Personal Finance

Questrade System "Issue"

  • Last Updated:
  • Apr 25th, 2012 10:26 pm
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[OP]
Newbie
User avatar
Nov 17, 2011
30 posts
4 upvotes

Questrade System "Issue"

Just a heads up for anyone else with Questrade. This was the message posted on their web trader regarding orders placed April 23rd:

Please be aware due to a technical issue, accounts that traded, deposited, or withdrew funds on Monday may now display incorrect positions and balances. Accounts affected by this issue will have any new or replacement orders reviewed by Questrade's trade desk; this process will delay the orders from being sent to the market. This issue is expected to be fully corrected by Wednesday morning. If you have any questions please contact Questrade at 1.888.783.7866.

I did follow up with Questrade customer service (waited for about 22mins before I got to speak to someone) who basically said that "it's a priority" and they're urgently working to correct this.

Interestingly, from a personal perspective, when I asked about exiting from the trades I placed yesterday via Questrade, I was told I won't be able to trade those shares until the problem on their end is solved. I made it a point to have the CS agent note on my file that I contacted them already about this issue so that when/if they have decided how to compensate customers for this error, it will be on file.

This is a pretty good warning for anyone trading that any number of things can go awry, even your broker. Although this is the first time I've encountered an error of this scale with any discount broker, including Questrade, there are times when a discount broker's system has gone down intraday. While rare, the impact of those moments where you are at the mercy of the market are incredibly nerve wracking.

To mitigate those situations, controlling how big any one position/trade is relative to your trading capital can definitely help underwrite a number of different risks and ensure if the system goes down, that you can live to trade another day.


~sparxtrading
7 replies
Member
Feb 8, 2010
326 posts
35 upvotes
Toronto
Most, if not all, discount brokerages specifically outline in their customer agreement, that you would have signed, that they are not responsible for losses pertaining to any system failures. If you're lucky you may get a free trade or two. Hardly comforting, especially if you could have potentially lost thousands.

I'm willing to pay slightly more in commissions to trade on a robust platform with few, if any, outages. I've heard nothing but bad things about Questrade, I guess you get what you pay for.

Good advice regarding position sizes etc.
Member
Feb 20, 2011
460 posts
91 upvotes
canuckchris wrote:
Apr 24th, 2012 11:10 am
I've heard nothing but bad things about Questrade, I guess you get what you pay for.

I opened my account on the 11th and have been experiencing this first hand ever since. I figured I would only be doing a handful of trades a year so the amount of things that could go wrong was fairly limited. My initial $4000 funding never found its way to my account so I talked to a CSR who said he could see where the mistake was made and the money would be put in to my account. Ended up waiting a few more day and it still wasn't there so I call up again and tell a different guy the problem. He checks it out and comes back and says that he sees the mistake and that he will fix it. He told me that he'd flag the request as a priority and once its processed everything should be set which makes me wonder what exactly the first guy I spoke to did. Definitely making me reevaluate my decision to go with them
Sr. Member
User avatar
Jun 27, 2007
573 posts
101 upvotes
Toronto
Hi sparxtrading,

I’d like to clarify – this issue has not suspended our clients’ ability to close or open positions.

Here’s the full details: due to a technical issue, accounts that traded, deposited, or withdrew funds on Monday may now display incorrect positions and balances. Accounts affected by this issue will have any new or replacement orders reviewed by Questrade's trade desk. This will not impact your ability to trade. In some cases, it may delay an order being sent to market. This issue is expected to be fully corrected by Wednesday morning.

I’d like to add a few more details:
• If you can see the position, you can place the trade yourself and it will go to broker review
• If you cannot see the position and you want to close it, contact our trade desk.

Our client services are at 1.888.783.7866. The trade desk is at 1.866.980.9590

Regards
Jaanu Teene
Questrade Inc.
[OP]
Newbie
User avatar
Nov 17, 2011
30 posts
4 upvotes
Questrade wrote:
Apr 24th, 2012 1:07 pm
Hi sparxtrading,

I’d like to clarify – this issue has not suspended our clients’ ability to close or open positions.

Here’s the full details: due to a technical issue, accounts that traded, deposited, or withdrew funds on Monday may now display incorrect positions and balances. Accounts affected by this issue will have any new or replacement orders reviewed by Questrade's trade desk. This will not impact your ability to trade. In some cases, it may delay an order being sent to market. This issue is expected to be fully corrected by Wednesday morning.

I’d like to add a few more details:
• If you can see the position, you can place the trade yourself and it will go to broker review
• If you cannot see the position and you want to close it, contact our trade desk.

Our client services are at 1.888.783.7866. The trade desk is at 1.866.980.9590

Regards
Jaanu Teene
Questrade Inc.


Thanks for the update Jaanu. When I spoke to someone earlier they said it wasn't possible, they just kept telling me they were working on the situation. I then checked not too long ago with a chat rep and they said what you mentioned. Of course, assuming one can get through to the trade desk (I'm going on waiting about 30mins right now) to talk to somebody @ the trade desk then maybe they could do something.
Banned
Nov 27, 2006
2200 posts
444 upvotes
Toronto
thankfully i didn't make any crazy trades on monday lol
Sr. Member
Jul 25, 2005
931 posts
48 upvotes
I missed out on some Apple at the close today because the trade had to be broker reviewed. I then got an email that any order not filled by 4pm would be canceled and have to be reentered the next morning. Sweet! I missed out on Apple's second best quarter ever.
Newbie
Apr 24, 2012
1 posts
EDMONTON
Where I had several lots of the same stocks bought at different times, following the computer crash at Questrade (April 24, 2012) I noticed on April 25th, that the puchase price of the lots bought in the past were set to the closing price of April 24. 2012. This resulted in 1./erronious average price displaying in the Account Box 2./false feedback regarding the loss/profit on the different lots of the same stock bought at different times.

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