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Switching between online brokers ( Questrade !#$#% to IB)

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  • Aug 10th, 2009 4:52 pm
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Newbie
Jan 11, 2008
84 posts
1 upvote
Toronto

Switching between online brokers ( Questrade !#$#% to IB)

How should I do that in the fastest way possible without any problems.? I finally got tired of Questrade after they screwed up so many times with my account. I transferred $2000 from my margin account to my TFSA and they made a double transfer, that is $4000 to the account, which resulted in a $2000 overcontribution to my TFSA and a margin call in my margin account a few months ago. There have also been invisible trades being executed in my account without my knowledge. And based on my gains that I calculated in my own spreadsheet, my current balance in Questrade does not correspond to the actual balance I calculated. I'm missing almost $3000.

So I'm switching to Interactive Brokers. I just registered for an account with them and I reached the funding part. I selected the option to transfer account from another broker, but the problem is Questrade is somehow not listed under the Canadian brokers. Is there another alternative to transfer my funds the quickest way possible?
5 replies
Deal Addict
Feb 20, 2006
1186 posts
48 upvotes
Vancouver
Unfortunately, if you are schizophrenic - you'll probably continue to believe that invisible trades occur at your new broker...
Deal Addict
User avatar
Dec 22, 2005
3286 posts
46 upvotes
Ottawa
LeStat wrote: I selected the option to transfer account from another broker, but the problem is Questrade is somehow not listed under the Canadian brokers. Is there another alternative to transfer my funds the quickest way possible?
Isn't Questrade's back office Penson? If Penson Financial is listed, try that.
Sanchez wrote: Unfortunately, if you are schizophrenic - you'll probably continue to believe that invisible trades occur at your new broker...
I've seen other posts on RFD about this problem. Of course, Questrade busted the trades - but it's clear they have some serious problems with their platform/back office staff.
Deal Addict
Sep 11, 2006
2304 posts
950 upvotes
Sanchez wrote: Unfortunately, if you are schizophrenic - you'll probably continue to believe that invisible trades occur at your new broker...
He's right, there are times when I click confirm then go to the order status page only to see two of the same orders. Their platform is a real mess.
Newbie
Oct 29, 2006
85 posts
3 upvotes
Toronto
Shadow Rider wrote: He's right, there are times when I click confirm then go to the order status page only to see two of the same orders. Their platform is a real mess.
Which platform are you using? I haven't had issues using their QuestraderWEB beta platform. Their WebTrader platform is just unusable.
Deal Addict
Sep 11, 2006
2304 posts
950 upvotes
1_black_civic wrote: Which platform are you using? I haven't had issues using their QuestraderWEB beta platform. Their WebTrader platform is just unusable.
Questrader Web. I've heard that you have to switch to their Pro platform, but I'm not up for making 10 trades a month.

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