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. deewar25 on October 6, 2011 at 8:20 pm

    did find this Correll from another broker – appears to be a penson thing:

    Dear Valued Client,

    Our clearing firm, Penson Financial Services, has recently notified us of an upcoming change to their policies in regards to illiquid securities.

    Penson has conducted further research into recently increased illiquidity fees charged to them by The National Securities Clearing Corporation (NSCC), which provides clearing services for virtually all broker-to-broker equity trades in the United States. Though it has been determined that the majority of these charges are derived from sub-penny transactions, transactions that are greater than 10% of the 20-day average volume within any security, regardless of its price, also result in charges from NSCC.

    Effective October 1, 2011, you cannot trade in excess of 10% of the previous 20 business day average trading volume of any OTC Bulletin Board (OTCBB) or Pink Sheet security, on any day, regardless of the stock’s price. In addition, for stocks trading below $1 per share, you cannot trade more than 25% of the current day’s trading volume.

    If you trade in excess of these restrictions, your account may be subject to closure and/or be charged interest during the three-day settlement period of the illiquid trade. The interest charges will be based on the illiquidity requirement imposed on the clearing firm, which could be many times the value of the trade. The interest rates charged to clients who violate these restrictions will be between 15% and 25% per year, assessed at a daily rate during the trade settlement period. In no event shall any rate be charged in excess of the maximum rate permitted by law.

    These interest charges may be substantial and disproportionate to the value of the trade. We are therefore strongly urging our clients not to violate the trading limits listed above.

    This is not a change made by Stock USA. These steps are being taken by our clearing firm to help reduce NSCC charges incurred by them. We believe that the NSCC has raised illiquidity charges in response to regulators’ concerns. The charges are designed to reduce unwanted trading behavior, such as unregistered distributions and manipulation. The goal is to improve trading in the OTCBB and Pink Sheet markets.



  2. Jeach! on October 6, 2011 at 11:33 pm

    What?!

    WTF is all this crap? I haven’t logged into my Questrade account in over a week or two but I had pending trades (buys) which I’m sure have gone through. From all this crap I’m hearing, I ‘could’ be charged a ton of money IF my stocks happen to trade on those exchanges (cause I know for a fact I had buy orders for more than 10% of daily).

    I don’t know what this BS is all about, and when time permits I’ve got to read up on it because something don’t sound right! How can these regulative institutions/organizations sabotage this market like this. When I trade, I don’t want to go through a huge list of 2 hours of due-dilligence to make a quick $500 profit.

    “We believe that the NSCC has raised illiquidity charges in response to regulators’ concerns.”

    Which regulators? The same ones who let banks GAMBLE on derivatives? The same ones who let mortgages become as easy as joining a video rental store? The same people who let banks short MASSIVE amounts silver futures contracts? The same ones who allow dark-pools and allow for secondary markets to be created (and override the “National Best Bid”)?

    “The goal is to improve trading in the OTCBB and Pink Sheet markets.”

    I think they just killed it!!!! This is totally bogus and WAY too risky! I’m going to do some serious digging about this (when time permits) and if this is all the way it’s made up to be, I really hope that Questrade implements some algorithms to protect its clients. There is NO way I would ever pay fines larger than my whole trade and expected profit, simply because I bought more shares than I was allowed.

    Have you called RBC to find out if it has affected them… or better yet does anyone know if it affects Interactive Brokers (I’d rather trade there than go to RBC’s $28 deal).



  3. deewar25 on October 7, 2011 at 12:37 am

    @jeach…..amen……

    as for RBC – I have talked once to their trade desk and they ensured me their clearing house isn’t penson and he had no clue what I was talking about with this 10% rule. I will definitely get a followup confirmation on that. I would definitely go to IB if you are over 25k, but if you are under, you are stuck with the silly US daytrading rule. RBC…$28??? Well, not me – I will be at $6.95 based on my trade frequency, so thats no different than questrade but I do need to check the ground rules on when that takes place. If I have to pay $28/trade for 3 months first until thats active, with no rebate, then forget it as that would be about $17000 in commission….probably better off at IB and the daytrading rule…lol

    Sucks as this is the year it all came together for me and I’m making more trading than working full time…now they are taking it largely away unless I just focus on trading options (which is pretty damn risky).



  4. Jeach! on October 7, 2011 at 1:29 am

    @deewar25

    But if you read:

    “[…] recently increased illiquidity fees charged to them by The National Securities Clearing Corporation (NSCC), which provides clearing services for virtually all broker-to-broker equity trades in the United States.”

    Doesn’t this sound like no one is exempt? Even if RBC has their own clearing house, wouldn’t that entity fall under NSCC regulations?

    “I would definitely go to IB if you are over 25k, but if you are under, you are stuck with the silly US daytrading rule.”

    I thought the minimum account was $10K for IB last I checked the ‘daytrading’ rule applied to various frequency patterns, etc. I don’t see how it can apply to your purchasing power?

    Back to that: “The charges are designed to reduce unwanted trading behavior”

    Funny that no one does anything about algo trading though! You’ve got GS and other big banks (who are hedged 50:1 in derivatives by the way) trading billions of shares each day… and that is ok? Just wait for the next flash crash… it’s a matter of time and it may not recover so well like it did the last time it happened.

    “unless I just focus on trading options (which is pretty damn risky).”

    With all of this volatility it pays well for short contracts (in and out fast), otherwise you get hit with time decay if it doesn’t happen fast. If your really, really… really are greedy and can handle the HUGE amounts of risk involved you can try this (at your own risks of course):

    You probably heard that this year the S&P (and other indices) will break last years records for (I forgot what they call it, but I think it’s ‘all up’ and ‘all down’ or something like that). Meaning that on a regular day, of the 500 shares on S&P, 300 might be up and 200 might be down. Many years ago, you had ‘maybe’ 15 or 20 days where the large majority were up or down (ie: 400 up and 100 down). Last year I think there were like close to 60 days like that (to confirm numbers) and this year we are going to easily beat that. That means that if your good, you should be able to make good money betting those days. And even if your bad, there are 365 days in a year, minus the weekends (104 days), so lets assume there are 260 trading days. Let’s also assume there will be 70 of these ‘all in one direction’ days… that means almost 27% of the time (70/260) it will be one of these rallies. Starting to be pretty damn predictable! And even if you don’t get the exact day, just getting the right week will be profitable… assuming you buy a very short options contract.

    And now for the risky part! Have you heard of the QQQ triple long/short ETF? That’s right, I said triple! Well guess what, they also have option chains. So if the Nasdaq (they also have it for the S&P) drops by say 3%, this ETF (ie: SQQQ) will really drop by 9%. And I don’t know if you’ve heard that when an option goes up/down by 10% you essentially double your money (too much math involved for me to actually prove that, but for short contracts it does sound right based on experience).

    Anyway, just to say that that’s the kind of trades I’m looking at these days because the penny stocks have tried up for me in the last year or so and these new rules sure as hell aren’t going to help me. But let me warn you again… these are LEVERAGED ETF’s which means that you loose a lot of money if the underlying equity oscillates.



  5. deewar25 on October 7, 2011 at 1:57 am

    Jeach…I actually think I need to look more into this daytrading thing – I always wrote it off as min 25k in account…otherwise, can’t do more than 4 trades in 5 days…uh, well, some days I’ll do 15 trades…so thus, a problem.

    Reading closer though, it says MARGIN account…well, I don’t use margin and essentially never have. That being said, with IB and the ability to short penny stocks, I may very well find myself wishing I could short (you need a margin account for that right?)

    Guess I review a little more here.
    The 10k I assume is just minimum to fund the IB account, its a different matter.

    I would get confirmation prior that is just penson brokers, but like I said, only penson people are complaining about it so doesn’t seem the case regardless the wording. Perhaps that broker stated that to ‘scare’ the person into thinking no other options?

    Personally I wouldn’t want to just trade options – I do options, big board, and pennies…I like to mix it up. Naz oils were stupid hot early in the year, pennies were hot late spring through late July, now options are the better plays these days with the big swings we see. Thats just me – you probably have more expertise in it.

    Glad I have a real job – wouldn’t be sleeping at night if this was my livelihood.



  6. Correll on October 7, 2011 at 1:46 pm

    Ya, I talked to QT. So it’s the NSCC that is the culprit. The guy that I had talked to the other day was wrong…it has nothing to do with Iiroc. This NSCC is doing a terrible job…they are I think going to destroy the OTC trading markets if they don’t abolish this new policy asap.



  7. deewar25 on October 7, 2011 at 3:01 pm

    well, fished around – talked to fidelity – realize no way around daytrading rule, margin or not..so that kills it – they do get the DTC fees, but only $50, and he hasn’t heard of the 10% rule, so its obviously not impacting them. Definitely appears penson specific.



  8. deewar25 on October 12, 2011 at 7:40 pm

    really pisses me off that they allow us to buy, then screw us after – their f’ing rule, they can take the time to review and block any trades that don’t qualify, not pull crap like this:

    Dear client,

    As a result of new limits on OTC bulletin board (OTCBB) and pink sheet securities, at least one order in your Questrade account will be cancelled prior to market open on October 13th.

    Trading restrictions

    The restrictions below apply to all OTC bulletin board (OTCBB) and pink sheet securities, and are subject to change at any time:

    On any given day, a client cannot trade in excess of 10% of the average trading volume over the previous 20 business days.
    On any given day, a client cannot trade more than 25% of the current day’s trading volume for securities trading below $1 per share.

    Any trades that exceed these limits may incur additional charges.

    Please check your orders on the 13th, and enter any new orders that stay within these restrictions.



  9. N on October 19, 2011 at 10:37 pm

    My experience with Questrade is not that great. There are just insufficient warnings/notices for fees that we have to pay. Here are some issues that I encounter:

    – Pay interests when purchasing US stocks with Canadian dollars (Questrade assumes you are borrowing the US dollars which is nonsense). If this is the case, there should be at least a popup warning when the user is purchasing US stocks. Apparently, there isn’t any warning and user have to pay heavy interest fees after the stock is sold.
    – Heavy currency commissions when you are trying to convert one currency to another currency (I asked them and they told me its around 1.5%). You have to pay another 1.5% when trying to convert back to the base currency…ouch?
    – $4.95-$9.95 is just the commission that you have to pay to Questrade. If the exchange requires other fees, you are responsible for it.
    – Balance is not in real time.

    The commission is reasonable but there are insufficient notices for other fees (hidden fees?). Many fees can be avoided if they provide notices to users but they didn’t.

    Best



  10. AP on November 1, 2011 at 9:30 pm

    Hi, I am a student, thinking of investing $1000.
    If I want normal stock trade in Canadian stock market, which type of account should I make?
    There are margin accounts and others.
    I had no idea which one to choose, if I am just gonna trade stocks



  11. FrugalTrader on November 1, 2011 at 9:46 pm

    AP, are you a student in Canada? If this is your first time trading, then a cash non-registered account should do the trick. A margin account will let you borrow, but you may want to avoid that if you are new. Alternatively, you could look into a TFSA, but I would only recommend that if you are building a long term portfolio (not trading).



  12. Jeach! on November 1, 2011 at 11:18 pm

    @AP,

    I would strongly recommend you open a TFSA account.

    There is always the option of a registered account, but I’m assuming you are young and you’ll eventually establish your retirement strategy, so there is no need to rush into “locking” your money at this time.

    With the TFSA, should you need to take out your money for an investment, such as buying a house, you can take it out and pay NO fees, taxes on capital and capital gains.

    I believe that a TFSA is MUCH superior to the RSP crap (which the government will be broke by the time people attempt to collect).



  13. sam-cha cha on November 22, 2011 at 2:22 pm

    Questrade is the worst brokerage in canada!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! i have had many issues with them and the last one got me out of my mind: i had 100 shares long . the stock started moving down and i decided to sell it and take a small loss( about $200) but my orders were rejected for not enough shares. i had enough shares but it kept rejecting my order so i called the trading desk .it took over 8 minutes to correct the error on their side and the trade rep came back on the line to say: Ok sir now you are able to sell your shares. the loss was 703 dollars. i spoke to managers for over an hour and was offered $50 credit. now i am in the process ofcancelling my account. TO EVERYONE WHO IS CONSIDERING QUESTRADE I SAY STAY AWAY as not only their platforms are a big failure, they have the worst customer service ever. dont go after the 4.95 commision fee like i did because u are going to regret your decision



  14. quest-to-rest on November 27, 2011 at 1:49 pm

    TO ANYONE CONSIDERING QUESTRADE PLEASE READ : I opened a new account with questrade on October 20,2011 and have been having issues with the platform ever since. I brought the issues to the customer service attention who in turn forwarded it to technical support but to no avail.

    I logged in to my platform at 7:55AM and found an open long position 100 shares and open short position of 100 shares sitting together in my account box both at the same price. Since i did not hold any positions in my account from the previous day, i called the trading desk and a trader said that they will take care of the problem and not to worry. I called back at 9:22 AM and spoke to another trader about the situation and asked why nothing had been done yet. He put me on hold. Few minutes after waiting on hold the shares disappered from the account box and a minute later the trader came back on the line and said that it has been solved by the back office, i confirmed that.

    Later in the morning, i encountered a system error that cost me $703. Here are the details: On Nov 22, 2011 at 10:26 AM i bought 100 shares of pcln (open long). At 10:43 i tried to get out of my position and sell my pcln shares and the system kept rejecting my order for ” NOT ENOUGH SHARES” even though i owned 100 shares in my account. I tried that eight times but the orders were all rejected on the groung that i dont have enough shares.

    I realised that there is a system problem and called the trading desk and explained the problem. I was on hold for over ten minutes while the stock kept going down before the trader came back to tell me : ok sir we solved the problem and now you are able to sell your shares, so i asked what happened(sold the shares while talking with a loss of $703) and he said that the shares were allocated and that he had to contact the back office to solve the issue. I asked him who’s fault this is and he answered that it is an error on their side.

    The trader explained that i have to speak to customer service to see if they will take responsibility of the system negligence.Long story short, after begging the unexperienced customer service representative to transfer to a supervisor, i was FINALLY transfered to a supervisor who disappointed me more than the system error. During our long conversation the manager was talking nonsense and was making things worse not better by blaming me for the error and that i have to wait a duration of time after cancelling an order in the account box to place another one (he did not specify but said definitely more than one or two seconds) and came up with a conclusion that this is why the shares went allocated. I asked for a credit of $468 supposing that if things went well and my order was placed, i would have lost $235 and not $703 and to consider the number of trades i have excuted since i joined questrade about a month ago(paid approx.$1400 in commission fees) . He refused and offered me $50 instead.



  15. Nick on January 6, 2012 at 2:26 am

    Hi Frugal,

    You wrote this:

    “Alternatively, you could look into a TFSA, but I would only recommend that if you are building a long term portfolio (not trading).”

    Why would not you recommend TFSA for trading?



  16. Troy W. on February 22, 2012 at 9:23 pm

    Are there any I risks with using Questrade over an account with the big banks? I am brand new to stock trading but after 20 years of mutual funds it seems I cant do any worse playing safer stocks. I am attracted to the low fees but wonder if there is a catch? A risk I am unaware of that doesnt exist with major banks brokerage accounts? Or perhaps there is a better produxt for a novice investor? Any educated feedback from experienced investors who know the difference would be both welcome and greatly appreciated.



  17. Troy W. on February 23, 2012 at 1:33 pm

    Has this feed on the Questrade Review gone dead? I’ve read a LOT of critical feedback. Is there anyone here still using it?



  18. Patrick on February 23, 2012 at 1:34 pm

    Ya I still use it Troy W. I think it’s pretty good. I’ve read all the comments in the thread.



  19. Vlad on March 3, 2012 at 5:55 pm

    How about research at QT? I’m currently with TDW and research is pretty decent. More important, does anyone use QT on mobile phone e.g. Windows Phone? I have impression the site requires Java which does not seem to exit on WP7. TDW standard Web site is pretty pathetic when using from any mobile phone.



  20. Dan on April 14, 2012 at 10:42 am

    DO NOT SIGN UP WITH QUESTRADE. Here’s why: I currently have a tax free savings account with Questrade and am trying to create an RRSP account by transferring my balance from another broker to Questrade. Well, that was a few months ago and they still haven’t been able to make the switch. I contacted the other broker (TD) and they haven’t even received the required forms yet, after SEVERAL MONTHS. Not only that, they LOST MY ACCOUNT INFORMATION several times in the past 8 weeks. Do yourself a favor, AVOID QUESTRADE



  21. James on April 19, 2012 at 2:33 pm

    DO NOT USE QUESTRADE

    I have had a TFSA with them for 3 years now, and it has gone from bad to worse. Their new IQ platform is so buggy that even being able to log in feels like a victory.

    The IQ edge platform crashes several times an hour and often will not display any data for charts or real time quotes, which I pay extra for.

    They are refusing to switch users back to the old web based system, give no updates on known issues or upcoming fixes, and have zero customer support.

    After spending 2 hours on hold (most days) trying to talk to a rep, they say that they are unable to help with technical issues and that I should call the trading desk, and continue to wait on hold.

    I have been scalped on trading fees, sometimes being charged as many as 4x the nominal fee, as they did not support AON orders until recently, and still do not execute as such by default. They refuse to refund these charges.

    In conclusion, DO NOT USE QUESTRADE. I appeal to FrugalTrader to rescind his endorsement of it.



  22. Jaanu on April 23, 2012 at 6:10 pm

    Hi everyone,
    My name is Jaanu and I work at Questrade. We have been inviting clients to try our new IQ platform (currently in beta) for the last few months and plan to release it summer 2012. We have been working with our clients to correct any bugs they have encountered and reported to us.

    We encourage every client who is currently using or has tried our IQ platforms (the web, desktop, and practice versions of each) to give us their feedback, especially reports of errors and bugs. Errors that are specific to a trader’s computer and data setup must be investigated by our IQ technical support staff.

    In addition to our traditional client support channels, we built a trading community that’s home to a host of help materials available on demand including instructional videos, quick start guides, and a discussion forum. In this community we publish release notes following each platform update, and TeamQuestrade provides the latest information about technical issues and fixes in response to questions in the forum.

    I hope you won’t hesitate to contact us with questions or concerns. Please also note that AON orders have always been available with IQ Edge (the desktop version).

    Clients who try IQ but decide to switch back to their old platform can do so by calling client services at 1.888.783.7866 or by opening a live chat. You can also schedule a call back: http://callback.questrade.com/schedule/client_services/call_back

    I’m not able to discuss anything account specific here. You can send me an email at jteene@Questrade.com and I will be happy to follow up with your specific IQ issue.

    Jaanu Teene
    Questrade Inc.



  23. smihaila on April 23, 2012 at 7:27 pm

    Are the AON orders available with the QuestraderWEB platform?
    They were until a few months ago and I was hoping you will restore such feature.



  24. deewar25 on April 24, 2012 at 2:37 am

    James, no idea what you are getting at. I had signed up with IQ, but on reading the comments, I decided I didn’t want to go that route – they can beta test it with someone elses money thank you! But I just got on with chat and asked to go back to QT Pro/web and it was no problem, back to the old in a day. Not sure what you are talking about (as Jaanu states). Personally, I’ve had no issues with them and I trade well over 1000 trades a year…slow executions on some of the stocks I play, but at least I can trade them online, something that can’t be said for any other canadian brokers (otc/pinks).



  25. Dan on April 24, 2012 at 9:49 pm

    I find it absolutely comical that Questrade trolls these forums in an attempt to clean up their bad reputation and save face. Wouldnt that time be better spent actually solving these issues rather than talking about how great Questrade is?

    Update on my situation: I received a new username and password signalling my account balance has been transferred after several months of waiting. Then a couple hours later I received another email stating that my account transfer had been rejected because the account number was incorrect. I tried logging in to my new account but the login doesnt work.

    I would absolutely love for Questrade to attempt to solve this for the 15th time. They’ve lost my account information numerous times and now have said the information given is wrong, even though it came directly from TD Canada Trust.

    Moral of the story: further evidence why questrade sucks. DO NOT SIGN UP WITH QUESTRADE!!!!



  26. Chris on April 25, 2012 at 2:06 pm

    I just wonder why these guys (Questrade that is) are NOT in jail yet? Or just shut down for good . It really is mind boggling why police, or SEC or any other authority is not investigating them.

    Maybe some of the reasons is because nobody wants to be bothered (myself included) to file complaint with police and SEC against these criminals.

    They are prime example how CRIMINAL organization works.

    I pity FOOLS who have an account with criminal organization called Questrade
    i



  27. Chris on April 25, 2012 at 2:08 pm

    @ Jaanu

    Get Lost! Enough of Questrade BS !



  28. Nikolai on April 25, 2012 at 2:29 pm

    They are not in jail because the jails are already full ;)

    Seriously, I do not really understand why do you, Questrade customers, complain here. I mean – why do you ONLY complain here? Why don’t you go to IIROC or/and BBB? Everyone who does not provide proper customer service has to be held responsible. Anyone who is a registered investment dealer has to respect IIROC.

    P.S. I was a Questrade customer but I was lucky enough to run away from them before suffering any significant damage.



  29. Vlad on April 25, 2012 at 2:58 pm

    Must be another successful outsourcing project. Maybe even both: technical and customer service. Makes business sense.



  30. David House on April 26, 2012 at 9:33 pm

    You forgot to mention that these guys are a total ripoff. If you trade US instruments your 4.95 trade will be hundreds of dollars in cost.

    Questrade converts your money into USD and charges you an outrageous .8%. On a 20K transaction that amounts to $160 in each direction. Standard FX spreads are 1-3 pips (a tiny faction of that amount).

    Questrade insists that this is all detailed in the account agreement but as far as I can determine the only thing detailed is that there might be FX charges — not that the rate is a total ripoff at nearly 1% of the transaction cost.

    After complaining I repeatedly got the same stupid boilerplate text back as a reply. I’m not sure that there is a real person on the other end of that email address or just a bot.

    Needless to say at over 300 per round trip trade I’m closing my account.

    Caveat emptor!



  31. deewar25 on April 27, 2012 at 3:50 am

    David House….seeing that trading US stocks is all I do, perhaps I should clarify something for you! Uhh, all brokers pocket big % on flat exchanging money back and forth when trading if you don’t set it up correctly (through US account or wash trade) – no different than trying to change money at the airport – they steal 4-6% from you there over the posted bank rate! Questrade has the ability to trade just in US though so they only take something when you actually take money out (exchange funds to US prior to trading). Then the transaction is only once when you exchange to US, and again to Canadian. I just took out $5000, and it cost me $5088.54 US – they took 2.1% over posted rate. That’s pretty well what straight banks give you when you exchange cash at the till last I checked (if not better!)

    Sorry man, but a whole lot of whining here, while some seem to have genuine nightmares which would certainly suck, many just whine about what you’d have happen at any other broker. Hell, my TD account had a sell stop in at $27.15 yesterday on a stock, the low was $27.22 and I watched – bid never touched, yet they filled me anyway….chit happens everywhere!



  32. Dental Manufacturer on May 2, 2012 at 11:48 am

    To carry some USD denominated results shares in a TFSA since they don’t have preferential tax therapy, but I’d desire not to have the resources autoconverted to Canada, I’d rather develop up the USD for extra buys. What brokers other than Questrade assistance this.I’ve seen too many bad opinions of Questrade for me to want to take a opportunity with them.



  33. Jaanu on May 4, 2012 at 5:32 pm

    Hi everyone,

    Questrade clients can change their currency settlement preferences so that each settlement results in the trade currency of the security in question. For example, when selling a USD denominated security, the proceeds would remain in USD. If a client wants to enter a U.S. position but only holds CAD in their TFSA account, there will be an auto-conversion since debts are prohibited in TFSAs.

    A simple solution is to set your currency settlement preference to Trade currency and convert CAD to USD manually at your choosing. Once CAD is initially converted to USD there will be no auto-conversion back to CAD on the closing of U.S. positions.

    If you have further questions about Questrade’s currency exchange process, please give us a call at 1.888.783.7866.

    Jaanu Teene
    Questrade Inc.



  34. Meix on May 23, 2012 at 1:59 pm

    HI Questrade, could you confirm to me that once a trade is partially filled you could not adjust the ask/bid to get all filled and must place a new order? I used to be able to change my ask/bid after partially filled and got all filled and still counted as one trade but IQ beta does not allow price change now, and live help told me it was ALWAYS LIKE THAT, not a new rule.. am i in disillusion ?



  35. Jasper on June 7, 2012 at 1:48 pm

    MEIX: that is correct. Questrade didn’t use to charge a whole new commission fee for a fill resulting from modifying the price on a partially filled order. But with IQ, the platform is set up to not allow this. I’m not sure why they are doing this? But maybe it’s too make more money on commissions simply to offset the new 4.95$ flat stock rate for people who are part of the QT Advantage program they introduced on 6.04.12.
    If enough people call to complain, maybe they will revert to how it used to be.



  36. deewar25 on June 7, 2012 at 2:45 pm

    serious? That would be crap if so – im still holding out on questrader pro and will do so until they force me in a week or so, but its always allowed us to change partial orders for same commission (same day only). If they force cancel trade and new commission, that is serious BS and I will be pissed (this from the guy that is always defending you guys). You guys better rethink that strategy if its the case as that may be a deal breaker for me!



  37. Jasper on June 7, 2012 at 3:02 pm

    deewar: Yes, and one of the agents i talked to even claimed that this has always been the policy (of charging a new commission for modifying the price of a partially filled order).



  38. Bluergrass on June 7, 2012 at 4:45 pm

    Jasper: yes, i was just looking into this and the agent i was talking to said that “the commissions are exactly the same in IQ”. However, i didn’t think that was the case. I looked back in my trade history on orders where i had modified the price on a partial fill, and i don’t see one instance where i was charged a separate new commission like you guys are saying IQ does.



  39. deewar25 on June 7, 2012 at 5:41 pm

    i checked with support and it isn’t mandatory to switch to IQ – you can request to go back to QT pro any time as well and they have the issue on the radar and are adding it in for future release. I’ll be sticking with pro as is until forced to change!



  40. Jasper on June 7, 2012 at 5:47 pm

    Deewar: i heard the opposite actually, that everyone will be migrated over to IQ. And the last time i talked to customer support, they said they wouldn’t be allowing modifications of price on a partially filled order to be only charged a singular commission.
    Regarding sticking with Pro tho, you might save money overall if you are a fairly active trader..because with IQ their is this new QT Advantage program with 4.95 flat stock trade commissions.



  41. deewar25 on June 7, 2012 at 6:01 pm

    hmm…clarify there – are you saying IQ is a flat 4.95? Not the 4.95 to 1000 shares? Its still not very clear. The QT advantage program is different how? Just their version of the active trader with x number of trades quarterly? That would be worth it as I probably do 200 trades a quarter and with pennies, I am dealing in over 1000 shares a time.

    As for the support thing – beats me – the one I talked to said not forced to change now – you can go to ‘my questrade’, platform, and request delay to switch or something like that. Also said the ability to change quantity is being worked on for future release.!?!?

    I may have to cave in since for me, thats $1600 or so a year saving in commission.



  42. Jasper on June 7, 2012 at 6:32 pm

    Deewar: the QT Advantage is for 4.95 flat stock commissions for any qty of shares (ECN fees are extra of course if applicable).

    And can you tell me…Questrade has an Active Trader program?? Does that give some sort of lower commission rates if you trade over a certain level? I’ve been an active trader with Questrade for a while now, but they’ve never informed me of such as a way I could save money.

    And yes the i’ve talked to 2 agents who said that everyone will be required to migrate to IQ at some point, likely later this year.

    You indicate that the agent you spoke to said they they are working on a fix to be able to modify the ‘quantity’ on a partially filled order. But what about the ability to modify the ‘price’ of a partially filled order? Is that being worked on for future release as well? And the important question for us concerned about fees..is once that is available in the platform, will that be charged a new separate commission fee? Did the agent indicate?



  43. deewar25 on June 7, 2012 at 6:54 pm

    yes to migrating at some point – I get that, just not now – and I’d assume the forced migrate would be once all the issues and the new release comes out. This is my money, I’m not about to be a guinea pig while they sort out the bugs, so I never changed.

    The agent did say you won’t be charged to change order same day as I said earlier, but I’m not so convinced – I need to watch and see what happens with next time I try that.

    As for active trader – got a feeling I am getting mixed up with my TDW account that has active trader discounts – my break may have been just from a negotiation on a major screw up on their part a year or two ago and they only offered commission break to rectify – I took it! $4.95 flat though is much better so I have to review.



  44. Jaanu on June 8, 2012 at 5:40 pm

    Hi everyone,

    This is Jaanu from Questrade again. I wanted to answer some of the questions raised here about partially filled orders, our Questrade Advantage program, and about switching to IQ.

    First, partially filled orders and commissions. Currently, we have the same policy for all our platforms – the new ones (Questrade IQ), and the older ones (QuestraderWEB, PRO and ELITE). We are working to improve the policy for Questrade IQ, and I’ll get to that in a minute.

    Let’s start with the current policy; it applies to the following scenarios: different prices, different days, and increased order size.

    Parts of an order execute at a different price on the same day:
    An order of 1000 shares of XYZ is partially filled — 500 shares at $18. If you modify the order to fill at $18.50 for the remaining 500 shares, you will be charged commission for each price point, a total of two commissions.

    Part of an order fills one day, the rest fills the next day:
    An order of 1000 shares of XYZ is partially filled — 500 shares at $18 right before closing bell (GTC order). When the remaining 500 shares are filled at market open, commission will be charged for both partial fills, one for each day.

    You increase the total size of your order after part of it has filled:
    Increasing your order size is treated as an order replacement, and will trigger an additional commission if executed. However, if you decrease the order size and it’s filled the same day as the first partial fill, this will NOT result in additional commissions.

    Here are a few additional notes:
    1) When you modify the price or size of an order it is considered a cancellation and replacement, or a new order. Modifying an order will also result in the order going to the back of the order queue.

    2) We identified some accounts that were not being charged additional commissions for executions of partially filled orders in accordance with our official policies. This bug is being investigated.

    3) And as promised, the improvements for the IQ platforms: we are developing new policies for same day partial fills. This will allow you to change the price during the day and pay only one commission for multiple fills.

    Next, the Questrade Advantage program. This is indeed our new active trader program. Anyone who subscribes to an advanced market data package (U.S. or Canadian) on one of the IQ platforms is automatically enrolled. Stock trades are $4.95 flat. (options trade commissions are unchanged). The program includes access to Intraday Trader, a technical analysis tool, plus there are data package rebates based on your trading activity. Read more about it here: http://www.questrade.com/trading/questrade_advantage.aspx and http://www.questrade.com/pricing/data_packages.aspx

    And finally, moving to IQ. We will be inviting clients to make the switch over the course of the summer. However we will ensure that the platforms deliver what you need before you make the switch. If you prefer mobile trading, for instance, you won’t move to IQ until our mobile app is available.

    We have lots of support resources and information available about our products, services and policies in the Exchange. Clients can join ongoing discussions with other traders and TeamQuestrade at https://community.questrade.com/

    Jaanu Teene
    Questrade Inc.



  45. Jasper on June 15, 2012 at 5:14 pm

    Jaanu Teenu: when will this new policy, which matches the way things were done in QuestraderWeb, be implemented please?



  46. Jasper on June 15, 2012 at 5:17 pm

    sorry mispelt your last name, *Teene



  47. Jasper on June 22, 2012 at 4:52 pm

    Jaanu didn’t hear back from you?



  48. Jaanu on June 22, 2012 at 6:45 pm

    Hi Jasper –
    The policies that govern how partially filled orders are treated in IQ are being updated. This is scheduled for release at the end of July.

    We publish release notes every time there are enhancements to IQ – you can read them here:
    https://community.questrade.com/b/iqnews/default.aspx

    Questrade clients should note that participation in our online trading community, the Exchange, is open to all our clients, even if they’re not yet trading on IQ.

    Jaanu Teene
    Questrade Inc.



  49. MrX on June 25, 2012 at 10:14 pm

    I’m not too fond of Questrade. Their exchange rate in a TFSA is over 2%. Not 0.5 or 1.5%. If you’re unaware of the way they settle currency in your account, you can lose any hope of making gains for the year. 4% currency conversions for two way trip? Hello! Questrade is using YOU as the stock they’re banking on, instead of you using their site to make money.

    I was new to the platform. I discovered this automatic exchange that it clearly says on its page only happens in RSP account. But it happened in my TFSA. Maybe I’m too much of a noob to know that TFSA is an RSP account??? I searched everywhere on how to switch it to stay in the currency of the stock and emailed questrade and called them, but it was busy (and I have to work). So today, they just say they can’t cancel because the conversion was already done. I should have done it during the day it was trade on. Yeah, well, I tried that. After 5, they set their system to do the conversion even though the trade doesn’t get settled for 3 days.

    I have a negative amount in USD now because the automatic conversion is too stupid to convert only the amount that’s in USD. It has a hunger for converting USD. Granted it’s just a penny, but it’s still ridiculous that a brokerage system can’t subtract. The funniest part was calling them. The guy who answered is telling me I had settlement set to CAD on my account. Well DUH! If it was set to settle in the currency of the stock, I wouldn’t have requested the conversion to be canceled and I wouldn’t be talking to him.

    Anyways, they have very poor service for new users who don’t know where all the secret settings are stored. A LOT of people have been had by this and Questrade must be making a mint since they have no inclination whatsoever of fixing this. In fact, all over their site, they make it seem as if avoiding the $5 fee for trading in US dollars is a good thing to avoid it. Use automatic conversion. It’s only…. 2%!!! But they don’t tell you. They screw you. That’s part of the questrade experience. Only if you trade less than $100 is that 2% a better deal. Is that indicated plainly on their site? Take a guess.

    My point isn’t the bad configuration. My point is that Questrade is very assh*le-ish when it comes to new users and they hit you with surprise conversions that aren’t well explained or visible on their site.

    Now, I just have to make 4% again. Yay! $4.95 per trade? More like hundreds of dollars per trade.



  50. Jasper on June 27, 2012 at 5:13 pm

    MRx: I don’t get what you’re talking about exactly. I don’t think a TFSA automatically converts currencies? Say I have $2k in CAD and I buy an USD stock with it, and then sell it..will QT convert me back to CAD at the end?

    Also with my TFSA, I have all the cash in USD..and since I only trade US equities 98%..i guess im rarely incurring any potential conversions of currency