Investing

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

  • Last Updated:
  • Sep 21st, 2017 8:00 am
Deal Addict
User avatar
Jan 2, 2012
2659 posts
620 upvotes
NORTH YORK
Tceight wrote:
Apr 18th, 2017 2:54 pm
Thanks rob444,
for pointing out that it isn't what a company can get away with doing, but how it chooses to apply the stated discretion that matters most.
So you're saying QTrade has never enforced that policy onto any of their customers before, and never intends to?? Just because you haven't read a post from someone on RFD about it, doesn't mean it hasn't happened. I don't think they have the same popularity or are as well known as Questrade, so far fewer posts and comments (negative or positive) on them.

Although I do disagree with the way Questrade handled this particular case.
Sr. Member
User avatar
Jun 27, 2007
565 posts
96 upvotes
Toronto
dobong8483 wrote:
Apr 18th, 2017 8:39 pm
I am not sure if this is for right thread!

Would you guys recommend Questrade for ETF trading (RRSP)?

I would like to invest $50000 rrsp with couch potato investment.
Hi dobong8483,

We’re glad to hear you’re considering Questrade! If you have any questions about investing with us, please let us know.
Newbie
Aug 7, 2016
62 posts
42 upvotes
rob444 wrote:
Apr 19th, 2017 11:02 am
So you're saying QTrade has never enforced that policy onto any of their customers before, and never intends to?? Just because you haven't read a post from someone on RFD about it, doesn't mean it hasn't happened. I don't think they have the same popularity or are as well known as Questrade, so far fewer posts and comments (negative or positive) on them.

Although I do disagree with the way Questrade handled this particular case.
nope, I'm not saying that any more than you are saying that all companies enforce all policies at all times.
I'm not speculating as to what a company might do, but sharing what this one did do factually. ( I do not want to make myself liable for libel charges)

As you say above, posts both positive and negative come from peoples experiences. And the bigger the company the more comments they will get both positive and negative.
Social media/forums are a powerful tool consumers now wield that can affect company policies, even change entire industries.
For example, United airlines is not the only airline that has ever removed passengers involuntarily.
Newbie
Aug 20, 2011
3 posts
Just a little warning regarding Scotia_iTRADE.
They charged me $9.99 commission to buy 18,000 shares of a stock and then when I sold the same 18,000 shares a few months later they charged me $540 in commission.
Apparently I only had a few months at a "special" rate. Missed the fine print that said they would increase my fees by 54 times.
I sent two emails to 'mail.president@scotiabank.com'. They ignored both.
I moved everything to TD WebBroker. Been satisfied with them.
Newbie
Aug 7, 2016
62 posts
42 upvotes
vandenp wrote:
May 19th, 2017 7:42 am
Just a little warning regarding Scotia_iTRADE.
They charged me $9.99 commission to buy 18,000 shares of a stock and then when I sold the same 18,000 shares a few months later they charged me $540 in commission.
Apparently I only had a few months at a "special" rate. Missed the fine print that said they would increase my fees by 54 times.
I sent two emails to 'mail.president@scotiabank.com'. They ignored both.
I moved everything to TD WebBroker. Been satisfied with them.
Thanks for sharing your experience.

What was in the fine print, and what tactics were used?

To make future searches by others easier, perhaps start a Scotia itrade thread with the particulars of your experience?
Include both the circumstances and how they acknowledged, and followed up with a resolution for their valued customer.
Deal Addict
Jul 18, 2016
1841 posts
672 upvotes
vandenp wrote:
May 19th, 2017 7:42 am
Just a little warning regarding Scotia_iTRADE.
They charged me $9.99 commission to buy 18,000 shares of a stock and then when I sold the same 18,000 shares a few months later they charged me $540 in commission.
Apparently I only had a few months at a "special" rate. Missed the fine print that said they would increase my fees by 54 times.
I sent two emails to 'mail.president@scotiabank.com'. They ignored both.
I moved everything to TD WebBroker. Been satisfied with them.
You're definitely going to need to support this post with more info. It doesn't make any sense.

Here are the fees for iTrade.
http://www.scotiabank.com/itrade/en/0,,3693,00.html

Edit: Oh, I see. You got charged for 17,000 shares at 3 cents/share. You obviously didn't satisfy the minimum balance rules. Only the first 1000 shares qualify for the stated fee after that its 3 cents per share, when you only qualify for the highest tier at $24.99 per trade. Questrade will also nail you by share at that level.
Newbie
Sep 15, 2013
1 posts
I have RRSP and TFSA with Questrade since 2012. And I am perfectly happy with them.

I haven't try taking my money out just yet. Since this is for retirement. But one way I am thinking that could simplify the process is to sell all your securities. Make a transfer in cash to your institution where your personal account resides. But into a similar account such as RRSP. And then take your money out of your RRSP as you need it.

I think I will do that in chunks as I need the money

For interest on US based security. I don't borrow so I do not pay interest. And Questrade allow me to keep US and CAD balance in my account. So conversion are minimal

Good luck
Newbie
Apr 22, 2017
8 posts
bewiseman wrote:
May 24th, 2017 6:17 pm
Only the first 1000 shares qualify for the stated fee after that its 3 cents per share, when you only qualify for the highest tier at $24.99 per trade. Questrade will also nail you by share at that level.
Is that accurate? I thought QT didn't have a threshhold - it was a max of $4.95, 1 cent per share
Deal Addict
Jul 18, 2016
1841 posts
672 upvotes
newinvestor wrote:
May 29th, 2017 12:19 am
Is that accurate? I thought QT didn't have a threshhold - it was a max of $4.95, 1 cent per share
I was responding to a poster who was complaining about iTrade. iTrade does charge 3 cents a share above 1000 shares if you're in the lowest tier. If I remember correctly, Questrade does charge by share in certain circumstances. Trying to recall how that worked.

Edit:

https://www.questrade.com/pricing/self- ... ommissions
I think this fee structure has been modified since I last looked. Its looking a bit more attractive to me now.
Sr. Member
User avatar
Jun 27, 2007
565 posts
96 upvotes
Toronto
shigazaru wrote:
May 26th, 2017 1:03 pm
I have RRSP and TFSA with Questrade since 2012. And I am perfectly happy with them.

I haven't try taking my money out just yet. Since this is for retirement. But one way I am thinking that could simplify the process is to sell all your securities. Make a transfer in cash to your institution where your personal account resides. But into a similar account such as RRSP. And then take your money out of your RRSP as you need it.

I think I will do that in chunks as I need the money

For interest on US based security. I don't borrow so I do not pay interest. And Questrade allow me to keep US and CAD balance in my account. So conversion are minimal

Good luck
Hi shigazaru,

Thank you for your positive feedback! If you ever need assistance with anything, please don’t hesitate to reach out. We’re here to help.
Newbie
User avatar
Oct 29, 2010
25 posts
Mississauga
What is going on with Questrade system is down I can't login.
Jr. Member
Aug 26, 2014
127 posts
53 upvotes
Markham, ON
Does it mean that if you want to place a market order today Friday, it won't fulfill until after Monday closing? (edit: if their systems are up and running by Monday), I guess this is one of the reasons to stick with the Big 5.
Deal Addict
Jun 3, 2009
3743 posts
452 upvotes
Montreal
Markets were quite volatile today but I was only able to log in once on several attempts.

You get what you pay for I guess.
Member
Oct 25, 2007
216 posts
10 upvotes
Toronto
Questrade needs to comp us 25 free trades for yesterday's debacle.

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