Questrade Closing position. Is this LEGAL?

Discussion in 'Forex Brokers' started by litrader888, Oct 18, 2010.

  1. I have been trading FX using questrade for a few months now. Have about 200K in there. I had 16 lots longing USD through many pairs. One day I get a call from questrade saying that I have to close $50,000 worth of USD position or else they will close it for me

    I was told this is nothing to do with my margin as my positions are not good for the company. I went down to their office and I was told the same thing. Later that day, they close some of my USD long positions. My margin was still good.

    Is this normal?? Can they close a position for me even thought my margin was good and just because it's not good for Questtrade?
  2. you should read your/their 'Customer Agreement' and report back with what you learn
  3. Thanks Wallace, I shall.

    Just don't understand why Questrade would care how many positions of USD I have. They didn't have any problems with other positions, just my USD position.
    I don't know how FX brokers work,but do they have a margin call to take care of too as a company?
  4. can't answer your last directly, what did you find in the CA ?
  5. In a situation like this it's best to just move to a different broker.

    Questrade obviously doesn't have your best interest in mind.

    I know it's a hassle moving brokers, but it's more of a hassle having to deal with a "bad" broker.