Canada’s #1 Questrade Review 2020 [$50 Promo Offer Code]

Edited in November 2019 by FT with help from our newest author Kyle Prevost.

Background: When I first wrote this Questrade review back in 2008, there were very few Canadian online discount brokerage accounts available to Canadians who wanted to open a DIY RRSP account, TFSA, or non-registered account, and trade their own stocks and ETFs

In the last 11 years, we’ve seen an explosion in online broker competition, but for my money (literally) Questrade is still the best Canadian DIY option due to their commission free ETF purchases, low fees, and easy-to-navigate website.

 

Questrade Canada Review Summary

Good Stuff Negatives
No FEEs To Build an ETF Portfolio!
Some negative reviews from high-volume day traders
Very Low Trade Costs (ideal for building a dividend-heavy portfolio)
Better options online for those interested in doing in-depth analysis research on stocks prior to purchase.
$0 Annual Account Fees
Only 2.9/5 app rating on Google Play. Reviews mentioned delay in pricing on app vs desktop.
24-Hour Paperless Account Opening
Moneysense #1 Ranked Online Discount Brokerage
Globe and Mail “A” Rating + Best DIY Brokerage Website
Best Promo Offer (see below)
Excellent Customer Service
Best USD Trading Options

Our Opinion & Rating
  • Industry Reputation
  • Account Opening
  • For ETF Trading
  • Annual Fees ($0)
  • For High Volume Traders
  • App Rating
  • Customer Service
4.8

Questrade is GREAT, for Investors

Unless you’re making 10+ trades per day, or or trading 1,000+ units of funds at one time, Questrade is the best Canadian discount brokerage in 2020.  Moneysense Magazine ranks them as the #1 online broker, and the Globe and Mail gives them a leading “A” rating. The new Questrade app and website upgrade provide the shine and polish on top of their usual leadership in the low-fee categories.  With $50 in free trades available via our promotional offer code, there is no better time to try Canada’s leading online brokerage.  

Clicking on the button above will make you eligible for the $50 questrade discount, no promo code required

Questrade Fees for Dividend Investing and Commission Free ETFs

While Questrade has introduced some shiny new features (and excellent marketing) the last few years, the key reason that they are our choice for best discount brokerage in Canada is their low overall fees, and especially their commission-free ETF investing options.  It’s worth noting that Questrade has NO ACCOUNT Fees on popular accounts such as RRSPs, TFSAs, RESPs, and non-registered accounts.

Million Dollar Journey

If you’re new to MDJ, you might want to have a look around for more information on why I prefer dividend-investing and index-investing approaches for 99%+ of investors.  Basically, if you’re trying to trade stocks daily or think that you can do some fancy research that allows you to time getting in and out of the market, then you’re probably costing yourself serious money.  If you wish to stick basic tried-and-true strategies that are supported by math and the last 100+ years, then Questrade is the place to DIY your nest egg and cut your costs to the bone. Experts have consistently pointed out that while the average investor can’t control their returns, they can (and should) control their investment costs.

Some critics point out in their Questrade review articles that Questrade only covers free ETF purchases.

While this is technically true, what they fail to mention is that the vast majority of our transactions will be purchases if we are building a basic “couch potato” passive index investing portfolio. 

With today’s excellent “all-in-one” ETF options, the average Canadian would do very well to just log into their Questrade RRSP or TFSA each month and purchase that same ETF over and over again for their entire working lives.  Alternatively, if you want to really cut costs to their absolute minimum, you can buy your bond ETF, domestic market ETF, and international ETF separately, and then rebalance each month simply by adding a little more to the asset class that has the worst over the preceding month, in order to keep your overall asset allocation where you want it.

The only selling you should really have to worry about is when your portfolio gets close to the $1 Million level and can’t be re-balanced by monthly additions, or when you are ready to start selling pieces of your portfolio to fund your retirement living.  Paying $5 to take my spending money out for the year is a small price to pay when I’ve been getting to invest for free over the last 30+ years!

Here’s how the Questrade free ETF purchasing stacks up against some of the big names in Canada.

Broker Fees Free ETFs? Drip
Questrade (Rated #1) $4.95 for up to 495 shares ($9.95 max)

$9.95 per mutual fund trade

ETFs are free to buy, reg commission to sell

Yes (for buying) $0 for balance above $5k

$19.95/ quarter if balance < $5k

QTrade $8.75/ trade or $6.95/ trade if assets > $500k Yes (select group) $100/ yr admin fee if under $25k balance

$60/ yr for USD RRSP

Scotia i-Trade (formally e-trade) $24.99 or $9.99 /trade with $50k in assets

or

30+ trades /quarter, $4.99/trade with 150+ trades /quarter

Yes (select group) Yes
IB Min $1 /USD trade.

Max 0.5% of trade value ($0.005/ share)

No $10 USD

$50/year annual RRSP fee

Min $10k to open an account

BMO InvestorLine $9.95/ trade no minimum balance No $100/ yr if balance < $25k
RBC Direct Investing $9.95/ trade no minimum balance

$6.95/ trade if 150+ trades / quarter

No $25 / quarter if balance < $25k
Credential Direct $8.88 / trade No None
TD Direct Investing $9.99/ trade no minimum balance

$7/ trade if 150+ trades / quarter

No $100 / yr if balance < $25k
Virtual Brokers  $0.01/share with cap of $9.99  + ECN fees Yes (for buying) $50/ yr if balance < $15k, $50/ yr for USD RRSP

There is another low fee alternative in Canada, have a look at our Questrade vs Wealthsimple comparison here.

 

Dividend Investing with Questrade

If you’re like me, and looking to build a healthy portfolio of money-generators that will spin of cash for the 50ish years of your retirement, then you probably purchase shares of your targeted companies most months.  This strategy makes a ton of sense if your using the Smith Maneuver or investing in a non-registered account (not an RRSP, TFSA, or RESP).

When it comes to the basic standard of buying basic shares, Questrade’s fees are quite low - although not quite as cheap as the free ETF purchases.

Here’s how Questrade’s fee structure works when buying a share of a company.

$4.95 (standard charge on every trade) + ECN Fees (up to a maximum of $5.00) = Overall Cost

If you’re not familiar with ECN fees, the acronym stands for Electronic Communication Networks.  All you really need to know is that companies charge Questrade about $0.0035 per share when you buy a share with them.  There are ways to shrink this miniscule number even further using limit order and whole board lots - but that starts to be way too much worry for the average Canadian investor.  Here’s a common example one might see if they are a monthly dividend investor.

Ex: I decide to target three Canadian Dividend All Stars with my contribution this month, so I split my 1,200 contribution equally between Bell Canada, IGM Financial, and Fortis.  All traditionally loved by dividend-savvy investors. This is what my investment would likely look like for the month.

  • BCE at $52 per share: 7 shares = $364
  • IGM at $36 per share: 11 shares = $396
  • FTS at $42 per share: 9 shares = $378

If I wanted to maximize my contribution, I could buy another share of BCE with the leftover money, but let’s just go with this for now.

Each of these trades would cost $4.95 + ECN fees of roughly (.0035 x 10 shares) $0.035, for a grand total of less than $4.96.  So the total for all three trades for the month would be ($4.96 x 3 = $14.88).

Now, I realize that some people are buying more than 10 shares at a time.  If you purchased $10,000 worth of Bell (BCE) stock, then you’d be buying 192 shares, and your ECN fees would be a grand total of 67 cents.  Personally, it’s not really a factor I care to pay attention to.

Plus, don’t forget that with our Questrade promotional offer coupon of $50 in free trades, you can start your dividend investing journey for free!

Here’s how Questrade fees compare to other Canadian discount brokerages.

Broker Trade Fee ETF Fee Stock Options Annual Fees
Questrade $4.95 $0 $9.95/m + $1 per contract $0
TD Direct $9.99 $9.99 $9.99/m + $1.25 per contract $100 for small accounts
Scotia iTrade $24.99 $24.99 $24.99/m + $1.75 per contract $100 for small accounts
RBC $9.95 $9.95 $9.95/m + $1.25 per contract $100 for small accounts

Questrade Enhanced and Questrade Advanced

While the vast majority of investors in Canada will not get much value from Questrades “professional trader” platforms: Questrade Enhanced and Questrade Advanced

If you’re an active trader, you can also gain access to one of several market data plans that Questrade offers. For a monthly fee, you can get active trader pricing, live streaming data, and other data add-ons. This is perfect for active traders. Here are your options:

Basic (Free with all accounts): This is great for novice traders, and you’ll get free Canadian level 1 snap quotes, free U.S. level 1 snap quotes, and one-click real-time data.

Enhanced ($19.95/month CAD): you’ll get everything that comes with Basic, plus enhanced level 1 live streaming data, live streaming for Intraday Trader, and additional data add-ons. In addition, if you spend more than $48.95 in trading commissions you’ll get an automatic $19.95 rebate.

Advanced ($89.95/month CAD): This package is for the most active traders. You get active trader pricing unlocked, advanced Canadian level 1 and level 2 live streaming data, select U.S. level 1 live streaming data, and individual data add-ons are available. You can earn a partial rebate if you spend more than $48.95 in commissions — for this, you’ll get an automatic rebate of $19.95. If you spend more than $399.95 in trading commissions, your monthly fee is automatically rebated.

Questrade Inactivity Fees

Over the years, I’ve read several comments at the bottom of this Questrade review that refer negatively to Questrade’s inactivity fees.  While I’m not in love with the idea, they are fairly up front with them, and it costs exactly $0 to make sure that you never have to pay these fees.

The long story, in short, is that Questrade will charge you $25 if you do not place a trade in three consecutive months (often called “a quarter” amongst tv investment gurus trying to sound smarter than they are).

BUT....

You can make sure you never get charged this fee simply by purchasing one ETF during those three month stretches.  Questrade will charge you $0 to purchase this ETF and you will not trip the inactivity fee wire.

You can also avoid Questrade’s inactivity fee by having more than $5,000 in your account or by being younger than 25!

Opening a Questrade TFSA, RRSP, RESP Account

Opening your Questrade RRSP, TFSA, or RESP accounts is easier than ever before.  Given how complicated this process was the last time I wrote my Questrade review, the guys/gals in green have really upped their game.

Opening your Questrade Canada account can now be done completely online, and in as little 24 hours.

Basically you click here and our $50 questrade promotional offer code will be automatically applied.  Then you simply select which accounts you would like to open. The main options available are TFSA, RRSP, Margin (non-registered), and Forex.  There are also options for “more” and then a Questrade Portfolios option which is similar to a robo advisor, and which I’ll talk about a little later.

The Questrade sign up process will guide you through the following three steps:

  1. Create a user ID
  2. Build Profile
  3. Setup Account

You’ll need a few documents and/or snippets of info including:

1) Your preferred email address (used to create your User ID)

2) Your name and home address as they appear on your Government ID

3) After creating your User ID, you’ll need your new Questrade login and password

4) Your Social Insurance Number (SIN)

5) Employment information including your income, plus your income from other sources

6) A Government-issued photo ID such as a driver's license or passport (which can be uploaded via scanned document or picture)

Once you’ve completed the sign up with these documents, the final step to opening your Questrade RRSP or TFSA is to go to your normal “all-in-one” bank account or chequing account that your pay gets deposited into, and then to send your investing dollars over to your shiny new DIY Canadian discount brokerage account.  From every bank account that I’ve ever used or helped people through, it’s the same process as you would use to send money to pay your credit card or utility bill from your online banking platform. Setting up your seperate Questrade RRSP and TFSA accounts as recurring payees will significantly help you cut down on time going forward.

Technically you can open a Questrade brokerage account without any actual money in it!  In order to actually purchase your first share of a stock or unit of an ETF though, you’ll need to have $1,000 in the account.

While pretty much everyone reading  my website over the years knows that I recommend sticking to dividend-stock investing and basic index investing, Questrade offers a ton of choice when it comes to what you purchase within a TFSA or RRSP.

Questrade RRSP Account Details

Once you have setup your Questrade RRSP and have your deposit info all setup within your online banking platform it’s time to choose how to invest that money.  It’s also worth noting that Questrade will transfer your current RRSP or TFSA over to their platform for FREE!

In case you haven’t brushed up on some of the specifics of RRSPs lately, the point of the Registered Retirement Savings Plan is to help you save for retirement but sheltering your investments from the tax man’s icy grasp, and allowing you postpone paying taxes when you are working (and hopefully in a high tax bracket) to when you are retired (and likely in a lower tax bracket).

You can check your last tax return to find out how much you can invest within your Questrade RRSP account.  A lot of people don’t realize that RRSP room is like a fine wine - it just gets better with age! Each year the Canadian government allows you to put up to 18% of your income into your RRSP up to a maximum amount (in 2019 the RRSP contribution maximum is $26,500).  This amount is adjusted if you contribute to a workplace pension plan. For example, since I’m a teacher and make pre-tax contributions to my pension plan, I get less RRSP room than other Canadians might.

If you just opened a Questrade RRSP account, and have never had other RRSP investments over the years, it’s quite possible that you have a significant amount of room that you can make use of over the next few years.

Questrade TFSA Account Details

Your new Questrade TFSA account will be the flip of the RRSP.  You’ll get taxed when you put money into it, but there is no “postponement” of taxes to worry about paying on the back end when you take the money out.  Just like the RRSP (and RESP for that matter), the TFSA is what’s known as a registered account, and consequently, the TFSA umbrella will prevent the taxing rain from eroding away your investment returns over the years.

The other similarity the Tax Free Savings Account has with your Questrade RRSP is that it is extremely easy to open, as you simply select which accounts you want to open when you register at Questrade for the first time.

One point worth nothing when it comes to your Questrade TFSA Account: It should be called a Tax-Free Investing Account.  I’ve long believed that adding the “S” to the TFSA has misled about 90% of Canadians into believing a TFSA is basically just a premium version of a high-interest savings account.  Of course it is so much more than that, and can be used to shelter the same wide variety of investments as the Questrade RRSP account does.

You can contribute $6,000 per year to your TFSA and the federal government has stated that the plan is to increase that amount along with inflation over the upcoming years.  Just like it’s RRSP cousin, TFSA contribution room does not disappear if it is not used in a given year.

In fact, if you were 18-years-old in 2009, you will have accumulated $63,500 in contribution room (increasing to 69,500 in 2020), and can immediately deposit this amount into your new Questrade TFSA account if it is your first time using a TFSA.

Holding USD In My Questrade RRSP and TFSA

Investing in USD can save you a ton of money in currency conversion fees when you think about how much it costs to convert dividend income and new stock purchases back and forth over your investing lifetime.  Questrade RRSPs and TFSAs allow you hold both USD and CAD in your portfolio - and they do this for no added fees. (Each account is still $0).

Questrade was the first online discount brokerage to allow investors to hold USD in a registered account.

Questrade RESP and Family RESP Accounts

If you have children and you think they might one day attend post-secondary schooling of ANY KIND (it does NOT have to be university) then you are throwing away free money by not opening a Questrade RESP account.  Given how quickly post-secondary education costs are rising (2.5x-3x the rate of general inflation) can you afford to throw away free money?

Here’s how to get $10,000 in free money from our government.

  1. Setup a FREE Questrade RESP account and deposit $208.34 into it every month.
  2. Collect the free $500 Canada Education Savings Grant (CESG) each year, up to a lifetime limit of $7,200.
  3. Invest the money in a conservative all-in-one ETF or even just a basic Canadian bond ETF.
  4. The interest/investment return you will make on your own money that you put it is nice - but you know what’s nicer?  The $2,500-$3,000 return that you make on someone else’s money! (Especially when that someone else is the government!)

If your income is below $42,000 then there are some extra incentives for you.

The CESG cash, plus your investment returns within the Questrade RESP account will be taxed as income in the hands of the student.  This means that it’s almost always tax-free because of the large amount of tax credits and deductions that students enjoy. Your original cash can be withdrawn tax-free as you already paid tax on it before investing it.

If you have more than one child, you can combine their contribution room into one big easy-to-manage Questrade Family RESP account (which is also free to open with no annual fees).  The advantage to these accounts is that you can handle the withdrawals amongst your children in whatever way is convenient for you.

What If My Child Doesn’t Go to University? Do I Lose My Questrade RESP Money?

Here are the main points to think about if you’re worried about “wasting” RESP contributions:

1) The Questrade RESP account can be active for up to 35 years and you can use the RESP money for a HUGE variety of post-secondary studies.  Everything from massage therapy to airplane mechanic courses can be covered. This combination means that it’s VERY likely your child will be able to use the RESP help at some point.

2) If you haven’t maxed out the CESG or contribution room for Child 2, you can simply take Child 1’s RESP money and use it for Child 2 within your Questrade Family RESP account.

3) If you have no children that ever attend any sort of post-secondary education, you can roll $50,000 into your RRSP (assuming you have the contribution room) and all you would lose is the free CESG money, and the investment earnings on the government’s cash.

4) You can withdraw the money you originally contributed tax-free without any penalties.

5) If you withdraw the investment returns that you made on your money, you will be taxed as if you earned the money as income, plus an additional 20% penalty.  (This is a very unlikely scenario.)

Questrade Margin and Non-Registered Account

First of all - kudos to you for maxing out your Questrade RRSP and TFSA accounts!  If you haven’t done that yet, you can probably keep life simple and skip this part of our Questrade review.

Once you have contributed the maximum amount to your RRSP and TFSA accounts, and (if you’ve got children) the Questrade Family RESP is on autopilot, your next step becomes a good news - bad news situation.

The good news is that you are in great financial shape, and there are options available for continued investing.

The bad news is that there is no more space under your tax-sheltered registered account umbrella.  From here on out, you will be investing in the rain, and the tax man will get his chunk.

So, while there are semi-exotic accounts one could open if they want to exchange foreign currency or invest within a corporation, the option most people will opt for is a Questrade Margin Account.

The Questrade Margin Account is a fancy name for a basic non-registered account, with the added feature of being able to borrow money from Questrade and invest that money alongside your own.  When you borrow money to invest it, this is called “investing on the margin”.

Now, I don’t recommend investing on the margin unless you really really know what you’re doing, and even then it often isn’t a good idea.  The main takeaway from this though, should be that YOU DO NOT HAVE TO BORROW MONEY to invest within a Questrade Margin Account. Most everyday investors in Canada will be best served by using this account to invest in Canadian-dividend payers (my Smith Maneuver account for example) or other Canada-based ETFs.

You can however, put almost any kind of investment in a Questrade Margin account.  Here’s a few more quick Questrade review facts about the non-registered option:

  • You can invest in short-selling (watch the Big Short to have Margot Robbie in a bathtub telling you what this means)
  • There are no contribution limits to worry about like there are with the Questrade RRSP, TFSA, and RESP accounts.
  • Investment returns inside an unregistered account are still treated much nicer than income you make from a job.  Capital gains and dividends are eligible for special tax treatment in Canada.
  • There are no taxes to worry about upon withdrawal like there are in a RRSP.
  • You can engage in complex options trading (again, not my thing).
  • Questrade Margin accounts are governed by margin falls.  This part is important: If you borrow money from Questrade, and the investment drops below the margin requirement, Questrade will essentially demand that you pay them their money back.  If you don’t immediately pay them back, Questrade can sell your investments and take the money in lieu of your payment.

Overall, using the Questrade Margin Account as a basic non-registered account is a great option.  Getting into the more exotic options like leveraged options trading is not my cup of tea.

Questrade's Trading Platforms - A Peak Inside

Questrade offers quite an exquisite and exclusive trading experience. It's true that I believe that there are better brokers out there in Canada for mobile app functionality or ease of use, but all in all Questrade delivers a home run, especially when you compare it to its immediate peers. The Questrade Trading and Questrade IQ Edge (web), as well as the Questrade App look and feel smooth and are generally bug-free, a thing which can't be wholeheartedly said about most Canadian brokers' software.

Below you can find a myriad of screenshots we have gathered from Questrade's website which will be soon replaced by more exclusive imagery (we are working on it!).

Is a Questrade Online Brokerage Account Safe to Use?

One of the most common questions that I have gotten in the comments below is:

Is investing my money through a Questrade online brokerage account safe?

Or

Is Questrade as safe as RBC, TD, CIBC, ScotiaBank, and BMO?

The answer: Yes!

Here’s the deal.  Off the top Questrade is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF).

Why this should matter to you is that these organizations hold Questrade to a pretty high standard as far as investor safety goes.  Since the CIPF was founded in 1969, no eligible customers have suffered a loss of property.  The CIPF has paid claims/expenses of roughly $43 million, net of recoveries, on the odd occasion where there has been a member insolvency.

Questrade has been around since 1999, and controls over $9 Billion in assets!  On top of MoneySense and Rob Carrick giving them their stamp of approval, Questrade has won eight annual awards as one of Canada’s Best Managed Companies.

Finally, Questrade has created an online security Guarantee.  The company will 100% reimburse you for any authorized transactions in any of your Questrade accounts that result in a loss to you AND your account is insured for up to $10 Million in the incredibly unlikely event that Questrade goes broke (“insolvent”).  This is of course on top of the latest in online security features. My guess is that if you’re promising 100% reimbursement on losses, you’re going to take security pretty seriously.

An Award-Winning Online Brokerage

As you can tell from this Questrade review, Questrade has a lot going for it. Not just in my opinion, but in the opinion of many Canadian financial experts.

In fact, in early June it was announced that Questrade was named as the number one overall online brokerage in the JD Power 2020 Canada Self-Directed Investor Satisfaction Study. JD Power is considered to be a global leader in consumer insights, advisory services, and data analyses. They do not run their own in-house reviews, but rather rely on customer feedback which, I think, says even more about the quality of this ranking. After all, consumers are generally the most trustworthy when it comes to opinions.

As the winner for the Best Overall Investor Satisfaction for 2020, Questrade actually scored 19 points above the industry average. A pretty impressive feat for what is now becoming a competitive market.

Of course, this isn’t Questrade’s only award. Questrade is regularly named as one of the best managed companies in Canada. This year, in March of 2020, they scooped that award for the 9th year in a row!

Needless to say, Questrade is a pretty impressive and trustworthy business in the eyes of Canadian consumers and experts alike.

 

Our Opinion & Rating
  • Industry Reputation
  • Account Opening
  • For ETF Trading
  • Annual Fees ($0)
  • For High Volume Traders
  • App Rating
  • Customer Service
4.8

Questrade is GREAT, for Investors

Unless you’re making 10+ trades per day, or or trading 1,000+ units of funds at one time, Questrade is the best Canadian discount brokerage in 2020.  Moneysense Magazine ranks them as the #1 online broker, and the Globe and Mail gives them a leading “A” rating. The new Questrade app and website upgrade provide the shine and polish on top of their usual leadership in the low-fee categories.  With $50 in free trades available via our promotional offer code, there is no better time to try Canada’s leading online brokerage.  

Clicking on the button above will make you eligible for the $50 questrade discount, no promo code required

896 Comments

  1. Henry on July 11, 2012 at 1:26 pm

    The conversion charge has changed to 1.99% as per the CSR. I learned this the hard way – after processed a conversion from CAD to USD. The $4.95 per trade fee isn’t attractive since I don’t have a lot of trades. It is about time to go back to the big banks.



  2. Jasper on July 11, 2012 at 1:57 pm

    Henry: and what was the prior conversion fee?



  3. Henry on July 12, 2012 at 12:45 am

    It was 50bp when I joined. I believe it was changed to 0.8% at some point. But 1.99% is way too much in my opinion.



  4. Jasper on August 2, 2012 at 2:13 pm

    The modifying of partially filled orders has been fixed on IQ platform now. No more additional fees for modifying orders.
    Change went into effect on 7.25.12: https://community.questrade.com/b/iqnews/archive/2012/07/25/iq-platform-update-gt-july-25th.aspx



  5. astor on August 8, 2012 at 6:29 pm

    WARNING : I want to share with all people that are thinking to open a Questrade account and also to the already clients to be very carefull.

    I will relate one issue that it’s happening to me right now with them.
    I open an account on March 2012. I fill all the papers as canadian citizen as I am.
    after I bougth some dividends US stocks. I check the amount received and I notice that they take 30% for tax proposes and sometimes 35%. (as Canadians we have to pay 15% witholding tax on any US share and dividend payement).
    I call them to verify why it’s happening that. and the support desk (Laura), tell me that she will check that for me.
    After that she sent me an e-mail telling me that she recalculate all the taxes and she doesn’t see any 30, 35% taken.
    I sent to her all my stock list , with all the dividend payement and also I sent to her how I was calculating them.

    In front of evidence she accept that was an error ???. they consider me as non canadian ???. and they will correct that for me.
    I have to escalate to a supervisor ( Lulu, they refuse to give as the last name for all the staff), and she tell me this will be corrected very soon ( My demand was made at the begining of july one month and nothing happens).
    The relationship with a broker is based on confidence and transparency.
    I ask to them WHY ?, why laura have to see my calculation to assume the error
    the answer was : I don’t know
    I ask why they consider me as non canadian if all my papers are from a canadian?
    the answer was: We don’t know, the problem is the clearning broker with we work ?????.
    very evasive answer.
    She tell me something that is very suspicious : You are the administrator of your account ( that’s right) and you are responsable of ALL. WE COULD TELL YOU BAD ANSWER BUT IT’S YOUR RESPONSABILITY TO VERIFY WHAT WE TELL YOU !!!. THAT HAPPENS VERY OFTEN !!!.

    then I want to be aware if you are tradding with questrade to verify on all US dividends stock that you have to TRIPLE CHECK the amount they take for US taxes proposes.
    If Questrade make with hundreds of client that they trying to do with me. You could be stoled by 15.% and 20% without you realize that .

    BE VERY CAREFULL WITH THEM !!!



  6. Jaanu on August 17, 2012 at 11:50 am

    Hello astor,

    My name is Jaanu and I work at Questrade. What you are referring to is the U.S./Canada tax treaty, which allows Canadians with non-American tax status to claim certain tax exemptions including withholding tax on dividends paid by some U.S. corporations.

    We are in contact with our clearing house to correct the dividend tax withheld for your eligible securities. For an update on this issue, please contact client services directly at 1.866.783.7866.

    Here’s some additional information on the U.S./Canada tax treaty according to the IRS:
    “Foreigners (to the United States) are subject to U.S. tax at a 30% rate on income they receive from U.S. sources including dividends.
    If you receive certain types of income, you must provide Form W-8BEN to claim a reduced rate of, or exemption from, withholding as a resident of a foreign country with which the United States has an income tax treaty.”

    In most cases, non-U.S. status can be determined during the account opening process with appropriate documentation. However, if non-U.S. tax status is unclear, Canadian residents can submit a W8-BEN form to qualify for tax treaty benefits. Read more about filling out a W8BEN form here: http://www.irs.gov/pub/irs-pdf/iw8ben.pdf

    Please note:
    Certain securities traded on the U.S. markets may not benefit from the U.S./Canadian tax treaty. These securities include ADRs (American Depositary Receipt) and LLPs (Limited Liability Partnership) for which normal withholding tax rules apply. The U.S./Canada tax treaty also will not apply towards U.S. LPUs (Limited Partnership Units) and are subject to a 35% withholding tax. To determine if a corporation can be classified as a LLP, LPU, or ADR, please contact the investor relations department of the company. The dividend tax for these types of securities is withheld at the source company not by Questrade.

    We are close to applying major enhancements to our tax coding processes and systems that will enable more efficient accounting in these matters. We strive to enhance your experiences with Questrade. If you have any concerns or ideas, please let us know. We take all feedback to heart and will work with you to investigate and resolve any and all issues.

    Regards,
    Jaanu Teene
    Questrade Inc.



  7. Erik on October 6, 2012 at 12:24 pm

    I see a lot of bad press here, so I figure since I have had a good experience with Questrade I should post as well.

    I have been using Questrade for almost a year and have been happy with the service. Phone customer service can be slow, so what I would suggest is email questions and expect 2-3 days for a thorough response. You have to read the terms and conditions and think about what you are doing, yes there are exchange fees, yes there are ECN fees, yes there is with-holding tax as it applies, yes you have to pay interest if you borrow money on margin. If any of these things are a surprise to you then you probably should not be trading. It should be part of your due dilligence before investing your money to look into the details. I find the fees in general are quite good.

    I had one technical problem with Questrade early in my time as a user where I made two trades that did not go through, and the stocks had gone up in the hours it took to fix the bug. Questrade fixed the error and made up for my lost profit (and quite quickly).

    I have moved my full trading account and RRSP onto Questrade and plan to move my TFSA there on January 1.
    All in all, you can’t expect split second customer service from a discount brokerage. That would be like going to No Frills and expecting the best produce. But overall Questrade is reliable, cheap and they really do try to make the customer experience good as you can see by all the customer service representatives posting on this site. But if you don’t read the rules and start throwing around your money blindly it’s not Questrades fault you lose.



  8. Bryan Thornton on October 12, 2012 at 3:07 am

    This is my personal take on this company: The instructors at this place are supposedly highly educated and very experienced professionals but if you look closely at the resumes of some of their staff, you will quickly realize that they are for the most part self-taught individuals just like any of us.



  9. James on November 22, 2012 at 1:33 pm

    Very poor service. Their system has crashed a couple of times in the last few months causing me to loose several hundred dollars. There response:

    While we try our best to ensure the platforms, our websites, and our internal software are all up 100% of the time, this is unrealistic to guarantee or expect.



  10. Jim on December 21, 2012 at 1:32 pm

    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
    Questrade 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.



  11. aa on January 11, 2013 at 4:16 pm

    Just spoke to CS and they told me Questrade charges 1.99% on currency exchange transaction above BoC spot rate. This seems pretty steep to me. Also told that there’s no difference bewteen exchanging in regular margin account vs. RRSP account (somebody somewhere mentioned that RRSP acc. gets better rate). Any thoughts?



  12. Maritimer on January 29, 2013 at 9:40 pm

    I been having this problem with the dividend not being paid on time. For 3 months now, I am suppose to get a monthly dividend on 20th or 21st. I am dripping this stock so, it is the day after the dividend payment date. I was getting the wrong dividend and sometimes it wasn’t reinvested. I had enough to receive 3 new shares with the DRIP.

    Now, Penson is gone and they have their own clearing house. I never received the dividend this month yet. So I call the Questrade on the 29th. The guy told me that dividend is for American shareholders. I told him that Canadian and American o on the company website and litterly read the dividend anouncement for the dividend payment date of January 20. He still said I was wrong.

    Also, another company was suppose to pay me a dividend today, and I didn’t receive that either. Questrade must have the biggest idiots working for them. I just been recently having problems with them for the last 3 months



  13. Sensei on February 21, 2013 at 10:51 pm

    Taking the plunge and signing up for Questrade! Thanks for the referral code. Looking forward to completing the application now.

    Sensei



  14. Fmrqttrader on March 15, 2013 at 10:26 pm

    Just got surprised by the 2% fx charge in my rsp. This is on top of the credit card like margin rates.

    I now understand what the guy pictured with his hands on his head on your website is thinking, “They charged me what for fx?”

    Questrade, feel free to respond.



  15. Maritimer on March 16, 2013 at 5:21 pm

    I check online for my T5 under tax slips.

    They have a REIT distributions under the T5 when it is classified a trust so that would be under T3.

    Also missing all the dividends (yes they are eligable dividends ) for one company.



  16. Fmrqttrader on March 17, 2013 at 11:48 am

    For full disclosure, although the fx and margin rates are somewhat steep, I have enjoyed the QT experience including multiple calls to CS. I plan on staying with QT for the future.



  17. Mike on March 17, 2013 at 9:18 pm

    Hi,

    I am a student and I want just use $1000 for beginning and buy some stock or ETFs. What is your suggestion ? Is Questrade a good choice for me as a beginner?



  18. Jeach! on March 18, 2013 at 3:28 pm

    @Mike

    I use to love Questrade… but ever since they now charge me inactivity fees, I no longer endorse them!!!

    It is unfortunate that companies like Questrade don’t concentrate on being a quality, no-frills stock broker. Instead, like just about everyone, they want to be big brokers and end up developing a ton of features which only a small percentage of traders use… but everyone has to pay for.

    You’ll notice in the past that Questrade has been developing a ton of newbies, such as their new trading platforms and all of that.

    It is quite unfortunate really… I liked the old Questrade!



  19. Jeach on May 1, 2013 at 2:19 am

    Questrade really sucks big time now!

    I’ve been locked out of my account for I don’t know how many years (since they revamped their products). I just called in tonight to obtain my new login and reset my password.

    But attempting to sign in with one product (IQ I think), leads me to a questionnaire to determine if I”m an ‘individual’ or a ‘pro’. Importunately, all the YES and NO seem to be text? Clicking on ‘Continue’ leads them to concluding I’m a PRO (way to go Questrade) and want me to acknowledge a bunch of Pro fees they want to charge me. There is no way out of this… accept or don’t login.

    So instead I try another product (Web I guess). But that seems to use the old login ID (my new login doesn’t fit). But my old password doesn’t log me in… HELP!

    Trying yet another product, that one takes forever to load (white web page for a few minutes) till I cancelled it. Actually clicking on links takes very, very long (and it’s midnight)… what the hell is wrong?

    I hate being confused… I hate having too many products which essentially do the same thing… I want my old Questrade back!

    How hard can it be to simply log into an account… a simple, web-based account at that? Damn it. This isn’t the service I signed up for! I expect flawless applications… not questionnaire that can’t be answered and wrongly determine a status… and worst, won’t allow you to log in unless you accept it.

    I don’t know, maybe I’m tired and grumpy, but until I get to evaluate the ‘new’ Questrade, I really don’t recommend it any longer.



  20. Jeach on May 1, 2013 at 2:19 am

    Questrade really sucks big time now!

    I’ve been locked out of my account for I don’t know how many years (since they revamped their products). I just called in tonight to obtain my new login and reset my password.

    But attempting to sign in with one product (IQ I think), leads me to a questionnaire to determine if I”m an ‘individual’ or a ‘pro’. Unfortunately, all the YES and NO seem to be text? Clicking on ‘Continue’ leads them to concluding I’m a PRO (way to go Questrade) and want me to acknowledge a bunch of Pro fees they want to charge me. There is no way out of this… accept or don’t login.

    So instead I try another product (Web I guess). But that seems to use the old login ID (my new login doesn’t fit). But my old password doesn’t log me in… HELP!

    Trying yet another product, that one takes forever to load (white web page for a few minutes) till I cancelled it. Actually clicking on links takes very, very long (and it’s midnight)… what the hell is wrong?

    I hate being confused… I hate having too many products which essentially do the same thing… I want my old Questrade back!

    How hard can it be to simply log into an account… a simple, web-based account at that? Damn it. This isn’t the service I signed up for! I expect flawless applications… not questionnaire that can’t be answered and wrongly determine a status… and worst, won’t allow you to log in unless you accept it.

    I don’t know, maybe I’m tired and grumpy, but until I get to evaluate the ‘new’ Questrade, I really don’t recommend it any longer.



  21. Laural on May 1, 2013 at 4:41 pm

    @Jeach,

    My name is Laural and I work at Questrade. I’m sorry about the problems with your login experience.

    It sounds like you’re stuck in one section, and one of our client services agents can help fix that.

    I’d be happy to have someone call you. Please send your contact information to me at community@questrade.com or feel free to call client services and explain the issue. That number is: 1.888.783.7866.

    In answer to your question about login information, once you are set up correctly, you will be able to use the same username/password combo across all of our IQ products.

    Sincerely,

    Laural – Team Questrade
    Questrade, Inc.



  22. Danielle on May 1, 2013 at 9:53 pm

    I have had nothing but problems with Questrade services and not sure why anyone would use them. Sure they have low prices but I can’t name the number of times I’d try to make a trade and got an error message. I suppose you get what you pay for. With questrade don’t expect much as the service is horrible



  23. Jeach on May 1, 2013 at 10:31 pm

    Thanks Laural,

    I finally figured it out (by accident). After a while I got fed up so I decided to try it with an IE browser. The very moment that IE had booted, I saw my radio buttons appear in my Chrome browser.

    That surprised me, but regardless I completed the initial ‘survey’, only to be told “Sorry, you must install Silverlight”… damn! I couldn’t believe it, I hate Microsoft products and now I’m forced to install some more MS crap! Bad design choice guys! Is Silverlight even supported on Android, iOS and Mac OS? My guess is no, so you’re pretty much alienating a huge amount of clients with such a technology choice. Haven’t the V.P. of R&D realized that MS is loosing massive amount of market share… why ‘lock’ in your clients with such declining technology and ‘lock’ out everyone else when ‘The Cloud’ is suppose to be more and more dominant?

    So I can now put a big cross on that platform!

    I’ll have to try another one now, in hopes they don’t all use MS-only web technology.



  24. Darren S. on June 22, 2013 at 11:28 pm

    Before the switch to Questrade IQ, I used their QuestradeWeb platform (I think that’s what it was called). Plain, white website with basic functionality, but it worked fine for me. Then this IQ system came along and it took me a couple hours to figure out WHICH product I needed out of the roughly 4 different ones available. I settled on the IQ product, and man am I ever happy with it now. It is a total quantum leap from the old system. I’ve only ever used E-Trade (now I-Trade I believe) and Questrade, but this new IQ platform is truly tremendous. I run Windows 7 Pro 64-bit and Firefox v19 and it works amazing. I love the candlestick charting and my market orders go though instantly. It’s really amazing what can be had for a lousy ten bucks per trade. Actually, sometimes it’s less than ten bucks. Love Questrade!



  25. William on November 19, 2013 at 5:19 pm

    After 5+ years with Questrade I told them I will be moving the account. They have made no effort to keep it.

    I have nothing nice to say about this firm so I will leave it at that.

    Fortunately, I have a large enough account to get the same fees at any other broker, and should have listen to the others when they said leave when I reached that level.

    Best of luck to those that are with them.
    .



  26. Jim on March 25, 2014 at 1:09 pm

    The Million Dollar Journey vote Questrade as number 1. So that caught my interest. Plus, Questrade is a low cost service provider.

    However, when I read the blogs, I see some quality of service issues, many of them old.

    Since, businesses are more than price, I am interested in the following:

    In regards to ease of transaction, platform quality, quality of service, and customer service response level, would you recommend Questrade and why?



  27. FrugalTrader on March 25, 2014 at 4:55 pm

    @Jim, I still have my original accounts with Questrade. In terms of customer service, I use their live chat feature and often use them for FX exchange with DLR/DLR.U. I haven’t had any problems, but then again, I’ve never had them do anything complicated.



  28. William on March 27, 2014 at 4:55 pm

    Jim,

    Based on my time at Questrade,

    I liked the IQ platform.
    Customer service is still very poor. They respond but nothing ever gets done to correct problems.
    Executions are a mixed bag.

    William



  29. Peter @ SeekingWealth.ca on June 11, 2014 at 8:49 am

    I used Questrade for the first couple of years when I just started investing and trading and had a decent experience. There were quite a few outages over the years, and I was unhappy so I moved everything over to TDWaterhouse and I must say that there is no comparison. The TDW platform is excellent, fast and reliable.

    Questrade is great if you are only making a few trades here and there, but if you will be trading regularly I would suggest TD Waterhouse.



  30. Nikolai on June 11, 2014 at 8:58 am

    @ Peter @ SeekingWealth.ca

    I have a similar story and ended up with TD Waterhouse too. However, now I am about to reconsider TDW. I think they are slowing down – in terms of quality, platform features and, most importantly, caring about their customers. I had a number of incidents with them, all resulted from negligence on their side. The last one (still unresolved) was about FTR shares on my account. TDW has lots of troubles with reporting – in general, but with FTR they have completely missed the fact that most of their distributions for last 3 years were ROC. However, this year (and, of course, very very late) they have adjusted the dividends – but only for 2013. Completely ignoring 2011-2012. I have filed two (TWO!) requests with them to review the information and adjust the reports and both were accepted (I have the reference numbers) and….forgotten :) Not to mention that with TDW you do need to question all their numbers, they are really bad at reporting. Sometimes the information in the tax documents and online account history does not match.



  31. Chris on June 26, 2014 at 2:10 am

    I found customer service to be questionable as well.



  32. Terri on October 14, 2014 at 7:03 pm

    BEWARE of Questrade!!
    Just want to warn people about this horrible platform. I’ve had numerous bad experiences with them over the past few years but have let it go until now. Today was the last straw. I currently own one stock. Last week I received a margin call and fulfilled it by depositing $8,000. A few days later, I received another margin call telling me $X amt was due today at 1PM EST. I was at a medical appointment today when they called me around noon and sent an email saying that I was in a real time margin call. As soon I got to my car (less than 5 minutes), I called. I spoke with someone and explained that I was on the road and he put me on hold and then came back and confirmed that they would give me until 1pm EST. I ran home and made a transfer for $5,230 immediately, responding to the most recent margin call email with a screen shot of the transfer as required. As I always do, I called them immediately as well to ensure that it was received and things were okay. He assured me not to worry, that it would be fine. He began discussing something else, and then right there as I was on the phone with him (after talking with him for approx. 15 min), I see that a large portion of my shares are liquidated. I told him this and he said “Oh no, that can’t be right.” After telling me he would look into it, I receive an email shortly after apologizing for the inconvenience. They cost me almost $5,000 and they are sorry for my inconvenience. I called and spoke to management, and was on the phone for an hour and a half and again was told “Sorry” and that the margin call time frame is simply a courtesy and does not have to be adhered to.
    This is unacceptable. My wife and I have been clients for a few years and always adhere to all procedures. I want to ensure that Questrade loses from this by letting all prospective clients know that this is how the company is run. And any current clients- be extra cautious, or I would advise, as I will be doing – move your money as soon as you can.



    • Mike on November 9, 2015 at 1:39 am

      Who are you with now??



  33. John - Team Questrade on October 16, 2014 at 3:27 pm

    Hi Terri,

    My records indicate that our client services team has already contacted you about this and have let you know that when handling margin calls, we work on a best-efforts basis. We cannot guarantee that your position will not be sold to cover the margin call. Unfortunately in your case, your proof of deposit was sent to us after the deadline we provided, so your shares were subsequently sold to cover the margin call. In the future, please closely monitor your account and positions to ensure you do not enter into a margin call, or send us your proof of deposit before the deadline to avoid having your positions sold.

    Let me know if you have any questions.

    John – Team Questrade



  34. Aleks M on December 4, 2014 at 1:38 am

    Horrible discount broker. Started with them two days ago, first day of trading their routing is not working for couple of hours. Created stop loss limit order, and their trading desk cancelled it without my authorization, after being initially accepted. Incurred additional loss of over $400.00 because of that. When I complained, they were brushing me off, blaming technical issues, and telling me that they acted in my interest? Completely incompetent, and very client adverse. Not worth the saved commissions. Anybody can recommend a semi decent discount broker to transfer my and my wife TFSA accounts.



  35. Jay G on January 15, 2015 at 5:21 pm

    Hi FT,

    Fantastic and informative website. I currently trade stocks through my TFSA at TD which charges 9.95 per trade. I plan to maximize my TFSA in the coming months, diversified over 25 stocks. I’m not eager to pay $250 in trading fees, and was considering purchasing the stocks in Questrade (no purchases over 500 shares) for $125, collecting the $50 coupon code and transferring a portion of my shares back into my TD TFSA ($25 Questrade transfer out fee) for a net charge of $100. TD might even compensate the transfer fee, but I’m unsure of their policy.

    As far as I can read $5000 is the minimum amount required in my Questrade account to avoid the 19.95 quarterly fee. Will I be subject to any other fees for my purchases and subsequent transfers?

    The user comments for Questrade have largely been negative and gives me pause before executing my purchases for fear of some complication, like a lag time between transfers where the stock price fluctuates and leads to over-contribution penalties in my TD TFSA. Has anyone else successfully tried to make cheap purchases on Questrade, and transfer a portion of them out to another institution while maintaining the $5000 minimum balance, thus minimizing the cost? Or is the headache not even worth the $150 saved?

    On a semi-unrelated note, does TD now offer self-directed RRSP accounts that deal in USD? Or is it still the wash system that inefficiently pays out dividends in CAD? Thanks in advance



    • John on January 13, 2016 at 2:15 pm

      FYI, TD has offered USD RRSP/TFSA for some time now…



  36. Chris on January 19, 2015 at 8:37 pm

    @ Jay G

    All I can tell you and the best advice I can give: AVOID these crooks at all costs. Avoid them more then the worst Plague



  37. chuck on February 7, 2015 at 1:35 am

    I absolutely agree. I’m looking into switching out of questrade. I filed a complaint with customer service 17 calendar days ago. I’ve called back 2x looking for updates. I was promised an update by the end of business Friday. It’s now midnight and no update.

    They made a mistake that cost me 1,500.



  38. Christian on January 13, 2016 at 6:11 pm

    Avoid Questrade at all costs now.

    When I first started to trade with them, I did so on the basis that they were a low-cost (no fees at all) and decent platform.

    Over the years, not only have they canceled their no-fees policy, they are slowly liquidating my balance with periodic fees because I’m not trading. That was the whole purpose of going with them… no fees! So now, they are irrelevant in my opinion.

    The other thing that bothered me somewhat was that they are constantly changing their platform and tools. At some point in time I was even locked out of my account for close to a year. I’d call to get my account info and all they would tell me was, “do this” and “do that” and it was a huge pain and burden.

    All the big Canadian banks have since dropped their fees to a “more” competitive price point ($9.99, no conditions). Not the best but definitely better than before.

    If you’re looking for a HUGE platform with a ton of features, bells and whistles and access to SO many exchanges around the world… try Interactive Brokers (IB).

    Christian



  39. Savs on January 14, 2016 at 3:56 pm

    Agree with you Christian,

    Extremely poor experience with their customer service, being put on hold for hours and not receiving call backs for WEEKS (and when they do call back its at the exact times you told them you were unavailable).

    They also now charge RESP fees and basically told me to suck it.

    AWFUL. Starting my son’s RESP there was the worst move I could have made. I’m glad i didn’t move my other accounts to them.



  40. Dave on February 10, 2016 at 7:56 pm

    I opened an account with Questrade in 2015 when they had a $50 bonus promotion to open a TFSA account. Does anyone know if that $50 will count towards my TFSA contribution?



  41. Pat on February 26, 2017 at 7:39 pm

    Also agree with Christian et al;

    Extremely poor experience with their customer service, also being put on hold for hours & the live chat is useless, it’s too busy to respond.
    I’m in the process of moving a large account out because they cannot even bother to respond email request for the failure to process a 2016 RRSP deposit made a month ago.
    Avoid Questrade at all costs.



  42. Vito on January 17, 2018 at 6:42 pm

    Question in regards to your promo code. You mention that it must be used within 30 days of opening my account. I am planning to open an RRSP account, and have contacted Questrade both via online chat and on the phone asking one specific question.

    Does the $50 commission rebate from using a promo code have an expire date or can it be used in the future indefinitely?

    The CSR on the online chat said it must be used within 30 days. Occasionally getting burned in the past with promo bonuses, I decided to also call Questrade with the same question. The CSR on the phone at first thought I was referring to the cash bonus, but once he understood I was referring to the commission rebate code, he had to place me on hold twice to confirm my question and was told that there is no expire date and can be used indefinitely.

    Now, I came across your article and you state that indeed it needs to be used within 30 days of opening the account.

    Which is it? So frustrated (not with you of course) right now.



  43. Suz on June 26, 2018 at 3:23 pm

    I was a Questrade advocate for years. Had cash, TFSA, and RRSP accounts and was happy with the low fees and intuitive trading platform. There were a few minor issues along the way such as stock prices being incorrect after a purchase or currency exchange not being executed etc, which CSR solved.

    This all changed when I tried to pull cash out for down payment on a house. I didn’t think $100k was outrageous given the context. For over 2 months, I got the run around from various CSR on why I couldn’t transfer funds out of Questrade into my bank. One CSR would ask for certain documents from my bank, which another CSR would then discredit and said was useless. I was stressed beyond belief as all the papers were already signed. My house almost fell through. I did not think it would take 2 months to transfer the money out when transferring in takes 1 day. Thankfully, my parents were able to borrow against their house to cover the down payment while I traded calls and emails with Questrade on a daily basis.

    After the ordeal, I transferred RRSP out and lo and behold, the prices were all wrong. Not a single stock was transferred at the purchase price. Some were off by a few cents, some a few dollars. When I asked Questrade to correct them, CSR told me the account is closed, nothing they can do. They also continuously stressed that stock prices don’t matter. I lost $500 overnight. To this date, I still consider the $500 a small price to pay to be rid of Questrade. However, it’s still $500 that I shouldn’t need to lose. Due to this experience, I sold all the positions in TFSA within Questrade, transferred cash into margin account then out of Questrade little chunks at a time.

    My experience has deterred many of my family and friends from Questrade and I would advise against ever signing up with Questrade. The “F” BBB rating is definitely justified.



    • FT on June 28, 2018 at 7:58 am

      Thanks for sharing your story Suz. I wonder if many other people have had issues with withdrawing funds from Questrade. I wonder if it’s a liquidity issue with Questrade, or if it’s a security thing.



    • moneyhelp on June 28, 2018 at 7:07 pm

      Hey Suz,

      I’m curious, when you say all the prices were wrong, were they over or under the purchase price?

      Also, were the prices on the statements correct or only your final (transfer) statement show incorrect prices?



    • Herald on June 29, 2018 at 11:25 am

      Strange. I do transfer out large amount form QT quite frequently and have never had any issues. Latest was two weeks ago. It is very possible that you hit the wrong person dealing with your case. I am not for or against QT. Most brokers offer similar services and have the same level of support.
      I use both QT and IB (QT for registered and IB for no-registered accounts). What I don’t like about QT is their currency conversation hidden fees are very high. I calculated that they will charge close to 2% if they convert one currency to another and back. Usually banks charge that kind of fees, but QT is not a bank, and banks take higher compliance risks.



      • moneyhelp on June 29, 2018 at 9:51 pm

        Yes, Questrade charges 2% service fees for currency conversions. Definitely an excessive charge fee, that’s why most people (and yours truly) will use Norbert’s Gambit to convert USD to CAD or vice versa for a fraction of the cost, from what I’ve read that is usually around 0.3%



    • Herald Gjura on June 29, 2018 at 11:35 am

      Also, I don’t understand the part of purchase price being wrong. Did you transfer the shares, or you sold everything, transferred, and bought everything back at the receiving broker? If you transferred the shares, are the # of shares in the other end the same of what you had before? In that case the “purchase price” is only a reporting inconvenience. It happens all the time. You can call the receiving broker and tell them what the “purchase price” of record should be, and they will change it for you. I did that with RBC when I transferred out the RRSP & TFSA accounts from QT to RBC. The $500 loss is just a paper loss.
      If the amount of shares transferred is lower in the other side, you have a problem, and should follow up. Definitely illegal and unjustifiable.
      If you sold, transferred, and repurchased, well, that is is a bit of a risk you have to take. You maybe lost $500, but if you sold before a market downturn you could of have “made” $500. What I usually do, is that I have enough funds (on margin) on the other side, and I purchase the same funds prior to selling them in the other account. Like that I am guaranteed to have the same price, and I also account for trading fees + tax to be covered by selling a bit higher.



  44. Team Questrade on June 28, 2018 at 1:31 pm

    Hi Suz,

    My name is David, and I work at Questrade.

    We came across your comment, and we’re sorry to hear about your experience with us. We can only imagine how you must have felt at that moment.

    We want to hear more from you and check what exactly happened there. Please send us an email with your contact information to feedback@questrade.com, and we’ll reach out to make things better.

    Sorry for the trouble.
    Thank you,
    David – Team Questrade



  45. Don McLean on June 28, 2018 at 5:28 pm

    WOW sooooo glad I read this. Was looking for a broker with good trading platform for my new trading experience. CIBC fees good but platform really lacking, Customer service VERY important to a newbie, On line reviews were good for Questrade but you have convinced me that i need to go else where THNX Now mt search for good trading platform continues frustrated this is soon difficult



    • Dave H on July 2, 2018 at 12:46 pm

      Hey Don – haven’t been here for years, but saw a bunch of notifications in my email and figured I would check it out again. I see lots of complaints, but understand, its the people with complaints that will post to a forum, not those that are content. You are looking for platforms – since TDW killed their active trader, questrade IS the best canadian platform out there now IMH (IQ edge). I have been with them for about 15 years I think, rarely have issues and have withdrawn at least a dozen times (EFT) with no problems (note with USD to CAD – you have to exchange first, then withdraw once funds moved to Cad side). I see some complaints about exchange fees, well, it was the same as TD was from what I recall. Part of doing business. Also see complaints about orders being dropped – it COULD be the ‘aggressive bid’ rule where you can’t place an order greater than 20% above/below last price. This affects stop limits (ie, stoploss $1, with a limit of 0.79 – the order will go in, but will get rejected once triggered.
      This is all brokers, so maybe the person just doesn’t understand and blames them.
      One thing for sure, if you also want to trade OTC/PINK in US market, this is the place to be. Maybe its not for those with million $ accounts, but why are you using a discount broker if you have $million account?



      • moneyhelp on July 2, 2018 at 11:04 pm

        Just curious, who would you go with if you had a $million account?

        I’m more concerned with Suz story of having issues withdrawing from the account. I can say, like you, I have never had issues when withdrawing funds via EFT from my margin account over to my bank, however; in a few years time I am interested in buying a home and will be using the HBP, but I will be depositing $25K into my RRSP, hold it for 90 days to trigger a tax refund (from what I’ve read can be ~8-10k) then I will withdraw the money to be used with the HBP, but I don’t want to have issues when withdrawing the funds.



      • Nikolai Grigoriev on July 2, 2018 at 11:42 pm

        Hard to say which platform is the best, but I like what I get from the Interactive Brokers. I would also imagine they are used to the large transactions because they, supposedly, deal more with the wealthier investors and traders. Also, I believe, IBC has, by far, the best mobile and standalone application.

        As for the issues…Since beginning of April I am trying to move a small (<$10K) RRSP account from RBC to my broker and the only word I would use to describe it is "sabotage". RBC has came up with several excused for refusing a simple and straightforward RRSP all in-cash account transfer. So…as usually, "your mileage may vary".



      • moneyhelp on July 3, 2018 at 12:17 am

        That’s interesting, because I just moved my RRSP from RBC to Questrade less than a month ago, with zero issues. And I didn’t speak with RBC at all. I filled the transfer form that Questrade provides and they dealt with it, pretty easy.

        One thing, Questrade did say that it could take about 20 business days to finalize, but it took about one week, so much faster than anticipated. Cash still sitting in my RRSP account waiting for trade :)



      • Dave H on July 3, 2018 at 2:44 am

        Hard one to answer – one of the banks probably (TD), but to be honest, all the banks trading platforms suck, so if you want to self manage, not sure the best route. If you are fine with some one else managing, I would use a full service (locally have used Odlum Brown & Hollis Wealth and they have done fine).

        Personally I don’t know if taking out large sums would be a common issue with Questrade. Max I have done at once was $10000, and no problem with that, but if it was $100000???



  46. Jim on June 19, 2019 at 9:44 pm

    I had the same initial impression, however this does not work for trades with accounts valued over $1M USD. SOOO many issues with account locks for “inquiries”or “risk reviews”, delayed transfers on amounts of $100K to my bank account…all while being a “platinum member”.

    I left TD because of the fees, but now think it’s worth it…I’m moving back.



    • FT on June 20, 2019 at 10:35 am

      I did not know that they had issues with larger accounts. Can anyone else share their experiences?



  47. Francois on November 21, 2019 at 3:49 pm

    Where is the setting for turning off the ability to borrow in a margin account?

    I asked Questrade support and here’s what they said: “There is no feature to turn off the borrowing on a margin account. The whole nature of this account is that it allows you to borrow funds if you don’t have. If you don’t wish to borrow then you can just ensure to trade with the funds you deposit. Whenever, it exceeds the amount you have then you will be borrowing.”



    • Kyle Prevost on November 22, 2019 at 11:13 am

      I apologize Francois, this was an old feature of their accounts that I never dreamt they’d change. I will update the review immediately.



  48. Michael on January 11, 2020 at 3:39 pm

    I’m opening up a questrade account and i just have a question about the options. On the choosing an account page i can’t seem to find the RRSP option, the only thing there is RSP. Is that the same as an RRSP? I know when i look it up it shows RRSP for everyone else so im wondering if questrade just recently changed their naming for their accounts? Thanks



    • Kyle Prevost on January 13, 2020 at 1:05 pm

      It’s the same Michael.