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Questrade reviews, customer complaints, RRSP rating, commissions and fees, pros and cons. Is Canadian Questrade good and safe brokerage company?

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Questrade Customer Reviews

by Hamid Esnaashari, 4/26/2019

Pros:

Cons: Poor customer service, and reports

If you are retarder , scalper or even swing trader stay away from them , as you have to calculate your tax by yourself. Very frustrating and disappointing experience with Questarade . They are nightmare

by Steven, 4/2/2019

Pros: None

Cons: Poor customer service

To sum it up, just don't open a account. A total nightmare. Just waiting for another institution to make a offer so i can get a rebate on my 150.00 transfer out fee. It sounds good at the start but they give you the runaround on covering your transfer out fees.

by max, 4/1/2019

Pros: none

Cons: lots of hidden fees and a scam

They lie to you about 9.95 commisions but in reality their fees vary a lot up to 19.95 for a similar number of shares for the same stock! And Lots of other fees to pay for ! Their education materials are hard to find, outdated and very limited. Better stuff elsewhere. They will just charge you fees and you have to keep watch of your account very carefully! Very slow customer service if you have questions and some things they should do but they don't . Lots of headache and nightmare with this broker. All those lies about being the Top broker - don't believe the magazines , ads , etc - they are all paid to lie for this scam.

by Wei chen, 1/15/2019

Pros: Nothing

Cons: Too many to list

Zero star if there was an option for it. Questrade is a total nightmare and I hope no one ever has to deal with them . Long story short, It took 10 days to fund my account via interac online payment (which they claim it only takes upto 1 bussiness day on their official website), and after i had enough of the bad experience, I decided to close my account and transfer the remaining balance to my bank account , this was where it got dramatically interesting, I submited the request on Jan 7th and I was told I will receive the money on 11th the latest. So I waited untill the 11th , nothing showed up on my bank account , I contacted them again, they changed the story and told me the fund will arrive on the following Monday which is the 14th , I waited and waited, on the 15th I had to contact them again and this time they started blaming/accusing me for something completely unrelated . After a long conversation, I asked them two really simple questions " when was the money sent out ?" And "when will I receive the money ?" ,initially they told me it was sent out on the 10th , a few seconds later , they changed the story once again and told me the money was sent either on the 14th or the 15th , they were not entirely sure and they said the finance department was not responding , so they asked me to wait patiently for an email which will explain what's happening. What a joke!!!!????
I took a few screenshots of those ridiculous conversations and I wish i could upload them on here. Listen guys , try to avoid questrade at all cost!!!!!

by Luke, 11/30/2018

Pros: None

Cons: Lie about fees, poor customer service

DO NOT USE Quest Trade as they sell nothing but lies. They've obviously put a lot of money into pumping commercials on tv. They don't disclose any of the very difficult process to open an account, transfer from another institution and even worse the lies about the fees. I will be moving back to my old brokerage firm after a whole 3 days being with these liars.

by lli_dev, 10/25/2018

Pros: Cheap?

Cons: In comment

I recently opened a TFSA with Questrade, after I got everything approved, I made initial transfer to my account. Two days after, I receive the notification saying my account is active but the balance remain zero for two business days after initial notification. From my experience with them, I know they have received the money. So I reached out their Customer Service and they told me they need me to upload the sin card and they have flagged my transaction. It will takes 2 days to get new document approved and another 4 days to get deposit released. My question for them is that why never made it clear that they need a copy of SIN and instead they let you transfer money and wait until you realize something is wrong. The "processing time" for releasing deposit is unreasonably long, considering that they have received the money and all they need to do is direct to clients account.
Very disappointed ..........

by dee kumar, 3/29/2018

Pros: NONE

Cons: FULL OF CONS

My rating for Questrade is in negative if I could. There is always hidden fee (ECN fee) on trades which other banks or brokers don't charge, which can amount for a fait bit. There interest fee on margin accounts is higher than other brokers and financial institutions. The whole brokerage structure is designed for self gain and give nothing back to the customer. They do not give you enough time like other brokers for margin calls, and you have to submit it within the same day or else they will sell your stocks at their own will at a very high brokerage fee.
Do yourself a favor by using some other brokerage !!

by David, 2/17/2018

Pros: ???

Cons: Judge for yourself - Questrade exited my same day trade WITHOUT calling me saying it was going against me! Questrade created a HUGE 14K USD loss for me a couple of hours after the position was filled. I had to call them! Now they closed my TFSA to cover that loss. Will YOU trade with Questrade?! You have to decide.

Judge for yourself - Questrade exited my same day trade WITHOUT calling me saying it was going against me! Questrade created a HUGE 14K USD loss for me a couple of hours after the position was filled. I had to call them! Now they closed my TFSA to cover that loss. Will YOU trade with Questrade?! You have to decide.

by Dave, 10/2/2014

Pros:

Cons:

Questrade is really bad if you trade penny stocks involving large number of shares (for example 23000). They will charge you commission fee of up to $35+ per trade! Big bank brokers will charge a flat $9.99 fee only.

by Haroldmcsmith, 9/10/2014

Pros:

Cons:

Questrade is a mediocre broker...! First, I'm sorry for this scathing review, but there are several reasons why I dislike Questrade:

1. Hidden Fees, Hidden Charges, Restrictions, Etc - This is what gets me about this company. When I originally signed up everything was copacetic. Then they started charging me all these fees! Essentially, they were forcing me to trade stocks.

It bugged me how they changed our agreement, and what I signed up for, then they slammed me with all these hidden charges, fees, and restrictions. Yeah, I can't even transfer my money out. It's like pulling out a tooth here.

2. Confusing Platform - It's very difficult to use, and I'm not an old man here. I just find it hard to figure out what's going on with their website. It's totally messed up. Okay. Look. It's not the worst in the world, but it's bad enough that I feel most people would get confused.

3. Bad Customer Service - Just so slow. Irresponsible, and cancelling requests. They make you run back and forth... I can't tell you how hard it was to sign up. And don't get me started on cancelling. It's even worse.

Conclusion: DO NOT be misled by the cheap price. Questrade is not a competent stock trading company.

by Jim, 11/28/2013

Pros:

Cons:

Effective October 1st, 2012, a rebatable inactivity fee of $19.95
per quarter (January 1, April 1, July 1, October 1) will be charged to
clients who have not completed at least one commissionable trade
in the last quarter and have less than $5,000 combined equity in their accounts.

by Tom, 11/28/2013

Pros:

Cons: inconvenient money convert to US dollars from CDN dollars

Beware the small print!! If you trade US ETFs or stocks Questrade will automatically convert your funds to US dollars using an absurd bid/ask spread. Your 4.95 trade might end up costing you hundreds of dollars. When I protested I was told I could pay another several hundred dollars to convert my funds and hold USD in my account rather than CDN dollars. Needless to say, I cancelled my account. Total scam!!!

by Nadia Tremblay, 11/28/2013

Pros:

Cons:

Can I trade penny stocks and pink sheets on Questrade ? If yes, it there some limitations ?

by Morgan, 11/28/2013

Pros:

Cons:

Hi,
Can I trade Futures like E-mini S&P500 at Questrade? If yes what is the commission for overnight trading(4:15PM EST - 9:30AM EST) and how much is the minimum as funding to open an account?
Since I am a permanent resident in canada and should pay %13 as a Tax, how does it apply this Tax to my trading?
appreciate in advance.

by Questrademember, 11/28/2013

Pros: good service, helpful live chat, always upgrading their platform

Cons:

There is no additional charge to trade on any USA exchange
All in all they offer a good service compared to many brokers
Always have had good results with them in live chat.
They are in process of upgrading there platforms
Some good and some bad things can be said about that.
Over all hard to beat Questrade when considering a north american broker.
Canadian or US dollar accounts.

by Adam, 11/28/2013

Pros:

Cons:

There is a 1% charge to buyi US stocks with this broker? What's a decently priced broker that takes international investors, and allows trades on US & Canadian stock exchanges?



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Leading Brokerage Review Websites About Questrade

"Questrade’s low commission rate is so good it serves as an enticer to make more trades more often and not have to hesitate waiting for that right moment in the market which will cover your commission costs. I am happy to see Questrade has made many quality enhancements, including a unified single sign-on approach, giving a more consistent milieu. There are a few areas that can be improved such as remembering user settings across different trading platforms, but with such dramatic savings found among all their services it seems understandable that one can’t always have everything... Should you join? Yes. Especially for those who are thinking of starting to invest. For someone like me who is a casual trader Questrade fits my needs perfectly."

CanadianProfiteer

About Questrade Online Brokerage Account

At Questrade, we have a clear vision: help Canadians achieve financial independence. After realizing there were no innovative options out there, we made the decision to take a different approach to investing. We threw away the outdated, restrictive models of wealth managers and big banks, and gave our clients some serious power. And we never looked back.

From the start, our goal was to offer traders a better way to invest. By offering our clients lightning-fast trade execution, reducing (or even eliminating) fees, as well as a constant stream of new products, services, and improvements to our clients’ user experience, we’ve changed the face of self-directed trading.


Questrade Account

  • Minimum to open: $1,000 is a minimum deposit to purchase stocks and options. $5,000 to trade option spreads and straddles. $25,000 to write/sell uncovered options.

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Questrade Commissions

ProductPrice
Stocks Plan 1 $0.01 per share, $0.95 minimum, $6.95 maximum per trade OR $4.95 flat with the Questrade Advantage
Stocks Plan 2 $0.01 per share, $4.95 minimum, $9.95 maximum per trade
ETFs Free
Options $9.95 + $1 per contract
Options assignments$24.95
Mutual funds $9.95
Gold $19.95 per trade
Bonds $0 per trade
Forex spreads as low as 1-2 pips on the major currency pairs

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Questrade reviewed by former and current clients. Questrade customer reviews: 16. Rating: 3.