# Share your Questrade experience



## CanadianCapitalist (Mar 31, 2009)

Recently, I had a chat with a Questrade insider who asked why I don't hold accounts with them. I replied that given my past negative experience with them, I wouldn't unless I was a glutton for punishment. His reply was "Dude, that was ages ago. We are #1 in client satisfaction these days". I guess he had a fair point because the last time I had accounts with Questrade was over five years back.

Since there are many Questrade clients on this board, tell us your experience. The good, the bad and the ugly.


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## jamesbe (May 8, 2010)

Well besides the slight hickup I had yesterday because they switched my account to the new platform and I didn't realize it, it has been good.

The new iQ system is great, you can trade on a mobile phone, but not on linux which peeves me off a bit as that is what I use at work, so I installed a windows VM incase I have to. They are using MS silverlight now.

The new system is slick as all heck though!

Besides that, I get my money and my trades and all goes well. No issues, they are very responsive with online chat when I have questions.


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## jcgd (Oct 30, 2011)

Well, I find the site a pain to navigate. I can find everything except what I'm looking for. I find the site is down more often then I'd like. They spam me with more emails than I'd like. When I switched platforms their estimates for when I would be able to access the new platform was wrong... But it was four weeks early rather than late, so that's okay. 

Personally I think Questrade is only worth the $5 commission. If it weren't so cheap I wouldn't use them. I suppose you get what you pay for. I've heard many more bad reviews but I don't share those particular experiences.


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## andrewf (Mar 1, 2010)

I am a questrade customer and I can't complain about the service. If I had to gripe, when I looked into the Android app for IQ, I saw a review from a user horrified to discover some financial details store as clear text on the device, such as account balances. I haven't investigated further but if you could get your contact to comment, I would be interested to heart their response. 

The reason why I have an account anywhere else is because interactive brokers has much better margin rates. I doubt questrade are interested in matching them.


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## Homerhomer (Oct 18, 2010)

Generally my experience is ok with them, I don't like the new layout but I use the site only for making trades, do not rely on any reports or research.

My bad experience was when I was withdrawing RESP, I mean the lack of competence of the reps really showed, I have asked few times over the phone what is needed, eventually to speed it up I went to their office in TO just to find out what the reps told me over the phone was not correct, after 45 minutes of dealing with more incompetent poeple I finally got my money.

As I was sitting in the computer lounge which was mostly used by employees I noticed they have $800 office chairs (same I bought for my home office), so at least they treat their employees right ;-)

In summary day to day operation are fine, don't have much issues.

I gather with large organizations the turnover for starting positions is pretty high, just recently I asked CIBC to remove property tax from my mortgage payment, they did that however as a bonus they took three times as much money from me as they should have on the next mortgage payment, took about a month and many discussions with many incompetent reps to get it straight.


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## Four Pillars (Apr 5, 2009)

I've always liked them. If you have $50k in assets, then their commissions are not that much cheaper than the big banks anymore (it used to be), but their currency conversion rates have always been lower than most of their competitors, especially in a RRSP account. As someone who buys US securities, that makes a big difference.

I like their US$ RRSP option, although that is slowly becoming more common in the industry as well.

The bad? Their conversion to the new platform earlier this year (or was it last year?) wasn't very smooth and for whatever reason they did it early in the year which is a busy time. They aren't the only ones with this problem (hello iTrade), but it is something to improve for the future.


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## Young&Ambitious (Aug 11, 2010)

Online chat has always been good and responsive to emails as well. My only quip would be that when I transferred a rep told me he'd try to get my transfer-out fees refunded to their max limit since I was only a few thousand below but that didn't end up happening. So my reimbursement was $25 instead of $150, not a *big* deal as I've done better with Questrade doing a DIY approach than I would have with the previous mutual funds-but the full amount would have been nice. 

Orders are straightforward and easy to place.

One time I had an order accidentally cancelled on me but they did call right away to notify me. Thankfully it was a thinly traded stock so no biggie. 

From a cost vs. benefit value perspective I am satisfied.


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## m3s (Apr 3, 2010)

It is possible that they've improved over the years, they seem to be constantly changing things ever since I signed up. I think Questrade attracts new investors who are more apt to complain online and give them a bad rap as well, a lot of complaints I read lately are user errors. I fill out all their surveys and a lot of things I asked for actually got done. I haven't had any issues and they've always answered my questions quickly in chat. Sometimes if I log in after hours or on holidays the numbers are messed up, and my TEF unrealized gain/loss is always out of whack since the split, but the monthly reports are all fine. All I need is a place to log in and input limit orders quickly so the mobile platform is very convenient for that, I haven't even learned to use the fancy-pants platform. Oh, and holding/trading in USD or CAD as you wish rules


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## Young&Ambitious (Aug 11, 2010)

andrewf said:


> The reason why I have an account anywhere else is because interactive brokers has much better margin rates. I doubt questrade are interested in matching them.


andrewf what is their margin rate? Questrade is *I believe* 6%? They went up recently which is unfortunate :distress:


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## Four Pillars (Apr 5, 2009)

mode3sour said:


> I think Questrade attracts new investors who are more apt to complain online and give them a bad rap as well, a lot of complaints I read lately are user errors.


This is something I've said in the past - for small (read new) investors, they are a very attractive broker indeed. Unfortunately, I've seen many examples where someone is transferring money to them (for example) and can't understand why it's taking so long or why nobody can tell them exactly where the money is etc etc.


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## Barwelle (Feb 23, 2011)

Can't say I'm a heavy user but here's my contribution.

January this year is when I opened my account. First I opened a TFSA trading account no problem. Then about a month later, I sent in an application (online) to open an unregistered account. Three weeks later I logged on and used their instant messaging help system to inquire about why it was taking so long... the account was opened that day or the next. I figure my application slipped through the cracks somewhere.

Then, one time I had an issue or question (can't remember specifically what it was), again used the instant messaging help thing. The customer service rep had no idea how to help me... we just talked in circles about the issue. I logged off, then tried again later to get a different rep. This time he/she was very knowledgable. So I wonder if there is some inconsistent training for the CSR's, or perhaps the first one was very new to the job. Or just a lazy/unhelpful CSR.

As for a positive: As a young investor with a small, low-volume portfolio, nobody else competes with their commissions.


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## bluenote (Jul 27, 2012)

Pretty much everything sucks about questrade except their pricing and even that they seem to be trying to erode.

1) I would say I have about a 80% failure rate with their support. They are VERY slow, not very educated or well trained, and constantly give wrong information.
If they aren't a third world setup they certainly perform like one. Mind you, I prefer online chat and thats what my experience has been with.
2) They never deliver what they say they are going to deliver
3) Constant odd delays, and when something happens they dont bother to notify you even though they are supposed to.
4) Even when they apologize for not contacting you about whatever screwup (on their part) has delayed/cancelled/halted your action, its only a "sorry that should not have happened" not a "we are changing our process to ensure this doesn't happen again"
5) They have removed (IMO) vital info they used to give out, and their new interface is much less useful than the old one.
(Free stockhouse info is actually a lot better and easier to use and more functional as far as it goes)
6) I read the same review about android and them storing all your info including PASSWORDS on your phone in plain text. This honestly doesn't surprise me in the least.
7) their exchange rates suck, there are way better alternatives.

I wouldn't recommend questrade to anyone except their rates used to be excellent, but as a company now I hate them.

http://www.milliondollarjourney.com/questrade-review.htm


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## Jungle (Feb 17, 2010)

Started off good in 2007. Over the years I found service got worse. 

Recently, they raised margin rates, switch platforms, etc. There was a lot of bugs. 

For a MAC user, at first they didn't make their systems compatable for older browsers. (only a couple years old) 

The wait times on the phone have become really bad. I've called a couple times and been on hold for 30-40 mins. Same with live chat. 

I've had GTC limit orders canceled for no reason. I call, wait 40 mins on hold only to be told the system had an error. 

I used to tell people to calm down when the freaked out about Questrade, now I can see how they are not top tier. We are building a large account sizes, so I want a broker that doesn't have so many glitches and poor customer service with long wait times on hold. 

I'm transferring out all our accounts to Scotia ITRADE. They want our business so bad, they are paying transfer out fees on 5 accounts plus giving us 100 days of free trading. Then they have comision free ETFS which include DLR, so currency conversion will cost almost nothing.


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## lefilter (Mar 4, 2011)

Pretty much the same here. I would add this :
8) Transfers are a pain. The transfer might just be cancelled for no reason, no explaination is given, you're the one who has to contact them. And then it's just : "oh... sorry." You get no sense their mistake will get investigated and their internal process corrected.
9) Wrong prices on your holdings : had to call them to correct average prices on some of my option holdings. 



bluenote said:


> Pretty much everything sucks about questrade except their pricing and even that they seem to be trying to erode.
> 
> 1) I would say I have about a 80% failure rate with their support. They are VERY slow, not very educated or well trained, and constantly give wrong information.
> If they aren't a third world setup they certainly perform like one. Mind you, I prefer online chat and thats what my experience has been with.
> ...


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## keepathomas (Jul 12, 2012)

Questrade was my first discount broker and my experience with them was quite positive:

1. Signing up was easy. You just need to complete a few forms, take a photo of your IDs, and just wait. Within a few days, an agent personally called me to welcome me aboard, and answered all my questions. He assured me that I would get 100 free trades for my margin and TFSA, and 10 free trades for my RRSP account (I didn't transfer a lot).
2. They really honoured their promise and all my trades made within the free trades time frame were reimbursed within 3 business days.
3. The website has a very intuitive interface, and is very easy to use.
4. I really like their mobile application, with push notification whenever an order is executed, etc.
5. I used their customer service call back option once, and they really called me on time, and answered all of my questions.

Cons:
1. live help can sometimes be very slow
2. no research
3. calling for help can be slow too...

All in all, I really like questrade as they have been nothing be good to me.

That being said, I'm still transferring to RBC DI because I now qualify to get 9$ trades!


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## slacker (Mar 8, 2010)

They are ok, but not as good as TD Waterhouse.

Both brokers had made mistakes with my account. And both have fixed the issue. The difference, is that TDWH fixed the issue with urgency, whereas with Questrade, I had to call them every few days just to make sure that things are followed up on.

To me, not having a proper USD RRSP is a deal breaker for me with TD Waterhouse.


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## doctrine (Sep 30, 2011)

I have been with Questrade for a couple of years and don't have any issues. I haven't required customer assistance either, though. I like their reports, and their new trading platform is growing on me, although I miss being able to use their old web platform on my ipad. They have an ipad/iphone app now, but their old web platform on either ipad or iphone was better.


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## PuckiTwo (Oct 26, 2011)

Since Dec 2011 I have a small Questrade account which I use for "learning investing". As a new investor I had a lot of,often stupid, questions (still do) and usually go on Live Chat. Never had any problems, waiting time not more than some minutes and usually helpful response. But research minimal and not easy to find. Only had a problem when I switched to their new platform Questrader IQ, when they started it - it was horrible, long waiting times, nothing worked properly - I switched back, still use the old Questrader.com and very well aware that at one point they will switch me to IQ. Our other accounts are being shifted to TDW.


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## andrewf (Mar 1, 2010)

Young&Ambitious said:


> andrewf what is their margin rate? Questrade is *I believe* 6%? They went up recently which is unfortunate :distress:


IB's margin rate is Prime-0.5=2.5%, for CAD.


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## andrewf (Mar 1, 2010)

Also, they are really slow with tax slips. Not a big deal, but somewhat frustrating.


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## Young&Ambitious (Aug 11, 2010)

andrewf said:


> IB's margin rate is Prime-0.5=2.5%, for CAD.


Wow that's good! Hmm would you recommend IB? Maybe I need to reconsider my brokerage


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## andrewf (Mar 1, 2010)

IB is not bad, but not very user friendly. Their platform doesn't hold your hand. I'm using my account there for a calendar option spread (that trade is up ~35% since the summer). Down the road I will use it for leveraged investments in equities (passive long term holding). As far as I'm concerned, every other brokerage is way too expensive for margin. Better to use a HELOC.


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## Andre112 (Apr 27, 2011)

I've only used RBCDI before to compare.
So I found them ok. They are still the best deal for small profolio.

I'd switch back to banks after I accumulated more than $50K. Better interface and quotes and other stuff.

edit: Deleted my complaints. IQ seems to do what the Web didn't do.


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## Dave (Apr 5, 2009)

To Canadian Capitalist,

I have all my accounts with them because of cheap trades as I started very small years ago. For someone who does not trade often and makes no complicated transactions, I have been OK. 

Now the bad and the ugly: 

- Their trade history records were a nightmare as I could never remember that other website on which they were stored, but now it got better as they have moved everything to one site. 
- The statements take close to a month to show up. 
- Tax slips take forever to arrive frustrating my accountant to no end. I am always at the last minute with taxes because of them when everything else is long done.
- Certificate deposit fees are outrageous (200$). I have real drips that I might eventually transfer so I care.

Other than that, I have no major complaints.

Dave


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## CanadianCapitalist (Mar 31, 2009)

I agree with the general consensus here that for small investors who do not qualify yet for the $10 trades at the big boys, Questrade's $5 - $10 trades are really attractive. Also, even don't ever see myself going back to Questrade, it is very useful to have them around if only to hold the big boys' feet to the fire. For a long time, the big brokers simply would not even entertain splitting USD from CAD in registered accounts even though regulations had long changed. Then Questrade did it and slowly the big banks followed suit. So, hooray for them because the big brokers won't change without being pressured to do so.


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## andrewf (Mar 1, 2010)

It's like the new wireless entrants dragging the Big 3 kicking and screaming into the kind of competitive marketplace seen in Europe, or at least the US. Too slow, but progess is being made.


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## Andrew (May 22, 2009)

Overall my experience with Questrade has been positive. I've never had any major issues. The small issues have been addressed promptly. I don't mind their trading platforms, but I only have experience with Questrade so I don't have a wide point of reference. Satisfied for now, but will consider moving my assets to a RBC/TD once I can qualify for cheaper trades.


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## the-royal-mail (Dec 11, 2009)

A quick google search can yield the truth about this company. Many of the stories posted there are very recent and go back to 2007. Pretty much every year you can see poor commentary from people unable to get satisfaction and proper service from the company. 

My experience was very negative:

1. customer service wait times were 30-45 minutes, while making me listen to automated admonishments to log on to their website and read help screens etc
2. when I finally did get through to customer service, the response was extremely robotic. I really didn't feel like I was talking to a real person. The person was emotionless and could not listen to logic and reason and would only provide stock answers to straightforward questions.
3. after weeks of trying to resolve the issues, wasted time, escalating, stressing out, sitting on hold etc I finally had to start complaining louder and getting managers involved and the like. Fortunately the manager I contacted was responsive and finally refunded my money.

From what I've read and understand from others, the passage of time has not resolved any of these fundamental issues. Ignore the spin doctors and listen to those who speak the truth.

Roll the dice if you must.


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## canadian_investor (Jul 4, 2011)

I have mixed experience.
I got really screwed by questrade over the TEF scrip dividend earlier this year.
every other brokerage I heard of was able to handle the dividend correctly but them.
i lost 35% of my dividend because they couldn't handle it.

other than that they are sort of ok. their one and only attraction is the cheap commission,and even with that I have mixed experience.
many times i have paid ECN fees.
a few times i paid full commission of $9.99 when i placed buy order at ask price.
if i have t pay $9.99 i might as well move to one of the bank brokerages since I now have $50K.

I will do so very soon.

i didn't have any of the customer service horror stories I read on the Internet.
the chat is convenient and fast.
but I am quiet done with them and switching soon.


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## davext (Apr 11, 2010)

I've been a client for about 3 years now. I have corporate, and personal accounts, including RESP, and TFSA.

Generally they are good, but I've been with them when they've been bad and I'm still never confident about money transfers.

For example, it used to be that for whatever reason, I would do a pre authorized deposit on Saturday, and no one would look at it until I asked. However, if I did it on Monday, it would get done by about Wednesday/Thursday. It's like the weekend requests go into an abyss. So what did I learn? never do any requests on the weekend. They may have fixed the problem but I've learned my lesson. 

I have a good system right now. I get paid in US dollars to my corporate, that money is deposited into a normal chequing account and pulled into my Questrade Account Corporate, then I can trade with it or leave it sitting. When I like the currency exchange rate, I send an email to an FX sales rep and he converts my money immediately by selling US dollars from my trading account and depositing it into my chequing account the next day. 

It's painless and I take advantage of their low exchange rates as well as low trading fees. 

I know that other banks can offer brokerages with lower trading fees if I have a certain amount of money, but I would say Questrade is one of the companies that made rates competitive.


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## protomok (Jul 9, 2012)

I've been with Questrade for a couple years and I'm pretty happy with them. I'm a low volume trader so commissions are $4.95 / trade, and unless I find somewhere cheaper I'll be sticking with Questrade. Here's my two cents.

*Commissions* - 1 cent per share - 4.95 min / 9.95 max, pretty much unbeatable for lower volume traders
*Service* - Not so great. They have a good chat interface where you can chat with someone almost immediately, but it takes them a while to resolve most issues.
*Trading Platform* - The IQ platform is starting to grow on me. Since IQ is customizable I can configure lots of "gadgets" so I can see everything I want from one page. The "Watch List" panel gives you the basics - open/close, 52-week high/low, ex-div date, etc. You can add multiple "quick charts" showing individual stock charts, and lots of other panels. Charts have standard comparison capabilities and all the basic technical analysis tools. Admittedly I haven't really used many other platforms but IQ does what I need it to do.
They also have these Research programs called "Market Intelligence" and "Bulls Eye", I like Market Intelligence, gives Analyst Commentaries, Financial reports, insider info, etc. and is simple to use.
*Margin* - 6% for under 100K which isn't very good but I don't really care since I use an RBC heloc (currently prime @3% + 0.5%).
*Mobile* - They offer mobile apps, haven't tried them though.


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