I recently switched our investment accounts to Questrade (thanks to Million Dollar Journey’s referral and review) and thought I would add my two cents on my experience so far. To be honest, I was attracted to Questrade by their ultra-low commissions. Questrade has two commission plans: you can either opt for the flat $9.95 plan or if you usually transact less than 1000 shares, you could opt for the cheaper $4.95 plan. As I only buy stocks like VTI (trading at around $145), VEA (trading around $48) and some of the Canadian blue chip companies, I would typically be paying only $4.95 for making a trade.

Pros:

  1. Low commissions. $4.95 per trade is very attractive considering that I was paying $29 at the big bank brokerage.
  2. Opening an account was straightforward and intuitive. Transferring securities and cash in-kind was smooth.
  3. Questrade offers live help via chat that is very useful if you work with computers in a cubicle. You can get your queries answered while working instead of waiting on the phone for a customer rep. I have been able to get help whenever I needed it and almost always the issues have been resolved.

Okays:

  1. The 1% fee charged on foreign exchange transactions is comparable to major competitors.

Cons:

  1. As the broker’s target audience seem to be traders and not investors, there is a learning curve involved in using the trading platform.
  2. Questrade does not offer EFT transfer for US dollar funds. To move US dollar funds you have to write a cheque that takes as long as 20 days to clear or request a cheque and then make a visit to your bank to deposit it. It is a mystery why Questrade cannot offer EFT transfers when E*Trade does.
  3. When you open an account with Questrade, you will have to remember three passwords: one each for MyQuestrade (for adding, withdrawing, exchanging funds, requesting help etc.), WebTrader (the trading platform) and Penson Financial (for accessing account history etc.).

If you are willing to put up with some quirks, Questrade’s low commissions might make a switch worthwhile if you are paying $29 at your current broker. You may also want to check out the reviews of other discount brokers: BMO InvestorLine, Credential Direct, Qtrade, RBC Direct, Scotia Direct and TD Waterhouse.

[Update: Frustrated with Questrade's customer service representatives, who couldn't promptly fix an error on their part, I moved out of Questrade in a few months.]

This article has 209 comments

  1. Thanks for the link back CC. I’m glad that you’re enjoying Questrade thus far. I didn’t know about the USD transfer issue, perhaps they’ll fix that in the future.

  2. I was also surprised to find that conversions from $CDN are not made automatically in order to settle $US purchases. Since I had no $US balance, my purchase of a US stock was treated as a margin transaction and I had to struggle with the interface to figure out how to move the money once I discovered it.

  3. Hmm… I recently opened a Questrade account and moved money into it, but I have yet to execute my first trade. I’m still waiting for things to keep falling… I think the recent actions by the BoC to stabilize the market will only temporarily stop the fall. I believe that everything will now continue to “drift” down as opposed to a dramatic collapse as the yen carry trade continues to unwind.

  4. Canadian Capitalist

    Mark: I had trouble figuring that out also. You have to go into MyQuestrade, transfer funds from CAD to USD and then buy some US dollar shares. It was all confusing because I am used to simply pointing to the account you want money taken from or put into.

  5. the broker’s target audience seem to be traders

    you have to write a cheque that takes as long as 20 days to clear

    Those two things seem to be contredictory. I’m not surprised that lower commissions would be particularly appealing to people who trade a lot, but I’m shocked that it can take three weeks to have cash clear.

    I mean, how much has the market changed in the last three weeks?

  6. Canadian Capitalist

    GIV: To be fair, Questrade does allow sending funds via certified cheque or wire transfer, but they all cost money and negate the advantage of low commissions somewhat. I do hope they will have a EFT facility soon.

  7. CC, I also have accounts with Questrade – one RRSP and one non-RSP which I have yet to fund. I do agree that the trading platform is not as user friendly as other brokers but it is quick and gets the job done. If you don’t want or need hand holding, then it is a good pick.

    TDG

  8. Thank you for your review of Questrade.

    I would like to comment briefly on the Cons:

    1. We have platforms for traders as well as investors. The WebTrader platform is a very intuitive platform and the learning curve should not be more than 30 minutes. The more sophisticated platforms, Axis and CyberTrader, will take longer to learn. There are, however, manuals for both of these platforms available that help shorten the learning curve. We are also working on some tutorials that should be available soon.

    2. You can withdraw US or Canadian funds via an EFT. This feature is accessible via myQuestrade on the Withdraw Funds page. We can send the US and Canadian dollars directly in your bank account. For depositing US dollars the EFT option is not available. This is a limitation of the Canadian banking system and not Questrade. If the banks would allow US dollar bill payments, Questrade would accept them.
    Canadian dollars can be deposited via an EFT (online bill payment), both Canadian and US dollars are available via a Wire Transfer. Again due to the banking system, uncertified Personal cheques are also accepted but they take 21 business days to clear. We have had several instances where cheques have bounced more than 2 weeks after deposit and as a result we are forced to institute this policy. Certified cheques and bank drafts are accepted with no delay. If you have Canadian funds and would like to trade in US markets, I would suggest depositing Canadian dollars in your Questrade account and exchange the currency to US after that is done. This is significantly faster and most likely more effective than exchanging the currency at your bank.

    3. I do agree with you that remembering 3 sets of login info may be a bit overwhelming. Security was our main concern when we designed the process. 3 sets of login information are less likely to fall into the wrong hands at the same time. We are, however, working on this as well, and it should be resolved soon.

    I hope this helps. I encourage anyone who has any other questions or comments, (good or bad) to post them on this blog or contact me directly. I will make sure all the questions are answered promptly. Furthermore, please check out http://www.tradingacademy.com/canada if you would like to learn how to trade professionally.

    Good luck trading,

    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

  9. Canadian Capitalist

    Emil: Thank you for the comments. I don’t understand why transferring US funds from and to a USD Bank account is a problem for you but not for E*Trade. I have personally moved money from my E*Trade account into my RBC US dollar chequing account many times in the past using their free EFT service. The money appears in my account in a couple of days. So, it definitely can’t be a limitation of Canadian banking system.

  10. I apologize for not explaining it properly.

    If you want to withdraw US dollars you can make a request on our side and we can electronically send the US funds to your bank account.

    If your bank allows you to pay a bill online to Questrade, then you should be able to deposit funds into your Questrade account as well.

    I hope this helps!

    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

  11. I found the conversion process for purchasing US ETF confusing as well. Thankfully I was using the simulator and I didn’t end up purchasing on margin.

    Emil can you reconfirm the steps needed to purchase a US ETF like Vanguard?

    From what I gather now it seems you.:

    1. Transfer money from a current bank account (via cheque, transfer) to my Questrade Account.

    2. In the Questrade system, convert the CDN cash to a US equivalent.

    3. Login to WebTrader, and in WebTrader submit my execution order to purchase a US ETF.?

    Is this correct?

  12. I just checked at Scotiabank and Questrade is available as a ‘bill payee’ so I assume one would be able to transfer US$ from a US$ directly to Questrade.

  13. ooops. Meant to say

    …’transfer US$ from a US$ account directly to Questrade.’

  14. Canadian Capitalist

    Earl: Your steps are correct. I followed the exact same steps in my recent purchase of VEA.

    Emil: My Royal Bank USD account also has a bill pay feature. Would I be able to use that feature to transfer USD from my bank account into Questrade USD account? I am going to try sending a small amount anyway to see how it works.

    AJ: I checked with Royal Bank and they offer bill pay too. I am going to try and see if it works.

  15. On their site, they say the following:

    “1. BILL PAYMENT VIA INTERNET BANKING:
    Electronic Bill Payment via Internet Banking using the ‘Pay Bills’ function at most banks. Direct deposits can only be made in CAD funds. Simply choose ‘Questrade Inc’ as the payee, reference your Questrade account number provided and ‘pay’ the funds directly to your Questrade account.”

    It seems to clearly say CAD funds only. I have sent Questrade an email asking for clarification. Maybe Emil can answer.

  16. Just got my answer back.

    “If your bank allows USD bill payments then you are able to fund it in USD and the US side of your account will get credited. However, the fastest method will be by wire in which your bank will most probably charge you for.”

    So it looks like your test should work.

  17. Hi all,

    I’d like to fist clarify the difference between an ETF and an EFT:

    ETF – Exchange Traded Fund – As the name suggests, these are funds that are traded on a stock exchange. These are traded exactly the same way as stocks. You’d enter the symbol of the ETF, the quantity (# of shares/units), price, and click “BUY”.

    EFT – Electronic Fund Transfer – It is used interchangeably with Online Bill Payment. This is the way to deposit and withdraw funds into and from your Questrade account.
    The reason why we say in the website that the Bill Payment Option is available in CAD only is because the banks do not allow USD EFTs.

    C.C., please let me know if you are able to move USDs online from your USD bank account into your Questrade account. We’ll need to update the website right away.

    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
    _____________________________________________________________________________
    Questrade Inc. | 5650 Yonge Street, Suite 1700, Toronto, ON M2M 4G3

    Trade Stocks for $4.95

  18. Canadian Capitalist

    Emil: I didn’t know EFT is the same as Online Bill Payment.

    It is incorrect to say that banks do not allow USD EFTs. I have an account with E*Trade through work and I have sent money to and fro my Royal Bank USD Chequing account many times. So, at the very least EFT works with Royal Bank’s USD accounts.

  19. Canadian Capitalist

    Emil: I *cannot* send USD funds to Questrade. RBC’s bill pay insists on converting USD into CAD funds before sending.

    I still can’t understand why EFT in USD funds is possible for E*Trade Canada but not Questrade. The 20 business days holding period for cheques is far too long. I sent a cheque on 9/Aug, it was cleared at my bank of 15/Aug and it is unacceptable that the funds won’t be available in my account until September. Sometimes, a month’s worth of lost interest payments will wipe out any savings on commissions.

  20. E-trade might be working like a bank. For example, ING direct can transfer USD from/to external US dollar account in Canada

  21. I am surprised to hear that “EFT is the same as Online Bill Payment.”

    Based on my experience with E*trade, EFT is a service/function provided by brokerage firm E*trade, and I simply ETF while logging into my E*trade account.

    Bill payment, I believe, is the function provided by the bank, has nothing to do with the brokerage firm.

    Ann’s comment looks quite reasonable.

  22. Pingback: Reader Query: Should I Choose Index Mutual Funds over ETFs?

  23. Hi all,

    To clarify, Bill Payments and EFTs are essentially the same technology used by the banks. EFTs must be initiated by the owner of the account and as such the funds are being “pushed” out of the account by the account holder. As we have said and CC has verified, banks will not allow you to initiate a payment in USD to a payee and this continues to be a limitation of the banking system and not Questrade.

    We have looked into what is being referred to in this discussion as EFTs in USD at E-Trade. What in fact is happening is that USD funds are being “pulled” out of client accounts using a pre-authorized payment (PAP) form. This is a process initiated by E-Trade and not by the account holder. Settlement date for these transactions is T+1 for major banks (includes HSBC), T+2 days for some banks such as PC Financial (because they flow through CIBC) and T+3 days for most credit unions. It will not show in your brokerage account for one additional day due to processing time.

    In response to the comments in this forum Questrade is setting up this service now and will be rolling it out shortly. This will allow Questrade to “pull” USD from client accounts upon receiving their authorization to do so. Questrade continues to offer EFT payments in USD into client accounts.

    Please contact me with any further questions.

    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

  24. Canadian Capitalist

    Emil: It is nice to hear that Questrade will be rolling out a EFT transfer for USD accounts. In my view, it will address the biggest issue with Questrade.

  25. The QuestraderPro trading platform is the worst trading platform I have ever used. Questrade needs to get their act together and offer a more powerful trading platform to their clients. I pretty much won’t be trading until a better trading platform is released.

  26. Dear Frank,

    Thank you for your comments. Questrade welcomes positive as well as negative feedback.

    We have thousands of clients that trade on the QuestraderPro platform. All of them are quite satisfied with it.

    I would appreciate it very much if you could provide me with the reasons why you do not like the platform. It would be very helpful if you could comment on the features that your ideal trading platform would have. We will try to accommodate as many of your requests as possible when we are ready to offer a third trading platform.

    Regards,

    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

  27. Hi Mr.Emil , i’ve a client for questrade for over a year now , i’ve used cybertrader pro , in May i took a break (contract compromise) from trading and i was returning this september , sadly i’ve read they have switched the cybertrader pro to the new questraderpro , i agree with Mr.Frank , although i dont believe its the worst platform , i believe that for an active trader it lacks certain requirements that are crucial , specially for scalpers or day traders, although i believe its a very strong plataform with great potential , the following remarks should be taken into consideration:

    - 4 charts max (In today’s market its crucial for a trader to watch several indices and stocks at the same time , not to mention overall market trend , 4 charts is just not enough , now my 2 of my 3 screens are not doing anything)
    -multiple order box should be allow as well, for scalpers its crucial that they react fast with the market ,changing symbols in only 1 order entry box is not fast enough .

    I really appreciate questrade, and i’ve been told they are looking for a more complete platform soon , i believe questrade is by far the canadian stock broker leading company , i hope they do something soon about it , in the meantime i will be using questraderpro just to submit my entries but using quotetracker as my technical platform.

  28. Hi Pablo,

    Thank you for your valuable feedback. I forwarded your e-mail to the team in charge of evaluating the new platform. All the points will be considered when choosing the CyberTrader replacement.

    I will let you know about the features of the new platform as soon as we make a decision. At this point, the team is still evaluating a few of them.

    I appreciate your good words about Questrade.

    Good luck trading,

    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

  29. To add to Pablo Corzo.

    1. Where is the Manual for QuestraderPro?

    2. This Java based program is sluggish on slower machines.

    3.The Virtual Trailing Stop (VTSO) doesn’t seem to always work.

    4.Needs smart route orders like CybertraderPro. I would see a price on the inside ask, and I try to buy it at that price using the Route AUTO, but I would not get filled.

    5.Needs to be able to draw support, resistance, and other trend lines on the graphs. These are just basic tools for technical analysis.

    6.The Account box needs to display my actual funds, not just my buying power.

    7.I only see 3 prices on the bid and ask.(This is level 1 quote for QuestraderPro?)

    8.Short selling takes extremely long! “Pending… Pending… REJECTED!” If your going to accept or reject the short selling order, just make it faster.

    9.There one simple thing I hate about the login screen. It doesn’t save your user name! I have to type my dam user name every dam time I login.

    10. I think thats all there is to hate about this Platform. The only feature I like about questraderPro is that you can change the background color of each of your window.

  30. I just opened an account with Questrade last week.

    As I was familiarizing myself with the trading platform I found that I had been set up on what appeared to be a different and more expensive platform than I had signed up for.

    Luckily, there is a live chat function for help. Unfortunately, the individual I chatted with was unable to assist me and referred me to his manager that I subsequently had to call to rectify the problem.

    The manager explained to me that it was too late to switch platforms and that I would be charged regardless, period. He said his records showed that I had chosen the more expensive platform. It didn’t seem to matter that I just opened the account and I alerted Questrade to the discrepancy immediately.

    I am unimpressed by the way Questrade poorly treats new customers. Unfortunately, I found the manager somewhat condescending and patronizing.

    Today, after a week with Questrade, I found out that the platform has been changed to the cheaper one that I originally wanted, yet I am still being charged for the more expensive platform for the entire month.

    The manager did say that with discount brokers you get what you pay for… In my case, you pay for what you don’t get.

    My advise to others: STAY AWAY FROM QUESTRADE!
    There are other, better discount brokers out there.

    Sincerely,
    Richard Massicotte

  31. Pingback: Giving up on Questrade

  32. Canadian Capitalist

    Richard: You may want to contact Emil from Questrade about your problem. Like I mentioned in a recent post, I am frustrated with Questrade as well.

  33. Has questrade implemtend EFT for USD? (Pull from your USD account at a bank)

  34. Canadian Capitalist

    Alex: Not to my knowledge. To fund your USD account quicker, just follow the steps I outlined in another post:

    Link

  35. I recently left Questrade, for 2 reason:

    1) On multiple occasions they were unable to fulfill my OTCBB Orders, even though they were market orders and friends w/other discount brokers filled market orders the same day no problem. Resulting in me missing on a literally thousands of dollars of capital gains.

    2) On multiple occasions I submitted requests for deposits/withdrawals, and it took unnecessarily long time to fill (in some cases, requiring me to call them up to “remind” them that the request was sent.

    I’m going to try Interactive Brokers next, as I’ve heard good things about them. Anyone know anything about ib?

  36. Jim,

    There are multiple order routes for OTCBB trades. I’m guessing you left the route as “Auto”? Please contact me directly with your account number and your e-mail address. I will look into the reasons for the delay and get back to you with a detailed explanation.

    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

  37. I signed up with Questrade a few weeks ago, and so far it has been ok, but I just phoned customer service for the first time and they were painfully unprofessional.

    I have been using the demo account for access to live level II data and then simply making trades on my actual account. The website clearly states that if you make a certain number of trades you can have access to level II data free (40 trades per month). I intend to trade frequently so I wanted to sign up, but the option to add data services was nowhere to be found in MyQuestrade. I tried the online support and they told me that I had to phone Questrade to activate it.

    When I got in touch with a CSR, the guy I spoke to had no clue what I was talking about. He insisted that since I had signed up for Questrader Web with Quotestream, that I had access to all the level II data. I tried explaining to him repeatedly that they were optional packages, but he couldn’t understand that in any way. He insisted that my account did have Level II. I told him that the demo had what I was looking for, live level II, but not my actual trading account. Then he seemed to think that I was confusing the demo with the actual trading account. He even made me doubt myself to the point that I opened quotestream in my account and tried to access level II data and it gave the message “Level II market depth not available in delayed” so then I knew for certain.

    It’s amazing that the CSRs can know less about the company’s services than the clients. At the end of the phonecall he told me he had signed me up for the services, but he never even convinced me that he knew what I wanted. I guess I’ll wait and see if anything happens.

    I’m an undergrad student in Finanace, and I appreciate Questrade for being the only company that is affordable enough to provide even a student with the opportunity trade. Otherwise there would be no chance for me to to actually apply what I learn in school on the markets. I have had several strange experiences with this company, but this one really topped the charts. I’ve been a client for a couple weeks now so I’m starting to wonder what will happen next… Anyway, I guess you get what you pay for.. .

  38. Dear Rene,

    I apologize for the misunderstanding about your data levels. Just to confirm, we did resolve the issue exactly as you requested – in fact, the client service specialist made the correction the same day the two of you spoke.

    Also, I appreciate the feedback you’ve given us here. I encourage everyone to let us know what we are doing right – and wrong. We are constantly trying to improve and we cannot do that without your help.

    Regards,

    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

  39. My wife and I were just about to courier to Questrader our application this morning. I had already made the funds transfer as well but that has also been stopped.

    My wife placed a simple phone call to the head office in Toronto to inquire about how transfers were setup this morning. The gentleman on the other line was very short with her and could not wait to get her off the phone. He also explained we would be paying $20 per stock/fund purchase which was news to me. The website application was also fairly confusing in selecting services as well so even if we did choose this fee I do not recall anywhere in that form where this was indicated.

    If this is how your company treats people at the START of the relationship process – I can only imagine how worse things will get.

    Can anyone else recommend a good broker Canada side?

  40. Canadian Capitalist

    Jason: I understand your frustration. I personally have experienced Questrade’s less-than-stellar (to put it mildly) customer service. If you have more than $100K in assets you may want to consider TD Waterhouse. I’m with them and fairly happy about it.

  41. Pingback: Adieu to Questrade

  42. I am a new user of Questrade. Over the years I have traded with BMO Investorline and TD Waterhouse. I am very happy with Questrade so far. I have used the live help chat a couple times and both times they resolved my issue right away.

    Like another poster, I also had the problem wherein I had signed up for LevelII but it didn’t show up on my account. He had it working within two hours of my online chat with him.

    I do have a question for the forum though. I have never used Trailing Stop Loss Orders. I believe I understand the concept well enough, but…with Questrade when entering a VTSO, what number exactly am I entering? a percentage? the price compared to what I bought? or the price compared to what it’s worth at last close?

    Thanks for the help.

  43. Looks like we’re forced to use WT or QtPro in a matter of weeks. Tried both of them. QTPRoNot comparable to CyberTrader, especially the charting.

    These platforms practically force me to buy charts from another party.

    As for WT, what other charting program in the world offers 5 daily candles for a 5-day chart? Please! that should have intraday data as well, NOT daily.

    Why is there no straddle layout for puts/calls? Who wants to view one OR the other only?

    QTPro charts don’t permit trendline drawing, from what I can see. Just as well, since anything more than a 1 day chart requires horizontal scrolling, thereby making an overview of the last few days impossible.

    By the way, folks at QT, regarding MACD: pretty much all vendors permit MACD Ma/trigger line/histogram. They don’t force people to choose between histogram or MA, and don’t try to make the histogram substitute for the MA line.

    As for all the complaints about requests not being done in a timely mannery, or without reminders, that’s an old story. Been with QT for years, and not improving any. This forced imposition of the new platforms may be what I need to move to IB. The decision on their part to charge for currency conversions (figure out what it will cost to flip your entire account back and forth if you have to do that to stay out of a depreciationg currency like the USD when you trade US equities/options exclusively, and you’ll see that it adds up, even at ‘only’ 1%. Particulary galling in view of the fact that Penson used to do it for next to nothing. Also, conversions not automatic after a trade.

  44. Oh, and: scalpers won’t be happy with the lack of tick charts. Cyber has these, but apparently QTPro does NOT.

  45. I’ve been a Questrade customer for about 7 months now, and I have been experiencing several discrepancies between their PENSON Online system (which keeps track of all the financial details of your account) and their QuestradeWeb (their trading platform).
    One problem I’ve been experiencing is that they charged me about 1 week worth of interest $62 on $50,000 when I only had the position for approximately 3 hours within the same trading day.
    They are not a bad company, their LIVE HELP reps TRY to be helpful but are not always successful. Their $4.95/per trade is very attractive but if they continue to have huge discrepancies like the ones I’ve been experiencing, that will start outweighing the cheaper trade pricing very quickly.

  46. I have read this entire blog of people not happy, I can understand where everyone is coming from. I recently downloaded Qtrader Pro. For the recorded, I am a Microsoft Certifed IT Professional and work in the Auto Finance field.

    I downloaded the software, installed it and tried to log onto the system as a demo account, I was first prompted by an immediate update. The program stalled at 12 percent and then up can a third window saying installing update 1 of 1. After a few pots of coffee it still sat at “Zero” percent.

    I assumed they were having a technical problem and gave up. 6 hours later I tried again, exact same issue. I send off an email and a screen shot picture of my desktop and decided to wait for a response. I did look into the issue myself and I know how to fix it, if I don’t get the correct response with the correct answer. It will show me how incompetent there support department is.

    Staring at a screen that shows a “Zero” only leads me to believe they pay their employees the same amount.

    $4.95 is cheap, if I need to make a trade now. I would be will to pay 100 times that amount. I will let you all know how long it takes for a response and what the outcome is.

    Brian

  47. I had very rough start with QT (actually, was not able to start). It seems that these folks at QT do not honor their own application guidelines.

    My wife tried to open an account online a month ago. She went through all the requirements and sent all the necessary documents. That’s where the fun started.

    They requested extra documents (not required according to their sign-up procedures). When you fax those extra documents they tend to lose them. They requested an EFT for $5 as a proof of identity. Now it turns out that this is not enough for them. In fact, they need full details of the relinquishing financial institution by fax. What about those $5 that have already been paid? The guy said he does not know how to pay them back…

    Am I dreaming or what? Is this how we do business in Canada? If so, then we suck big time.

    A month later, I am $5 short and my wife does not have an account yet. What is more troubling is the thought of what these guys could do to sensitive info that I have sent to them.

    I just hope that my case is idiosyncratic as opposed to normal. In any case, this is unacceptable as far as I am concerned.

    Alex

  48. My application for an account with Questrade was delayed (could even be refused eventually). The reason is that my signature on the acceptance does not match that on my driver’s licence. They ask me to re-sign the document and re-send the doc. I sure can do that. But I cannot guarantee that my second signature will be the same as that on my driver’s licence. This sounds weired. The licence may be signed years ago, your hand may be shaking when the weather was hot, the pen may be too big or small, the scanning machine may ignore the light ink, and most important, you may have changed your signature!
    Can anybody gurantee that the signature will be the same. I never have had any problem with my signature. Fully frustrated.

    They already have my SIN, bank info, date of birth, driver’s licence, phone number,email etc, what else other than going to their office physically I can submit to prove that I AM THE GUY who signed the doc and who is on the licence? I am leaving in western, not in Toronto, man!

    By the way, their email system seems to have problem. They claimed they sent email to me regarding my signature days back, but I never recevied it. Then I asked them in the LiveChat to send me again, they said they did. But I still had not received any email. This would confirm their suspect that I may not be the person who had signed the document.

    I am very frustrated.

  49. Do not use questrade.
    I had an account with them and their system made too many errors. Cost me more than what I would have paid in commission with any other brokers, and cost me close to 20% of my equity account.
    I did not receive a cent from their operational errors. One of their answers for an error was that I should have called them to place a trade instead of doing it in the online system. How I would know?? When in the system showed that the transaction was done!

  50. To ZT, if you lost money because someone stole your identity or forged your signature wouldnt you be the first person to blame the brokerage?

    Don’t you know how much identity theft is out there these days??

  51. I opened two accounts with Questrade back in November 2007 so far things have been good . except i was told i would be paid the closing out fee from my other broker accounts . This has not been done yet???

  52. Keith – You are referring to our account transfer promotion.
    You became eligible for the rebate three months after your account was fully funded. As you opened your account at the end of November, this means the end of February.

    I asked our back office team as to your rebate status and it is in the queue. It should be posted this week.

    Please note that this promo expired on March 1st. All accounts that are in process and referenced the promotional code will still qualify.

    Lynn Suderman
    Communications Manager
    Questrade

  53. looking for a service oriented company – then take a look at http://www.shirtoffourback.ca campaign by TradeFreedom

    I have been a client for 5 years and like the model of a designated account manager they offer – something that is now copied by other online brokers. They also offer an Elitye client status kinda of like the Presidents Account TD has.

    And I don’t have to worry about any trade minimums to get a low commisison rate.

  54. Could someone from Questrade explain the reason that $5 and a blank check must be sent to open an account. I am not comfortable providing authority to anyone, to access my bank account and withdraw funds without my permission.
    Secondly, Is $5 a charge for opening an account with Questrade?.

  55. Vincent…You open a aouunt with questrade. You then use your online banking to send them a “bill payment”. To setup a bill payment type in or select “questrade” as the payee and then put your 6-digit account number. Simple. I sent $1000 the very first time. You don’t have to worry about questrade fraudulantly taking money out of your account. Your first initial deposit takes 1-2 weeks. Any deposits after that take from 1-2 business days to transfer. Hope this helps.

  56. P.S. If you decide to send $5 only via bill-payment, it will be deposited to your questrade account. I don’t think they just keep it. After that you will need to send the other $995 to get started.

  57. I was just wondering if anyone else has issues with theie system freezing when using QuestraderPro. I was a user of Cybertrader and the system worked fine. When we were forced to swith, my quotes periodically freeze, my systems CPU is constantly maxed because the viewer is taking all of the juice, and occasionally the system takes minutes before recoginzing a purchase or sale request. I have the same issues on both my home and work computers, so I know it is not a problem on my end. I have also used ameritrade and have tried the Sterling demo and it both these cases I also did not have any issues.

    Any comments ?? I heard they were working on something which was suppose to be out in Jan, but as of yet I have heard or seen nothing

  58. Pingback: How to Quickly Fund Your Questrade account with US Dollars

  59. Emil,

    What does Questrade charge to exchange $CAD to $U.S?
    I have a U.S bank account, therefore wouldn’t it cost me less
    to send a U.S bank draft?

    Thanks,

    Peter

  60. Currently I have a TD bank account and a TD Waterhouse account which I just set up. The only thing I am disappointed with for TD is the $29 per trade… everything else is stellar.. account setup time, no other fee’s, easy and convient access and transfers since I have a TD bank account etc…

    Is there any advantage of switching to Questrade or another discount brokerage to get the lower commission rates ? I have between 2,000-4,000 to invest, and I do want to play with making some short investments. Im just worried that the lower commissions really wont be worth it in the end when you consider the extra fee’s associated with using another brokerage for US stocks (transfers, currency exchange, extra fees).

    If only TD had a lower price then $29 a trade… would be perfect.

  61. Hi Peter,

    If you already have USD, it’s probably best to send us a Certified Cheque or a Bank Draft. If you need to exchange currency, it will be more economical for you to exchange it in your Questrade account.

    Matt,

    With Questrade you can transfer funds electronically from your bank account just as easily. You can make a bill payment and in 1-4 business days the funds will be in your Questrade account. You can withdraw funds electronically as well.
    Keep in mind that Questrade is competitive not only in commissions, but also in other fees such as exchange fees. Please review our “Pricing” section on our website and you’ll discover that we are very competitive indeed.

    Best regards,

    Emil Vojkollari
    New Accounts 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

  62. DO NOT use Questrade. I have had nothing but poor service, silly responses to issues. Been using them for over a year, and I cannot even get my equities transferred cleanly to another company. It has been over a month, the paperwork was flawless, according to the new group, and still Questrade is unresponsive and unprofessional. From safe-keeping charges that they do not know how to eliminate, to poor annual reporting, Questrade seems to lack any depth in customer service. They never respond in a timely manner, if they respond at all.

  63. Canadian Capitalist

    Dan: I’ve had my shares of issues with Questrade but when I did request a transfer, it was executed smoothly. My recommendation is to contact Emil; I’m sure he’ll sort out any issues you have.

  64. Dan – we attempted to sort this out however I gather “Dan Baker” is a pseudonym. Can you please email your co-ordinates to me and I will forward them to the senior client service representative in charge of your file. He will follow up with you personally.

    Lynn Suderman
    Communications Manager, Questrade
    lsuderman@questrade.com

  65. Has Questrade implemented their “pull” of USD yet? It has been almost 10 months since Emil announced they were working on it. Is there any canadian bank that allows bill payment in USD?

  66. Pingback: Unbundling the iShares CDN REIT Index Fund (XRE)

  67. I am struggling for the last 4 months to try and get an account transferred into Questrade which was presumable suppose to take 3 weeks. It’s nothing weird (well at least I don’t think it’s weird) it’s a RSP savings account (note savings account, cash only, no holdings) at TD. So here is a synopsis:

    Feb 2008 mail in request for transfer of the account. Three week later I contact them to determine what happened to my transfer. I am informed that they have not received any forms from me. After some deliberation it appeared on some person’s desk. (Lesson one: always courier forms to Queatrade so you have proof when they received the forms).

    Three weeks later (so now 6 weeks after the mail in) I call again and I am informed that Questrade is still processing the request. Some more deliberation and a promise the forms will be sent to TD ASAP.

    Call again 3 weeks later (12 weeks) and low and behold the forms were not sent (lesson two: follow up frequency of a week or less) call the next day yes, the forms is sent to TD. Finally.

    Mid May I receive a statement from TD showing the account was closed. So mid June I called and asked where the transfer is, they promise to investigate and call back, never called back, so week later i follow up again, another promise to call back which they never did, so now i am reaaaaaaly starting to worry that these guy have no clue where my money is!

    Tomorrow going to call again to follow up but have very little hope. So for July, I plan to take time off from work, go to their offices and will not leave until somebody can explain where my money is.

    Lesson 3: Trading systems works as expected for the price you pay but your own sanity DON’T TRANFER AN ACCOUNT!

  68. Canadian Capitalist

    Jake: Try contacting Emil Vojkollari or Lynn Suderman. I’ve been frustrated with Questrade myself (see posts elsewhere on the blog) and Emil took care of it.

  69. I have been reading about Questrade through the Globe & Mail web and am interested in opening an account. Do you have another email site that I can ask a few questions etc.? Or a live talk ‘phone?

    Thanks — Bill

  70. Hi Bill,

    On the Contact Us page of our website, all the details about getting in touch are listed. There is also a link to Live Help, for instant online chat with a client services specialist.

    http://www.questrade.com/contact_us/default.aspx

    Lynn Suderman
    Communications Manager
    Questrade

  71. Thought I’d share my experience with Questrade with everyone. Was warned about the bad customer service but decided to go with them anyways because of the low fees and decent platform. Had a problem with a Pre-Auth Deposit due to my own error, called Customer Service mulitple times. On two occassions the Customer Service Rep said they would call me back but didn’t. It took 2 weeks and numerous follow ups on my part for them to identify the issue and another week after I corrected my error to resolve the problem. As a customer I do not get the feeling that I am of value to them.

    After the 1st issue was resolve I ran into a second issue regarding their 30 Free Trade Promotion. They said that I did not input the promo code during registration, I am positive that I did enter the code but unfortunately it’s my word against theirs. I signed up for the account on July 28th and received a confirmation from them but they tried to tell me that because the platform was not activated until August I was past the deadline. The promotion page of the website only says “Sign Up” and does not mention anything about “Platform Activation”. They say that they are investigating this issue and I am not sure when they will get back to me. I will definitely post the outcome once they do.

    Conclusion……
    Fees and Platform – Good
    Customer Service – Poor

  72. Questrade’s 30 free trades promotion is a scam. Make sure you have proof that you entered the promo code or they will claim you didn’t and not give you the free trades.

    I agree that fees are low but customer service is slow and if your looking for customer statisfaction you will not find it here. This is a Company that would risk their reputation for a potential savings of $148.50. Consider this before you sign up.

  73. Ravindra Narendrula

    Questrade is full of scams and has very poor customer service. I have opened an account in my daughters name after referring her to take advantage of their referral program. I checked with them before opening of account if I am eleigible for the referral amount. After they said yes I opened the account. Now when I ask for the referral amount they say that referral can not stay at the same address.

    My advise to everybody is keep yourself away from Questrade. Can anyone from Questrade has any answer to solve my problem and resolve the issue.

    Ravindra

  74. I see it in plain sight?

    ^ refer a person with a unique residence who has not previously opened an account or traded with Questrade.

    http://www.questrade.com/why_questrade/promotions_refer.aspx

  75. Can someone explain in plain english how the VTSO orders should be entered? I placed them on several positions and they were not executed costing me thousands of bucks.

  76. I am writing this to urging people think twice when you select Questrade because their commissions are low. Safety of your money and the reliability of the trading system is a much bigger concern.

    I have an RRSP account with Questrade which holds both US and CA currencies (about 10K each). I bought 500 XLF at USD 19.75 on Sept 29 (1:14PM). I called Questrade right after the trade, Cleveland (the rep) guaranteed me there would be no currency conversion because I have enough US fund (I also called before the trade and get the same guarantee, but I did not wrote down the rep’s name).

    In the morning of Sept 30, I looked the account and seemed ok. In the afternoon of same day, I sold the 500 XLF at 20.05 USD at 3:58PM.

    This morning (Oct 1) when I checked the account again, I found I have negative CAD balance and my US seemed have more fund than it should. I also found an unauthorized transaction at midnight (00:00:00) Sept 30. So I called Questrade again at 10:15AM, Bryan (the rep) told me their system had some problem especially with RRSP accounts. I reported the incident and he admitted Questrade made a mistake and he would report to their credit department to reverse back my CA fund. He seemed apologetic and promised call me back. I told him Questrade had 24 hours to make the reversal and I would request compensation otherwise.

    Here was what I found from my message board after the conversation:
    “10/01/2008 08:35:06 —- We are currently experiencing some difficulties with Buying Power amounts displayed on some accounts. We are aware of the issue and working on the resolution. We are sorry for any inconvenience this may cause, and appreciate your patience. If you require any assistance please contact us at 1.888.QUEST.66 (783.7866).”

    I did not get any call whole day. I checked my account again at 6:50PM and the mistake was not corrected. So I called Questrade again and a rep named Balak answered me (after I held phone for 20 minutes). He showed no apology, only told me their finance department were off and he could only talk to them tomorrow morning. I was not happy of his tone, so I asked to talk to his supervisor or manager. He said none was available and that was the end of the conversation.

    I am worried about my fund. I am also disappointed the way Questrade handles their mistakes.

    I will call Questrade first thing tomorrow. I’ll keep posting.

  77. I do not recommend this broker at all even if the commisions were $0. Customer service is almost non existent and run by very rude and incompetent people. System platform is unreliable and servers always going down. They will not take any responsibility for it and show they don’t care at all if you leave them. They actually tell you what do you expect for $4.95 a trade. So far their incomptence and unreliability has cost me thousands of dollars, a hell of a lot more then any savings I would ever accumulate in commisions. They are competely unreliable and I am planning on transfering out of there as fast as possible!

  78. Here is why you should not use Questrade:
    1. Questrade don’t have their own back office, Penson Financial Services Canada Inc is their back office, which means they have no control of the money movement. So if there any problems with any transactions, you call Questrade (and that’s the only way), then Questrade contact Penson. This can go back and forth multiple times, which explains why dealing your requests takes so long.
    2. Their trading platform is not reliable. As a trader, timing is everything. Imagine their platform crashes when you are executing an order, or you must sell certain stocks/options immediately.

    No doubt their commission is one of the lowest in Canada, but you have to put the safety of your money and the reliability of the platform on top priorities.

  79. To continue http://www.canadiancapitalist.com/2007/08/13/questrade-review#comment-158531

    Checked my account again in the morning of Oct 6, the numbers are still wrong. Called the Questrade three times at 10:40AM, 4:15PM and 8PM and wanted to talk to their manager, all three Reps promised would let the manager call me back. Nobody called me until now (and now they are closed at 8:30PM). It seems to me they really drive me to IIROC.

    Total numbers of calling Questrade for this matter: 12, and counting.

    I’ll post any new development.

  80. Hey,
    I have a question for the questrade account holders. I recently sold off ALL my positions in this market we are in, hoping to hold on to what I have left. This was around Sept 17, 2008. I’ve been checking my balances everyday and noticed it decline when markets are down and go up when markets are up. About a month later I’ve lost about $1300 when I haven’t done any trades at all. I doubt fee’s can surmount to $1300 when I haven’t done any trades. Is this normal, is this happening to any of you?

  81. To Huy Tran
    =========
    If you only hold CND, then check balance not position. CND is down dramatically recently, compare to USD.
    Call their support if you are still not sure

  82. Jeff,
    Thanks for the reply. I have no positions. I’m looking at the balances column (intersection that says CAD (Combined)** and Cash Balance). My market value is zero since i’ve sold my positions and hold no stocks. My total equity is equal to my cash balance. But that balance is decreasing as described in my previous post. Also, this my stock trading account not a FOREX account. It’s down another ~$150 today for no reason at all. Haven’t done any trades or anything at all. Doesn’t make sense to me.

  83. To Huy
    =====
    Then you better call them ASAP.
    Have you registered on Pension (https://online.penson.com )? Pension is their back-office (see my comments #82), you can check your cash history there. But you have to register pension from myquestrade.
    Calling their custom support is not a happy experience, so be prepared and persistent.
    Good luck.

  84. Canadian Capitalist

    Huy: I don’t have a Questrade account any more. Why don’t you call and check with them? I know that personally I’d rather visit my dentist than talk to Questrade Customer Support but if you don’t get results, I suggest contacting Emil or Lynn. You can find their contact information in previous comments. Hope this helps.

  85. “I’ve been checking my balances everyday and noticed it decline when markets are down and go up when markets are up.”

    Obviously, your “cash” balance is tied to something in the market. Keep in mind that a bunch of people had their accounts hacked on Thanksgiving day. Maybe your account was also compromised by the hacker.

    Always maintain a dynamic password.

  86. Regarding the display of cash balances: your balance does not fluctuate with the market. What could fluctuate is the purchasing power as displayed in another currency. I suspect you are looking at either a combined USD and CAD cash balance or at the maintenance excess/buying power.

    If you have CAD in your account, you would see USD combined cash balance and USD BP fluctuating with changes in the exchange rate.

    I hope this helps! Please contact our client services department if you’d like more details.

    Lynn Suderman
    Communications Manager
    Questrade

  87. I am very pleased with E*Trade, USA . Cash docking in my account has the interest. Money is insured by FDIC. Company financial report is free(many of them).

    What’s about the Canadian version of E*Trade ?

  88. Well my pseudonym should kind of signal what I’m going to say! DO NOT UNDER ANY CIRCUMSTANCES GIVE YOUR MONEY TO QUESTRADE. I don’t know who Lynn is or who Emil is but if a company only has one or two people that can address your issues and the rest of their staff are a bunch of useless incompetent idiots then you’re best going somewhere else. Their live chat agents don’t know their elbow from their …
    if you ask to escalate an issue and talk to someone else…the someone else is conveniently “not available” or “will not take customer calls” in fact the actual quote is “they don’t take client calls”
    So if you want to withdraw money from Questrade the listed times of 2 to 3 days are probably what someone in their fantasy land thought of…you don’t get your money…I still haven’t

  89. I am going to close my account with Questrade because I believe they are not trust worthy.

    Here is my story.

    Questrade has a promotion program, if the customer refers to a new customer, both of them are eligible for a promotion bonus. for stock account, it is $50 (some times they say $100), and for FX account, it is $300.
    My friend has been the customer of Questrade for years, he refered to me, and I got two confirming emails from Questrade. one says if I open a stock account with them and fund $1000, each of us will get $50 bonus, the other one says if I open a FX account with them, and fund $5000, each of us will get $300 bonus, I do want to trade stocks and foreign currencies, then I did so.
    The first thing happened after made me know that Questrade is not organized properly. the fund didn’t show up after I have founded $5000 to my FX account for ten days throuth ETF, so I had to contact them to get it done.
    The second thing happened made me believe Questrade is not trust worthy. Almost after 1/2 month after I founded my stock account and FX account, the $50(or $100) and $300 promotion bonus can’t be seen, so I contacted Questrade, I was told that I have to be refered by a customer to be eligible for the fund, I told them I did, but they said they can’t find the record, so I forwarded them the confirming emails which were sent by Questrade, then they said I have to fund $1000 USD (stock account) and $5000 USD (for FX account) instead of CAD (their confirming emails say $1000 and $5000, there is no currency, so I thought it is in CAD since we are in Canada, and Questrade is a canadian company), I said ok, how much more do I need to fund to be eligible for the promotion fund, then no response. today, I got a call from them (his name is Bob), I was told that my friend has both stock account and FX account with them, but he funded the stock account only, and he didn’t fund the FX account, so I am not eligible for the FX promotion, I said nobody told me before that he has to fund the FX account to become eligible to refer to a friend, and why Questrade sent me the email and said I am eligible for the promotion funds? (here is the email from Questrade: You were recently referred to Questrade by your xxx. As soon as you open and fund a forex account with $2,500, you and xxx will both receive a $150 cash bonus. If you fund your account with $5,000, your cash bonus increases to $300.) Bob said those emails were generated by their system automaticaly, that means they are not responsible for the emails which sent to the customers by their system. now not only the $300, but also the $100($50) are still in the air.

    Finally I guess that I am in a trap, Questrade uses a bait to hook you up, then they take the bait away.

    I don’t know what will happen in the future if I keep funding my account, I want to get rid of Questrade and keep my money safe.

  90. VTSO. VTSO. VTSO. VTSO. VTSO.

    Please explain what does the Questrade takes as the parameter on their Stop Limit editbox.

    VTSO. VTSO VTSO VTSO VTSO VTSO VTSO

  91. 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.

  92. question to CC or others who used to have account with Questrade,

    Hi,

    I am new to this blog. I plan to open a RRSP and TFST account with one of the discount brokers and I don’t have over $100,000 assets and don’t want to pay $29.95 for commission. I like Questrade for their low fees and I’m thinking of opening accounts with them. Now I have doubts about it since there’s so many negative comments about them.

    I have the following questions for CC or other traders who used to deal with QT and would like to shed some lights.

    1) how easy to open an account? For example, once I EFT Canadian Dollars to a QT RRSP account, how soon can I start to trade?
    2) how easy to close the account and move all funds out of QT? Is it pretty quick? I see there’s a $25/$125 for partial and full transfer for registered account. How much is their account closure fee?

    I’m currently comparing QT with E*Trade Canada. E*Trade’s $9.95 commission if you have assets over $50,000 seems not that outrageous, but I heard their exchange fee between currencies is pretty high. If someone can give me some suggestions, it would really be appreciated. Thanks.

    JF

    • Canadian Capitalist

      @jfernandez: I don’t have an account with Questrade anymore. I recall that opening an account was easy and transferring out was smooth as well. It’s what came in between that turned me off Questrade and unless there is evidence that they can do the small things right, I’m never going back. E*Trade’s currency fees were horrendous but I don’t know if it is better now. You’ll have to weigh whether their lower commissions are worth the higher currency fee. It will depend on the volume of your trading transactions versus your currency conversions.

      @shawn: As noted elsewhere, I gave Questrade a shot and transferred out my account. I’d rather not deal with the headache.

      @erlin: Try contacting Lynn or Emil and ask them to look into your case. It’s frustrating, that’s for sure.

  93. In short, DO NOT USE QUESTRADE. Here’s why:

    1. The website is structured horribly, it looks and feels cheap. There’s no common sense used; when you review your order it doesn’t even tell you the total purchase price (you have to get out a calculator to see what $32.15 x 75 is); also, the website doesn’t tell you how much commission you’re paying and I don’t trust these guys.

    2. The client support is horrible. With no storefronts, you’d figure they’d at least invest the minimum amount in phone staff, but these people are useless. And you have to wait everytime to get a hold of someone.

    3. With the amount of discount brokerages being started, Questrade is pretty much the worst option you can find. I’m transferring asap.

  94. I also have had several bad dealings with Questrade.

    1. They did a margin call one day, sending me an email at literally 4 pm asking me to satisfy my margin call. By the time I read it at about 5 pm I check my accounts and they have all been liquidated, ending up with me owing them money.

    The account was liquidated at 11:30 AM, I was sent an email at 4 pm. They charged me 30 dollars per transaction for broker assisted trades resulting in $400 dollars in fees.

    They originally refused to give me a referral credit for enrolling my brother, which was not written anywhere, or indicated in the referral process that you cannot refer your family members (he lives 2500 kms away).

    The multiple logins are annoying and not user friendly, especially penson services which are completely backasswards. You cannot simply view a transaction summary with related balances. It is on several different screens using DOS style query lines.

    The trades are cheap, and the free webtrader platform isn’t horrible, however the routing is awful. Several times my trades sat in limbo while others were feasting away at the profits.

    All of the reports are garbage except the profit / loss report.

    The livechat is convenient, however I have yet to receive any kind of reliable information from a rep on the live chat. On my second communication, the rep tells me I have roughly $500 left after the margin call. The next day I owed them 70 dollars and to this day have not received an explanation as to why I was informed of that.

    When I told them I had referred people, they did not have any record of it.

    It’s a poorly run organization from a customer service perspective, administratively flawed, with poor tools, however, they offer a free platform with cheap trades. Weigh your options.

  95. Questrade Not Best Trade

    I know exactly what you mean. 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.

  96. I was thinking of changing from TD to either Qtrade or IB. The main problem I had with TD is they abruptly reduced the margin loan value on my stocks from 70% to 25% even though both stocks were well above 5$. They said something like they had low volume and were volatile even though both had a beta of only around 1.5 and traded more than 2% of the float per day. You can say what you want about bad service and computer glitches but at least Qtrade isn’t arbitrarily droping the margin loan percentage by a huge factor for no particular reason and putting their customers into incredibly difficult margin calls. TD is the worst broker now in my opinion for people that use a margin account. I’m willing to put up with a few computer and service glitches so I won’t be worried about TD pulling the rug out from underneath of you at any moment. For cash or RSP account TD is OK, but I would never invest on margin with them.

  97. avoid this company at all cost, close your account and run from this fraud organization.4.95 is just not worth the pain, im fine with paying 19.95 for something reliable.. QT whats a waste of life,,, their Level 1 support is a bunch of low level brain dead monkeys with ADD who cant even add who get yelled at by rude managers.

    broken platform that dosnt add up right,, i kept every trade on excel spread sheet,,, everytime there was a mistake i called they had to escalate 2 weeks before a manager fix was made. theres 3 interfaces that dont show clear valid information it’s meant to confuse you. they scam people who simply dont keep records and for those that do its weeks before they fix anything. its plain and simply its weeks for just about anything, something as simple as putting funds into your account… and even than they can reach into your accounts to make conversations at their own discretion. they messed up my tax slip…

    bottom line is it’s best to avoid this company, go for TD or a reputable organization,,,,not worth the headaque

    i do cash with TD and it works fine, adds up right etc…at least their platform is stable and works right

  98. I haven’t had any problem with Questrade so far. The time between application and activation of the account was 1 week. Funding transfers were also fast for me. I will keep records of my trades just in case of a mixup though.

    I think potential margin account customers of TD and Questrade need to consider what is worse. Random unjustified margin calls that can literally cost you 20% or more of your portfolio or a few headaches that may cost you a bit of time and 100′s of dollars. Questrade even offers margin rates on stocks down to $1.5 whereas many brokers give nothing below $3. Questrade may not be perfect but it is friendly to small investors and small cap companies. Small caps are the companies people get rich buying so it’s important to investors with big aspirations.

  99. Someone here was looking for a good offer code for questrade…here is your answer..it seems to say you want to use offer code: 50DollarFreeTrades

    Here is the discussion:

    http://answers.yahoo.com/question/index?qid=20090227203559AAnzedI

  100. Helped needed with Questrade margin call that liquidated my account in full.

    On February 24 at 8:11am. I got a margin call email from Questrade stating that I needed to put 3,550 in my account to cover a margin call and that I should respond before 2pm with payment or notice that payment is on the way to avoid action being taken. I was teaching and did not pick the message up until noon. I followed their instructions and called a rep. I got through at 12:45. The rep stepped me through a screenshot of my bank statement. I had electronically transfered $10,600 from my bank of Feb 20. It had not arrived yet but the rep said it the email would take care of everything.
    Well, it didn’t. I found out at about 5pm that my holdings $10, 700 had been liquidated in full. Here’s the kicker. Upon investigation I found out that the account had been liquidated at 12:30 before the deadline.
    There is a further complication. I had not expected a margin call just a regular settlement. However it appears that a cancelation of an order to purchase something at $8.50 did not go through rather it was executed the day after i had purchased the same security the day before at $9.05 to make the dividend record date for the month.

    I’m not getting any apologies from Questrade. I’m wondering if anybody else has had similar problems. I’m considering legal action.

    Thanks,

    Mike

    mikemadej@yahoo.com

  101. I’m looking for a manual for Questrader PRO. I’m having trouble figuring out how to put in protective stops. Maybe I’m stupid but I can’t figure out how to properly use the stop/VTSO buttons.

  102. For those who have been hesitant to try out Questrade then here’s your chance:

    Coupon Code: 50DollarFreeTrades

    You get $50 in Free Trades!! And entered for the $5000 value package. This coupon doesnt expire.

    You can read more about this coupon here: http://investcouponcode.blogspot.com/2009/02/where-to-find-best-questrade-offer-code.html

  103. 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.

  104. [Edit: Please mind your language. This is a family blog :)]

    I open up account with Questrade nothing but problem. keep getting argurment with CSR.
    don’t let that low commission fool you, it will end up cost you big.
    It too good to true, it is too good to be true.

  105. If you are interested in current Questrade coupons & promotionals…

    try checking out Questrade Blog at
    http://questrade-coupons.blogspot.com/

  106. [This comment has been edited. No profanity or swearing please. This is a family blog]

    The worst liar I ever deal with and Questrade have him as a senior rep at Forex dept. I couldn’t get out fast enough. They come up with lousy excuse to give back your money.
    I still waiting for them to return my fund.

  107. As posted earlier, I am taking Questrade to court to recoup my $10,000 loss in amargin call. They had my money to cover the margin but depts at Questrade were not conmmunicating well enough.

    I’d like to hear more about their incompetence. Maybe we have a class action case.

    Mike

  108. This has to be the worst experience I have ever had.. The representatives take weeks to call back.. Their line is always busy always or no one answers goes to voice mail and they never call back.. worst mistake ever its really bad they have no customer service to help you with questions..

    They told me one thing and did the other.. stay away

  109. Ok so now i find out they dont have real time currency exchange so if i have 100 CANADIAN dollars want to change it into USD well I wont know ho wmuch it will give me at that moment. I have to blindly do the transfer.. because they only transfer all currencies at 5:00p.,m

    On top of that they charge 1.25, 1.30% on the transfer..
    i’ve been calling daily for the past week NO ONE IS EVER THERE?? Then a call back weeks later
    Im really not happy

  110. OMG, Questrade is the worst business i have ever dealt with.
    The account start up was NOT hassle free but it doesn’t end there. I have spent the last 2 months trying to withdraw my funds from the account!!
    I funded my account electronically but apparently this does not mean you can withdraw you funds electronically. After sending in my pre-authorization form 3 times, the customer service rep is telling me the EFT is still not set up.

    I would rather pay the $29 commission from TD Waterhouse because the problems with questrade is just not worth it.

  111. I was seriously considering Questrade, but after reading all these horrific stories of deceit, indifference and incompetence, I decided to pay more for trades for more security, experience and backing from big banks.
    Thanks for your input.

  112. I was a Questrade client wayback since it started, I joined in 2004. At that time customer service was excellent. I left recently due to unbelievably poor customer support. They overcharged my account data access fees for 3 months in a row starting November, and it still hasn’t been resolved although I promptly notified them. Don’t misunderstand, this isn’t due to any disagreement that the account was overcharged. It is simply due to the unbelievably low standard of customer follow up. After about 7 emails and 6 calls, being sent to the ‘back office’ (haha get used to hearing this), still no one replies. Emails are not responded to. Phone callbacks aren’t made. And this is a small 48 hour resolution issue involving about $100. Try connecting to a customer service representative through online chat or phone. If that doesn’t tell you everything, then there is nothing I can say. Absolutely horrible. When I closed my account stating my issues no response. When I asked why my funds weren’t transferred after I closed I was told I need to make this request :). When I made the request still three weeks out and no funds ETFd. This company’s service quality has become a complete joke. God help you if you ever need customer support. Fairly warned.

  113. 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!

  114. Thanks for everyone who commented. I was thinking of opening a Questrade account but I’d rather pay more then pay later with a bad experience. Their low fees aren’t worth the hassle they’ve put others through.

  115. Questrade ,Do you have other platforms ,such as Realtick.Or ITG Light used to be Kasten Chase,evidently for additional cost,.your current platform AXIS is very mediocre,there is no MOC,for TSE,charts+,.

  116. bad online trading ever … When you deposit to them, it is fast. WHen you want to withdraw money, it takes you forever ….

  117. I just opened an account with Questrade. I have not run into major problems using it beside a much slower account transfer than they initially stated.
    I am really bothered by the fact that it requires 3 set of passwords using their site. It is the most retarded system one can ever expect. Further, there are so much useless stuff list on the site, it is confusing. What the hell you need 3 sets of passwords? “for security” they answered. I use Bank of America, it has one pass code. I use TD Ameritrade, it has one pass code so does Scotiabank.
    Why the hell you still need to see the promotion garbage after sign in when you are already a member?
    The fact of the matter is after reading the comments list here, I start to worry if all this much hassle really worth the saving on trade.

  118. I’ve had an account with Questrade for about a month and I like being able to buy and sell without thinking about the transaction costs because they are so low. I feel free to trade and not worry about the broker taking a big cut every time.

    The web site does not give much info and is not designed very well or intuitively, but it gets the job done.

    When I pull my funds I don’t anticipate needing them immediately, so I’ll put up with slow fund transfers for the peace of mind of being able to trade freely. I’ll just have to plan ahead if I need my cash back someday. Setting up the account was not too bad, but the instructions were not entirely clear. Don’t think you’ll be up and trading the next day (or week), but after about 10 days I was trading without problems.

  119. Pingback: Scotia iTrade (formerly E*Trade Canada): A Canadian Discount Broker Review | Canadian Capitalist

  120. 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.

  121. As a followup to my situation I emailed Lynn Suderman. After a few days later I did receive a call from her asking whether my situation was resolved. Fortunately for me it did resolve itself in the end. I appreciated her call and it demonstrated to me that there are people at QT that do care about their customers. Unfortunately I can’t say the same about the CSRs as no one I spoke to could provide me a satisfactory answer to why the situation with my account occurred. Also the person who called me from the credit department was quite rude when the margin call appeared. All I can say is that you pay for what you get and I have become acutely aware of that now.

  122. Questrade is the worst company I have ever seen. They have a very messy management system and bad customer services. It took more than one month to open an investment account.

    Last yeat, I tried to open an investment account with them. I provided all documents they required very clearly and mailed the initial fund to them. After one month my new account was still not openned yet. I email to different people whom suppose to help me to open an new account, live chat with their support people, and called to talk with them on the phone. They told me that my account was openned and approved. All I have to do is to wait for the welcome mail from them. After more than one month waiting and so many talking with them, I still could not get my account openned. Finally I called and talked with one of their supervisor to ask an explination. He told me it was their internal management system mistake. he can open a new account for me immediately.

    Timing and accurate are very important facts in stock treading, but they have such a massy system that delay and generate wrong information for their customer. After such a long delay and getting so many wrong information with their people, I do not trust this company any more. I would not put my hard working money into such a inefficient company. Therefore, I have to asked their supervisor to close my account and refund all the money I mailed to them, and told him that questrade is the worst company I have ever seen in my life.

    It took me so much time and energy to go through a simple opening account procedure, and finally it did not work for me at all. There are so many good companies over there to worth my trust. I want to write my bad experience here to tell you be careful with them!

  123. I’m currently opening an account with Questrade and having the same experience as the above writer. They claim that I have missing documents when I have 2 people check to make sure everything was included before mailing. Something is not right there. Bottom line don’t open an account with them, it is just not worth it.

  124. Disgruntled by Questrade

    Questrade Review – Customer Feedback

    This year I opened a Questrade account. I have been trading moderately through several brokerage accounts (including Scotia iTRADE and BMO Investorline) for the last 6 years. Due to Questrade’s confusing account balance info, it wasn’t until 6 months in that I discovered I was paying hundreds of dollars per month in interest on ALL the money I used to buy stock. My Canadian funds were not being used to purchase stock – instead, the funds were used as a hedge, and US funds were loaned to me to facilitate the purchase of stock.

    Questrade support is rude and involves a minimum of ½ hour wait.. The support representative I eventually reached cordially informed me that I was in error, and so I asked to speak to a supervisor. The supervisor was forceful, insolent, and demeaning, yet well-trained: following the conversation I realized that his job consisted of efficiently overflowing the customer with double talk in order to secure the funds which Questrade subversively exacts from its clients.

    My experience with Questrade is by far the worst I’ve had with a broker – discount or otherwise. If you are absolutely certain you understand all the fine print of this scam-broker, feel free to use them to save a dollar or two per trade. However, I am now going with iTRADE. They have proven to be both fair and professional; support requests are answered almost instantaneously, 100 free trades were offered regardless of my obliviousness, and each trade is $10.

    And yes, I went through the standard 2 month procedure of repeatedly mailing documents that Questrade apparently did not receive. The best part is the fake electronic signature capability, which is another great time-waster.

  125. Woo it’s a surprise to read all the negative comments about Questrade. I opened two accounts (TFSA and non-registered) with Questrade in June. Things have worked well so far. I have a log to record all my trasactions. I haven’t discovered an error yet. Sometimes the data are not updated promptly. Maybe that will cause some issues for some people. But ususally the next day the data is correct.

    Customer service experience: I like the online chatting. It’s fast and convenient. I did meet several rude agents. But overall 85% of the calls were ended with satisfaction.

    My suggestions for new traders: if you investment fund is small (<$50,000) and you only do simple deals like buying or selling stocks, then Questrade may be a good place to start. Big banks just charge too much. For big or advanced traders, maybe big banks will be a better option. It's always true that you are getting what you pay. Good luck with trading! :)

  126. I wouldn’t surprise to read all the negative comments about Questrade. I have read so many negative comments about Questrade on different websites after I had bad experience with them. I wish I did my research before I deal with them.

    The major concern I have about Questrade is they have a very bad system. At the very beginning someone made mistakes on their system and then everybody just simplely using the wrong information. In may case regardless I live chat, email or phone them, they all checked the same database using the wrong information. Nobody willing to check their system mistake and make the correction. After months dealing with these irresponsible people I have to leave them. Even they apology to me but they could not recover my loss.

    I do not trust the company with bad system and irresponsible customer service. I would put my hard working money into somewhere else.

  127. The Fee Structure of Questrade is simple. However, the service is horrible. I requested to set up an EFT and waited for a month. In the mean time, I had to send the same request to Questrade repeatedly. Everytime i got an automated reply saying someone would contact you within 48 hours. It never happed. So I believe we always got what we paid for.

  128. yes a i’d like to add my 2 cents worth. i was also was attracted by the low rates but i find manouvering around three different sites (qtrade, wtrade, and penson) kind of awkward and time consuming. also i don’t like that you cannot change the log-in id they assign you and if you have three different accounts as i do you need to remember 3 different log-in numbers or keep going back to your e-mail to copy and paste.

    i would like to be able to log on once, access my trading platform, move money from one acc to the other and check account history all at once. The whole system is pretty awkward as it is now with different windows opening up all the time.

  129. Questtrade has the worst service possible; it’s not worth the lower commissions. If you want ANYTHING done (including reversing THEIR mistakes), good luck.

  130. Done with Questrade

    I should have done more research on the reviews before attempting to open a questrade account. By far the WORST online brokerage ever, from setting up the account to transferring my funds from my previous broker and God help you if you try to get a straight answer from anyone there. Live chat is utterly uselss, 30+email exchanges and counting, 6 phone calls that resolved nothing… apparently my in-kind share transfer is “missing” and I’m out $3000 right now. 6 weeks and c0unting…. don’t be fooled by the low commission trades, this company is not worth it.

  131. Stay away from Questrade. Their mistakes will cost you money and, apparently, those who’re in charge there are gladly accepting this risk.

    If you still want to give them a try, then *pray* never to have to deal with their customer “service”.

    Don’t try the USD TFSA, especially if you trade options. It will be frustrating to see your profits diluted (and losses amplified) by the transaction fees and the exchange CAD>USD>CAD. If you’re trading US options, then use thinkorswim in a regular USD account and pay your taxes; you’ll be better off at the end of the year. (Not to mention the superb platform and the outstanding service of an intelligent bunch of helpers, every time you need it, with prompt results. For those who reached here from google: “superb platform, outstanding service, intelligent people”=thinkorswim, *NOT Questrade*)

    Alex

  132. I believe that TD Waterhouse is in the process of merging with thinkorswim Canada. It will be interesting to see how it turns out.

  133. Questrade’s infuriatingly bad customer service to me a new user has been sufficient to warrant wishing to close the account asap. The only problem is that even to do that is proving to frustratingly slow. So annoyed that I’m actually bothering to fill in a comment on this website as a word of warning.

  134. Stay far far away from Questrade. I’ve used over 4 brokerage services and I have not come across any more incompetent than these guys, from front office to back office, it is junk.

    CSRs don’t talk to themselves, instructions are not followed up on, just name the vice in online service, they’ve got it.

    I started noticing some time ago (about 6 months) that I was being charged for a platform I never used, did not trade there for some time and noticed quite some decline in my account balance, nowhere to check history of charges.

    I decided to close my account and got charged for some few months platform charges (for the live of me, I thought that was what the monthly deductions were for).

    Just look for someone else.

  135. Which Canadian online brokerages are better? I’ve read plenty of negative comments about Interactive Brokers. And Sink or Swim is not accepting new customers until they finish integrating with TD.

    Any recommendations?

  136. I meant Think or Swim.

  137. [Edit: This post has been removed. There is no such promotion at Questrade.]

    • Canadian Capitalist

      Please ignore the comment by “Mike Butcher” pretending to be from Questrade. Questrade is *not* running any such promotion. Please do not spread unfounded rumours about Questrade on this site.

  138. Don’t even call and waste your time. I called they do not have any clure what is Jeff Beck Special.

  139. i still cant believe people are going for questrade or that their still in business, broken platforms, moron csr’s im sure their turn over rate is high, rude managers, for what? for 4.95 the amount of time and money you loose is it worth it, i mean if it was something else it would be a different story but people your putting your hard earned $ into this

    [Ed: Pl. watch your language]

  140. The negative comments are very surprising. I guess it’s true that unsatisfied customers give 10x the amount of feedback as those that are satisfied.

    I have been using Questrade since August 2009, so far so good.
    Account setup was under 3 weeks.
    Online help is great.
    I trade with the QuestraderWEB platform, meets my needs (<5 monthly trades)
    EFT is smooth, 2-3 business days (deposit/withdrawal)

    Bottom line: I would recommend trying them out.

  141. Questrade was ranked one of the the worst online brokers in Canada.

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

    Thomas // Mar 3, 2010 at 7:06 pm

    I would recommend you to try others before you recommend Questrade. Maybe it is just because you have a low standard or you trade less.

  142. I’ve been a Questrade customer for a couple of years now. I’ve executed just about every possible trade with these guys, including options and shorts. I have no issues with them, other than the 2-3 days is takes to transfer money between my Questrade account and my bank account, which I can live with.

    IMHO Questrade is for experienced traders who fully-understand the trades they are executing and take the time to actually read Questrade’s policies. For example, if your non-registered Questrade account settles in $CAD and you buy a security that trades in $US without first buying US currency, Questrade loans you the US$ needed to make the purchase (secured by your CAD funds) and you pay interest on the loan at their posted rate which is currently 3.75%. The reason for this is simple: Questrade has no idea what your intentions are with respect to this security. There are many valid reasons why Questrade cannot simply execute a currency conversion when you buy US stock with an account that settles in CAD dollars (the exception to this is purchases made within an RRSP).

    Another common complaint about Questrade is the need for three sets of passwords to access three seperate websites (the main Questrade site, the Questrade trading platform you use, and the website of Penson Financial, Questrade’s clearing agent). While I admit this setup is not streamlined and pretty like the big bank discount broker websites, this is one of the reasons Questrade is able to offer dirt-cheap trading commissions. The cost-savings realized by not integrating these three websites are partly passed onto the customer. I do recall some initial frustration for the first couple of weeks while I got used to everything, but now it’s all second nature to me.

    There are many other small matters that cause frustration with inexperienced traders, such as the exchange and ECN fees that are tacked onto Questrade’s commission when you remove liquidity from the market (yes, it’s possible to remove liquidity from the market when you buy stocks, not just when you sell them). The point is that Questrade spells out on their website exactly what the fees are and when they will be charged; it’s up to each individual trader to read the information to inform themselves before executing a trade.

    Bottom line for me: Questrade is a good little discount broker for experienced traders who understand where the fees and commissions come from, and most importantly how to minimize them. Traders just starting out might want to consider a big-bank discount broker instead.

  143. Every company has some satisfied customers. otherwise the company would not exist. The main thing we should look is how many unsatisfied customers. Since huge amount of unsatisfied customers complaining Questrade with so much unpleasent experience, I would go to the companies with much less unsatisfied customers. there are so many good companies exist. why should we go to the bad one?

  144. I suspect many of Questrade’s “unsatisfied customers” are inexperienced traders.

  145. @Jen:
    I think it is good to mention that Questrade ranked first in customer satisfaction. So low standard or not, it seems that Questrade’s customer are satisfied with what they get.

  146. I tried to open an account with Questrade, ended up giving up, phone help was useless – conflicting information from support people resulted in emails requesting more or different information. Too much frustration, have better things to do with my time.

  147. I was about to open an account… just to find your feedback on this site. Then I though… lets try their customer service and see what kind of phone support I would have if I was a customer.. called, dialled the various keys ‘if you want to talk about the status of your transfer press x’ … then wait for about 10 minutes.. ‘..your call is important, the next available agent…’

    No need to go further, I did the same test with other providers and got answered almost immediately. That was the turning point to decide not to direct any investment to questrade.

  148. You guys just do not get it. If you are interested in the cheapest discount broker in Canada, YOU CANNOT EXPECT the best customer service and the best trading platform.

    It is 5$ a trade and no inactivity fees. You would like the best amazing trading platform with an excellent customer service to go with that? GET REAL. It is like going to the 1$ shop and complaining about the bad quality.

    All I have to say is that if customer service and all the extras are essentiel for you, then YOU are the stupid person for even considering the cheapest broker at first.

    I use Questrade since quite a long time now and I enjoyed the lowest fees on the market. Plus I needed customer service twice so far and got immediate answers.

    Get real.

  149. Trader Joe says:
    March 5, 2010 at 3:17 pm

    I suspect many of Questrade’s “unsatisfied customers” are inexperienced traders.

    +1

  150. I suspect a lot of the positive comments are plants by Questrade.

  151. For the cheap discount broker, people do not expect the best customer service, but we need fair customer service. We may not need help on trading, but a lot of times we need to ask their policy that no other companies can answer us on Questrade’s behalf. We also have to ask them to correct their mistakes that no one else having the right to do it. It doesn’t matter how smart you are, you do not have the right to make corrections on their internal db. you have to contact their CR.

    Some people are lucky by never have any issues with Questrade system problems, but not everybody always lucky. People have to contact CR for various reasons. It is a very basic requirement.

    We go to the $1 shop to buy cheap stuff, but we do not expect to buy any broken stuff in store marked as a new stuff. We can accept low quality items in $1 shop, but we could not accept the items not meeting our basic requirement.

  152. To wait 10 minutes for customer service is definitely meeting the basic requirements according to me. I need to wait 40 minutes with my phone and TV companies. Also, I always waited no more than 5 minutes and got great service.

    It is also funny to read the same lame bad reviews on each Questrade review website. Some of them are even funny as people truly are the problem, and not Questrade.

    Anyways, I only wanted people that consider Questrade to get other perspectives that the ones from the mad people. Also, keep in mind that Questrade has A LOT of clients which automatically leads to more ”unsatisfied” clients (every business has ”unsatisfied” clients).

    Good luck.

  153. label people who have different opinion by “stupid”, “truly are the problem”, “mad people” is not the correct way of fair discussion. Everybody has his own experience when they deal with things in their life. When you get mistreated and speak out your opinion, do you want other people call you stupid? You are not only refer to a single people, you are again all “bad reviews on each Questrade review website”. Be real.

  154. “again” I mean “against”

  155. I opened TFSA account recently and had few issues opening but CS were able to help rightway on phone…it only took 4 days to open n fund account. So far no big problems except I found today that I can’t trade OTC with TFSA so they want me to open regular account…. The only prob with questrade is that you have to log in at three different places to access different information…

  156. Too many bad reviews to be a good company, if I saw people complaining like this on ebay feedback I would walk from that vendor. If you are loosing $1,000 of dollars on Questrade because of their practises, get real and go back to a bank $29 is a drop in the bucket on a grand. Looks like i will have to do more research to find a better company. I think they were trying to defend themselves in the 2008 posts, but gave up somewhere along the way, too bad, would be nice to get their side to these stories. Just to ify to place my hard earned bucks in…

  157. I “think” I just figured out how to “properly” use VTSO.

    VTSO (virtual trailing stop): these orders are trailing stops that adjust as the stock price moves. When entering the stop, enter the trailing amount not the desired price.

    I’ve been doing it completely wrong this whole time.

    If you have stocks that start trading at $30 and want to limit your losses to 10%, simply enter 3.00 in the “Stop Price” box. It’s confusing, but after reloading the order status box, you will see the correct stop price listed (i.e. $27.00).

  158. I have had no major issues with questrade since the past 1 year I have been using them. The only problem is unprofessional customer service which unfortunately is something I have learned to put up with to take advatage of lower commissions. TD Waterhouse is a great broker but not worth the commisisons they charge.

  159. I just opened a Questrade account and noticed some discrepancies in my cost basis totals. I figured out the source, but I think Questrade should be more open about the extra fees.

    More details are here:

    http://mikazotechblog.blogspot.com/2010/08/beware-ecn-and-ats-fees.html

  160. I was this close to opening a new account with Questrade because of their super low commission fees. After reading most of the reviews written here, I’m giving second thought.

  161. lol…I wasn’t sure some time ago. But if you read every posts, learn what mistakes they made and read everything on their website (once or twice). You won’t have any problem and you’ll enjoy their low commission and fee less accounts.

    and if you haven’t done your homework and/or don’t know how the market or the brokers works maybe you should do something else.

    be careful and good luck

  162. Seriously – I’d say more than half the complaints on this site come from people too stupid to own a computer, let alone trade online. Mistakes happen. It seems being the cheapest broker also attracts the dumbest customers.

    Give Questrade a shot.

  163. The fool is you. Stay away from Questrade.

  164. I have never been more angry at a company before.

    a) opening an RESP and transferring seemed inordinately difficult and laden with problems.
    b) turns out that my existing RESP mutual funds never did get transfered.
    c) they were never able to get my name right on the account, and told me not to worry about it, it still works
    d) they claim to be a Canadian company, but their trades and architecture are all through Penson, based out of Texas
    e) you cannot log on to MyQuestrade using Firefox, and you can’t see contributions using Webtrader

    I would like to say that you get what you pay for, but the comedy of errors that is Questrade isn’t even worth that.

    I’ve set up different accounts (RRSP, investment, wife’s RRSP, RESP) with four different trading firms to evaluate which one I like better. Years into this experiment, I’m mostly happy with the various features of BMO, CIBC and Qtrade, but I cannot wait for this latest error to be corrected so that I can transfer to a different firm and shut down my Questrade account.

    Thoroughly disappointed.

  165. Overall, I find Questrade to be good. I don’t trade a lot, just monthly deposits, buy and hold stocks. I’m not an active trader. I know what I want to buy, so why pay fees when you don’t have to? I currently hold bonds in a TD trading account but I noticed Qtrade now offers bonds at better prices then TD. Maybe I should switch those investments over too. The 2 cons I can think of however are a) not as much inventory of bonds for sale as TD and b) is there a risk to Qtrade going out of business???

    Neil

  166. Laroche your an idiot,you must be one of the monkeys that works there, questrade should of been shut down by now they must have good lawyers and live off people that don’t care about loosing their money and put up with bs, idiots like you. out of all the negative comments here im sure we have some competent users. qtrade has 2 problems , problem #1-you have to keep everything you do on a spread sheet because the platform is corrupt, constant trade breaks and the numbers never add up right, onetime it showed i made 20,000 off a trade when it was only 200. problem #1 leads to problem #2 because each time you have a problem you have to call customer service. customer service is non exsistant, if you has the tiniest bit of a problem you waite 3 weeks and than you have to escalate to a manager and if anything gets done right your lucky. BOTTOM LINE – stick to reputable companies cibc/rbc/td if you care about your money

  167. Even the better business bureau BBB has a rating C and 12 complaints launched against this fraud organization

  168. I’m a little confused by some of the messages. I’ve been with Questrade for a while now and adding funds is as easy as paying a bill online. Just create an electronic payee and add your account number and its there in a couple of days. That said, they are not a perfect broker. I’m still having trouble shorting with them. I think my lot sizes are too small.

    • @Chad: It’s a while since I wrote this post and it may be time to revisit. Question for you: how well / easy is it to fund USD accounts? IIRC, funding USD accounts involved extra long holding periods in the past.

  169. I opened an account with questrade and transferred funds to my account on January 31, 2011. The account is no longer showing and the funds are not their either. They say oit there but after 2 weeks I am concerned. anyone have concerns or something like this happen

  170. stay away from questrade,i had bad experience with them,with the change in software some of the position disappear from my account for more than week and their explanation was we cannot do anything.no customer service at all,the r rude on the phone sometime 40 minutes hold,no email return,made me loose 10 time than i save on commision.going back to td.

  171. @Brian, @Sam: Try contacting Lynn whose contacts you can find in the comments thread. Not sure if she’s still at Questrade but she has helped clients with problems before. Sorry I couldn’t be of more help. Good luck!

  172. I traded with qtrade for a few months. I found them to be almost laughably incompetent and great at telling lies. At one point when a trade would not close I called CS and asked why everything stopped for 10 minutes just after a nice run up in a fx pair I was holding. His answer was that the market stopped trading and that there was no liquidity in the forex market for 10 minutes. (an out rite lie). I asked him if they were an ecn broker and he answered”what’s an ecn broker” That was enough for me. I got the impression that the company was a one man bucket shop.lol

  173. I was told after lots of emails to them and phone calls that I need tro set up my account again and that they had my money and would put it in then. I did that today so I should see my money tomorrow. I hope it will be there. I will report back.

  174. Just to let everyone that Questrade live up to their promise and fixed everything up. They did a big conversions so things go a bit crazy but now it is all ok. Thank you Questrade

  175. I transferred fund to my friend’s account via online banking payment last week. So far, the money has not been settled yet. we tried to contact them via email, live help, phone call and fax. Hoever, no response at all. Now, the money has already been transferred out of my bank, but we don’t know where it is settled. Frustrated!

  176. It takes a few days to settle on the transfer. They use some company that is the go between between them and the banks to transfer funds back and forth.

  177. Hi,

    I’m with questrade since 3-4 months and I’d like to add a con to the list: communication problems.

    When I transferred my account from my previous broker to questrade, things initially went well. However, my history kept showing as pending and I wasn’t receiving the promised refund of transfer fees. After I contacted them several times by chat and phone, I eventually was told that I had to send them the proof I had paid transfer fees. I thought that was something I should have been told right away instead of having to follow up incessantly. I eventually was refund, but my transfer is still showing as pending, 3 months later. I was told a few times they would fix that, but so far they haven’t done a thing. Now I’m hesitant about sending more money to a company that seemingly can’t fix a simple status update issue.

    I also wanted to initiate a DRIP on my account and I was told I simply had to upload the form and they would take care of that. I did that the very next day. A month later, again after multiple follow ups, I was told an uploaded form was not acceptable for the first DRIP and I had to send a original signed form. I also would have thought that this would have been something worth telling me up front, if not by the agent on the chat, then perhaps by email when they realized I had uploaded a form and this wasn’t acceptable. Now it’s the second form I have to send them because apparently the first one never got there. Another person than me confirm the address on the envelope was correct, so I doubt this is a wrong address problem. And since I once received an email from questrade containing private information from another of their client, I’m wondering if my form was misfiled somewhere.

    From my experience, my concern with questrade is: are low fees worth a mediocre service?

  178. @Andre

    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.

  179. @Matt

    Both issues were quickly solved, thanks. =)
    I’m still concerned I had to go to such length to see the end of this, but now at least I can move on.

    Cheers!

    André

  180. My questrade review, investors beware….

    I have been with questrade since 2008, and I have accounts with TD waterhouse, CIBC world markets, IB, and scotia capital. One lesson I have learned dealing with brokerages is you can’t have everything in one basket.

    In the past, I traded a great deal on questrade and even became a questrade platinum member. My first year with questrade was great. Services calls were prompt, trading platform is quite reliable, and fees fairly accurate. But for the last two years as questrade expanded and commercials become more prominent on BNN, services and platforms as well as fees have become problematic. During trading hours, calls to trade desk and CSR takes hours. Even if you do get through, the level of service is incompetent. Even platnum dedicated lines takes hours to get through.

    Recently, questrade migrated to a new platform, many preferred shares have to be called in for trade. I am currently in a dispute with questrade because I called in a limit GTC order for preferred shares and the trade desk confirmed my order but the orders don’t show in my account. A week later, the limit GTC order conditions were reached and I called in to confirm that my order is filled. To my horror, the CSR told me there is no order and he had to investigate the issues and call me back later. Guess what, he never called. To this date, I can’t understand how an electronic trade order be lost.

    Another issues is lack of integration for trading forex and bonds with equity platform. For investors with large basket of investments, you need adequate funds in both forex accounts and equity accounts to trade which severely limits market opportunities. Also any bond trades have to called in to trade desk and are not reflected in equity account balances.

    In the past I have recommended questrade to friends, now the only thing I can says is beware…

  181. @Frank

    I appreciate your candor in discussing your recent frustration, and I’m sorry to hear that we’re not delivering the level of service that you deserve. I would like to address your concern head on: can you please email me at mrust@questrade.com with your contact information? Our Client Services Manager will contact you directly. While I completely respect your right to discuss Questrade – pros and cons – in a public forum, we need your personal account details in order to investigate the missing GTC order. I sincerely hope that we’re able to present a solution and that Questrade will again be a company you recommend to your friends and colleagues.

    Maggie Rust
    Questrade

  182. Hi, I’m new to Questrade. Can anyone tell me which platform should i use for beginner? Also I’m looking to invest in ETF than in mutual funds.

    Anyone got a refer a friend code? :) You get $100 free of trade and I got $50 free of trade is this correct?

  183. TO ANYONE CONSIDERING QUESTRADE PLEASE READ : I opened a new account with questrade on October 20,2011 and have been having issues with the platform ever since. I brought the issues to the customer service attention who in turn forwarded it to technical support but to no avail.

    I logged in to my platform at 7:55AM and found an open long position 100 shares and open short position of 100 shares sitting together in my account box both at the same price. Since i did not hold any positions in my account from the previous day, i called the trading desk and a trader said that they will take care of the problem and not to worry. I called back at 9:22 AM and spoke to another trader about the situation and asked why nothing had been done yet. He put me on hold. Few minutes after waiting on hold the shares disappered from the account box and a minute later the trader came back on the line and said that it has been solved by the back office, i confirmed that.

    Later in the morning, i encountered a system error that cost me $703. Here are the details: On Nov 22, 2011 at 10:26 AM i bought 100 shares of pcln (open long). At 10:43 i tried to get out of my position and sell my pcln shares and the system kept rejecting my order for ” NOT ENOUGH SHARES” even though i owned 100 shares in my account. I tried that eight times but the orders were all rejected on the groung that i dont have enough shares.

    I realised that there is a system problem and called the trading desk and explained the problem. I was on hold for over ten minutes while the stock kept going down before the trader came back to tell me : ok sir we solved the problem and now you are able to sell your shares, so i asked what happened(sold the shares while talking with a loss of $703) and he said that the shares were allocated and that he had to contact the back office to solve the issue. I asked him who’s fault this is and he answered that it is an error on their side.

    The trader explained that i have to speak to customer service to see if they will take responsibility of the system negligence.Long story short, after begging the unexperienced customer service representative to transfer to a supervisor, i was FINALLY transfered to a supervisor who disappointed me more than the system error. During our long conversation the manager was talking nonsense and was making things worse not better by blaming me for the error and that i have to wait a duration of time after cancelling an order in the account box to place another one (he did not specify but said definitely more than one or two seconds) and came up with a conclusion that this is why the shares went allocated. I asked for a credit of $468 supposing that if things went well and my order was placed, i would have lost $235 and not $703 and to consider the number of trades i have excuted since i joined questrade about a month ago(paid approx.$1400 in commission fees) . He refused and offered me $50 instead.

    AN EMAIL HAS BEEN SENT TO SENIOR COMPLIANCE MANAGER ADAM Akretschmann , WHO’S GOT 14 YEARS OF EXPERINCE IN THE FIELD!! I WILL KEEP YOU UPDATED

  184. Please do keep us updated Sam.
    I have had an account there for almost 3 years without any problems. However, the problem you describe should be dealt with accordingly by Questrade. If there is no documentation available on wait times for cancelled orders, or whatever the issue was, I believe you are entitled to compensation. I may have to move my account if they can not deal with your issue in an appropriate manner.
    Sure, I have not had any issues in the past, but who’s to say there will never be an issue in the future.

  185. I have a bad experience with questrade recently. I opened TFSA, RRSP and FX accounts with questrade since my friends highly recommended it. The trading was running smoothly at first although funding into questrade accounts usually took double time compared with TDW.

    I started to pull some money out in December, 2011 for the home loan payment. Then I started to suffer a bad experience. The first story was I wanted to withdraw money from RRSP account. My wife filled in the form and mailed it out at the beginning of December. We received an email said the USD$ must be exchanged into CAD$ before they processed it. So I did it on 13th, December. Nothing happened until I followed up on 22nd December. The custom service was great with their attitude. He checked the file and told us he could not find the form at first and then found it later after we assured it should be in the file. We told him of our concern of the urgency and he promised we should receive the money after New Year. I called on 3rd, January and another custom service said he can’t find our request. Things are back to square one. Since it’s going to take two weeks if they start to process it luckily, I can’t see any light in the tunnel by the end of January before the deadline of the down payment.

    Meanwhile, my wife and I sent requests to withdraw fund from FX accounts on 29th, December. The two requests were only 5 minutes apart. We both chose CAD wire transfer because we thought it might be the quickest way. My wife’s request was processed on 30th, December. Although the website says the exchange rate will be the rate on current day if request was sent before 2pm, which we did, we thought its fine. My wife received the money on 2nd, January as the wire transfer claimed, 1-4 days. However it did not happen to me until I called again on 3rd, January. Again, their attitude was great. I was told it was exchanged to USD$ just now. Apparently, I had a loss since CAD$ was up 1 cent. I can’t believe why two requests at the same time had a different result. How do I know they intended to hold the fund or because of their negligence.

    I felt very frustrated and going to close all the accounts, same with my wife. And I won’t recommend to my friends either.

  186. Very disappointed and will switch back to TD Waterhouse.

    Did the questrade changed? Now when I log in I get a whole bunch of notices and all I wanted is a summary of my accounts which I use to get and that is what I wanted instead of entering one account at a time.
    Venice: I am happy to assist you with that. Due to the security enhancement, we recently made many changes to our account for Myquestrade. If you want to check the account summary for 2011. You can go to myquestrade>my account>trade history>tax slip to get the tax document. However the 2011 tax slip has not yet posted online, it will be posted around March 6.

    I have 4 accounts and I just wanted to see the summary. I don’t want to go through each one. Use to be that once I log in I can see all 4 accounts.

    I don’t care about the tax slips everyday.

    Venice: If your accounts are not opened under the same login ID, then you wont be able to see all the account under the same login.

    I’ve been using the same accounts all along under the same ID and every time I login I can see all 4 accounts. Now when I login I see a whole bunch of notices and I have to go to my accounts and click on balance and positions and see each individual accounts. it is a pain.

    Venice: I am sorry about the inconvenience, that is the default setting for Myquestrade, nothing we can change.

    Too bad, please let your management that if this is the case, it is a real step backwards. I am switching to another broker that has a more friendlier interface. Thank you

  187. When I tried to do a trade using QuestraderWeb, I can’t get in. Error is “Invalid user id or password” on all 4 of my accounts. Worked yesterday. What happened?

    I tried using the Live Chat, but no response.

    Sent email, still waiting as the market plunge today.

    You save a few dollars on the commission, but you could lose a bundle by not being able to trade when you want to.

  188. DO NOT SIGN UP WITH QUESTRADE. Here’s why: I currently have a tax free savings account with Questrade and am trying to create an RRSP account by transferring my balance from another broker to Questrade. Well, that was a few months ago and they still haven’t been able to make the switch. I contacted the other broker (TD) and they haven’t even received the required forms yet, after SEVERAL MONTHS. Not only that, they LOST MY ACCOUNT INFORMATION several times in the past 8 weeks. Do yourself a favor, AVOID QUESTRADE

  189. 1.Claiming low commision of 4.95-9.95, when you think about the ECN fee, you will cry;
    2. Margin interest is 1/4 higher than other;
    3. Transfer your money in/out is longer than other. 2-3 weeks is norm;
    4. You have to wait 1 hr to get someone to answer your call;
    5. New platform will fail & you are not able to get access to your account.

  190. QUEST TRADE IS THE WORST

    I have been with QT since 2007. The only reason I stayed this long was because they let you avoid currency conversion in RRSP accounts. Now RBC Direct Investing offers the same feature. I am glad to say I am done with these bozos. Their service is crap, their CSRs are incompetent and their hold times are inexcusable. I can’t wait to be done with them. The slightly lower commission is not worth the headaches. If you want low commission and are a trader, Interactive brokers is the best choice. Otherwise RBC is the one I would use (only because they don’t force currency conversion)I have been with QT since 2007. The only reason was because they let you avoid currency conversion in an RRSP account. Now RBC Direct Investing offers the same feature. I am glad to say I am done with these bozos. Their service is crap, thier CSRs are incompitent

  191. I have had several accounts with Pestrade, and I am transferring the last one out before the company implodes. Canada’s version of PGF Best i wonder?

  192. WARNING : I want to share with all people that are thinking to open a Questrade account and also to the already clients to be very carefull.

    I will relate one issue that it’s happening to me right now with them.
    I open an account on March 2012. I fill all the papers as canadian citizen as I am.
    after I bougth some dividends US stocks. I check the amount received and I notice that they take 30% for tax proposes and sometimes 35%. (as Canadians we have to pay 15% witholding tax on any US share and dividend payement).
    I call them to verify why it’s happening that. and the support desk (Laura), tell me that she will check that for me.
    After that she sent me an e-mail telling me that she recalculate all the taxes and she doesn’t see any 30, 35% taken.
    I sent to her all my stock list , with all the dividend payement and also I sent to her how I was calculating them.

    In front of evidence she accept that was an error ???. they consider me as non canadian ???. and they will correct that for me.
    I have to escalate to a supervisor ( Lulu, they refuse to give as the last name for all the staff), and she tell me this will be corrected very soon ( My demand was made at the begining of july one month and nothing happens).
    The relationship with a broker is based on confidence and transparency.
    I ask to them WHY ?, why laura have to see my calculation to assume the error
    the answer was : I don’t know
    I ask why they consider me as non canadian if all my papers are from a canadian?
    the answer was: We don’t know, the problem is the clearning broker with we work ?????.
    very evasive answer.
    She tell me something that is very suspicious : You are the administrator of your account ( that’s right) and you are responsable of ALL. WE COULD TELL YOU BAD ANSWER BUT IT’S YOUR RESPONSABILITY TO VERIFY WHAT WE TELL YOU !!!. THAT HAPPENS VERY OFTEN !!!.

    then I want to be aware if you are tradding with questrade to verify on all US dividends stock that you have to TRIPLE CHECK the amount they take for US taxes proposes.
    If Questrade make with hundreds of client that they trying to do with me. You could be stoled by 15.% and 20% without you realize that .

    BE VERY CAREFULL WITH THEM !!!

    I’m still waitting for the correction

  193. Questrade is absolutely the worst for customer service. Needed a password reset and was in queue for over 4hrs! Absolutely the worst!

  194. Questrade is by far the worst online trading site I have used (others I have used were TD, Scotia iTrade, & etrade)
    They have went down for the day twice in the last 3 months, I had purchased options the day before and could not log in to sell them the next day. I will not trade with them again as I only trade options and I do not like not knowing if I will be able to log into my trading site the next morning to sell the options.

  195. I’ll share the good, the bad and (mostly) the ugly on Questrade.

    My spouse and I are waiting for Questrade 2011 tax slips to be finalized – again. Our customer service experience has been horrible. There has been almost a year of staff turnover and empty promises to fix our slips and get ETF income properly assigned to the right class. This has been a big problem with covered call ETFs where the call premium income has been mistakenly classified as other income. We have to go to Horizons and spell out for Questrade what they should be doing and where the mistakes are on T3s.

    Time in money too. If you are unfortunate to ever have to rely on Questrade customer service you will realize that it is not worth it. We switched to Interactive brokers and the fees are low, the online chat is responsive, emails generate tickets that are responded to within hours. The currency conversion costs are very low at Interactive Brokers too, and if you have a margin then the rates at Interactive are a lot lower.

    Questrade I have found may be good for informal trusts – the jury is still out on this because the tax slips are not helpful in assigning the gains to the beneficiary instead of the account holder.

    The trailer fee rebate on mutual funds may be of value to some people .. you can save about 1% on some funds making the overall MER ‘damage’ less (although you’d be better off still funding an equivalent ETF to your funds … and if Questrade could get the tax slips right)

    Questrade is good if you want to hold GICs in an RESP – rates are pitiful for GICs in an RRSP anywhere else like a bank. The Questrade rates are not as good as Achieva Financial (which we use for registered GICs in RRSP and TFSA), but they are good enough to park $ when you child nears university and you may just want to cover inflation and get your government grant.

    For a non-registered account, where you need to get proper tax slips, and especially if you hold Horizons ETFs (or others?) – stay away from Questrade and save yourself the headaches for the sake of a few pennies.

  196. Also be advised that Questrade will charge a Inactivity Fee of $19.95 per quarter if you have less than $5000.00 total combined equity and do not make at least one commissionable trade during that same quarter.

  197. There’s NO other broker that has anywhere close to the same amount of negative feedback online, and yet, somehow, personal finanace blogers keep extolling Questrade’s virtues. Could it have anything to do with their affiliate program? How about full disclosure?

    Obviosly, this exludes Canadian Capitalist.

  198. Ex-Questrade-Client

    These guys are a bunch of crooks. I’ve literally filed 2 complaints with the BBB, 2 complaints with the Ombudsman for Ontario Banking Services and 1 complaint with IIROC in a 3 year period. I closed my account in 2010. It took literally months of negotiation to get them to release my funds to me, and now I’m trying to access historical account statements (for personal income tax purposes) which they’ve lost and can’t deliver to me.

    There is no company I hate more than Questrade. If you think Rogers customer service reps are bad give Questrade a call. No last names, no accountability, no desire to actually solve your problems. Save yourself a major future headache and stay away.

  199. Questrade is absolutely the worst brokerage I have ever used (and I have used many many over the years – big and small). They are incompetent, inconsistent, and outright liars. They tell you they will look into your issue but want 10 day to resolve it. You call back 10 days later and they are unaware that they are supposed to look into an issue. Next, they will “escalate” your issue for priority resolution. Escalation, in Questrade-speak, means “do nothing”. You phone back again — and you guessed it — nothing new and no solution. But don’t worry, you can write an email to the “supervisors” and enter a complaint for explicit and direct resolution… Here comes the punch-line: the “supervisor” will have reassigned your original issue back to the exact same doofus that has been pooch-screwing your issue all along. Apparently these “supervisors” care sooooo much about you as a valuable client, that they deem it more than appropriate to manage client relationships in this way.

    I spent two years (yes two frickin’ years!) closing out my accounts. With Questrade it could take that long apparently. Only threats of filing criminal complaints with the RCMP made any real progress in getting my accounts closed and, in one case, money “relocated” (and not a few bucks either…). Any other broker could do the same in 6 to 8 weeks.

    Save yourself the hassle and aggravation (and possibly two years disentangling your finances from these twits/crooks), by finding a REAL broker. Spend a few extra bucks per trade — it is unimaginably worth the extra cost. Trust me.

    All I can say now is “Good Riddance Questrade”. Read the G&M survey to see who the consistent “winner” is.

  200. I set up with Questrade around the same time the market was melting down 5 yrs ago. Agree customer service mostly sucks but I don’t have any other brokerage experiences. Most serious problem I had was that they seemed to lose track of some of the purchase prices of some of my stocks . . . I had to go check my online statements and have them correct it. Bizarre. At least you don’t need three passwords anymore. It’s cheap though so I guess we get what we pay for. I’m not a frequent trader so have no comment on things like margin interest and other trading beyond ‘buy’ and ‘sell’.

  201. Quest Trade customer service really bad. I have never seen such a poor response towards customers request.

    I went in their office to open an account I requested the representative to let me know about any offers or promotions. She only informed me about the offer for which i was not eligible. For the one i clearly qualify she didn’t mention that.
    After opening the account i got to learn about the offer which should have been given to me by quest trade i.e “1 month free unlimited trading” for new accounts.
    So i reached out to the customer service and requested them to provide me that offer. The representative assured me that he will back date the offer as its not my fault. But after 2 days on following up on my request the same agent told me that my request was denied and i cannot get the offer.
    I will only get 5 trades free i should take it or leave it.
    It’s the worst attitude i have ever seen for any customer service. I would ask you guys to stay away form them. Its better to pay few cents extra than to get poor customer service.

    • Listen to this advice, i made the mistake of opening an account (now closed) and wish i never heard of questrade, terrible service and bad record keeping, it is now tax time and they have reported cap gains to revenue canada on a stock i never held, been trying to resolve this for about 3 weeks and i just keep getting passed from one rep to another and nothing gets resolved,when my acct was open i had numerous times i was locked out and couldn’t trade or acsess my acct in anyway, trades showing in my acct i never made and one day i logged in and my acct was cleaned out totally, i called questrade in a panic thinking i had a computer virus and someone had stole my password and i was told by customer service” oh it’s just a glitch don’t worry about it” my money seems to be all gone and the attitude is don’t worry about it….like hell! Scotia i trade now has $4.95 trades like questrade so you can be sure the other banks will soon follow so you get the same price and avoid the hassles of dealing with questrade

  202. My Questrade tax slips are being updated again this year. I probably have to wait until mid May for it to be safe to finalize my taxes and file :(

    Interactive Brokers does a much better job

    http://www.investing101.ca/2013/04/tax-slip-tracking-with-online-broker.html

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