to $US automatically or never advise clearly or warn you to do so. Although I never traded a Canadian stock since day one, they basically hold my $CAN, consider I borrowed $US and they charged me interest until I found out this and converted some funds from $CAN to $US.

    Beware! They consider buying a US stock as a loan on your margin account if you do not convert equivalent amount to $US before settlement date and they charge interest to so to speak borrowed money. A smart, sneaky and easy way of making money. It is hard if not possible to figure out which interest paid for what; interest paid for actual borrowed margin amount and for so to speak borrowed $US amount. No clear answer for simple questions. When you realized they are kind of stealing your money under the name of interest it’s too late.

    Hope fellow investors, press, media, market regulators, investor advocacy groups and some brave legal counselors will take action against Questrade and use their correctional power for this kind of bad apples in brokerage industry.

    • you are an idiot if you don’t understand that converting usd/cdn every trade would cost you thousands due to the spread and currency fluctuations.

  299. Hi More,

    Thanks for sending all of that information. I brought it to the attention of our client services team, and I understand they have been in touch.

    If you have any further questions, don’t hesitate to contact client services. You can reach them by phone, email or live chat. You can also request a phone call at a time that works for you! Here’s the 411: http://bit.ly/QTHelp

    Best,

    Laural – Team Questrade
    Social Media and Community Manager

  300. In my opinion, Questrade is nothing short of a Criminal Organisation.

    I had misfortune to deal with them only for several weeks. But when I saw what they are all about, I went to their office, closed the account and got my money back.
    I was fully prepared to call & get police involved if they did not give me money back. When they realised that I am ready to do whatever it takes to get rid off of them – only then would they give me money back.
    Their “customer service representatives” and “managers” are unprofessional, obnoxious, and downright rude. I urge everyone not to trust one word they tell you.

    I pity people that still have account with this incredibly bad, dishonest, unprofessional company; company that that should have been closed down a long time ago.

  301. We requested our annual RIF withdrawal earlier in January. In past years, we took the transfer “in kind” to our joint margin account with very carefully worded letters of direction. The amounts were always grossed up so that appropriate amount of withholding tax could be taken. For the first few attempts at this, Questrade managed to screw it up. I finally had to phone them and explain the bookkeeping to them.

    This year we were advised that they could not do physical transfer any more. So we bit the bullet, made the necessary sales in the RIF, and then requested that the cash be transferred to our Joint Margin account. I guess the bookkeeping there is just too complicated for a staff of amateurs.

    The intent was to use the funds thus transferred to buy income bearing securities in the Margin Account.

    But Questrade still managed to screw things up again. Instead of transferring the entire net (after taxes) to the margin account, they sent part of the net to the margin account, and mailed a cheque for the rest. For us, there are several problems with this:

    (1) We didn’t ask for a cheque. We asked for a transfer to the Joint Margin.

    (2) We now have to endure Canada’s crappy postal service. That’s why many people choose to do things electronically.

    (3) We spend the winters in South America, so a cheque mailed to our Canadian address either has to be chased down by family members, or we have to wait until April when we get back to Canada.

    (4) Even if a family member manages to find the cheque in our mountain of mail that accumulates during our winter absence, he or she must then travel through miserable winter weather (in our daughter’s case with a small baby) to go to the bank to deposit the cheque.

    (5) Then our daughter has to stand in line at the bank.

    (6) Even if she manages to deposit the cheque (if she can find it…or if in fact Questrade really mailed it all), the bank puts a hold on cheque deposits for amounts over $1000. So we have to wait another week to even have access to most of the money.

    I spent a good chunk of the afternoon today on the customer service chat line. By the time I got through to an agent, the back office was closed, so I have no idea what happen to our cheque (apparently dated January 15 but still not received….or at least our daughter cannot find it in our mountain of mail).

    So now I have to wait another day. I tried to reach our daughter by phone, but to no avail. She has other things going on in her life without having to worry about our problems.

    Now think about it. If Questrade had simply made the electronic transfer from RIF to Margin………..AS REQUESTED……several problems would be avoided:

    (1) We would have our money.

    (2) We would not be wasting our time. I could be golfing instead. I would rather be golfing than babysitting those guys.

    (3) We would not be wasting Questrade’s agent’s time. I am sure that Questrade has many other screw ups on which their agents’ time could be more gainfully employed.

    (4) Our daughter would not have to go travel through miserable winter weather and waste her time rummaging through our mail to find the cheque.

    (5) Our daughter would not have to stand in a bank line up if, as, and when the cheque ever gets there.

    (6) We would not have to wait a week for the bank’s hold to expire.

    As I write this, I received a text message from my daughter saying that the mail was not there, but the office (where I used to work) is checking the mail now.

    When I lost the internet connection today, I finally connected with another agent and asked that a message be passed along to the first agent, and I requested a phone call for tomorrow (we have a North American phone number here….a Magic Jack). No commitment was made to phone us. I don’t really expect them to phone us. I was then asked if there was anything Questrde could help me with. I replied (paraphrased):

    “No thank you. Questrade screws up so many things that it’s Questrade who needs the help, and not us”.

    Another matter:

    We have a sizeable portfolio with Questrade. We depend on timely deposits of our dividends to provide us with our retirement income. This month, because of their “system change”, dividend payments have been late. It’s bad enough that we have to wait two days already when we request the EFT transfer to reach our bank.

  302. Follow up……

    No mail today. Today is January 29. Questrade claims to have mailed the cheque on January 15.

    Notwithstanding any blame that can be attached to Canada Post, the fact remains that this whole episode would have been avoided, and life would have been much simpler for everybody….including Questrade………if they had simply done in the first place what they were asked to do. EFT’s and/or transfers between Questrade accounts are simpler for everybody, including Questrade.

  303. @QTneveragain: this question is a very good one. Let me share some background with you. Many of our clients prefer to trade with margin (and possibly incur interest charges) than convert currencies (and incur conversion charges). The choice of approach entirely depends on each client’s trading strategy. For example, if you make a number of trades on the U.S. market during the day but don’t hold any of the positions overnight, you would likely not incur interest (margin costs). On the other hand, if you intend on holding a position for a long time, it may make more sense to convert the currency before making the trade. This is a very top-level description.

    There is an ongoing discussion in our forums regarding this subject: https://community.questrade.com/f/56/p/794/2703.aspx. You can also read more about our interest rates and margin policy here: http://www.questrade.com/pricing/interest_rates.aspx

    @Andrew – Yes, processing for certain certificates can take some time. I understand our client services team has been in touch, and hopefully everything has worked out to your satisfaction. Please feel free to contact us to if you have any questions about processing times certificate deposits, withdrawals, safekeeping and other administrative services listed here: http://www.questrade.com/pricing/admin_fees.aspx

    @Lawrence – I’m sorry to hear this. We have looked into the matter and escalated it. A client services specialist will be in touch with you directly.

    @Davor– I never like to hear about people leaving Questrade. Rest assured that we appreciate your feedback, and are constantly working to improve our services so that we don’t lose valued clients like you.

    Everyone – if you have any questions or concerns about your experience with Questrade, I encourage you to also contact client services. We’re happy to discuss general topics here, but for privacy and security reasons, we cannot discuss or resolve any specific questions you may have. Our client team can look at your account details and offer personalized assistance. Here is the contact information: http://bit.ly/QTHelp
    Best,
    Laural – Team Questrade
    Social Media and Community Manager

  304. @Laural.
    Thank you for the information, but mine was not a question, it was a complaint. It looks it is easier to get information here then Questrade site. What a shame for a business unless they don’t want it for the sake of short interests. If I knew this information earlier, I could have thousands of dollars of interest greedy Questrade charged me.
    For the sake of the link you provided, I am surprised about the LOCATION (under pricing\interest rates). I wonder why an investor should have to go to interest rates page to get the information about US stocks trading if she trades with her own money hence expect no interest to be incurred and when she check trade history which shows comissions and ECN fees but “0” interest? Why this information is not provided to investors who trade US stocks as clear as as commsissions, ECN fees, etc? If Qestrade charges interest and consider any US trade is like borrowing money from QT if you do not convert some funds prior to settlement date, then this kind of information should be clear, accesible, well defined, and easy to understand. There should not be a guess work for this kind of major expense (in my case almost 7K, larger than commissions). Clients has to be fully informed before they give their consent. Companies with decent busines ethics check with their clients to make sure whether their clients want a feature, opt in or out a service, etc. Many do double opt in/out even for free services. I believe QT fails in terms of informing their clients about this policy and related costs. Again, If QT charges any fee, it has to be clearly defined as they do in terms of commisions and fees and client’s consent should be a must.

    I am glad I did not transfer my RSP and TFSA to Questrade and now working with other two brokerage institutions. I will close the existing one after this problem is over, one way or another.

  305. @QTneveragain: While I understand your frustration, I don’t think you can blame Questrade for this issue. Margin accounts work exactly the same way in other brokerages too. It is *your responsibility* to transfer cash from the CAD side to the USD side. I learnt this the hard way too when I first started out and it was a cash account, not a margin account. Fortunately, I noticed the negative balance, called them after the trade settled and the interest charged was a small amount and my broker at that time offered to waive the interest.

    @Everyone: As someone who experienced frustration with Questrade (over a much smaller issue than some reported here), I totally understand but please keep the comments section respectful. Thank you.

    • @Canadian Capitalist
      If many people including yourself learn this kind of practice the hard way then not only clients but also companies should be blamed and share the responsibility. When we purchase a product or service, we know what we are paying for, but in this case, as you also expreienced, we do not know or are not informed about what’s the service about and how much is the cost clearly.

      Here is a scenario:

      Assume a new client has 200K CAD.
      Trades a US stock for 200K.
      Sell stocks in five days, assume his balance is OK and back to cash hence does not owe to anyone.
      Check trade history: Commissions and ECN fee are there. Interest column is “0”
      QT starts charging interest for 200K (or more if client use margins) which may last for FOREVER.
      Client take a six month break.

      After six months, client would be surprised with the intesrest charges of thousands of dollar ( approx. 200K x 0.5 /month). If he is a long term invester to hold the US stocks, he would get a heart attack. During this process, nobody inform client about incurred interests, no email about statements, and nobody tells clients he was borrowing money from Questrade.

      A big question: Is it legal? I do not know. Is it ethical? Hell no. It’s even discussting if any business making money this way, without informing and warning their clients. Do you think a company with fair business practices can do this? Do you think clients is the only one to blame? Should this kind of business practices regulated better? Anyone?

      • Please stop trying to blame Questrade for your own incompetence. It is so funny reading this thread. I opened my questrade account 4 years ago. When I first opened my account I also encountered some problems due to being a rank amateur. I had orders that weren’t executed. I got charged ECN fees (tiny) because I didn’t understand the difference between market and limit orders. I ended up with a negative balance in my TFSA account when I bought a US listed stock because I forgot to take exchange fees into account. ALL OF WHICH WAS MY OWN FAULT BECAUSE I DIDN’T KNOW WHAT I WAS DOING. Every time I had a problem I contacted customer service and they explained what was going on. Some of my mistakes cost me money but that’s the price of learning if you’ve never been a DIY investor before. Only one time did I experience an issue that was really their fault. I recieved a notice from the CRA that I had to file a TFSA return because I overcontributed. I contacted customer service and and provided them the proof I hadn’t overcontributed and also called CRA and let them know of the error. A couple weeks later I received an email stating that many customers were effected by this error and Questrade would resolve it. I DIDN’T PANIC WHEN I DIDN’T HAVE AN ANSWER AFTER A DAY OR TWO!!! My God Lawrence is on here complaining that his $25 dividend payment got delayed by a week! If you’re that hard up for cash should you really be investing in the stock market? So many complaints on here (not all) are just from people who are either unreasonable or just don’t understand how trading works.

  306. @ Laural

    Sorry Laural for not trusting one word of what you have to say. It is very obvious that what you are doing is just PR exercise and damage control. It appears to be easier to get a hold of someone at Questrade via this forum then through proper channels when calling, writing or emailing to Questrade.

    You claim that you are : “constantly working to improve our services” but evidence against Questrade of NOT doing that is overwhelming.

    I left Questrade roughly about 2 years ago, the problems at that time were:

    – next to impossible to reach anyone on the phone, waiting time when calling or trying to get access via chat – about 50 minutes on average
    – emails went unanswered, if answered it takes more then 5 business days
    – numerous promises made but few, if any, honoured or executed
    – Documents lost and/or misplaced
    – Customer service INCOMPETENT, unprofessional; sometimes downright rude and obnoxious
    – Trades not executed, rejected for no reason or wrongly executed
    – Securities missing in account overnight
    – Etc., etc.

    And two years later – the very same “business practice”, the very same problem are still there.
    So please do not make claim that you “constantly working to improve our services”, because there is no evidence to support that other then your claim and empty words – but no results.

    What is puzzling to me in all that is – how do you manage to hold onto even one customer of yours? That is GREAT mystery to me

  307. @QTneveragain….

    Canadian Capitalist is right. The information is there on their myquestrade website. Their policy is mentioned when you are on permahold with them.

    This is a discount broker. The duty of due diligence is yours in terms of understanding their policies.

    My beef with them is that they did not, with us, follow procedure as disclosed on their website. We did not ask for a cheque. We selected the option of transferring funds from one QT account to another. They sent us a cheque that we did not ask for.

    At this point, I do not know where that cheque is. Our daughter in Canada has a busy life that includes a young baby and a part-time job. She has not had a chance to check our mail since I last posted on here.

    @ Laural

    You said somebody would contact us. Nobody has contacted us.

    (1) I requested a follow-up phone call. No such phone call has been received. The number was given, my magic jack has always been on (an American number), and my magic jack records all incoming calls.

    (2) The agent (Arsen) with whom we spoke on line (live help chat), indicated that an email would be sent to my wife’s email. No such email has been received.

    (3) I phoned customer service again today. The agent (Elsa) asked for a letter of direction to have the cheque stopped and the funds transferred electronically. The best and most effective way we can send a letter of direction to you is to print it, sign it, scan it and then email the scanned signed copy back. There is a problem. The last time we did that (asking for certain stocks to have their dividends participate in the DRIP), Questrade did not do what we asked for. We were told that QT requires the signed original. So please tell us what we should do.

    So essentially the agent promised nothing.

    So then I have asked her to speak to her supervisor to find what QT will or will not do for us. We also want to know what attached costs there would be, if any. asked her to call me back………..which she did.

    Then she finally agreed that a scanned letter would suffice and that any stop payment fees would be waived.

    I will keep this forum advised as whether Questrade keeps its promise.

  308. Well I use questrade and I am i total beginner. I made some early mistakes when the stocks I held dropped dramastically in value. I fell below the value of my margin acct. I called Questarde they explained my situation. Now my Acct. Has more than 8000 combined US CDN value. If you have any problems call the phone number and wait the 40 minutes to reach someone. Once you do they are awesome in helping you short stocks and place any order type you like. I was on the phone for thirty minutes and was awarded basically a free trading seminar. I spoken with them many times and once you reach them on the phone , albeit a long wait, they are very helpful. TD waterhouse is 30 dollars a trade. It would take a long time to profit for me on the small trades I purchase. So i think questrade’s trade price is quite a good value. Now where can I but shares. Dang it is a private company. Security is an issue so I dont mind waiting a few days or a week to sort things out.

  309. I can’t even get my account funded. I opened a margin and a TFSA early Feb. and on Feb 14 I transferred $25k CN stock from Computershare. Computershare charged me $36.75. After calling QT everyday to find out if they received my shares, they kept telling me to give the back room a few days. Then after a week I was told I would have to fill out a request to transfer shares form. I did this and mailed it to them. They wouldn’t allow a fax or other means. They recieved the request in the mail and told me the transfer should be finished in a day or two. Then I called back and they told me that they needed a “Transfer number” or reference number for the transfer from Computershare. I called Computershare to find out what the number was and they told me flat out that there was no such thing. Then I called QT and they told me all brokers sent a reference number and QT could not receive the shares until I gave them a reference number. This went on and on, I finally got QT to call Computershare directly to resolve the problem. Then QT called me and told me that Computershare does not have reference numbers and my trade would be processed. The date was now Mar 3, 2013.

    The next day the shares were not retrieved from the electronic system by QT and they were sent back to Computershare. I called QT and told them this and they told me to do the transfer again and it would go smoothly this time. So I paid another $36.75 to Computershare and did the transfer. With Computershare the transfers in kind must be initiated on their end.

    Then I called QT every second day to check up on the transfer and got one customer service agent to pay particular attention to it and was emailing him. They assured me that QT was taking the shares from the system.
    On Mar 22, 2013, the shares were sent back to Computershare again due to a “timeout” by QT.

    I just don’t know what to do, I never seen , in my whole life such an operation. I can’t get my transfer fees back and doubt if QT will pick them up.

    What should I do. QT also has $1000 cash of mine.

    • @Jeff: I would call them and close your account to get your $1000 back. Have it EFT because they will charge for cutting & mailing a cheque.

  310. @ Troy Mac : April 17, 2013 at 6:22 pm

    “Troy Mac” – just tell us what do you do at Questrade or how much did they pay you to post your nonsense?

    If we are to take your word for it – everyone else here is stupid and do not know what they are doing, but only you are smart & you know and you have no problem???? PLESE – give me a break.

    Hundreds and hundreds or complaints and horror stories about criminals at Questrade can NOT be wrong and can not be coincidence , while you are one and only (besides other Questrade employees who post here) who has anything positive to say….

    So stop INSULTING everyone’s intelligence and take your BS elsewhere …

  311. Well, after loyally sticking with Questrade for 4 years, I finally jumped back to BMO IVL. At first, I was happy with Questrade for the lowest commissions, easy online application, referral bonuses, and live chat help. But the negatives started piling up: major mistakes with tax filings with TFSA and dividends from trusts, ECN fees, liquidity fees, recall/execution commissions, unknowledgeable reps…

    The last straw was sneaking an increased 6% (CAD) and 6.25% (USD) margin interest rate on me in 2012. Apparently, within the last month, maybe partly from my complaints?, they have a new 5% rate for debit balances over $100k. But this is still far from the industry standard, 4.25% for CAD, and 4.75% USD. In total, I’ve overpaid Questrade $1500 while maybe saving $500 on commissions. I feel slightly better that Questrade’s innovative Margin Power enabled me to profit more than $1000 to make up for the extra interest, but it could have easily gone the other way.

    I’m keeping my Margin Power account, my TFSA, and my RRSP with Questrade – Questrade still offers the best deals for small registered accounts (i.e. no minimum amount or fees for RRSP), but I’m moving a substantial amount of my assets out of my margin account to BMO IVL where commissions have been lowered to $9.95 for everyone. Also all the brokerages nowadays have nice deals for you to transfer…

    I guess I’ll have my feet in both worlds – it seems BMO IVL has really stepped up their game, but if not, maybe Questrade can convince me to transfer back next RSP season 🙂

    • The margin interest is much higher at QT then the big banks. Cost of borrowing for the banks is nill (0.75 currently). For Reg accounts, it is great, lower commissions and ETFs are free to buy. There is no such thing as a free lunch in the end. BMO IVL is easy to use and generally get good service. QT is more of a no-frills broker although I think that will change more with time. QT is ahead of the big banks when it comes to technology but behind in service. QT is able to handle options spreads whereas the big banks cannot even do a covered call online in a single trade. Also, good luck faxing documents to the banks because they refuse to upgrade their systems from the 1980s. In the long run, QT will be better if you don’t need to keep asking for phone support.

  312. My Story:
    Sept 2013 I send in my documents to transfer my RRSP from Raymond James to QT along with my request to transfer my TFSA from RJ to QT. I included my TFSA QT account application. This was all sent by registered mail.
    After 2 months I contacted QT as I had not heard anything. I was told they had not received anything from me.
    I contacted Canada Post through their website and I saw that QT had received the package as someone had signed for it.
    Shortly after I received some info that my RRSP transfer was OK.
    I inquired about my TFSA and was told there was no documents.
    As I was going to drive to Mexico in Nov/Dec I decided to wait until I got to Mexico to inquire further.
    I called QT and emailed while I was in MX but as I had not brought the documents with me I waited until I returned to Edmonton.
    I had talked with QT about these problems and QT was not able to help much other than to eventually tell me to resubmit the docs.
    I tried to access my QT account but I could not get past something called a relationship agreement due to a flaw in the program (it did not work with IE or with Google and if it was a Windows 8 issue then QT really needs to get some new IT guys)
    I eventually contacted QT and they were able to change the settings so I could then access my account and upload the forms again.
    I uploaded the forms and after a few weeks I received an email saying my transfer application had expired and I would have to resubmit the application.
    I resubmitted the TFSA transfer application in May and I also was told I did not need to send in photo ID as this was on record with my RRSP account.
    I then started to get emails about sending in Photo ID and that is when I contacted QT . I talked with QT and I was advised there was Photo ID on file that would do.
    I asked QT to send me an email stating my TFSA account was approved and there would be no further requirement for me to send more documents.
    QT sent an email saying my account was approved on June 11, 2014
    I have received 2 emails after that date from QT saying I needed to submit new photo ID.

    I know QT advises it is one of the Best Managed companies in 2012 and I have to ask what happened in 2013? If this Gong show is passed off as an example of how QT is well managed, then the investment business is truly in trouble and consumers should seek other options.

    What I find really annoying is that every time I phone QT or Chat I have to provide my full name, my account number, the name of my mother, the street on which I grew up, the name of my first pet. my complete address, my email address, etc. but I have never been asked to supply Photo ID. What QT needs my photo ID for is beyond understanding. I can see QT might want to know who they are talking to if I am trying to borrow money from QT, but I am not. Notwithstanding the fact QT wants to have Photo ID, I have to say I have never been asked to resubmit my Photo ID as it had expired, by any other investment organization with which I have had dealings. What QT seems to be saying is that anyone having an account with QT will need to resubmit their Photo ID at the time they need to renew their Government issued ID. In any case, as it takes more than 10 months for QT to transfer accounts, it would seem QT should require Photo ID from the Beneficiary as Lord knows if I will still be alive before the process is complete.

    I really want to transfer out of Questrade completely, but I am like the proverbial deer in the headlights as I am completely frustrated with transferring funds in to QT and I can’t imagine what sort of shenanigans will go on when I want to transfer out.

  313. BEWARE of Questrade!!
    Just want to warn people about this horrible platform. I’ve had numerous bad experiences with them over the past few years but have let it go until now. Today was the last straw. I currently own one stock. Last week I received a margin call and fulfilled it by depositing $8,000. A few days later, I received another margin call telling me $X amt was due today at 1PM EST. I was at a medical appointment today when they called me around noon and sent an email saying that I was in a real time margin call. As soon I got to my car (less than 5 minutes), I called. I spoke with someone and explained that I was on the road and he put me on hold and then came back and confirmed that they would give me until 1pm EST. I ran home and made a transfer for $5,230 immediately, responding to the most recent margin call email with a screen shot of the transfer as required. As I always do, I called them immediately as well to ensure that it was received and things were okay. I spoke with “JOBBY” and he assured me not to worry, that it would be fine. He began discussing something else, and then right there as I was on the phone with him (after talking with him for approx. 15 min), I see that a large portion of my shares are liquidated. I told him this and he said “Oh no, that can’t be right.” After telling me he would look into it, I receive an email shortly after apologizing for the inconvenience. They cost me almost $5,000 and they are sorry for my inconvenience. I called and spoke to management “MAMADOC”, and was on the phone for an hour and a half and again was told “Sorry” and that the margin call time frame is simply a courtesy and does not have to be adhered to.
    This is unacceptable. My wife and I have been clients for a few years and always adhere to all procedures. I want to ensure that Questrade loses from this by letting all prospective clients know that this is how the company is run. And any current clients- be extra cautious, or I would advise, as I will be doing – move your money as soon as you can.

  314. I am a Platium member of Questrade. I am doing day trading. I have been with them for a few months. They do have some problems with their platform.
    One time, I put a few orders. But I couldn’t see if they were executed or not because their server had an issue and I was not allowed to cancel orders. A few hours later, they were executed. But the prices already changed a lot.
    Another time, I couldn’t sell for 4 hours because of their server or routing issue. When the server was finally functioning, The price was already way below my purchase price.
    Only these 2 times, I have lost more than $1000.

  315. I would not suggest questrade. I too had enough problems with them and found them to play games when it comes to withdrawing funds or answering for their screw ups. I lost hundreds with them on fees and shady charges. I now closed my trade accounts but still can’t close the main account as they pretend I don’t have one. They also ripped me on several trades and didn’t execute a ton of the times. There are so many bugs, all of which happen to work in their favor and when you call for support you get this deadbeat chinese guy who you can’t understand. You’d think something as serious as trading would have a proper english speaking employees. Nope not at questrade. Almost everything about QT was a regret and I would not recommend to anyone.

  316. It took forever to create an account.
    The platform is frequently inaccessible at night due to maintenance. They sure are taking their sweet time.
    Glitches everywhere. I doubt they have proper Quality Control of their software, web page, etc.
    Every time I open this thing I discover new junk.
    It seems to be Programmer Design ( the worst kind ).
    I’ve never been more frustrated with anything I’ve been paying for.
    So funny reading the posts here, people complaining of getting the runaround, and Questrade asking to be contacted, for what ? another runaround ?

    • I noticed the night maintenance. But for me I only invest on the TSX and its always running by the time TSX is open. Every time its earlier.

      If you care about getting that first bid then just wake up a half an hour before TSX open.

      They have the iq essential and iq web. Sometimes the essential works but the web is in maintenance.

      My internet is not fast enough for iq edge. So I never tried it.

      I could not imagine doing investing in different country time zoned exchanges with Questrade apps. Like the TSE Taiwan stock exchange.

      However, I thought the whole process was fast to create the account. Part of it was my fault because they needed an extra thing from me. It took 4 business days to create the account.

      One extra day because I did not have it filled out properly and the funds take 4 days from my bank to work.

      I have only been with questrade for 6 months and had no glitches and problems.