Investing

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

  • Last Updated:
  • Sep 21st, 2017 8:00 am
Member
Nov 11, 2006
440 posts
123 upvotes
I spoke with the Questrade Platinum line yesterday morning and the rep proceeded to give me wrong information. He told me both my free trades and my free data would start at the beginning of next month, even after reviewing my account.

The thought of sitting on a significant amount of cash was disappointing so I looked up the offer details again and it stated the free trades start immediately once you fund the account with at least $25K...there is no delay. The delay was only with the data.

I called the Platinum line again and this time was served by a much more knowledgeable rep, and he offered to extend my free trades by 10 days.

A much more pleasant experience. At least he acknowledged the wrong info given by the other rep, and corrected it right away. No need to complain to a manager...

Just DONE like that.

I also liked the account opening process. All done online. Even the banks can't do that.

So far I have to give Questrade top-marks.
Sr. Member
User avatar
Jun 27, 2007
565 posts
96 upvotes
Toronto
CanRulez wrote:
Feb 10th, 2017 8:40 am
I spoke with the Questrade Platinum line yesterday morning and the rep proceeded to give me wrong information. He told me both my free trades and my free data would start at the beginning of next month, even after reviewing my account.

The thought of sitting on a significant amount of cash was disappointing so I looked up the offer details again and it stated the free trades start immediately once you fund the account with at least $25K...there is no delay. The delay was only with the data.

I called the Platinum line again and this time was served by a much more knowledgeable rep, and he offered to extend my free trades by 10 days.

A much more pleasant experience. At least he acknowledged the wrong info given by the other rep, and corrected it right away. No need to complain to a manager...

Just DONE like that.

I also liked the account opening process. All done online. Even the banks can't do that.

So far I have to give Questrade top-marks.
Hi CanRulez,

We’re glad the situation worked out. Thanks for the positive feedback!
Newbie
Aug 7, 2016
62 posts
42 upvotes
I can no longer recommend Questrade for small account holders.

I've had an account with Questrade for 10 years. I signed up with them, as they were the only discount brokerage that did not have fees for small accounts, and I needed a place to park a tiny RRSP at the time. The bulk of my investments were in other brokerages.
It was a small amount, about 2k, so I bought a couple stocks, parked it and forgot about it. Recently I was looking into consolidating my accounts, and in trying to decide which platform I liked best I logged in to Questrade. Whereupon I found they had taken $400 from the account without notice or authorization, claiming inactivity fees they implemented in 2012. They claimed to have sent notice via email, but no notice was ever received.
I was offered no satisfaction to this unauthorized pilfering of my registered account, until I mentioned I was considering moving the bulk of my investments to them. At which point they changed their stance and said that if I moved a substantial amount to Questrade, they would refund the debited amount. The gentleman I was dealing with was quite helpful and even apologetic. We discussed and agreed upon how the transfers were to take place. I was prepared to move approximately 200k in funds to Questrade at fiscal year end when I re-balanced my portfolios, and he was to refund the continuing quarterly inactivity fees to prevent the account from selling off shares to cover the debit balance. This last quarter, he sent me an email stating they have reneged on the agreed upon terms.

Obviously If I can't trust a company to act honourably with a 2k account, over a 25$ fee, I certainly won't trust them with larger accounts.
By the time I paid the transfer out fees and eventual taxes, the amount left would be a such a pittance it's not worth the cost in paper or time to do so. Eventually, Questrade will milk this account to zero if I don't do anything though. It will be the last dollar of mine they will ever see.
Sr. Member
User avatar
Jun 27, 2007
565 posts
96 upvotes
Toronto
Hi Tceight,

Could you please send us a private message with your email address? We’d like to investigate this situation for you.

Thank you.
Newbie
Aug 7, 2016
62 posts
42 upvotes
I had held off taking action, because of your reply here that you were investigating.

I received this notice.
There is a change to your account and we want to help you understand why.
Your account had a debit balance which we covered by liquidating one or more of your positions. As a reminder, debit balances are typically caused by one of these reasons:


It would appear your investigation was completed, your position is that Questrade is entitled to pilfer the RRSP accounts for fees it believes it's entitled to.
It is also apparent that you have once again failed to notify me prior to taking the money from the account.
I sent Questrade notice that I was to be billed for any fees claimed owing, and I did not authorize any funds to be taken or positions liquidated. Nowhere in my agreement with Questrade did I authourize them to do so. I'm certain they know that the majority of tiny accounts won't bother taking legal action, as the cost exceeds the amounts. Perhaps though, there is a potential class action here if enough people have experienced similar tactics. I'll be asking on some trading forums I frequent. At minimum, it will allow people to make more informed decisions.
Newbie
Jul 31, 2014
16 posts
23 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.
Newbie
Aug 7, 2016
62 posts
42 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
16 posts
23 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.
Bulls make money, Bears make money. Pigs - they get slaughtered.
Sr. Member
User avatar
Jun 27, 2007
565 posts
96 upvotes
Toronto
urbannomad252 wrote:
Apr 10th, 2017 9:45 pm
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
565 posts
96 upvotes
Toronto
torontonian1974 wrote:
Apr 11th, 2017 7:50 am
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 Addict
Nov 22, 2015
2338 posts
1236 upvotes
urbannomad252 wrote:
Apr 10th, 2017 9:45 pm
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
565 posts
96 upvotes
Toronto
superfresh89 wrote:
Apr 11th, 2017 9:28 am
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
13397 posts
1223 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

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