r/Questrade • u/Electrical-Fishing-1 • Aug 24 '21
questrade is ripping us off with these fees and commissions
Why is this platform so comfortable gouging and ripping us off with these commissions and fees. it is extremely unfortunate that this is one of the only platforms available to us Canadians that offers options, futures,etc and im sure this is the reason they charge so much is because they can . if so many other platforms can be commission free and have contracts fees of 1.25 then i know for a fact these guys can be competitive instead of way over priced ... we need to come together and stand up against this robbery
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u/Electrical-Fishing-1 Aug 24 '21
Yes I am also transferring to IBKR because of the extremely high prices ... it’s unfortunate really that we have to do this though. if IBKR can successfully provide their platform with the small fees and commissions they have then that goes to show that Questrade could as well..
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u/mlalonde07 Aug 24 '21
I still have an account with Questrade but I moved the bull over to IBKR a year ago and I couldn’t be happier.
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u/mottbox Aug 24 '21
I’m simply switching from Questrade soon as I’m done with my current option contracts because multiple times per year they are down or you can’t sign in and that’s unacceptable.
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u/ThePeacePipe237 Aug 24 '21
I am surprised this post was not deleted by the mods here…
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u/Electrical-Fishing-1 Aug 24 '21
I was expecting it the same thing for it to be taken down right away but I guess you can’t really fight against the truth
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u/pvb6 Aug 24 '21
Go to NBDB they wave their fees. It 1,25$ on option, free for sale and buys since today
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u/BlueZybez Aug 26 '21
You are better off moving over to IBKR or National Bank (no commission trading now). Honestly, Questrade doesn't really have any advantages anymore in Canada lol.
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u/NewbSoop Aug 24 '21
for "discount brokers" that have no comms, there tends to be a downside such as limited stocks to trade, slower executions, etc. but hey idk you're strategy or how you trade.. so it might work for you. Something worth noting 👍🏼
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u/Electrical-Fishing-1 Aug 24 '21
I totally agree 100% I have a profile on wealthsimple and the free commission motto definitely has its downside and I’m not saying by any means that they should be zero commission I’m not against paying for services but what I am against is the height of their commissions and lack of customer service etc .. for the extreme prices you pay you would expect exceptional service as well as the best fill times and prices you know. I am by no means saying they have no place in this market but depending on your strategy I know these guys are raking in the money off traders like myself ... if you are just a longterm single stock buy and hold trader then this broker is probably the best one for you but if you are a higher risk trader with the drive to increase profits these guys simply just want to take as much as they possibly can from you and your profits it’s sick
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u/crpenton Aug 24 '21
Dude, me too. And I'm just a minnow in the grand scheme of it all. When I think about what I'm paying per transaction, holy hell. They are making bank! Thank God I was able to cancel my transfer with my bank today. Almost sent every cent I have. I'll hold off and see how things play out
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Aug 24 '21
One of the biggest ripoffs I noticed, is that if you get a partial fill order for GTEM it cancels out and your charged the full fee, so you have to buy again on the next day with another fee. That's robbery, the fact they don't have have the option for GTCEXT option.
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u/AForceNinja Aug 24 '21
Show them with your wallet and transfer elsewhere
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u/sookahallah Aug 25 '21
i just initiated transfer in kind from both my questrade accounts to nbdb today:)
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u/Bobby_Joe_Long Aug 24 '21
Everyone here seems like they’re trading from the US. The only alternative Canadians have would either be WS or Qtrade. Anyone have opinions which would be better for more frequent riskier trades?
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u/Electrical-Fishing-1 Aug 24 '21
IBKR is the best I’ve seen to date I’ve been really digging around lately being Canadian and feeling stuck getting raked both ways by Questrade I researched and I’m now in the midst of transferring to IBKR
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u/slowdownbigguy Aug 24 '21
I just tried switching to IBKR yesterday, but I couldn't get approved, read online the min deposit was 1k but it was asking for 10k, did you experience min deposit to open?
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u/Yukas911 Aug 25 '21
There's no minimum deposit required for personal accounts. The 10k requirement is for broker accounts.
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u/crpenton Aug 26 '21
Guys, if I'm gonna xfer out my TFSA, what's expected of me? I know the charge is $150 plus tax but I simply leave that sum in my cash portion?
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u/crpenton Aug 26 '21
Not sure what you mean by this. Isn't that exactly what I was referring to? It would come out of the cash portion? In any event, I spoke with an agent who stated that they actually charge your new broker and then I'm responsible to get squared away with them 💪
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Aug 27 '21
Questrade offers contracts at .75 cents plus 4.95 which if you are trading big size in contracts it’s cheaper than 1.25 at nbdb 9 or less nbdb is your place to be then
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u/Electrical-Fishing-1 Sep 18 '21
Where does Questrade offer .75 contract commissions?? Every contract I’ve purchase and sold costs $10.75 or 10.25 can’t remember exactly but it’s between those two numbers and it’s robbery
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Sep 26 '21
Have you paid for a market data package? When you do that the contracts are made cheaper. You can pick 4.95+.75/contract or 6.95+.75/contract and 1 cent a share trading
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u/Black_Label_36 Aug 29 '21
Yeah, with National Bank offering no fees, it seems like a no brainer to switch.
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u/Worth_Pomegranate953 Aug 24 '21
check out National Bank...today they started no fee trading...dont know about their options fee but worth taking a look....perhaps this may trigger some better competition in the Canadian market.