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Questrade Review, $50 Coupon Code and TFSA (2015)

To skip the review and go straight to the $50 Questrade trading credit, click here.

My wife and I decided to start a small RRSP and TFSA trading account on her behalf, basically to top up her pension. So, we had some thinking to do, which discount brokerage is best for her situation? To help with the decision, I dove back into the Million Dollar Journey archives and found my review on Canadian Discount Brokerages.

Here was our criteria:

  • Only a small initial deposit of $5,000;
  • No annual fees;
  • Low trading commissions;
  • Ability to settle funds in USD in registered accounts to reduce forex charges (typically up to 1.99% per conversion); and,
  • No need for mutual funds as we can use ETF’s instead.

The title probably gave it away, but from our criteria, we decided to go with Questrade. So far, I’m fairly impressed with what they offer for such low prices. We chose the $4.95 for 495 shares commission option which comes with free data feeds and no  annual/monthly fees (balance must be greater than $5k or there is a fee of $19.95/quarter).

The WebTrader Basic option (the free one) has a fairly intuitive interface with FREE real-time charts (US ONLY, CAD stocks have 15 min delay). This is a huge feature for me as not even CIBC’s Investors Edge had this. They also offer more expensive, non-free platforms for more aggressive traders.

The only downside that I’ve discovered so far is that after you place an order, you can’t “change” the order. You must “cancel”, and re-order the stock. This doesn’t cost any extra, but is a pain in the behind. I guess that I’m accustomed to the Interactive Broker interface where modifying your buy order is as simple as hitting the back space key to change the number.  Edit Oct 2011:  You can now “modify” your order once it’s been placed.

The sign up was quick and easy which required only a few minutes online and some hand signed paper work to be mailed in. Any questions that I had was quickly answered by the live chat option on the Questrade website. It only took Questrade 1 day to approve my application upon receiving it in the mail. Very impressive so far. Edit Oct 2011:  You can now digitally sign off on your application skipping the snail mail delay.

Update: Questrade now offers the lowest cost TFSA discount brokerage account in Canada.

Update: Questrade was the first brokerage in Canada to accept USD within an RRSP.  This is a huge advantage because now you can hold USD in your RRSP and reduce those dreaded FOREX fees.  We consistently use the USD RRSP to settle US stocks (and dividends) in USD without any added fees. This is perhaps one of the biggest advantages of using a Questrade RRSP.

UpdateQuestrade has improved their commission structure with democratic pricing.

Update: Million Dollar Journey readers have voted Questrade as their #1 discount brokerage.

Update:  We opened a TFSA with Questrade.

Update May 2013: Questrade now allows clients to purchase ETFs without any commission!

Update:  You can use DLR/DLR.U ETFs at Questrade to reduce your conversion fees from CAD to USD (reduces your fx fee from 1.99% to around 0.30%).

$50 in Free Trades for New Sign ups:

Questrade also offers a referral program. If you deposit at least $1k when you open an account from a referral, you will receive $50 in trading credit for the first 30 days of opening your account.

If you are considering opening a Questrade account and would like the $50 in free trades, sign up through the link below.  The link will bring you to a Questrade URL that will automatically recognize you as a referred client.  If you decide to sign up later or if you’ve already started an application, in the form field “Affiliate ID” or “Promotional Code” use MillionDollarJourney to get your $50 in free trades.

Sign up and get $50 in free trades with Questrade!

If you have any questions regarding the $50 trading credit or want to confirm your $50 referral after signing up, you can contact me here.

For Webmasters:

If you are a webmaster and would like to take advantage of the new affiliate system that they have, you can join their new affiliate system here.  Make sure to use MillionDollarJourney as your parent affiliate ID for quick approval.

If you would like to read more articles like this, you can sign up for my free newsletter service below (we will not spam you).

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FrugalTrader About the author: FrugalTrader is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 41 comments… add one }

  • Henry July 11, 2012, 1:26 pm

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

  • Jasper July 11, 2012, 1:57 pm

    Henry: and what was the prior conversion fee?

  • Henry July 12, 2012, 12:45 am

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

  • Jasper August 2, 2012, 2:13 pm

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

  • astor August 8, 2012, 6:29 pm

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

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

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

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

    BE VERY CAREFULL WITH THEM !!!

  • Jaanu August 17, 2012, 11:50 am

    Hello astor,

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

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

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

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

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

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

    Regards,
    Jaanu Teene
    Questrade Inc.

  • Erik October 6, 2012, 12:24 pm

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

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

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

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

  • Bryan Thornton October 12, 2012, 3:07 am

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

  • James November 22, 2012, 1:33 pm

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

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

  • Jim December 21, 2012, 1:32 pm

    Effective October 1st, 2012, a rebatable inactivity fee of $19.95
    per quarter (January 1, April 1, July 1, October 1) will be charged to
    Questrade clients who have not completed at least one commissionable trade
    in the last quarter and have less than $5,000 combined equity in their
    accounts.

  • aa January 11, 2013, 4:16 pm

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

  • Maritimer January 29, 2013, 9:40 pm

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

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

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

  • Sensei February 21, 2013, 10:51 pm

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

    Sensei

  • Fmrqttrader March 15, 2013, 10:26 pm

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

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

    Questrade, feel free to respond.

  • Maritimer March 16, 2013, 5:21 pm

    I check online for my T5 under tax slips.

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

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

  • Fmrqttrader March 17, 2013, 11:48 am

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

  • Mike March 17, 2013, 9:18 pm

    Hi,

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

  • Jeach! March 18, 2013, 3:28 pm

    @Mike

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

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

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

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

  • Jeach May 1, 2013, 2:19 am

    Questrade really sucks big time now!

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

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

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

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

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

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

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

  • Jeach May 1, 2013, 2:19 am

    Questrade really sucks big time now!

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

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

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

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

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

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

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

  • Laural May 1, 2013, 4:41 pm

    @Jeach,

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

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

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

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

    Sincerely,

    Laural – Team Questrade
    Questrade, Inc.

  • Danielle May 1, 2013, 9:53 pm

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

  • Jeach May 1, 2013, 10:31 pm

    Thanks Laural,

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

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

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

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

  • Darren S. June 22, 2013, 11:28 pm

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

  • William November 19, 2013, 5:19 pm

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

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

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

    Best of luck to those that are with them.
    .

  • Jim March 25, 2014, 1:09 pm

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

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

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

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

  • FrugalTrader FrugalTrader March 25, 2014, 4:55 pm

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

  • William March 27, 2014, 4:55 pm

    Jim,

    Based on my time at Questrade,

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

    William

  • Peter @ SeekingWealth.ca June 11, 2014, 8:49 am

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

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

  • Nikolai June 11, 2014, 8:58 am

    @ Peter @ SeekingWealth.ca

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

  • Chris June 26, 2014, 2:10 am

    I found customer service to be questionable as well.

  • Terri October 14, 2014, 7:03 pm

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

    • Mike November 9, 2015, 1:39 am

      Who are you with now??

  • John - Team Questrade October 16, 2014, 3:27 pm

    Hi Terri,

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

    Let me know if you have any questions.

    John – Team Questrade

  • Aleks M December 4, 2014, 1:38 am

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

  • Jay G January 15, 2015, 5:21 pm

    Hi FT,

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

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

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

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

    • John January 13, 2016, 2:15 pm

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

  • Chris January 19, 2015, 8:37 pm

    @ Jay G

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

  • chuck February 7, 2015, 1:35 am

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

    They made a mistake that cost me 1,500.

  • Christian January 13, 2016, 6:11 pm

    Avoid Questrade at all costs now.

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

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

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

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

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

    Christian

  • Savs January 14, 2016, 3:56 pm

    Agree with you Christian,

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

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

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

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