Investrade Reviews

by Jesse, 7/17/2021

Pros: They claim they have cheap rates.

Cons: Terrible customer service

Because they have financial problems they keep changing account numbers. I been trying to find my new account number. They refuse to help. I tried calling their customer service manager. He won't pick up the phone and will not return calls.

by John Dalton, 3/3/2017

Pros: None, relative to other online brokers. There phone support is okay but its a big negative that I have had to use them as much as I have.

Cons: About everything.

I have been with Investrade for about 20 years. It used to be good, and I had 7-figures in my account. But they have fallen to really bad, and I have moved my account but still manage another account (which will also be moved soon). After several new clearinghouses over the past ten years, requiring new paperwork and the loss of data on historical trades, and their latest web trading platform, Investrade is absolutely terrible. Specifically, the webpage interface, info presentation, terminology meanings, organization, type size, background color (black, though recently added white) and lack of user adjustments. I have had a number of problems executing trades. The latest, yet unresolved, is ETFs in the account (e.g., GDL, SCHA, VCSH) that cannot be traded because "this asset class is restricted for trading." I bought them but cannot sell them??

by Vincent A. Garibaldi, 2/13/2016

Pros: NONE

Cons: MANY, TOO NUMEROUS TO MENTION HERE.

First, Thanks to Roland Chow and Camille Rolf for their insights and comments. Roland, I thought I was you and you were me. I've been with INVESTRADE for approx 30 years and in my previous life I was a Senior System Programmer for a major insurance company. NEVER, and I MEAN N E V E R would I release a trading platform as flawed as the one rolled out on 20JAN2016 under Hilltop
Securities Inc. Confirmations were incorrect, and the first monthly statement
contained many inaccuracies. I'm currently actively looking for a new broker.
UNBELIEVABLE....SIMPLY UNBELIEVABLE!!!

by Roland Chow, 1/20/2016

Pros: nothing

Cons: When it comes keeping a online system working and implenting changes, Investrade gets zero stars.

I have been with Investrade for over 35 years and have survived quite system screw ups, the latest screw up was on 1/20/2016, changes were installed which clearly did not work. My account information and summary was missing 6 of my positions, I could not place a trade, it took me almost 1 hour to place a trade (I timed it) through a broker. Instead of backing out the changes that were clearly failing and hitting the reset button, Investrade continued through the day. I retired with over 30 years from the Data processing field years ago. I know how to implement updates and when the basic functions are disabled to this extent it is time to back out the updates and not use live customer accounts as guinea pigs. I understand when updates don't go as planned, but I was quick to "drop the hammer" to minimize the impact to the customer. I have found a new broker and will begin the transfer process. Thanks Investade you have now lost a customer of over 35 years.

by Camille Rolph, 3/12/2015

Pros:

Cons:

I have been with Investrade since 10/04. I was attracted by their low cost options and trading commissions and by their low margin rates.
In 10/05 Investrade hired a new clearing firm, Penson Financial. Penson came with a new website that is inferior to Investrade’s previous site. Penson has all sorts of problems with posting dividends, preparing accurate 1099’s and sending out statements on a timely basis. The poor quality of Penson’s service has resulted in more calls than the Investrade customer service reps can handle. Management keeps promising to improve the website and add more features for trading and research but so far I have seen nothing improve. If they would fire Penson, return to the previous clearing firm and bring back the old website, that would be a huge improvement.
My biggest problem with Penson is that they loaned all of my shares of a stock to a short sale investor. The stock pays a large “qualified” dividend with a maximum income tax rate of 15%. Since another investor now owns the stock, I collect a “payment in lieu” (PIL) of the dividend. The PIL is taxed at ordinary tax rates. I requested an accommodation payment to cover my additional tax liability. After trying to get an answer from Investrade for 2 weeks, I was told that Penson does not pay accommodation for increasing your tax liability. It’s ok for them to collect margin interest on stock they loaned to another short sale investor, but they won’t let you come out whole from the change in tax status.
I am shopping for a new broker and I would not recommend Investrade to anyone. They are dishonest and they did this with no warning to the customers. The previous clearing firm was setup to collect accommodation payments from the short interest and transfer it to the holder of the phantom shares. This company is crook and its not too long before SEC will close them down for illegal practice to screw customers. If you ever place market order, you will get screwed by investrade. Etrade and others who I uses always get better price when buying and selling. It will cost you thousands on every year. They also do not update your fund available in real time and make customer to call brokers and make you wait for 15 to 30 min. Also when you place a spread order, you will get charge with 2 commission when Etrade only charge you for 1 commission and count spread as 1 trade. You are not saving money at all here.

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