Questrade – Recently Closed My Account

I’ve recently closed my Questrade account for a few reasons. The first and most important one is that my big bank now offers me the same commission rates as Questrade in addition to all the other great features that Questrade lacks. Additionally, I’ve been very unimpressed with their customer service. I’ve only called fours times however, each time I felt very rushed by the representative and on one occasion they would not stay on the phone to verify that I could indeed login again and I was told to call back if it didn’t work. That wouldn’t normally bother me except that it took nearly 30mins to talk to a rep in the first place. Additionally, on their website they claim that it’s 1-2 days for an electronic funds transfer from Questrade to your bank account. However, my experience is that it takes approximately a week. After waiting on the phone for about 30mins I was told that it was 1-2 business days after it’s processed at Questrade but there was no guarantee on the processing time. Personally, I wouldn’t even trade through Questrade if there were absolutely no trading fees. After my multiple dealings with them I don’t trust them and don’t have any confidence in their customer services or technology. That being said Questrade might be an option for individuals that don’t qualify for discounted rates at one of the big banks and don’t mind extremely sub-par customer service.

I would like to note that this is only my opinion and it could be that my experiences are not typical of other Questrade customers. I know that some Questrade representatives read this blog so please feel free to comment.