Investing

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

  • Last Updated:
  • Sep 21st, 2017 8:00 am
Newbie
Sep 18, 2016
86 posts
23 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.
"Just because it's illogical doesn't mean it can't continue to move up"
Sr. Member
User avatar
Jun 27, 2007
565 posts
96 upvotes
Toronto
1Ogiku2 wrote:
Apr 12th, 2017 7:10 am
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
Aug 26, 2014
127 posts
53 upvotes
Markham, ON
Tceight wrote:
Mar 2nd, 2017 1:57 pm
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
27059 posts
1731 upvotes
Winnipeg
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.
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 $$$ into my RRSP.
4930k/32gb/256gb ssd/8tb hdd/win10pro/msi 290
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Jr. Member
Aug 26, 2014
127 posts
53 upvotes
Markham, ON
divx wrote:
Apr 12th, 2017 10:10 am
which ETF are you buying? is it as simple as open a quest trade account and buy ETF and hold in TSFA? I don't really use TSFA and thinking of start, that or can just dump more $$$ 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
2659 posts
620 upvotes
NORTH YORK
Syne wrote:
Apr 11th, 2017 4:13 pm
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
27059 posts
1731 upvotes
Winnipeg
CCHunter wrote:
Apr 12th, 2017 10:33 am
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
13397 posts
1223 upvotes
rob444 wrote:
Apr 12th, 2017 11:43 am
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
209 posts
97 upvotes
Victoria, BC
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.
Jr. Member
Feb 29, 2008
149 posts
18 upvotes
Brampton
jointedhornet wrote:
Apr 12th, 2017 12:17 pm
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. "
Member
User avatar
Jul 11, 2015
209 posts
97 upvotes
Victoria, BC
fuzzy2k3 wrote:
Apr 12th, 2017 12:26 pm
"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. "
lame. I feel like a crack head, waiting outside a dealers house, on welfare day :P #refresh button... made a couple limit orders yesterday, none are being filled. but it would be nice to get in some more weed before the sales start to pick up.
You're the average of the five people, you most associate with.
Deal Addict
User avatar
Jan 2, 2012
2659 posts
620 upvotes
NORTH YORK
Syne wrote:
Apr 12th, 2017 11:49 am
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.
I tend to agree, but that is a whole other discussion on it's own. Not to bash a specific company that is doing something considered standard in the industry. Or if you do state "do not use company X" because of this, is there in fact another company that will for sure not do this?

There also needs to be some way for a broker to get paid it's owed fees. In cases like these, they should show proof of mail/email/phone calls to the account holder first and allow some reasonable time for response, and only then start to liquidate assets. Also brokers are entitled to change their fee structure, and some of the blame here really does need to go to the account holder who doesn't keep track of their own investments. Even in an account you don't intend to touch, it's your responsibility to review everything occasionally. A quick glance at the fee structure of any random broker, takes all of 1 minute to find and quickly review.
Newbie
Aug 7, 2016
62 posts
42 upvotes
to reiterate,
This account was created in 2007 for a specific purpose, the express purpose of holding a couple stocks. There was no inactivity fee when this account was created.
I have never done transactions or business through email with Questrade, (or any other financial institution.) I do not know what email address they would even have had back then.

Over the past decade, I have regularly received paper mail notices from Questrade so they did have the ability to notify me. No letter was received mentioning a change in the terms of service. Watching my investments in this case, was having these two stock tickers added to my watchlist in my other trading account. I had no reason to believe Questrade would suddenly start taking money out of my account after 5 years.

Questrade claims to have made a notification by email back in 2012. I've asked for proof of this notification, and they have not provided it. I've asked for proof they have the authority to take money from the account. They have not provided that either. Like any business, they have the right to demand payment for services rendered, and there is legal recourse available to them to do so. Does this industry feel they have the ethical authority to take ownership of property they are entrusted with, rather than bill the client for the amount they claim they are owed?

You can agree with Questrades position on this if you wish, and believe that I should be more diligent. (Come to think of it, I haven't checked my safety deposit box in 20 years either. perhaps it's been pilfered too.)

But all this aside, if you read my original complaint it wasn't so much about this.

My complaint, is that they reneged on the explicit promise to refund my inactivity fees in the interim, while I was to transfer 200k to them. This cost me additional fees, which caused a liquidation of my position to meet margin requirements. It is my observation of the lack of integrity this behaviour represents, that I am sharing here. Ignore it if you want or incorporate it into your decision making process. It won't affect me or my decision on who I bank with, my decision is made. I appreciate people sharing their real life experiences, and assume there are some people who will appreciate my sharing mine.


N.B. as for accusations of bragging, I am 3 years from retirement. 200k is no where near retirement money.
Last edited by Tceight on Apr 13th, 2017 1:11 pm, edited 1 time in total.
Newbie
Aug 7, 2016
62 posts
42 upvotes
CCHunter wrote:
Apr 12th, 2017 10:05 am
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.
You are welcome.
I now recommend the other QTrade.
100 free ETF's to choose from, and I've had nothing but great experiences with their customer service. I'd also recommend Meridian Credit Union for banking needs if customer service matters to you.
For an example of what I mean, I had a gentleman call me from Meridian. He was auditing accounts, and found inefficiencies in how one of mine was structured costing me money. There was no benefit to the bank to tell me this.
Sr. Member
User avatar
Aug 7, 2010
668 posts
116 upvotes
Tceight wrote:
Apr 13th, 2017 1:18 pm

There was no benefit to the bank to tell me this.
Well they got you to put in a good word for them with the social media... that's better than a lot of $$$ in advertisement.

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