Questrade.
Real Account.
Demo Account.
Advantages.
Choice of Account Several Trading Platforms A Host of Features.
Disadvantages.
No Bonuses or Promotions No Chat.
Advantages.
Choice of Account Several Trading Platforms A Host of Features.
Disadvantages.
No Bonuses or Promotions No Chat.
Questrade Platforms.
Questrade IQ.
The main platform at Questrade is Questrade IQ which offers direct access trading platforms without a middleman.
Questrade IQ is a suite composed of four flavors: Questrade IQ Web, a fully functional web-based trading platform; Questrade IQ Edge, a streamlined desktop-based trading platform; Questrade IQ Mobile, their first mobile entrant in the field of trading for iPhone/iPods Blackberrys and Androids and Questrade IQ Essential, their non-install web platform designed for tablets netbooks.
All four platforms are free for members and include snap quote live Canadian/U. S. streaming Level 1 data, research tools for fundamental and technical analysis, a charting package, and more. At times market data can be delayed (up to 15 minutes) and when this happen a cute clock icon appears on-screen to let you know of the streaming hangup. And although it is made available for free, Questrade IQ can be upgraded to include one of three data packages or add à la carte feeds.
Questrade IQ Essential Platform.
IQ Web is a powerful and clever web platform. IQ Web is the next generation of online trading. It’s sleek, efficient and built for speed. Access to Questrade IQ can be made from any computer with an internet connection. It can be personalized and customized to display whatever gadgets are wanted.
Questrade IQ Edge is a robust trading machine geared for active and pro traders. This desktop platform is smart and intuitive and allows traders to place orders however they want with all or none, anonymous, iceberg, minimum quantities, trailing orders and fill or kill durations.
All the platforms offer the main features of the Questrade IQ including an exclusive market research package, including Intraday Trader1, market intelligence, and the definitive support library in the Exchange.
IQ Mobile offers universal trading, use of resource tools such as Intraday Trader1 and Market Intelligence, multiple order types, studies and drawings, and super-fast trade executions with direct access to the markets.
Real Account.
Demo Account.
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Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.
Risk Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals and Forex broker reviews. The data contained in this website is not necessarily real-time nor accurate, and analyses are the opinions of the author and do not represent the recommendations of DailyForex or its employees. Currency trading on margin involves high risk, and is not suitable for all investors. As a leveraged product losses are able to exceed initial deposits and capital is at risk. Before deciding to trade Forex or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. We work hard to offer you valuable information about all of the brokers that we review. In order to provide you with this free service we receive advertising fees from brokers, including some of those listed within our rankings and on this page. While we do our utmost to ensure that all our data is up-to-date, we encourage you to verify our information with the broker directly.
Questrade FX QuestradeFX Review.
RATING: 2 / 0 REVIEWS.
RECOMMENDED FOREX BROKERS.
Trading Accounts.
Questrade offers a single commission-free forex trading account with margin rate of 3%, variable spreads and the option to use micro tradable lots for better risk management on both the robust MetaTrader 4 and the broker`s in-house platforms.
Managed account services are also available with this broker through its Questrade Portfolio IQprogram.
Another freebie you will get from Questrade is access to Online Trading Academy forex classes and the ForexCharts by eSignal service. With eSignal service you will receive more than 20 analytical studies, advanced drawing tools, customizable toolbars, and much more. To get ForexCharts, you will simply need to have an equity of $1,000 or more.
The Company. Security of Funds.
Founded in 1999, Questrade is Canada’s largest independent online brokerage, with which private and institutional customers can trade forex, CFDs, precious metals, stocks, options, ETFs, mutual funds, bonds, and GICs.
Canada is not very popular forex brokers destination and probably one of the reasons for this is that Canadian residents are not mandated to trade with nationally-licensed brokers only (like US ones).
Unlike the US, Canada does not restrict leverage, ban hedging, or apply FIFO (firs-in-first-out). Depending on the province of their registration, however, brokers in Canada may need to comply with different regulations.
​Questrade, Inc., doing business as Questrade, is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) - the body which licenses all investment dealers and oversees the trading activity on debt and equity marketplaces in Canada. This national self-regulatory organization sets high-quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.
One of the biggest advantages of trading with a Canadian forex broker is the Canadian Investor Protection Fund (CIPF), which insures every trader's account for up to $1 million against suffering losses due to an insolvent broker. Questrade, of course, is also a member of CIPF.
Trading Conditions.
Minimum Initial Deposit.
In order to open an account with Questrade, traders have to invest a minimum of $1 000. Such minimum initial amount is comparatively high for the forex market, yet with a broker regulated in Canada it’s worth it – your funds are safe. Another brokerage regulated in Canada, Forex requires just $50 from its clients as a start.
Questrade`s sole forex trading account provides variable spreads, starting from 1.7 pips on EUR/USD, which is above the average for the forex market. Most brokerages offer variable spreads within the range of 1.0 – 1.5 pips for this pair.
For purposes of comparison, Forex provides a typical spread of 1.8 pips on EUR/USD on its commission-free accounts. For more information, you may look up real-time spreads of 15 leading brokers here.
When it comes to forex, the broker offers leverage but unlike other brokerages, where leverage or margin is fixed, Questrade requires a different margin for the different trading instruments.
The maximum leverage level offered by Questrade is just 1:33, while a number of brokers, provide leverage equal to or exceeding 1:500. By comparison, Forex offers leverage up to 1:200 (or 1:50 to US clients, as leverage in the US is capped by law).
Trading Platforms.
Questrade offers its clients a choice of several trading platforms: the renown MetaTrader 4, its proprietary web-based QuestradeFX and QuestradeFX Pro – in-house customizable desktop platform.
QuestradeFX offers more than 30 major currencies and features one click dealing, real time pricing, a streamlined order entry screen and real-time reports available 7 days a week 24 hours a day.
The desktop QuestradeFX PRO platform enables users to customize the software’s design and charting to a specific market, set limit and stop orders by rate, pips or dollar P&L, test the suite of reporting tools, etc.
QuestradeFX PRO platform. Click to enlarge .
Questrade also supports the MetaTrader 4, which is equipped with real-time data, technical analysis tools, and an EA-optimized environment for customized or off-the-shelf automated strategies.
Methods of Payment.
Questrade offers the following deposit and withdrawal methods: bank wire transfer, paper cheque and electronic fund transfers.
Conclusion.
Questrade is a reputable Canadian broker that offers trading in a wide range of assets. Although its spreads are not among the tightest in the industry and maximum available leverage is just 1:33, we recommend this brokerage as it stands out in terms of safety and security of funds. To sum up the above, here are the advantages and drawbacks with regards to this broker:
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.
HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
Typical spreads: EUR/USD 3 | GBP/USD 5 | USD/CHF 5 | USD/JPY 4.
Spreads widen during volatile market and news releases.
Slippage during news releases.
Slippage during normal market conditions.
A lot of requotes even during quiet market.
"Rate is changed" message - you gonna hate it.
Price feed.
No stop hunting.
No price manipulaton.
Desktop and Web Platforms.
One click dealing.
No Auto trading.
Deposit/Withdraw.
Customer service.
Rude Customer service.
No 24/7 trading desk.
Questrade account is insured for $1million through the CIPF.
Decent price feed.
Lots of requotes.
Slippage at non news time.
Rude customer service.
Traders` reviews for Questrade FX.
Forex Industry News.
Latest forex brokers.
Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it. All information on ForexBrokerz is only published for general information purposes. We do not present any guarantees for the accuracy and reliability of this information. Any action you take upon the information you find on this website is strictly at your own risk and we will not be liable for any losses and/or damages in connection with the use of our website.
All textual content on ForexBrokerz is copyrighted and protected under intellectual property law. You may not reproduce, distribute, publish or broadcast any piece of the website without indicating us as a source. ForexBrokerz does not claim copyright over the imagery used on the website, including brokers' logos, stock images and illustrations.
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FxPro.
Trading Accounts.
variable 1.4 pips.
*Commission is calculated per standard lot of 100 000 currency base units (per side).
Depending on the trading platform used, FxPro offers three basic account types – MT4, MT5, and cTrader (NDD). All three account types offer dynamic leverage up to 1:500 and micro tradeable lots.
Besides, FxPro offers its in-house built FxPro Markets platform.
In addition, the brokerage provides swap-free (Islamic) accounts to clients of the Muslim faith, as well as VIP services to high-net-worth individuals and those actively trading large volumes.
VIP clients benefit from free VPS service, no deposit fees, and receive trade recommendations, exclusive news reports and margin level alerts via and SMS.
Trading Conditions.
Minimum initial deposit.
In order to open an account with FxPro, one has to invest $100, however the recommended minimum initial deposit is $500.
FxPro offers a choice of fixed and variable spreads, commission-free (MT4 & MT5) and commission-involving (cTrader) accounts on an array of platforms.
In fact, the broker’s fixed spreads are quite good - 1.6 pips on EUR/USD, while most fixed-spread brokers provide such of 2 pips. FxPro’s variable spreads, on the other hand, are average – typical ones are around 1.4 (MT4 & MT5) or 1.2 pips (FxPro Markets) for the EUR/USD pair on commission-free accounts. The tightest spreads with this broker are available on cTrader accounts - 0.3 pips, however if we add the commission of $9 round trip, average trading costs per standard lot traded amount to around 1.2 pips.
In comparison, another major UK broker, IG, offers average spreads of 0.2 pips on its DMA accounts, where a commission of $5 per side per standard lot applies. For further information, you can check out the real-time spreads of 15 leading brokers here.
FxPro offers comparatively high leverage levels – up to 1:500. Despite the fact that such leverage levels are considered high, many other brokers offer leverage up to 1:500 or higher. In comparison, IG offers leverage up to 1:200.
In order to control the risk associated with it, the broker utilizes a dynamic forex leverage model on the MT4 and MT5 platforms, which automatically adapts to clients trading positions:
The Company.
FxPro is an award-winning pure NDD broker that offers trading in on a range of instruments, including currency pairs, shares, spot indices, futures, spot metals and spot energies, on a selection of trading platforms. It provides its clients with access to top-tier liquidity, excellent trading conditions and the highest level of customer protection possible, including negative balance protection.
What is more, FxPro demonstrates a long-term commitment to transparency, as it regularly publishes trades execution statistics (slippage & requotes data). This brokerage is excellent choice for both savvy and novice traders. Beginners can take advantage of the broker's educational resources – video tutorials, webinars, live hangouts, etc. For more advanced traders, there are additional analytical tools like Trading Central and Autochartist.
FxPro is the collective brand name of FxPro UK Ltd., an entity regulated by the UK Financial Conduct Authority (FCA), and FxPro Financial Services Ltd., which is licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Board (FSB) of South Africa. In October, 2017 the broker was granted a license to operate in the UAE from the Dubai Financial Services Authority (DFSA).
FxPro UK Limited.
FxPro Financial Services Ltd.
FxPro Financial Services Limited.
Security of funds.
Both FCA and CySEC apply certain rules and requirements to regulated firms, thus ensuring a good level of credibility. Cypriot and UK brokers must hold at least €730 000 in order to prove their good financial standing, and are required to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all companies regulated in UK and Cyprus are covered by compensation schemes as additional guarantee to clients’ funds. All deposits with a UK regulated forex broker up to £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS) - UK’s statutory compensation scheme for clients of authorized financial services companies. Similarly, Cypriot Investment Firms are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.
What is more, FxPro Financial Services Limited is also licensed by the Financial Services Board (FSB) as a Financial Services Provider. South Africa is lately gaining popularity as a forex broker destination.
Trading platforms.
FxPro supports MT4, MT5, cTrader and proprietary FxPro Markets platform.
FxPro Markets is the latest addition to the broker’s suite of trading platforms, available for web and mobile devices. It is a comprehensive, all-in-one trading solution, enabling clients to create and manage their trading accounts, deposit funds, and trade the markets, etc.
In spite of the number of improvements made to MT5 lately (and most importantly the hedging option added to it), MetaTrader 4 is still preferred by most brokers and experienced traders. That is why most brokers support it. MT4 provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).
MT4’s successor, MetaTrader 5, allows the execution of orders in several financial markets and stock exchanges through a single trading account. This platform also features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators.
Last but not least, FxPro offers access to cTrader platform, which is custom-made for use in NDD environment. cTrader is fast, easy to use and provides pricing transparency and tight spreads. The cTrader suite includes a PC, web and mobile versions, as well as automated trading software cAlgo.
FxPro provides ultrafast execution: 99.9% of orders executed within 50ms. In addition, its clients may run their MT4 Expert Advisors or cAlgo robots on the Virtual Private Server, without even needing to keep their trading terminal running.
Payment methods.
Clients of FxPro Financial Services Limited are offered a wide range of payment methods: Bank transfer, Credit/Debit Card (including Visa, Visa Electron, Visa Delta, MasterCard, Maestro International, Maestro UK), PayPal, Skrill, Neteller, China UnionPay, mPay, FasaPay (for Indonesian clients), Webmoney (for Russian clients), Moneta, Boleto (for Brazilian customers), Netbanx (for Chinese customers), eProtections (for Japanese customers).
Clients of FxPro UK Limited may use only Bank transfer and Credit/Debit Card.
Withdrawals are proceeded by the broker’s Client Accounting Department within 1 working day.
Conclusion.
FxPro is one of the most prominent names in the forex industry. The broker operates as a Hybrid Agency Model broker, offering Negative Balance Protection and enabling clients to access top-tier liquidity, wide range of trading platforms and financial instruments with lightning-fast execution. It is well-regulated and extremely reliable with its long-term commitment to transparence. Here are, in a nutshell, the advantages and disadvantages with regards to this broker:
Headquarters: Karyatidon 1, Ypsonas 4180, Cyprus.
Tel: +357 25 969 222; Fax: +357 25 969 269;
Regulated by: FxPro Financial Services Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission under the license number 078/07.
FxPro UK Ltd (a subsidiary of FxPro Financial Services Limited) is authorised and regulated by the FSA (Registration No 509956)
Questrade FX.
Trading Accounts.
Questrade offers a single commission-free forex trading account with margin rate of 3%, variable spreads and the option to use micro tradable lots for better risk management on both the robust MetaTrader 4 and the broker`s in-house platforms.
Managed account services are also available with this broker through its Questrade Portfolio IQprogram.
Another freebie you will get from Questrade is access to Online Trading Academy forex classes and the ForexCharts by eSignal service. With eSignal service you will receive more than 20 analytical studies, advanced drawing tools, customizable toolbars, and much more. To get ForexCharts, you will simply need to have an equity of $1,000 or more.
The Company. Security of Funds.
Founded in 1999, Questrade is Canada’s largest independent online brokerage, with which private and institutional customers can trade forex, CFDs, precious metals, stocks, options, ETFs, mutual funds, bonds, and GICs.
Canada is not very popular forex brokers destination and probably one of the reasons for this is that Canadian residents are not mandated to trade with nationally-licensed brokers only (like US ones).
Unlike the US, Canada does not restrict leverage, ban hedging, or apply FIFO (firs-in-first-out). Depending on the province of their registration, however, brokers in Canada may need to comply with different regulations.
​Questrade, Inc., doing business as Questrade, is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) - the body which licenses all investment dealers and oversees the trading activity on debt and equity marketplaces in Canada. This national self-regulatory organization sets high-quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.
One of the biggest advantages of trading with a Canadian forex broker is the Canadian Investor Protection Fund (CIPF), which insures every trader's account for up to $1 million against suffering losses due to an insolvent broker. Questrade, of course, is also a member of CIPF.
Trading Conditions.
Minimum Initial Deposit.
In order to open an account with Questrade, traders have to invest a minimum of $1 000. Such minimum initial amount is comparatively high for the forex market, yet with a broker regulated in Canada it’s worth it – your funds are safe. Another brokerage regulated in Canada, Forex requires just $50 from its clients as a start.
Questrade`s sole forex trading account provides variable spreads, starting from 1.7 pips on EUR/USD, which is above the average for the forex market. Most brokerages offer variable spreads within the range of 1.0 – 1.5 pips for this pair.
For purposes of comparison, Forex provides a typical spread of 1.8 pips on EUR/USD on its commission-free accounts. For more information, you may look up real-time spreads of 15 leading brokers here.
When it comes to forex, the broker offers leverage but unlike other brokerages, where leverage or margin is fixed, Questrade requires a different margin for the different trading instruments.
The maximum leverage level offered by Questrade is just 1:33, while a number of brokers, provide leverage equal to or exceeding 1:500. By comparison, Forex offers leverage up to 1:200 (or 1:50 to US clients, as leverage in the US is capped by law).
Trading Platforms.
Questrade offers its clients a choice of several trading platforms: the renown MetaTrader 4, its proprietary web-based QuestradeFX and QuestradeFX Pro – in-house customizable desktop platform.
QuestradeFX offers more than 30 major currencies and features one click dealing, real time pricing, a streamlined order entry screen and real-time reports available 7 days a week 24 hours a day.
The desktop QuestradeFX PRO platform enables users to customize the software’s design and charting to a specific market, set limit and stop orders by rate, pips or dollar P&L, test the suite of reporting tools, etc.
QuestradeFX PRO platform. Click to enlarge .
Questrade also supports the MetaTrader 4, which is equipped with real-time data, technical analysis tools, and an EA-optimized environment for customized or off-the-shelf automated strategies.
Methods of Payment.
Questrade offers the following deposit and withdrawal methods: bank wire transfer, paper cheque and electronic fund transfers.
Conclusion.
Questrade is a reputable Canadian broker that offers trading in a wide range of assets. Although its spreads are not among the tightest in the industry and maximum available leverage is just 1:33, we recommend this brokerage as it stands out in terms of safety and security of funds. To sum up the above, here are the advantages and drawbacks with regards to this broker:
Headquarters: North American Centre, 5700 Yonge Street, Ground Floor – North Tower.
Forex Industry News.
Latest forex brokers.
Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it. All information on ForexBrokerz is only published for general information purposes. We do not present any guarantees for the accuracy and reliability of this information. Any action you take upon the information you find on this website is strictly at your own risk and we will not be liable for any losses and/or damages in connection with the use of our website.
All textual content on ForexBrokerz is copyrighted and protected under intellectual property law. You may not reproduce, distribute, publish or broadcast any piece of the website without indicating us as a source. ForexBrokerz does not claim copyright over the imagery used on the website, including brokers' logos, stock images and illustrations.
Forexbrokerz website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Read our Privacy Policy.
Questrade FX.
Company Questrade, Inc. Founded in 1999 Offices in.
Check Wire transfer.
Canadian dollar United States dollar.
Chinese English French.
Live chat Office Phone.
Account Types:
Hedging Pending orders Browser-based platform.
Minimum account size $1,000 Minimum position size 0.1 lot Spread type Fixed Spread on EUR/USD, pips 1.6 Scalping Allowed Trading instruments.
Forex 1:200 Gold & silver 1:100 Stocks 1:100 Options 1:100.
QuestradeFX PRO QuestradeFX QuestraderELITE QuestraderPRO QuestraderWEB.
8 reviews of Questrade FX are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
Beware – Avoid Questrade – How Questrade online brokerage unscrupulously stole money from an investor even though the application has been canceled and the applicant has not performed a single trade.
** Mary J. Emp., you are their superior at Questrade and you have the power to make a change. What will you do about this situation? **
(Please feel free to repost and share.)
Disclosure: I do not act as an agent or work for any brokerage service. I am not affiliated with any Questrade competitor. I do not profit from the posts.
If you don’t have the time to read what follows, do yourself a huge favor by avoiding Questrade discount stock broker (Questrade) at all costs, because it’s the only sure way to avoid being one of it’s many victims.
After reviewing multiple documents including financial, communication, phone, chat, e-mail and listening to pointless phone conversations with Questrade, I just could not believe what is happening and neither could the bank managers being ignored by Questrade while trying to recall the funds. No one who has been made aware of this situation thinks that it’s acceptable, except of course for Questrade who still refuse to return money which doesn’t belong to them no matter who legally asks for it.
Since the investor has been extremely patient and wasted hours trying in vain to reason with Questrade, who flat out refuse to return funds that they have decided to keep since may 2012, I’ve taken upon myself to publish this story and pass on the information to my colleagues, including one who works for a TV Station, to help recover the money from Questrade and help others being cheated by Questrade.
So many try to talk to Questrade in private or file official complaints with the regulators, hoping they will do the right thing, without any results. Going to Questrade’s offices with a TV crew might be what it takes to get the funds back.
My best advice to anyone having serious issues with Questrade is to file official complaints with the regulators and then contact a good lawyer and your local media, because the regulators will not help you.
What are the regulators doing about Questrade? Absolutely nothing. Current regulation doesn’t prevent their unprofessional, unethical, dishonest and unlawful behavior. Questrade function with near total impunity.
It’s easy to understand why Questrade is “not BBB Accredited” (The Better Business Bureau) and went from a failing “F grade from BBB”, which is the lowest rating an online business can get on a scale of A+ to F, to “No Rating”.
This is only a partial account of the investor’s personal ongoing negative experience with Questrade, which has been thoroughly documented and is backed by hard evidence:
- I was looking for an online broker. After reading so many beautiful and glorifying reviews about questrade along with a few complaints and talking to a Questrade rep, I decided to try their service. My personal experience is in sharp contrast with those reviews and closer to the bad experiences of the other customers.
- Questrade is the most unprofessional, unethical, unpleasant and dishonest company I have dealt with.
- Questrade took my cash deposit $XX, XXX.00 and refuse to return it. I’ve encountered a barrage of incompetence and deception trying to recover my funds. My Bank also has been trying to get my money back and Questrade have been ignoring my Bank’s requests.
- I was in the process of applying for an individual margin and individual TFSA account. I confirmed with Questrade that I would be able to transfer funds from and to my bank account since the bank verification is complete, validated, accepted and I have a void cheque and valid ID on file with them.
- I’ve been able to successfully transfer funds from my bank account using bill payment and back to my bank account using EFT (Electronic Funds Transfer) and I was looking forward to completing my application and using their service.
- I lost all confidence in Questrade because of multiple issues with the company, including them losing my documents then laughing out loud about it and having to wait between 1 hour to 1h50min to talk to the most incompetent, unprofessional, rude, unresponsive, unfriendly customer service reps who have no clue what they are doing and are always rushing to get rid of their customers.
- Since Questrade gave me the impression that I was dealing with a shoestring operation being ran in a basement as a hobby and that things would only get worse, I decided to get my money out. I was able to return, using EFT, part of my funds back to the same bank account that was originally used to send money to Questrade using bill payment.
- They’ve offered 5 free trades to make everything magically better, but I couldn’t ignore the facts. I kept my decision to grab my money and keep running before it’s too late. All I want is for them to return my money and close my file, but they decided that my money was better off in their pockets.
- Without any warning or any kind of communication, they’ve frozen all my funds since the month of may 2012 and refuse to return my money where it came from. Even though I’ve advised them that I do not wish to be their customer and canceled my application, I’ve been told by various Questrade employees that I have no other choice and the “ONLY” way they will “CONSIDER” transferring my funds back to my bank account is for me to “complete the account opening process”.
- My application is currently canceled. Instead of simply returning my money, they want to force me to open accounts I don’t want, deal with a company I want to avoid like the plague and then spend hours on the phone trying to close the accounts hoping that they will return my money, so they can easily charge me up to $250 in additional closing fees, which has happened to others trying to close their accounts.
- According to the Questrade customer service representatives, I absolutely have to go through the whole account opening process and I “need a notarized valid ID to verify that we send the funds into the correct account”. Please keep in mind that this is the same bank account which all the Questrade customer service representatives agree is verified and they’ve all confirmed that it’s the one and only account from which Questrade originally received my money, using bill payment, and that it’s the same account that I’ve used to recover part of my funds using EFT.
- All conversations with Questrade employees always start with:
“This is strange. I don’t see why you can’t transfer your funds.”
“I can see that the bank verification is complete. You should be able to transfer your funds.”
“There’s no problem with the void cheque you have on file.”
“I can confirm that you made multiple transfers to your bank account.”
- When they can’t think of anything else to say, they tell you:
“I understand your frustration. I know it doesn’t make sense, but that’s just how it is.”
“There’s nothing I can do.”
“If you are not satisfied, then escalate.”
- Questrade employees make up all kinds of rules and absurd excuses as they go along, ignore common sense, disregard the law, routinely contradict themselves and flat out refuse to help the customer. I’ve been told that their “back office made the decision” and that “this situation is currently out of our hands”. When I ask to talk to their “back office”, I am told: “Unfortunately you cannot contact our back office”. They also refuse to put a supervisor or manager on the line. They do not care about their current or future clients.
- Questrade state clearly in writing:
“NOTE: If you discard this application you will lose all information that has been entered. If you made an online bill payment or you paid by cheque, the amount will be refunded to you.”
- Yet they refuse to honor their own statement, close my file and transfer my funds back to my bank account. They are also ignoring my financial institution’s requests to return my funds to my account.
- From my experience, Questrade is deliberately misleading, taking advantage of people and is the perfect place to get ripped off .
- People shouldn’t believe anything written on Questrade or in their documents, because their statements are meaningless, since they can say or write anything they want and not be held accountable by anyone including the supposedly regulators.
- It’s only the illusion of low commissions. It’s not worth it if they take your money and refuse to give it back, you cannot get in touch with a customer service rep or when you want to file a complaint they give you the runaround and will refuse to let you speak with a manager or supervisor.
- There is no substitute for good service.
- I wonder how many free trades Questrade is funding with my money and how many people will actually get their money back. Questrade is making money with my money and making a fool out everyone.
This is not the only person being deceived, cheated and abused by Questrade. Please do a quick online search to find all the horrible experiences and the negative comments from their current and former customers.
I have done a great deal of research and according to the multiple official complaints and blog posts, “Questrade is a dreadful company” would be an understatement.
Judging from the information that I’ve gathered, all those posts warning people to “STAY FAR AWAY from Questrade” in all kinds of colorful language seem 100% correct.
It’s up to you to decide if you believe all those reviews praising Questrade or all the “Questrade is a wonderfully great company. I’ve been with them for X years and everything is perfect.” posted by the paid Questrade trolls. There are, of course, a few lucky exceptions, but it won’t take long to notice that most of those reviews have referral links and the authors are being rewarded by Questrade. Some Questrade reviewers have also been duped.
If you disregard all the terrible experiences so many have had with Questrade and decide to trust them with your hard earned money, remember that you could be the next person with a sad story to tell, even if you don’t make a single trade.
Can anyone trust a company who lies, deceives, cheats and steals your hard earned money?
Think about all that you risk loosing, if a bully decides to steal your money and refuses to give it back. What would you do, if you were in a similar situation?
Since Questrade will arbitrarily keep your money when you cancel your application, the following Questrade statement is completely false, a blatant lie and very misleading:
“NOTE: If you discard this application you will lose all information that has been entered. If you made an online bill payment or you paid by cheque, the amount will be refunded to you.”
Questrade will not refund your deposit. Questrade will do as they please with your money.
** Questrade, be wise and fully return the funds. Honor what you have put in writing. No one likes a bully, liar or a thief. No one is above the law. **
** Mary J. Emp., you are their superior at Questrade and you have the power to make a change. What will you do about this situation? **
No matter who you decide to do business with, do your due diligence and keep records.
What will the regulators do about Questrade? Only time will tell.
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Customer service is terrible. They don't answer your e-mails. Signing up is a pain. The platform is confusing, it's buggy, and on top of that they've recently added inactivity fees in order to force you to trade. It sucks! Now, I don't like my trading service with my bank any better, because of the prices, but at least it's relatively reliable, and they answer my questions. And by the way, folks, this is the only website that's given a proper review. The other websites on Google have given Questrade good reviews, just to make money.
These guys are nothing short of CRIMINALS, they often do not answer phone calls at all, waiting time is one hour or longer, they do not answer on s, live chat is mostly not working. This is THE WORST company to deal with, rating it with "one star" out of ten - is way too much. BEWARE - STAY AWAY .
Questrade no longer exist as a forex broker.
use questrade if you have enough money to burn. Or if you wanna lose your money quick enough. Because when their server down, you can't send any order or modify any order, and if you try to call their 1888 number you will be on hold forever.
I had stocks and forex account with Questrade.
I was an active trader. Most of the time the trading was ok, but at some point there appeared some trades that I have never done.
For Forex with Questrade consider that you CANNOT have short (or sell) position if you have open sell (or short) position. That really kills you.
BEWARE OF QUESTRADE’S SHADY ACCOUNTING.
I have had the single worst experience of my entire life with Questrade over the last few days, as I write this MY ACCOUNT IS MISSING $923.45 or 35% of my entire account balance & life savings after 3 CONSECUTIVE DAYS OF ACCOUNT IMBALANCES. I am actively spreading the word of my ordeal through any medium I can until the problem is fixed I have gotten a letter to the editor posted in the Kingston Whig-Standard and am awaiting publication of my letters to the Toronto Star, Toronto Sun and the Globe and Mail. My uncle is one of the webmasters at Craig’s List so I should have a leg up in informing as many people as possible.
I have personally traded stocks, options and funds for 7 years and ETF’s, FOREX and bonds for 5, so I consider myself informed about the online broker business. I am not a wealthy person but I enjoy investing in a ‘hands on’ fashion. I had an account with E*Trade for 6 years with no problems. A few months ago I left them for Questrade because of the cheaper commissions and their favorable consumer ratings.
Up until the morning of March 5, 2009 I had a very good experience with Questrade, I even got my account set up in only 4 business days, which was very impressive!
*Note all figures include commissions and exchange rates at the time of the transaction. Also, I have a TaxFreeSavings account, which means no margin account, no loans, no borrowing, no overdrafts. I can do transactions up to my current cash balance, any more money and it will reject the order because of insufficient funds. I can prove all claims/ figures through screen shots of history and physical account activity forms mailed to me after every day that I traded. With that in mind……
The night of March 4, 2009 at 4:05PM I bought 23 shares of FAZ (an ETF) $79.80 USD=$1,840.44 USD (total after trade commission) x 1.27(the exchange rate at the time)=$2337.36 CAD worth of stock in my account + $54.72 CAD in cash left in my account=$2392.08 CAD is my total account balance.
The morning of March 5, 2009 at 9:33AM I sold the same 23 shares of FAZ I carried over from the day before $86.86USD=$1992.81 USD (after trade commission) x 1.2785(the rate at the time)=$2547.81 CAD + $54.72 CAD (cash left in account since night before)=$2602.53 CAD total cash in account now. But there was actually $2232.04 CAD showing in my account balance when I checked it after the trade like I always do. That means my account was $370.49 CAD… just like that.
I’m not going to go in to greater detail but the same thing happened the next two days as well taking $165.04 CAD on the morning of March 6,2009 and then again for $396.96 on the morning of March 9, 2009. I suspended my account at that point and stopped trading. They had taken $923.45 CAD by the end of it, or 35% of my life savings (I am still young and busy paying off student loans). I would’ve suspended it after the first day but they assured me it would be fixed and after the second day I was waiting for this manager to call me back, which he failed to do.
Now you would think that in the face of this irrefutable evidence, and the fact that they admit a computer glitch took money through faulty a exchange of currency from a bunch of other people’s Tax Free Savings Accounts over these same days, that they would admit the error. Boy was I wrong, the real fight had just begun as I spent 2 hours and 06 mins. that day (have long distance phone bill to prove it) on the phone to 3 different people at customer service, trading desk, etc. They just tried to explain it away going down a checklist of things; didn’t add in trade commissions (even though the totals I used from webtrader history have them added in), exchange rate (which I took from the forex website), my miscalculations, etc. Each person would say they would “send a report to the back office and someone would follow up with me in the next few days. Guess what, not one of them did, I called again on Friday March 6, 2009 and asked to speak with a manger that didn’t call me back for 4 business days and when he did he brushed me off, even though they admitted “some money was taken from my account and put back”, $181.82 CAD on March 5, 2009. He refused to understand that I sold stock for this price and then my account balance said I had much less then what I sold the stock for, even though this is very simple concept. Robert Chandler is the name of the “manager” I spoke with. He at one point 30 mins. into the conversation said hold on for 5 mins. and pretended to have an audit done on my account, even though another manager told me audits take at least 3-5 business days. Apparently Rob is a superhuman adding computer… either that or a bald faced liar. I called him on the amazingly quick audit he was able to do and he hung up (I have a witness who was also listening to the call), after 45 mins. of denials. I spoke with him a few days later and said he couldn’t bully me into submission, that I wanted a real audit of my account. He told me a real audit is $75 an hour charged to my account. I asked if Questrade was found to be at fault, would the audit be free? He said no the audit would be around $500.00 in total and would not be refunded even if they found that Questrade took money from my account.
I then attempted to go higher then Rob by using a good comment blog post and contacting Emil Vojkollari and Nicholas Roussos, both in middle management, who seem to help people on the blog I saw solve problems with Questrade, and guess what? I have left 2 messages for Emil seeking assistance in the matter and 4 for Nicholas asking him for help as well and both HAVE YET TO RETURN ANY OF MY 6 MESSAGES. That is not client support, that is an abomination and I intend to make it my hobby for the next few months until every cent of my $923.45 CAD is returned to me with an apology of mass proportions. The ironic thing is that after my forensic auditor finishes his assessment I can take them to small claims court where if found guilty of taking money from me they would be on the hook for $1000’s to pay for my legal counsel (my dad, who charges $300/an hour) and $1000’s for their own legal counsel plus have to explain the verdict to the IIROC Canadian securities regulatory body and risk losing their retail broker license.
Sorry it took so long to read, but PLEASE, ANYONE WHO DOESN’T ALREADY HAVE AN ACCOUNT WITH QUESTRADE…DON’T, ANYONE THAT HAS AN ACCOUNT ALREADY…CLOSE IT. THIS AGGRAVATION HAS GIVEN MY WIFE AND I WEEKS OF SLEEPLESS NIGHTS AND UNTOLD STRESS. This recession has been hard enough on everyone let alone being taken for 35% of my families entire savings. Questrade are at best a terrible company with horrendous customer service and complaint response, and at worst criminal with gross misconduct on the part of ROBERT CHANDLER. You don’t hang up on someone or lie and say you are doing an “audit” that was magically finished in 10 mins. instead of the standard 3-5 days. The fact that neither Emil nor Nicholas has bothered to return my calls proves that the upper management is also not taking customer’s complaints seriously. It’s sad what this world is coming to sometimes, I hope between the huge ad on Craig’s list and the letter in the Whig-Standard, the letters hopefully in the Tor. Star, Tor. Sun and Globe & Mail: people will recognize the absolutely vile way they have handled me. I was only trying to get my family ahead using a discount broker to save fees, I didn’t deserve this, my wife didn’t deserve this and my 5 month old daughter certainly didn’t deserve this. Shame on you Questrade.
I joined Questrade about a year ago and about 6-months later i gained more confidence to explore Forex trading. Granted this review might be a little older but i felt that as a newbie into forex trading that Questrade has improved considerably because getting started was quick and painless. The design was polished and opening account was quick and painless (you could do it all online).
If you plan on signing up i recommend you use a coupon code such as: 50DollarFreeTrades which gives you $50 in free trades in case you want to make stock trades as well as forex trading.
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