Investing

STAY AWAY from Questrade!!!!!!!!

  • Last Updated:
  • Nov 1st, 2019 6:02 pm
Newbie
Jul 31, 2014
72 posts
99 upvotes
Vancouver, BC
Part of me agrees with you and that QT shouldn't have touched your accounts but the other part of me says you really should keep a better handle on your accounts. Lot's of brokerages have inactivity fees and you didn't seem very interested in keeping your account active.

Hope it works out for you.
Member
Aug 7, 2016
238 posts
177 upvotes
Perhaps I should monitor my pocket change better too. I set up accounts for specific purposes, and its never been an issue before.
This account was chosen for the express reason that it had no inactivity fees because it was such a tiny account that I had no interest in actively managing.

The onus is on both parties to notify the other if they wish to change the agreement terms, prior to taking action. They never did and made a unilateral decision.

I was willing to give them a second chance to demonstrate their integrity, believing it a simple miscommunication. So made a secondary agreement, which they then reneged on.
Thirdly, and unexpectedly Questrade offered here to 'investigate', and since then they have liquidated my position without approval.

The amount of cash I'm out on here is less than I spend on a nice dinner with the family. The potential loss to Questrade is far greater.
I'm only providing information, so that others can make a better informed decision on whom they choose to do business with.
Newbie
Jul 31, 2014
72 posts
99 upvotes
Vancouver, BC
All you're providing is one side of the story along with some lame bragging about how much money you have.

Your post isn't going to help others make an informed decision, for all we know you haven't updated your account contact information and they did repeatedly send you something.
Newbie
Apr 9, 2017
1 posts
1 upvote
What unbelievable garbage company. I don't understand how these clowns stay in business.

I opened an account 2 weeks ago. First they send me the welcome email 2 days after I opened the account. Then when I get in, I can't even open the trading menu because I get a server error every time.

So I reply to the email from their account rep who said he's there to "help you get your account up and running so you can start trading as soon as possible"... and he replies saying he can't help me and that I have to email tech support.

So I email tech support and wait 2 days for a reply from some slacker who asks me if the problem has solved itself or not. I emailed him back to say no, it hasn't magically solved itself, (I've now been waiting 4 business days with no response).

By this point I've managed to at least get in with the mobile app and started trading... only to find that I'm not actually getting the 5 free trades they promised me.

Then, just to top it all off, I noticed today that the limit orders I put in last week (all set to be good until the end of the month) have just up and vanished. My orders list shows nothing. Nothing at all. They're just gone.

To anyone out there considering Questrade—don't even think about it. Go with anyone else.
Newbie
Apr 26, 2012
83 posts
68 upvotes
Toronto
I am with Questrade for almost a month (first timer in stock trading), where I parked my 1,500 in TFSA and I am quite happy with them. Reason? You get what you pay for, and I got 100% service which I expected from a discount broker. My account was open on Friday, and on Wednesday I made my first trade. Yes, minimum fees are 4.95 and if you use market orders - be prepared to to pay ESN fees ($0.0035 per share when you buy and the same when you sell). But! If you use only limit orders - 4.95 when you buy and 4.95 when you sell. Since I don't trade more than 300-400 shares per trade - that's my case.

As for inactivity fee - as long as i make one transaction per quarter - I pay nothing. Hey! This is a discount broker! At Scotia iTrade they are charging almost $25 per transaction if you have less than 50,000. Funny things with Questrade...their IQ platform for Mac works better then for Windows. :)) At least it runs smoother on my Mac then on my Lenovo. I am actively using Level 2 via Web platform (runs on the background of my computer at work) and it's just great.

As for tech support...well, I used it once over the phone and it took almost 15 minutes. I survived, and I got answers for my questions. Bottom line - they maybe not the best, but definitely not the worst.
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
urbannomad252 wrote: What unbelievable garbage company. I don't understand how these clowns stay in business.

I opened an account 2 weeks ago. First they send me the welcome email 2 days after I opened the account. Then when I get in, I can't even open the trading menu because I get a server error every time.

So I reply to the email from their account rep who said he's there to "help you get your account up and running so you can start trading as soon as possible"... and he replies saying he can't help me and that I have to email tech support.

So I email tech support and wait 2 days for a reply from some slacker who asks me if the problem has solved itself or not. I emailed him back to say no, it hasn't magically solved itself, (I've now been waiting 4 business days with no response).

By this point I've managed to at least get in with the mobile app and started trading... only to find that I'm not actually getting the 5 free trades they promised me.

Then, just to top it all off, I noticed today that the limit orders I put in last week (all set to be good until the end of the month) have just up and vanished. My orders list shows nothing. Nothing at all. They're just gone.

To anyone out there considering Questrade—don't even think about it. Go with anyone else.
Hi urbannomad252,

We’re sorry for your negative experience. We want to help you. Please send us a private message with your account email address so we can investigate this for you.
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
torontonian1974 wrote: I am with Questrade for almost a month (first timer in stock trading), where I parked my 1,500 in TFSA and I am quite happy with them. Reason? You get what you pay for, and I got 100% service which I expected from a discount broker. My account was open on Friday, and on Wednesday I made my first trade. Yes, minimum fees are 4.95 and if you use market orders - be prepared to to pay ESN fees ($0.0035 per share when you buy and the same when you sell). But! If you use only limit orders - 4.95 when you buy and 4.95 when you sell. Since I don't trade more than 300-400 shares per trade - that's my case.

As for inactivity fee - as long as i make one transaction per quarter - I pay nothing. Hey! This is a discount broker! At Scotia iTrade they are charging almost $25 per transaction if you have less than 50,000. Funny things with Questrade...their IQ platform for Mac works better then for Windows. :)) At least it runs smoother on my Mac then on my Lenovo. I am actively using Level 2 via Web platform (runs on the background of my computer at work) and it's just great.

As for tech support...well, I used it once over the phone and it took almost 15 minutes. I survived, and I got answers for my questions. Bottom line - they maybe not the best, but definitely not the worst.
Hi torontonian1974,

Thank you for the great feedback! We’d love to share it. Would you send us a private message with your email address so we can reach out to you for permission?
Deal Fanatic
Nov 22, 2015
7814 posts
8681 upvotes
urbannomad252 wrote: What unbelievable garbage company. I don't understand how these clowns stay in business.

I opened an account 2 weeks ago. First they send me the welcome email 2 days after I opened the account. Then when I get in, I can't even open the trading menu because I get a server error every time.

So I reply to the email from their account rep who said he's there to "help you get your account up and running so you can start trading as soon as possible"... and he replies saying he can't help me and that I have to email tech support.

So I email tech support and wait 2 days for a reply from some slacker who asks me if the problem has solved itself or not. I emailed him back to say no, it hasn't magically solved itself, (I've now been waiting 4 business days with no response).

By this point I've managed to at least get in with the mobile app and started trading... only to find that I'm not actually getting the 5 free trades they promised me.

Then, just to top it all off, I noticed today that the limit orders I put in last week (all set to be good until the end of the month) have just up and vanished. My orders list shows nothing. Nothing at all. They're just gone.

To anyone out there considering Questrade—don't even think about it. Go with anyone else.
Meh, I have a Questrade account for about 6 months and have been very happy with the service. Haven't had many issues, and customer support was quick to respond the one time I did.

Your experience must be a one-off. I've had accounts at TDDI, Investor's Edge, and Questrade has the better interface and decent customer service. I'll stick with Questrade for my free ETF purchases.
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
superfresh89 wrote: Meh, I have a Questrade account for about 6 months and have been very happy with the service. Haven't had many issues, and customer support was quick to respond the one time I did.

Your experience must be a one-off. I've had accounts at TDDI, Investor's Edge, and Questrade has the better interface and decent customer service. I'll stick with Questrade for my free ETF purchases.
Hi superfresh89,

Thanks for the positive feedback!
Deal Guru
User avatar
Dec 7, 2009
13885 posts
1368 upvotes
I agree that Questrade should never liquidate a position to cover fees under ANY circumstances, without explicit client consent.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Sr. Member
User avatar
Sep 18, 2016
501 posts
489 upvotes
don't think of Questrade in terms of "instantly". Everything takes a couple days longer and then some other day to update in the system.
If you can live with that then its a good platform for you. I also like their support team at the Xerox building on Yonge street.
"Do not allow yourself to become resentful, deceitful or arrogant"
Jordan B. Peterson
Sr. Member
User avatar
Jun 27, 2007
579 posts
112 upvotes
Toronto
1Ogiku2 wrote: don't think of Questrade in terms of "instantly". Everything takes a couple days longer and then some other day to update in the system.
If you can live with that then its a good platform for you. I also like their support team at the Xerox building on Yonge street.
Hi 10giku2,

Thank you for the positive feedback!
Jr. Member
User avatar
Aug 26, 2014
131 posts
55 upvotes
Markham, ON
Tceight wrote: The amount of cash I'm out on here is less than I spend on a nice dinner with the family. The potential loss to Questrade is far greater.
I'm only providing information, so that others can make a better informed decision on whom they choose to do business with.
Thank you for your sharing of information. I was actually considering Questrade for my TFSA account since there is "no fee" to purchase EFTs, and all the bells and whistles QT is advertising. I am in the process of setting up a TFSA with TD Direct Investing for their e Series funds.
Hoping they will reimburse your account for what they've taken. I can not believe they liquidated your RRSP for the inactivity fees. Thanks again for helping me making my decision.
Deal Expert
User avatar
Oct 26, 2003
39289 posts
6324 upvotes
Winnipeg
superfresh89 wrote: Meh, I have a Questrade account for about 6 months and have been very happy with the service. Haven't had many issues, and customer support was quick to respond the one time I did.

Your experience must be a one-off. I've had accounts at TDDI, Investor's Edge, and Questrade has the better interface and decent customer service. I'll stick with Questrade for my free ETF purchases.
which ETF are you buying? is it as simple as open a quest trade account and buy ETF and hold in TSFA? I don't really use TSFA and thinking of start, that or can just dump more $$$ into my RRSP.
Jr. Member
User avatar
Aug 26, 2014
131 posts
55 upvotes
Markham, ON
divx wrote: which ETF are you buying? is it as simple as open a quest trade account and buy ETF and hold in TSFA? I don't really use TSFA and thinking of start, that or can just dump more $$$ into my RRSP.
This is all depends on one's situation. If your marginal tax rate is 25%-30%, putting money in RRSP will actually bring down your taxable income, thus pay less taxes, in other word, you "gain" 25%-30% on that money. It's stay locked in and will be taxable if you withdraw early.
What you gained under TFSA is not taxed, if you gain 6% a year that's your money, and you are at liberty to use your money any time you want. Why not do both? and are you sure to use QT? considering those negative reviews?
Deal Addict
User avatar
Jan 2, 2012
4585 posts
3082 upvotes
Toronto
Syne wrote: I agree that Questrade should never liquidate a position to cover fees under ANY circumstances, without explicit client consent.
Every broker has this clause.

For example here is Scotia iTrade: https://www.scotiaonline.scotiabank.com ... ure_en.pdf

This statement is repeated multiple times in the T&Cs for different accounts types:
We may retain part of your TFSA in cash to pay our fees and other expenses. To
cover these charges, we can liquidate assets in your TFSA without liability.
Deal Expert
User avatar
Oct 26, 2003
39289 posts
6324 upvotes
Winnipeg
CCHunter wrote: This is all depends on one's situation. If your marginal tax rate is 25%-30%, putting money in RRSP will actually bring down your taxable income, thus pay less taxes, in other word, you "gain" 25%-30% on that money. It's stay locked in and will be taxable if you withdraw early.
What you gained under TFSA is not taxed, if you gain 6% a year that's your money, and you are at liberty to use your money any time you want. Why not do both? and are you sure to use QT? considering those negative reviews?

Just want to hold etf and let it grow passively
Deal Guru
User avatar
Dec 7, 2009
13885 posts
1368 upvotes
rob444 wrote: Every broker has this clause.

For example here is Scotia iTrade: https://www.scotiaonline.scotiabank.com ... ure_en.pdf

This statement is repeated multiple times in the T&Cs for different accounts types:
We may retain part of your TFSA in cash to pay our fees and other expenses. To
cover these charges, we can liquidate assets in your TFSA without liability.
Well that's troubling, because this is not the policy of an institution that sees its clients as equal partners. It would be like if your landlord refused to fix your water heater, so you started selling his appliances to cover the cost. I mostly resent this notion that, as long as we include it in a contract, it's OK. 'See, look.. You signed it'. Come on. It's especially easy to normalize objectively unfair behaviour, when as you say, 'every broker' is doing it. Just like it's OK for Rogers to auto-win disputes and destroy your credit, because there's only 3 major telecom companies and hey.. 'every company' does it.

We need to fight against this culture of accepting that as long as an industry is big enough, and is able to sufficiently hide it in legal language, they can get away with just about anything.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Member
User avatar
Jul 11, 2015
371 posts
195 upvotes
edmonton, ab
anyone else having troubles with qt platform this morning? it wouldn't load past the login screen, and now it cant seem to connect to the trading platform. perfect timing. just before tomorrow legalization..... i wonder if today's low volume so far has anything to do with qt's technical difficulties.
~You're the average of the five people, you most associate with.~
Member
Feb 29, 2008
407 posts
192 upvotes
GTA
jointedhornet wrote: anyone else having troubles with qt platform this morning? it wouldn't load past the login screen, and now it cant seem to connect to the trading platform. perfect timing. just before tomorrow legalization..... i wonder if today's low volume so far has anything to do with qt's technical difficulties.
"We are currently experiencing technical issues with our platforms, however all available resources have been deployed to have this resolved and your access to the trading platforms restored. We apologize for the inconvenience however I can assure you that we should have this corrected shortly. "

Top