Questrade Reviews 400

I have been using questrade for many years now. I have transferred a few accounts there and I like having everything consolidated. For non-residents it's a good place to keep your TFSA since they will give the tax receipt you need.
Their customer service is quick to respond. I have never had an issue. I plan on using Questrade for all my trading needs in the future.

Service is awful. Transactions are always complicated. Charged me $150 to ge tmy money out. Hidden costs everywhere. Stay away.

I'll tell you why they have such a low rating. I've had a self-directed account for a few years now and quite happy with the platform as a trading tool. Then I received a physical stock certificate as partial compensation for work I had done for a traded company, so I went on to their website to see what I needed to do to fund my account with the physical stock. It was simple to find - simply sign the back and send it into out offices via courier, or come down to the office in Toronto and submit it there. So I decided it would be worth the drive to take care of this investment asap.
After driving 90 minutes I arrived at the offices and was greeted by three smiling associates that proceed to tell me that they no longer accept physical stock certificates. They even suggested that I was wrong - it says right on the website that they no longer accept stock certificates. I was asked to have a seat as I was now completely frustrated with the lack of simple problem solving going on here. The "New Accounts Rep", then came over with his laptop to show me that the website said they can't accept stock, so I proceeded to show him where it DOES say, "simply drop off the certificate... fee of $300, 10-15 days, etc, etc." Their response? "Well it says we don't take it on other parts of the website..." Now, I'm pissed.
I've taken 3 hours of my day to come and do what your own website says I have to to get this done. I'm told I'm wrong, sorry you wasted your time, and there is nobody, or nothing we can do to change it. Can't a reasonable person expect that a finance company's website is kept up to date when it comes to something as important as funding your account? Well they didn't, they don't, and I wouldn't trust my money with a company that puts zero effort into customer care. I am actively looking to move my account to a company that at least backs up what it says in public. Save your money. To coin their phrase - It's Time To Switch.

I am an older retired investor and moved my money to Questrade for the income generating stage of a portfolio lifecycle. I am now moving all of my wife’s and my accounts back to the brokerage I left after 2 years of frustration, withdrawal fees, a platform that hardly works and an IT support team that has only two solutions to every problem…. Try turning your computer on and off ( what? Are we in elementary school?) or Try switching browsers ( really? You are a specialist Online Brokerage and only some browsers work with your platform?) neither of which help in the least.
If you love Chatbots and canned email responses to help inquires, love to be left on hold or be spontaneously logged out of the platform while you are using it, then Questrade is for you.
Case in point is the canned reply to my review. See Malcolm’s review of March 4 2024 and the identical Questrade response.
In the end this review did elicit a call from Questrade offering any help I needed. Sadly it was too little too late as I have move our money to another brokerage. To be clear though, the patient woman in the other end of the phone really had nothing to offer my litany of complaints you see above other than silence and sympathy. Nothing has changed folks. My opinion of Questrade as a bumbling semi functional brokerage remains the same. Don’t invest with them. And if you are, move. It’s not as hard as you think.

I invested #10,000 in low risk TFSA which even I na standard bank would have accrued interest over 2 years. I never made any interest or investment returns on the TFSA over 2-3 years and finally got out (even though it took 3-4 months even to withdraw my money which of course, according to them was "lower",than the amount I first tried to withdraw due to their incompetence to simply close my account. I should have simply put my money in TFS in a normal bank!

I tried to transfer money into my questrade account and they demanded that I provide the details of the bank that the money was being transfered from.

They don't have that right. I'm not sending them statements or corporation docs for a company that isn't registered with questrade.

Then when you question them, they say for privacy reasons it can only be discussed in certain ways and criteria must be met.

VERY UNETHICAL, and making unreasonable demands. Stay away.

Platform is ok. Used it for years without problems.

Problems started when trying to close accounts. An account closure has been 'in process' for 2.5 months! How?!?! Opening an account takes 5 days, yet closing is impossible.

Management needs to take their 'active' account KPIs and shove them where the sun don't shine, and close people's accounts as requested! Insane.

Transactions/Activities on a Friday are not shown until the next business day. Many people like to access their accounts on the weekend, to see how things went for the week. Strange part is that the Cash Data is updated, but the Activity data isn't.
The screen time-out is too too short (seems about 5-6 minutes), almost impossible to step away from one's computer to make a cup of coffee or to use a biological break without having to re-sign in. A nuisance. Suggest 30 minutes. TD Direct is over an hour.

Don't sign up with them if you are looking to do option trading. There fees are overpriced. If you win the trade, they take all your profits because of the fees. I did 1 share of spy Butteryfly call $14.95 to entry the trade plus $1 per share, then exited the trade $14.95 exit plus $1 per share. my profits, should have been $300. Instead with all their fees. I was $-10.

Terrible experience with customer service! For the past month, I've been attempting to transfer my RSP and my daughter's RESP from another broker to Questrade, but there's been no progress. Despite sending numerous emails and making several calls, all I get is excuses about their inability to take action. Questrade's customer service appears to be nonexistent. I've diligently filled out and signed numerous documents, uploading them as requested, yet I keep receiving meaningless automated emails asking for documents I've already submitted long ago. Adding insult to injury, they've ceased responding to my emails altogether. Questrade is an absolute mess.

It seems that all is good while you are investing with Questrade, but try to get your money out to transfer to another carrier. They did not follow instructions from another provider to forward my funds for investment in a RIF. This was to happen December of 2023. Today I get an application form to sign up for RIF with Questrade. Totally not going to happen. Sent another email indicating a deadline for a resolution. No resolution to date!

As a new user of Questrade for the past three months, I must express my disappointment with the overall experience. In this review, I'll outline some of the major issues I've encountered, shedding light on why I regret choosing Questrade as my investment platform.

First and foremost, one of the most frustrating aspects of my time with Questrade has been the persistent failure of my PIN for accessing their phone system. From day one, this crucial access point has been dysfunctional, leaving me without a reliable means of communication with the company's support team. Despite repeated attempts to resolve this issue, it remains unresolved, severely hindering my ability to engage with Questrade's services efficiently.

Furthermore, the process of converting Canadian dollars to US dollars has been far from satisfactory. Not only does the transaction take an entire day to process, but the lack of transparency regarding the conversion rate is deeply concerning. Unlike other platforms that provide real-time updates on currency conversions, Questrade fails to offer this basic information. Instead, users are left in the dark, forced to contact customer support just to ascertain the conversion rate—a needlessly time-consuming and inconvenient process.

In summary, my experience with Questrade has been marred by technical failures and a lack of transparency, ultimately leading to a significant level of dissatisfaction. From the persistent PIN issue to the opaque currency conversion process, these shortcomings have overshadowed any potential benefits of using Questrade as an investment platform. As a result, I cannot recommend Questrade to others based on my own frustrating experience.

This is not customer service . They lie about everything. They did mistake on my tax form , Spend 2 month on backend forward talk with them, multi hours of wasted time . And still don't want fix my taxes slips, They report to CRA fake information and missing trades. on T5008 but refuse to correct them at all

Opened two Registered Education Savings Plan (RESP) with Questrade. First one went without a hitch. Second one never worked. On the website, it indicated that document has to be submitted (but everything was submitted). In the app it was saying that i needed to contact them to submit more info. Waited one hour to get someone. Answered questions. Was told everything was fine, but one week later account still in limbo. No explanation. No messages.

So onboarding experience is a big zero.

Plus: Was asked in chat what language i wanted for support. I asked for French but was answered only in English.

After this review, I was contacted in my langage by a representative and problems were fixed.

Apart from that, site and app works fine and my transactions went without a hitch.

I think that all customer service reps live in a different country? they had no idea what I am talking....Canadian government needs a form but they keep sending a wrong one..

The "expert" I consulted had no idea what a moving average is! Their display of my existing open orders are difficult to view.

DO NOT TRUST QUESTRADE WITH YOUR REGISTERED ACCOUNTS. Horrible handling of my time sensitive FHSA transfer cancellation issue. Customer service was poor, and the transfer in and transfer out email inboxes did not reply to this urgent issue.

I initiated an FHSA transfer from Questrade to BMO, and was informed I would be charged a $150 transfer fee. I immediately called Questrade to cancel and the lady on the phone was unsure if it could, so she asked her superior and confirmed that it could still be cancelled and that I would have to do nothing and incur no fee. Mistake 1.

Several days later BMO calls me and said they received my transfer from Questrade, minus the $150 cancellation fee, of course. I call Questrade to solve the issue and the lady says the first lady was totally wrong, but I could still reverse the issue by getting BMO to send the funds back to Questrade. Mistake 2.

BMO was very receptive about working with me to send the funds back to Questrade, but the transfer in and transfer out inboxes at Questrade did not respond at all. These were the inboxes I was advised to email.

I was finally informed by BMO that they could not hold the funds any longer as the funds were going to expire, so I finally let BMO take my funds as I do not trust Questrade any longer. At this point, no response was received from Questrade on this time sensitive issue.

Questrade was unwilling to work with me to resolve this issue, and BMO was very willing to work with me every step of the way. I want my $150 cancellation fee waived for this horrible experience. Reverse the cancellation fee on the Questrade side and transfer the rest to BMO.

The chat feature is snail pace. Looks like there are no people behind it - talking with a AI generated feed.

Run stay away I been Trading for years I use three brokers one being this one anytime something goes wrong they don’t take responsibility they never will as all other brokers are always willing to own up to there mistake and keep you happy there customer repor is horrible I was dealing with supervisor Mathew and just blew my off for a order Sell to close being cancelled from a .75 limit when the price was selling for 1.15 meaning my profit saying to aggressive because of .35 and wide spreads then by the time you place another order was only able ti get out at .80 anyways the guy was just like oh well nothing you can do then tried just pushing it under the desk I said no I want to escalate it’s my right then tried sending me to support I said listen I’m not dumb give me the escalation info said you have to write them a letter to escalate anything why when I’m on the phone with you what kind of process is that because you write the letter and they don’t bother to do anything not too mention horrible platform keep away trust me do yourself the favor.I hope one day this company collapses just for how they treat there clients and act as though they are the best broker out there.I have never had so many problems spent so much time dealing with support to people that don’t even know what there doing

Tried to find any performance information on their website pertaining to their Questrade ETF Portfolios and there is nothing. Odd for a company that says retire 30% wealthier...wealthier than what? Kind of crazy the regulators allow that advertising.