Unrated
US Traders
  • Free education
  • Company Questrade, Inc.
  • Founded in 1999
  • Offices in
    • Canada
  • Payment options
    • Check
    • Wire transfer
  • Demo platforms
    • QuestradeFX PRO
    • QuestradeFX
    • QuestraderELITE
    • QuestraderPRO
    • QuestraderWEB
  • Account currencies
    • Canadian dollar
    • United States dollar
  • Regulated by
    • IIROC
  • Website available in
    • Chinese
    • English
    • French
  • Support available in
    • Chinese
    • English
    • French
  • Support methods
    • Email
    • Live chat
    • Office
    • Phone
  • Trading server time zone EST
  • 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
    • Forex1:200
    • Gold & silver1:100
    • Stocks1:100
    • Options1:100
  • Trading platforms
    • QuestradeFX PRO
    • QuestradeFX
    • QuestraderELITE
    • QuestraderPRO
    • QuestraderWEB
  • Digits after dot 4
  • Number of currency pairs 39
View contract specifications

Reviews

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.

, Canada.

Beware – Avoid Questrade.com – 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.)

http://avoidquestrade.wordpress.com

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.com) 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.com 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.com 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.com 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.com 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.

Please feel free to repost and share.

http://avoidquestrade.wordpress.com

, Toronto.

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.

, Toronto, ON.

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 emails, 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 !!!

, canada toronto.

Questrade no longer exist as a forex broker.

, il.

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.

, Toronto.

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.

, Kingston, Ontario.

BEWARE OF QUESTRADE’S SHADY ACCOUNTING

PRACTICES

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.

, Toronto.

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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