4 stars based on
A good chunk of this article is out-dated and will not be updated. Article updated January 4, to update margin rates and put in a current rate of interest. Readers may also be interested in reading A Questrade Scotia itrade optionsxpress [January 4, ], and Watch out for Questrade — Check those statements [February 16, ].
I reviewed Interactive Brokers previously ; I use them for my non-registered investments. The primary attracting feature was the ability to retain US dollars in the account and not having to incur currency exchange fees whenever you transacted in US securities.
With Questrade, this is nothing, assuming you had the US currency in the account to begin with. The RSP transfer took about a month.
It also took them another couple months to refund the RSP transfer scotia itrade optionsxpress, but they explained this up-front. The problem is mitigated by using a desktop calculator. They provide a better platform for scotia itrade optionsxpress traders, but I have never used it and probably never will. In particular, their clearing is performed via the Pension Financial Corporationand scotia itrade optionsxpress historical account information they provide through this interface is comprehensive.
BMO Investorline is at 4. I have no problems with Questrade customer support — they have an online web-chat interface and sometimes it takes awhile to get a customer support agent, but once you do get on with them, they are fairly responsive. US dollar securities, or wondering why their shares got sold out when they had a margin call.
Deposits and withdrawals are simple — provide the EFT information, and a few button clicks is what it takes to fund accounts or withdraw funds from accounts.
The withdraws typically take three business days to process, and I have always received my funds promptly. For a simple buy-and-hold investor, Questrade seems to be a decent and low-cost provider.
I have no scotia itrade optionsxpress how they are for active traders. In addition, Questrade is privately held and as a result, one has no idea how financially solvent they are. Although Canadian investors are protected through CIPFyou do scotia itrade optionsxpress want to have to reclaim your assets through this mechanism.
The reader might wonder why I am concerned about an issue that has not materialized for me — I am very cognizant of potential risks. I do not want to have to suffer through a security incident before taking measures that will protect me. Questrade does not offer this. Until they provide better provisions with respect to account security and provide some more transparency on their own financial solvency, Scotia itrade optionsxpress only will give them a tepid recommendation.
If they beefed up their security, I would rate them much more highly than present. I have been with questrade for a year and a half. I have been getting a little frustrated with them as of late. I have talked to many reps on line and it sounds like it will get rectified but nothing ever happens. However they have dropped that service and now you have to log in and check. I think they changed their pricing formula.
Scotia itrade optionsxpress Service Reps are incompetent, probably the worst of any broker, period. Transferring funds to them electronically takes more scotia itrade optionsxpress 2 days, whereas any other broker takes 2 hours, some only 30 minutes. When they should be contacting the other departments Not as good broker if you have issues!
In my opinion, the security concern as I listed in this article remains their biggest problem. While I have not had any compromises of my accounts with them, I shudder to think what may happen if it did occur. With Interactive Brokers, security compromises are very difficult with their security architecture, which involves two-factor authentication. I was considering Questrade until now.
I was actively considering signing up with Questrade, being new to this business. From what I read, Questrade scotia itrade optionsxpress insecure, but I thought it is by law that that all Canadian broker must buy insurance for unexpected events, such as bankruptcy and fraud.
As well, all Canadian brokers are highly regulated. From my experience with other brokers, customer service is important but useless because phone representatives will usually have excuses to defend their positions.
For example, if you ask them why the money is still not transfer to X account, scotia itrade optionsxpress may say. Please refer to my previous e-mail below. I have set up a withdrawal request since Feb 16 and nothing has happened till now. Your online page showed my request was completed by you since Feb16 see below but no money was deposited into my account. Sometimes I call your phone and kept waiting for 4 hours without any response.
If closing my account will facilitate the withdrawal of my money can you advice and let me know. I need the money urgently and it is ridiculous that this is happening. The way I look at it is that nothing comes for free. It may take me long to get my money back, I at least now I know, I will eventually get it back.
Questrade is a vaccum, have spent months trying to sort out the membership their error of our investment club! We have been with Questrade sincetheir answer to our problem… sorry you will have to have to start scotia itrade optionsxpress and create a new account re-doing all the applications. I chose Questrade because of its low fees. I opened an account with Questrade earlier this spring and have since experienced nothing but problems.
Simple matters such as receiving scotia itrade optionsxpress my promotional free trades were a headache — not to mention serious errors in their system such as transfers from my bank account which were, erroneously, processed in duplicate.
To make matters worse, the sell took place just before the ex-dividend date, rendering me ineligible for the dividend on my stocks that quarter.
Having followed the stock price, I knew there was no reason my order should have been executed. Since Questrade has no e-mail alert or other notification system when orders are executed, I did scotia itrade optionsxpress notice the sale until scotia itrade optionsxpress later and immediately filed a complaint.
As far as I am concerned that is entirely moot — Questrade did not have my authorization to sell my stocks at that price under any circumstances. This is not the type of fly-by-night organization to which I wish to entrust my life savings any longer, and I have told them so.
I encourage others to avoid this company like the plague. The savings in commissions are not worth the headaches, technical glitches, and risks associated with trading with this brokerage.
Stay away from questrade. I have been trying to transfer my account from another brokerage since March and still they have not transferred everything. The support staff speak a different scotia itrade optionsxpress and have a hard time understanding what is being said. Incompetent to say the least. Scotia itrade optionsxpress waste your time or give yourself grief.
Questrade is the worst brokerage in canada!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Ok sir now you are able to sell your shares. I opened a new account with questrade on October 20, and have been having issues with the platform ever since. Scotia itrade optionsxpress brought the issues to the customer service attention who in turn forwarded it to technical support but to no avail.
I logged in to my platform at 7: Since i did not hold any positions in my account from the previous day, i called the trading desk and a trader said that they will take care of the problem and not to worry.
I called back at 9: He put me on hold. Few minutes after waiting on hold the shares disappered from the account box and a minute later the trader came back on the line and said that it has been solved by the back office, i confirmed that. Here scotia itrade optionsxpress the details: On Nov 22, at I tried that eight times but the orders were all rejected on the groung that i dont have enough shares. I realised that there is a system problem and called the trading desk and explained the problem.
I was on hold for over ten minutes while the stock kept going down before the trader came back to tell me: The trader explained that i have to speak to customer service to see if scotia itrade optionsxpress will scotia itrade optionsxpress responsibility of the system negligence.
Long story short, after begging the unexperienced customer service representative to transfer to a supervisor, i was FINALLY transfered to a supervisor who disappointed me more than the system error. During our long conversation the manager was talking nonsense and was making things worse not scotia itrade optionsxpress by blaming me for the error and that i have to wait a duration of time after cancelling an order in the account box to place another one he did scotia itrade optionsxpress specify but said definitely more than one or two seconds and came up with a conclusion that this is why the shares went allocated.
I have read all the comments on the web site as I am half way in completing my application form with them, I was a active trader in my scotia itrade optionsxpress of origin before I became a Canadian citizen, now I find the banks in Canada charge commission which is unheard of in other parts of the scotia itrade optionsxpress where Trading is scotia itrade optionsxpress more and extensive not to forget the number of companies traded and the volumes!
Thank you all for that. Now my concern is there is no economical broker or bank who a small scotia itrade optionsxpress trader can consider? I find Interactive Brokers as my last hope!
I have opened a Registered account with TD but the commission is mind boggling! Please recommend any other Broker companies I should consider? Is I-Trade by Scotia bank good? Scotia ITrade is I am with you on exagerated fees we pay in Canada which are generally much cheaper in other scotia itrade optionsxpress. I am looking at Questrade too but I am scotia itrade optionsxpress little bit uncertain scotia itrade optionsxpress all the bad comments I have read. I was thinking opening TFSA with small amount to try out the service.
I have been playing with the Questrade demo and find the application could be improved. For instance if you buy stocks then it does not indicate how much the transaction would be total. Interactive Brokers appears to be more professional but I think it is platform for active traders and they are mainly US company thus not offering canadian TFSA.
The online canadian scotia itrade optionsxpress firms are quite disapointing in terms of cost and even at 9.