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

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Questrade Reviews

by dmitri, 4/1/2022

Pros: Easy to use

Cons: Customer service

Questtrade has a glitch when i exchange usd to cad they double debit my account. I did not bring it up at the time and now thier customer service which is so awful cannot even help me investigate this issue. Worst online brokerage in canada. I would not recommend them at all. They do not even attempt to help you.

by Tim, 3/26/2022

Pros: Cheap

Cons: Customer service could not be worse

I switched to QT for the free ETF purchases, but am beyond frustrated with them. Their customer service could not be worse. Took me 3 months back-and-forth by email trying to get set up as an authorized trader on my wife's account. They kept asking me to resubmit the same form and could not figure it out. They gave me the rebate but it was $50 instead of $75 so it's been another 3 months of opening a case on their website, they respond via email, I respond back, then they say they can't respond by email due to privacy reasons (even though they started the email chain), I start a new case file, rinse and repeat. Such a waste of time, and have yet to see resolution.

by Sergey Perchun, 9/21/2021

Pros: None seen

Cons: Just doesn't work

Questrade is trash. I've seen the loading icon or the error/crash notice for far longer than the actual trading page. Extremely disappointing.

by Maya Girlando, 9/10/2021

Pros:

Cons:

I have been trying to open a Questrade business account for 2 months. I had to resubmit a form 4 times and now they are asking me for an updated certificat of incorporation which is only issued when you open your company.

I tried calling customer service, impossible to talk to someone in new accounts.

I DO NOT RECOMMEND

by L65H225, 8/4/2021

Pros: none

Cons: IQ edge is absolute GARBAGE!!!

IQ edge is no where near what they say it is, i have to restart at least 5 times a day sometimes 7-8 restarts, I can only have 3-4 charts up at a time, order entry is clumsy and awkard, nothing good to say about IQ Edge.

by Shariq, 6/24/2021

Pros: Ease of use

Cons: Delayed payment.

Delayed payments. My funds left from my bank account; however, I did not see the funds going into my Questrade account for several days.

On the other hand, no satisfactory answer was provided. They hide the fact and will confuse you more.

Frustrating experience with dishonest answers.

This has also happened a couple of times in the past. After several email exchanges, we get a sincere apology from Questrade for the mistake.

Be careful, when you transfer your funds.

I'll NOT recommend Questrade.

by Monik, 5/20/2021

Pros: Lower fees?

Cons: Everything else

They will not honor any rebates, unless you personally do everything in your power to get things done in a reasonable time frame. Months will pass but they often fail to send your request for account transfers, then they will try to blame it on you for not doing something (e.g, forgetting to put on your signature when you can see quite clearly in your document that the signature is there) or your bank, while your bank is telling you Questrade has never send the request. You are not only on your own at Questrade, they are pretty much going against you for anything they can avoid paying back or anything they can gain at your expense. So, is it really worth it for "the lower fees". I think not.

by sutomusic, 3/9/2021

Pros: Nice website

Cons: communication, late replies, inconsistent , inexperienced error chat advice, non caring resulting in LOST revenu.

Low rating that cannot compete in an acceptable and ethical customer service based environment. Beware and Go with a real Pro. I was a first time investor with some knowledge. Run. Check Google ratings. fairly accurate.

by Nevin, 2/26/2021

Pros: Low volume ETFS, Good for small purchase of stocks between $1-2/share price

Cons: Customer service has tanked and they had better rectify

Just to do a simple transfer of stock from joint account to an RRSP (Which is really just a deemed disposition sell and buy) took a week and will probably miss the RRSP deadline. 3 hours on the wait line!. I have another account in RBC Direct. It took me 30 minutes by online transfer from my investment account to my RRSP. I'm going to transfer all my accounts over to another

by Btrody, 2/19/2021

Pros: rip off's

Cons: non existant customer service

super bad customer service can't get an answer on phone and chat I would advise anyone not to open an account with these idiots unless you want to lose money worst trading platform ever will be transferring to another also being rip off on fees and

by Darrell, 2/11/2021

Pros:

Cons:

Why does it take hours to talk to a customer service agent with this company. I remember 2 years ago you waited 10 to 20 mins. Now it seems all day long. I understand we are having troubled times due to Covid but super long waits on chat and the phone just makes the company look bad. Hire more people to answer the phone!

by Mehran, 2/10/2021

Pros:

Cons: Worst Customer Service

Without a Doubt "the Worst Customer Service on Planet Earth"! It is impossible to talk to a Customer Service … To talk to a Customer Service would be like winning a Lottery!!!

by Cameron, 1/30/2021

Pros: Nothin comes to mind

Cons: Corrupt, horrible customer service.

You can never speak to customer service. theyre also a corrupt company manipulating the market. Horrible trading platform.

by Patricia Ratte, 1/13/2021

Pros:

Cons:

Your customer service is beyond awful just trying to talk with someone is an all day commitment and that is if one is lucky. I am on my third day either waiting for a return call or on hold. At this stage I am ready to transfer to another broker

by JEREMY, 1/1/2021

Pros:

Cons: platform and customer service

Their platform is the worst! I would be in a trade and be up .20 or .30 and try to sell and their platform wouldn't allow me to sell. I would have to log into my web based account and sell from there and by that time I had gone red on the trade. So frustrating! all their customer service would say is they're working on certain bugs in the program and that trading online is a risk I take. If you want to withdraw funds you can expect it to take up to 2 weeks and then you notice all the conversion fees platform fees they charge you. In the month of Dec. I paid over $800 in commissions and they still gouged me with the platform fee. Ill never use this broker again.

by cb, 12/11/2020

Pros: cheaper trades and free ETF

Cons: there software keeps giving errors causing lost trades and lost money

documents on QT about how to do a trailing stop tell you what a trailing stop is and that it is not allowed in Canada. BS. I used them when I was with another companies trading platforms. Trying to set them us keeps given errors. This is not a time to be without stoploss support.

by carlos, 11/27/2020

Pros: canadian

Cons: EQ Edge lag, worst customer service ever !!!!!!

Never know when you push the button to buy ar sell if this thing will work or if it will lag 20 seconds. A professional trader can't use the pro platform IQ Edge, simply the worst on the market. Taking off all my accounts, too frustrating. And try to talk to customer service, 1 hour in the phone with no answer, really sucks !

by Michael, 8/24/2020

Pros: None

Cons:

Absent customer service. 2 hour + waits are the norm (except they are very sorry about the high call volumes which is always!). Account in limbo for weeks. Hasn't been activated for some reason yet no access to transferred funds and no way to find out why. Should be closed down.

by Sonnikien, 8/18/2020

Pros: Cheap Broker - Good for ETF investments

Cons: Poor customer service, mediocre user interface, and poor reporting (BEWARE) - check your balances frequently and keep track

I moved exactly last year and i was enticed by the rebate programs and the free trades for ETFS. But out of the 12 months of my stay with them 9 months were problematic and I am not really exaggerating. It became worse during the pandemic where they have really limited customer service representative taking calls. So expect hours and hours of wait. And when you get the chance to speak to a representative, they actually are are not technically good and not too well trained in their own system. I have encountered customer reps making up reasons.

Anyway, this is something you need to know especially for day traders and people who may not be familiar with reporting :) Be careful in monitoring your income and losses in the trade page and how it gets carried over and refreshed in the Investment Summary page the next day. I have to call them many times when their cost basis is wrong especially when you trade the same securities during the same day. the thing is they lump all the buys and sell at the end of the day and get the average cost - THAT IS TOTALLY WRONG. Ex if you buy apple for 5 and sold it at 10 and bought the same number of shares at 10. They will report a cost of 7.5 instead of 10 in the investment summary page. You already made extra money (of 5) then reinvest it on a higher cost but where did the 2.5 go? Your cash is good. This means they may be pocketing your money. But you may say MV is more important. How about tax implications in your Margin account? how about monitoring your actually earnings? Im strict with numbers and their reporting is totally wrong. You do FIFO on your buys and sell, then you cost average on your remaining shares. Questrade does not do that. At end of trading day, MVs in the trade page does not refresh and theyre is a delay of 15 mins on Canadian stocks. So the closing price is at 3:45pm not at 4pm for Canadian stocks. OMG I have so many to say on IQ Edge and App but you guys find out.... So, i will say good bye to them at the end of the month.

by ry, 8/12/2020

Pros: none

Cons: Terrible customer service, losing my money

In a series of duplicate transfer glitches, they overdrafted my bank account significantly. In trying to solve the issue, they removed all money from my questrade account and none of the money has been returned to my regular BMO account. In the process I've gotten overdraft and other banking fees. I've been trying to resolve this for a week but the customer service is extremely bad. Email support send you in loops in which nothing is fixed and they just tell you to write to another email address, until they circle back and tell you to email the first address you wrote to. Chat support seems just as bad. It was through chat that the second error in the string of errors happened. When i tried to use chat support to fix this yet again, the agent ended the chat immediately after i described my issue, after i had just waited in the queue for several hours.

by Mike S., 8/3/2020

Pros: Free ETF purchases, good customer service

Cons: I don't love their mobile app, but it does the job.

It does what I need, and I'm making a profit right now, so no real complaints.

by Welland, 8/2/2020

Pros: Cheap trades, good service

Cons:

I love how they have bracket orders on the mobile app. That's come in handy with things being so volatile lately.

by Robert, 7/27/2020

Pros: Can't think of anything good that stands out

Cons: Hidden Fees, Complicated platform

Watch out for ECN fees. They say the per trade maximum is 9.95 until they charged me $93.85 for a $1000 trade. These fees are charged at random if you are deemed to be removing equity. Not mentioned in the literature below. Good luck I will trade elsewhere

by Pierre, 7/7/2020

Pros: Can buy and sell US and Canadian stocks...

Cons: No customer service

Just impossible to reach a human being for help in less than hours, be it by phone or chat !
No customer service email !
Really tired of them.

by Ben, 3/19/2020

Pros: ?

Cons: When it comes to taking fees they are quick. Customer service is pathetic. 5 days or more to get back to an email. Hidden fees on transactions and restrictions on trades if they feel they aren’t going to make money. Be careful, better yet avoid this mediocre Broker fool you. The ads and commercials are just like going to old Vegas, looks cheap and you’re gonna lose your shirt in hidden fees

Bad service
Hidden fees
Painfully slow response time
Only in business for the transaction fees.
I regret this choice but thankfully I’ve moved on. Just here to save someone from making a big mistake.

by Jomar, 2/27/2020

Pros:

Cons:

I funded one Questrade account by mistake, contacted Questrade to transfer it from one Questrade account to another Questrade account. I was told the process would take 1 -3 business days. Today is day 3, I am still waiting for the transfer. Any other financial institution would had made the transfer instantly or the most next day. NOT Questade. Using Questrade to save a little on fees caused me to loose money on trades I couldn't execute because they took too long to transfer money between accounts. I DO NOT RECOMEND QUESTRADE.

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 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 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.



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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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