Questrade: Customers Beware !!!

Discussion in 'Trading' started by globus007, Oct 16, 2008.

  1. globus007


    After being Ameritrade customer for many years, I was looking for a Canadian discount broker and got attracted by the low commissions of Questrade.

    Oh boy, how wrong I was. You pay for what you get.

    I'm not going to go into much emotional ranting but give you an incomplete list of things that I did or maybe you will encounter my putting or money with Questrade:

    1. constant technical problems with their trading platforms.
    I have to call them every time and all they say they are "aware of the problem and fixing it right now" while you can't place your orders in the fast market.

    2. constant issues with exchange of funds.
    If you buy stocks or anything in US dollars you will be lost with their conversion system. (For instance you will have to exchange the funds yourself on a separate website in order to see your real position).

    3. Their margin calculation is often wrong. Some day you will log in to your account or execute a trade and will see that your buying power is wrong or negative or get a message from their credit department a few ours before you "MUST DEPOSIT $$$".

    All in all, do your research before you decide to open an account anywhere but I INSIST go with some OTHER reputable brokerage firm instead of QUESTTRADE. You will have your peace of mind and probably more money left at the end oif the day. I didn't believe the WARNINGS of other people.:(