Questrade FX

Questrade FX - Forex Broker

Broker nameQuestrade FX
Company nameQuestrade, Inc.
Online since2004-01-01
Site urlhttp://www.questradefx.com
CountryCanada
Minimum account size250.00
Minimum account size currencyUSD
Minimum position size0.100000
Maximum leverage200
Maximum leverage description1:100 and 1:200
Spread levelhigh
Spread description3 pips on EUR/USD
Is regulatedYES
Regulation descriptionMember of Investment Dealers Association of Canada, member of the Canadian Investor Protection Fund and a participating organization of the Toronto Stock Exchange, TSX Venture Exchange and the Montreal Exchange.
Easy registrationNO
Votes count16
Rating2.70
Email

Please rate this broker


Advantages

  • Web based trading platform.

Disadvantages

  • No MetaTrader 4 software support.
  • Opening an account is a complicated process.

Payments

  • Wire transfer
  • checks

Categories

Visit broker

6 Reviews

  1. Chris:

    This company is nothing but criminal company. You will often have problem to catch them on the phone. Your waiting can last for hours. They will not reply your emails. They live chat is useless. I think the worst broker ever. I gave them only one star out of ten and think this is too much. Stay away from them.

  2. chris:

    They do not longer exist as a FX broker.

  3. k:

    If you have lots of money to waste, you can go to trade with them. You do not have to search for a faster way to lose your money. Due to the technical problems with their server, you will not be able to place or change your orders. If you try to catch them on 1888, be ready to wait forever.

  4. John Tomson:

    I had forex and stocks account with this trader. I was a pretty active trader. Most of the time my trading was pretty good, but sometimes I notice that there are some trades that I never initiated.

    There is no way to have two opposite position, like if you opened a sell position, you cannot open a buy position. This is really killing.

  5. Zack C.:

    Beware of their shady accounting
    With this broker, I have the worst trading experience in my entire life. A few days ago I noticed that the amount of $923.45 is missing from my account. This is about 35% of my total account and saving after three consecutive days of account imbalances. I am spreading my word about the hard times I am going through. I am going to tell about them until the problem is solved. I have sent a letter to the Kingston Whig-Standard and I am looking forward to publication of my letters in the Globe and Mail, the Toronto Star, and Toronto Sun. I have an uncle who is one of the webmasters at Craig’s List ad I am going to do anything possible so that many people could know the things that they do.
    I have traded funds, stocks, options and for seven years and FOREX, ETF’s, and bonds for five, so I think I am an experienced in online broker business enough. I do not have lots of money, but I like investing. I have traded with E*Trade for six years without problems. In some time I left them and moved myself to Questrade because of the lower commissions and their good consumer ratings.
    I can admit that till the 5th of March 2009, I had a very good time with Questrade. I was impressed with the speed they set up my account which took just four days!
    *Note that all figures include exchange rates and commissions for the transaction. I have also a TaxFreeSavings account (no Margin Account), no borrowing, no loans, no overdrafts. I can transact up to my current balance. If I use more money it will reject the order because I do not have sufficient funds. I have proofs for all figures/claims with physical account activity forms and all my screen shots of history which is mailed to me after every day when I traded. Having this is mind
    at 4:05PM in 4th of March, 2009 I bought twenty three shares of FAZ @ $79.80 USD=$1,840.44 x 1.27=2337.36 CAD worth of stock in my account + $54.72 CAD in cash left in my account=$2392.08 CAD which is my total account balance.
    9:33AM 5th of March, 2009 I sold the same twenty three shares of FAZ.
    $86.86USD=$1992.81 USD (after trade commission) x 1.2785=$2547.81 CAD + $54.72 CAD =$2602.53 CAD total account. But my balance was $2,232.04 CAD. This is what I saw after I checked my trades. This means that my account was $370.49 CAD. As simple as that. I do not want to get into deeper details, but the next several days the things like this started to continue. They took from me another $165.04 CAD on 6th March, 2009 and same thing happened again when they took my $396.96 on 9th of March, 2009.
    I suspended my account and stopped trading with them. By the end, they took from me $923.45 CAD or 35% of my life savings. I am still pretty young paying loans student. I could just suspend this the very first time that happened, but they convinced me that they would return all my money. I was waiting for their account manager for the next day but he never call me back.
    I thought that I will provide them with those unbeaten proofs. We admit that there was some technical problem which led to taking the money from Tax Free Savings Accounts and not only my but also other people. Gosh I was wrong. I had a big fight for two house and 6 minutes that day and I have a pretty long phone bill to prove it. I have talked to three different representatives from their trading desk and etc. They just were trying to explain some things. They did not add any trade commissions, even though the totals I got from the history have them added, exchange rate, my miscalculations, and other stuff. Everyone I spoke to told me that they would send my report to their back office in the nearest time. And what happened next was that they did not sent anything out. I called them again on 6th March, 2009 and asked to put me through to talk to with a manger that could not contact me for the last four days. When finally I talked to him he did not listen to me. And this is even when they admitted that where was a problem with their account with $181.82 CAD 5th March, 2009. He did not want to understand that I sold stock for this price and then said that I had on my account much less then what I sold the stock for. The name of this manager is Robert Chandler. We have a conversation for 30 minutes and he took a hold on while it for about 5 minutes. He told me that he was checking my account during that time. As I remember clearly, another manager told me that the audit of account last for about three-five days. If Robert could conduct and audit in such a short time, he must be a superman! There is also another explanation – he is just s liar. I told him that I am impressed with the speed of the audit he just did and he just hung up on me. I have a witness who can confirm this. I called him in several days and told him that I insist on real audit of my account. The next information which I found out was that a real audit of my account costs $75 an hour and everything is charged from my account. My question was whether the audit would be for free, if they would find out that there were some mistakes due to Questrade mistake. SO what he said was, the audit would cost me about $500.00 and regardless of whether there were mistakes of Questrade I would be paying those anyway.
    After this conversation, I decided that I need to contact some body standing at higher position. So, I contacted Nicholas Roussos and Vojkollari who are middle managers. I wrote them on the blog and they seemed to be ok as they helped people a lot. And guess what? I left several messages for them, in total 6 and by now I have not received a single reply about this situation.
    Is this a client support? I am going to make my chasing them to make my hobby unless I get all my money back. I want back my $923.45 CAD as well as apology of mass proportions. A funny thing is that if I take them to the court, and they will have to pay me in thousand dollars more than the amount I am asking to be back now s they would have to pay for my legal counsel. This would be my dad and he charges $300/an hour as well as they would have to pay thousand dollars for their own legal counsel. They will also have to explain after this the verdict to the IIROC Canadian securities regulatory body. Boy, they will have hard time to keep their license.
    Sorry, that I have written such a long comment. What can I ask you is to stay away from this broker. I you have an account with them, I am asking you to close it and run away from them. I have got too big problems, giving me by my wife and sleepless nights. I am stress, I must admit. Everyone who had been taken 35% of their earned money would be stressed.
    Questrade is the worst company if not to say more. Their customer support is horrible and irresponsible. They are criminal along with ROBERT CHANDLER. Who would hang up while talking and pretending doing some audit for 10 minutes if it really takes several days?
    The fact that neither Nicholas nor Emil has bothered to reply my posts is enough to understand that their upper management will not take customer complaint seriously.
    I truly hope that all my action like posting to Craig’s list and sending out the letter to Globe & Mail, Tor. Star, Tor. Sun will help people to recognize a big scam. I only wanted to find a reliable broker with lower fees. This is not what I deserved as well as this is not what deserved my wife and my five months daughter.
    Shame on you Questrade

  6. Clara Robbins:

    I joined them a year ago and in about six months I become a better trader. Maybe this review is an old, but I must say as a newbie I have not problems with opening an account with them. The process was painless and fast. The design of their platform was really nice. If you are about to signing up with them, I can suggest you to use the coupon with the code 50DollarFreeTrades. If you do this, you will get $50 in free trades on condition that you will make stock trades as well as Forex trading.

Leave a Review

*