Investing

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

  • Last Updated:
  • Nov 1st, 2019 6:02 pm
[OP]
Deal Addict
Nov 3, 2009
1676 posts
1059 upvotes
Calgary

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

STOP using Questrade!!! Be aware!!!!

Here's my story. I bought some stocks in TSX. But their stupid system just changed them to the pink sheets. (Those stocks are MOL, NTA and MGA).

I requested them to help me change them back. I wrote several emails and everytime the "machine" relied me "We are sorry. This is due to our recent system upgrade and I have submitted a request to have your position updated."

I sent emails twice a week and everytime just received the same **** and it's been a month.

Tried to call their CR and the online CR, waited for more than 2 hours and still no one helped me.

I told them I want to switch to other brokers but they told me I will be charged $125 to switch...

So my idea, if you don't mind your positions to be changed by their stupid system, go ahead.

To those who are interested in Questrade's $5 trade, you'll find out how this $5 will cause you a lot of problems on the other hand.

I guess today lots of brokers charge $6 or $9 rate if you trade 30+. If you trade less active, you shouldn't care a lot about the commisions. If you trade a lot, so why don't you choose these $6/$9 flat to get a better service? Remember Questrade charges $5 only if you buy less than 500 shares per trade.
384 replies
Deal Addict
User avatar
Sep 26, 2007
3960 posts
146 upvotes
SC
what the heck is a pink sheet?
"We don't have a soul... We are a soul. We have a body." ~C.S Lewis
[OP]
Deal Addict
Nov 3, 2009
1676 posts
1059 upvotes
Calgary
xlfe wrote: what the heck is a pink sheet?

I tried to find out too. maybe it's OTCBB?
Newbie
Dec 24, 2008
44 posts
1 upvote
Canada
I have bad experience with Questrade too.

Tried to sell some stocks today and it keeps saying "rejected by broker"... then later the day it automatically says "rejected due to request more than share in the current position".

This is absolutely BS I am sure nothing is wrong. The sell order just wouldnt go thru and this makes me miss a lot of great selling opportunities.

FXXX Questrade, stay away from it.
Member
Sep 24, 2010
289 posts
10 upvotes
'if it ain't broke don't fix it'. So much problems after the 'upgrade' -_-. I am holding off making an account with them till all these bugs die down.
Deal Addict
Oct 17, 2005
4137 posts
2858 upvotes
Toronto
OP, you sure that your stock/stocks weren't delisted from the TSX?
Deal Addict
Nov 15, 2010
1954 posts
591 upvotes
Ottawa
I am usually someone who goes for the cheapest alternative but those comments make me glad that I am with BMO Investorline. I guess the extra $5/trade is worth the peace of mind (as well as the convenience since I also bank with BMO).
[OP]
Deal Addict
Nov 3, 2009
1676 posts
1059 upvotes
Calgary
Spiderpal93 wrote: OP, you sure that your stock/stocks weren't delisted from the TSX?

yes.

MOL and NTA listed on both tse and opc
Deal Addict
User avatar
Sep 26, 2007
3960 posts
146 upvotes
SC
yea ok questrade screwed up.
what's this $100 fine about?
"We don't have a soul... We are a soul. We have a body." ~C.S Lewis
Deal Addict
Dec 31, 2006
1386 posts
274 upvotes
They changed one of my stocks to the pink slips too; pain in the ass. I call and they say they fixed it, but they've done nothing.
Member
Feb 9, 2008
395 posts
5 upvotes
China
Here's an example of my bad experience that I had with Questrade, and I STILL have not gotten a follow up from them.

I posted this in the Questrade thread, but thought I'll post it here as well to spread awareness.


[QUOTE]I want to add my experience with Questrade. Lucky for me, my main broker is IB, but I have my TFSA with Questrade. This is what happened.

I recently transferred my TFSA and a part of my non-registered account to Questrade in January of this year. I rarely log into my TFSA since I only buy a couple times a year with it. I logged in on Friday hoping to make a purchase, and realized that my account showed a balance of $0, and no holdings. I called Questrade and waited for the online chat for over 30 minutes before someone on online chat got to me. I asked the agent what was going on, how come my holdings are gone. The agent looked into it and told me I withdrew everything from my account and referred me to some site called https://online.penson.com and told me I can check there. I told the agent I can guarantee that I did no withdraw anything from my account. After a few moments, the agent came back and said my account was transferred to RBC. I was baffled by it and told the agent to use some common sense as I JUST transferred the account to them last month from RBC. He then told me he will get a supervisor to look into the matter and contact me as soon as it is resolved, with timing uncertain. The agent also comes back to tell me that it appears my account was linked to two separate email accounts, and gave me some email address. I told him I have absolutely no idea where he got the other email from as it was some random email that I've never used. Again, he said he will get his supervisor to look into it and get back to me. I am extremely disappointed with Questrade at the moment, and I told the agent that they really need to do something about their system as I have close to 30k worth of assets with them (reason why I was freaked when I saw a balance of $0). Lucky for me, IB is my main broker, and at this rate, if nothing is being done, I think I will move my TFSA else where and transfer the non-registered holdings to IB.[/QUOTE]
Deal Addict
Apr 25, 2004
1209 posts
174 upvotes
eiad77 wrote: I am usually someone who goes for the cheapest alternative but those comments make me glad that I am with BMO Investorline. I guess the extra $5/trade is worth the peace of mind (as well as the convenience since I also bank with BMO).

+100000. Those who do not heed the amount of horror stories about this brokerage on tons of forums and blogs only have themselves to blame. I'll pay the extra $5 at TDW for always available online system, and good customer service.
Deal Addict
Nov 15, 2010
1954 posts
591 upvotes
Ottawa
xlfe wrote: what's this $100 fine about?
I think he is referring to the transfer fee. If you transfer your holdings to another brokerage you will be charged a fee.
Jr. Member
Sep 28, 2009
130 posts
Regina
I will re-think opening up an account at Qtrade. Thanks.
Deal Addict
Apr 25, 2004
1209 posts
174 upvotes
tyler.mcg wrote: I will re-think opening up an account at Qtrade. Thanks.

Qtrade != Quest Trade. :) Qtrade is actually the highest rated discount brokerage in Canada according to Globe and Mail..
http://www.theglobeandmail.com/globe-in ... le1790577/

If you call their number, you always get a live person. I would switch to them if TD / TDW were not my primary financial institution already. (Rather, I would use IB if their interface was simpler. I just know I'll screw up a trade and lose more than any commission I save...)
Newbie
Jan 12, 2011
32 posts
1 upvote
:!: I think they are experiencing a complete and utter operational meltdown at the moment. I pray that my trades go through. :confused:
Deal Addict
User avatar
Mar 31, 2004
1529 posts
35 upvotes
I'm also having issues with my balance not displaying properly, and they are not responding to email or phone. I'm at a point where I am quite unhappy with the service but willing to give them more time to get their sh** together since its such a hassle to switch brokers.
Jr. Member
Sep 28, 2009
130 posts
Regina
dealzuser wrote: Qtrade != Quest Trade. :) Qtrade is actually the highest rated discount brokerage in Canada according to Globe and Mail..
http://www.theglobeandmail.com/globe-in ... le1790577/

If you call their number, you always get a live person. I would switch to them if TD / TDW were not my primary financial institution already. (Rather, I would use IB if their interface was simpler. I just know I'll screw up a trade and lose more than any commission I save...)

I had no idea. Thank you.

How many other people thought qtrade was questrade? Sheeeeeesh
Sr. Member
User avatar
Oct 22, 2002
738 posts
4 upvotes
Yes I have bad experiences with them recently with withdrawing funds from my account after the upgrade. Waiting hours on the phone and not getting anyone to answer probably due to too many frustrated customers. Will not give up. Where did my money go? If I were to choose again, I wouldn't want to save a few bucks to get more headaches. Not for me.
"Man proposes, God disposes"

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