Comments on: Questrade Review

By: young

young — Sun, 07 Mar 2010 05:31:50 +0000

@Robert Thanks for stopping by =) Yes, that’s how I felt too initially (the learning curve) but I really do like QuestradeWEB and find no issues with it. I like the “Portfolio” section where it neatly lays out your + $ amount and % for the day, as well as so far. I wish I had realized to used Questrade WEB in the beginning! I had be using the webtrader platform for like 3 years until just a few months ago!

Yes, you’re right! It doesn’t quote the total cost of the trade, also it can get confusing too, because you’ll get slips mailed to you with the commission charged, but if you utilized the $50 free trades, it gets credited back to your account later…

Yes, the commission has to be included =) That must’ve been really scary for you since you had a $5000 TFSA (because you get dinged for over-contributing) but it sounds like you contributed bit by bit, vs a lump sum of $5000.

By: Robert

Robert — Sat, 06 Mar 2010 21:14:18 +0000

I opened a Questrade TFSA account at the end of January and I agree completely with your review. There is a bit of a learning curve. I use the QuestraderWEB platform and it seems fine. Another site mentioned ‘research elsewhere, execute on Questrade’ and I would agree.

Newbie warning – I entered the wrong number int he shares field and over-purchased one ETF. But I was averaging out over several days so not a huge deal. It would be nice if QT quoted the TOTAL cost of the trade when you confirmed it (just shares x price even).

Also, do NOT forget to include the commission when calculating your purchases. I assumed the commission was included in my ‘buying power’ and it was not – had to move in a small amount to cover a shortfall.

Still, lessons learned and I am generally pleased with it.

By: young

young — Sat, 06 Mar 2010 03:00:03 +0000

@Rod Oh I whole-heartedly agree with you that Questrade rocks! I use QuestradeWEB too and it runs with Java and it’s much much better than webtrader. I haven’t had any issues after hours with QuestradeWEB. In fact, Questrade WEB has such a clean appearance that it looks just like the same brokerage accounts that cost $29 per trade!

US dollar funding via your method is good (I have done this in the past) but you just have to take into consideration the exchange rate. Sometimes the rates might not be ideal (remember the $1 USD = $1.20 CAD?) to trade, though can’t really complain currently!

Thanks for your input. =)

By: Rod Willmot

Rod Willmot — Fri, 05 Mar 2010 22:27:26 +0000

There is an easy way to fund with US dollars: put CA dollars into your account and then convert them into US dollars within myQuestrade. It generally takes under 24 hours for it to get done.

Second point, lest anyone be scared off by your saying that the trading platform can be wonky, I haven’t experienced that at all (including after-hours). And not having seen any other platform for comparison, I found it simple and effective.

Third point, I agree that at first it’s confusing to have to use three different websites to accomplish different things: myQuestrade for account-related details, QuestraderWEB for trading, and the Penson site for things like incoming dividends.

In sum, it’s bare-bones but *really* worth the learning curve because trades are so incredibly inexpensive. For the small investor, Questrade is ideal.

By: Not pay trading income taxes through a TFSA trading account | Quantisan.com

Not pay trading income taxes through a TFSA trading account | Quantisan.com — Fri, 19 Feb 2010 15:12:35 +0000

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