Switching to Questrade: My First Impressions | Best Canadian Investment Broker?

[@Got2Learn]

I changed from WS to QT because most stocks I wanted to buy weren't available, Questrade has its bugs but overall, it's good.

[@ericfoss5457]

Hi. I totally agree. Plus no drip. My question is, did you have to sell off your portfolio with WS first? Then repurchase the same funds with Questrade?

[@Got2Learn]

@@ericfoss5457 It was a transfer, but when you transfer, it resets the price at which you bought your stocks to the most recent price, so it messes up your book prices.

[@PassiveIncomeInvesting]

i confirm this is 100% true :)

[@ericfoss5457]

Ok thanks guys. How about their mobile platform? Still recommended?

[@Got2Learn]

@@ericfoss5457 Don't use their new platform, it's just, crap.

[@oanhpham8780]

I just transfer RRSP to Questrade and I found your video … it come in right time for me to explore more about Questrade … thank you 🙏

[@menarheu5527]

As a non Canadian resident the choice for a self directed investment platform is somewhat limited. I switched to Questrade (was with BMO InvestorLine and cibc investors edge) about 6 months ago. Very efficient and timely responses. I’m a platinum member…very happy with the service so far. Agree with you, I would definitely recommend Questrade.

[@PassiveIncomeInvesting]

Good stuff !

[@blanksy_-]

i am considering being a non resident . i am concerned about the departure tax and the amount i have to pay on my dividends after.. any tips ?? thanks

[@PassiveIncomeInvesting]

Do some research 😉

[@menarheu5527]

@@blanksy_- Definitely would suggest consulting with an accountant that has experience with expat tax advice/filings. Also, make sure you understand how each dividend is classified (roc, capital gain etc.) for each investment you own … this will impact how you’re taxed.

[@blanksy_-]

@@PassiveIncomeInvesting i have been and cant find anything .. CRA info is very vague

[@investinggrind]

Really great informative video. I've been thinking of switching to questrade a year ago but kind of reluctant. I just like the hands off approach, specially the DRIP. Because Wealthsimple doesn't offer drip and some stocks you can't buy. Thanks for always keeping us informed.

[@sylvainbeausejour]

Good description which comforted me for being with Disnat which offers everything Questradre seems to offer with as a bonus, no commissions at all.

[@dmitrysorokin3219]

Thank you for review Adrian. I've been Platinum member for almost a year now. Did not notice any difference in response times or any better service when communicating with them either via generic email support address or Platinum telephone line or chat. Had to call/chat multiple times to finally get them to process RESP withdrawal application for my daughter. Withdrawal application that I had to print, fill and sign, then scan to PDF and upload, was sitting there for over a week until I've contacted and pushed to finally process it. Starting August 1st this year Questrade now provides streaming real time stock/ETF prices, so no 15 minutes delay. Not sure if this is only for Platinum members or for everyone. Monthly statements take over two weeks to appear, not couple of days. Still no July statements for any of my 7 accounts. I have couple accounts with IBKR and monthly statements there available on 1st or 2nd of the next month.

[@KM-lr3rm]

Thanks for an informative video! I switched to Questrade as well from TD years ago. So far, I have been liking it. I only talked to someone over the phone once. I also enjoy using Passiv just to track the dividends and the portfolio. 😊

[@PassiveIncomeInvesting]

Tha ma for sharing !

[@lanaturopathefrugale]

Have only ever used Questrade as a broker so I cannot compare but globally it is good. The only nightmares I have with them are about RESP and Québec fund (QESI) they missed it for my eldest and for my youngest the transfer is stuck because of the QESI institution transfer form as well. Hopefully when this will be settled it will be smooth sailing forever

[@fi_high]

Sometimes when I DCA on ETFs I buy 1 share per day to avoid the ECN fee with Questrade 😂 Glad you are happy with Questrade! I use TD as well and each platform has their own benefits 👍

[@Goforitmanager]

Been with Questrade for over 12 years and it’s been decent for the most part. The biggest negative is the fact that your Friday balances don’t show up until Monday, every other day shows up next day. This is new for ‘22, before we would get Fridays balances on Saturday. Don’t think everything is “DRIPable” CLM and GOF do not DRIP on my RRSP.

[@gsafrany]

I can Drip CLM with Questrade, I don't have GOF.

[@PassiveIncomeInvesting]

My gof drips fine …

[@blanksy_-]

i find the current balance vs start of day is not correct when you look at daily amounts

[@PassiveIncomeInvesting]

I believe it updates the following day

[@_Mikekkk]

Can not say anything bad about Questrade, but to transfer my account from Scotiabank to them took me whole month. And I had to go back and forth between Questrade and Scotiabank to complete this task. Another my concern - I would not put ALL my money to one broker which is not as dependable as bank with 200 years of history. Other then that, I am happy with their platform and quick chat support.

[@Whatisthisstupidfinghandle]

Adrian left canada. The Canada banks are not an option for him. They don’t allow non residents

[@PassiveIncomeInvesting]

dude that makes no sense. that is like saying ill put my money in different banks .... only my grandma told me that years ago and ill tell you you exactly what i told her: that's silly (in Italian)

[@_Mikekkk]

@@PassiveIncomeInvesting For me it makes sense. What if these guys (Questrade) disappear tomorrow? At least with canadian banks I know that after 200 years in business they will probably be here for next few decades.

[@maryannagabriel2788]

Adrian - I gave questrade a chance and was so frustrated by my inability to do research at the level I needed that I halted my transfer.

[@PassiveIncomeInvesting]

That’s fine , so whatever is best for you

[@jacquesfournier4616]

Hi Adrian, I know that this is an old video, but I think you do a follow up on them also. I would like to know if Questrade is automatically calculating adjusted cost base for you. Thanks

[@0001www]

Adrian, you should try the national bank platform. The viewers would appreciate your thoughts

[@PassiveIncomeInvesting]

How can I ? I won’t be switching again . There’s no point for me . I’m sure it’s a fine broker

[@0001www]

@@PassiveIncomeInvesting Perhaps create new non-registered accounts for National bank (and maybe also Wealthsimple)? I'm sure it would valuable for a lot of viewers.

[@tonyglen33]

Thanks for this. I'm with Interactive Brokers but will be adding another broker soon. Questrade just won :)

[@PassiveIncomeInvesting]

Great to hear!

[@jasonstupak4535]

Watched and liked, thanks Adriano!

[@tonytraniello4645]

Very informative video as all the rest. Thank you so much Adriano and Erica

[@PassiveIncomeInvesting]

Thanks Tony. Stay Passive

[@roberttaylor3594]

I was looking at Interactive Brokers, but have not switched. The big raw was the ability to access many markets that are eligible for TFSAs. Right now I an with Trade, which I like, but I do not make a lot of traders so the fee isn't an issue.

[@PassiveIncomeInvesting]

Exactly !

[@hamin31]

Have been with quest for aroun 15 years, didn’t like them they only reason they have started to change because of Wealthsimple and national bank, which is commission free, I am slowly moving all my accounts to National Bank

[@ericav4202]

Seems like feedback varies based on experience, all works well on my end and I personaly prefer the interface functionality more than my previous broker. Luckily we have lots of choices, and you can switch whenever. 👍

[@hamin31]

@@ericav4202 👍

[@PassiveIncomeInvesting]

Why didn’t you like them ? I have had 0 issues thus far

[@shenhowe]

if you are Canadian. non-resident isn't your withholding tax 25% on ETFs and trust income? do you have a video on this?

[@rickbold9337]

RBC also excepts non resident customers but their drip program is very limited.

[@danielsiggy]

Have you researched for Interactive Brokers? If yes, why did you not choose them? Thanks.

[@PassiveIncomeInvesting]

not really but i heard its fine and dandy :)

[@Goforitmanager]

Steeper learning curve for IB, Questrade is more user friendly.

[@hamin31]

I am a vip but never got the support you mentioned with quest have to wait same amount of time

[@PassiveIncomeInvesting]

well, did you use the right phone number or email? you do know that it is a DIFFERENT phone# and email right?

[@hamin31]

@@PassiveIncomeInvesting I tried the general line, however shouldn’t they know by account number or user id. With NDB live call is with little wait time, however reports and other analysis tools are better with Quest.

[@brimill8257]

Good video! Are all the covered call etf and split shares fund free to trade? And how about the reinvestment of dividend? Thanks!

[@PassiveIncomeInvesting]

no not all but Many ETFs are. DRIP is available on everything like i discussed

[@kellyinPH]

Does Questrade allow you buy/sell as a non-resident? Wealthsimple and BMO say i can only sell and not buy as a non resident and say its a securities policy but when i asked Questrade they tell me that they allow things as if i was still a Canadian resident. I dont have a problem moving all accounts as long as Questrade is the answer for non residents. Thanks

[@PassiveIncomeInvesting]

yes

[@kellyinPH]

Thank you for all your info and vids

[@theresasmith1]

I signed up but it constantly seizes up on me. I only have 25 mb a sec . Would the mobile app work better?

[@blanksy_-]

fees are not free if you do market trades . i phoned QT and they said one has to put a limit order .. he said avoid instant trades to avoid fees

[@mr.financial]

Nice video Adrian. Always a pleasure to watch your new videos. You should check out IBRK too. I really like them.

[@fl5269]

Hi Adrian, thanks very much. For EIT.UN on the income monthly how much is the percentage of the income coming from return of capital?

[@PassiveIncomeInvesting]

You can only know for the previous year . It can change every year . You can only look at last years to give you an idea

[@camille2872]

You mentioned you would try it give us an update?

[@TheJoeMoneyShow]

Can you keep your TFSA even if your live in a different country? I’m with Cibc

[@PassiveIncomeInvesting]

Please see my panama video , I go through that

[@jacquesfournier4616]

Hi Adrian, we get $50 when we open the account in English, but nothing when we open the account in French! I know the application is only in English for now, but the documents to open the account are also in French. Could Questrade correct the situation? Thanks😁

[@PassiveIncomeInvesting]

desole mon ami.... you will have to ask them, last email i sent them was unanswered

[@horatiu70]

I know you only had Questrade for limited time but what is your experience so far with the safety/security of your accounts. Can you setup 2 layer verification? Are there safety allerts?

[@PassiveIncomeInvesting]

Yes you can , you can modify to your liking

[@marouanetlili8690]

Hello, thank you very much for this video. I just started with Questrade and I have serie-f mutual funds with TD (name starting with TDB...), can I transfer them to questrade? Is this related to the 'in kind' concept? thanks

[@PassiveIncomeInvesting]

Not sure , best to confirm with td

[@endysdoodoo]

Did you look into National Bank? zero fee trading

[@KJ-hx3jr]

will QT also update book value to reflect ROC like TD does every year?

[@PassiveIncomeInvesting]

I don’t think so … discount brokers typically don’t do that . I’ll ask to confirm

[@KJ-hx3jr]

@@PassiveIncomeInvesting Oh, then I may continue to stay with TD, really hate manually calculating book value when selling my position.

[@PassiveIncomeInvesting]

Confirmed ! Questrade tracks and updates book costs ! 😉

[@amleshsingh4340]

I have seen most of folks in this group having an investment even around a million and that’s pretty impressive. And Here I am, can mostly put 15K per annum from my regular job salary ;(

[@amandaotting2492]

Hi Adrian, just wanted to clarify the $150 dollar rebate. I have both US and CAD RRSP account with TD; when I transfer them to Questrade, will I get rebate for both accounts i.e $300?

[@PassiveIncomeInvesting]

lol no it’s per account . That’s counts as 1 rrsp account . I wish tho . Also , rrsp was free for me .

[@homann638]

Adrian, thx for the overview of Questrade. How do you manage your wife's accounts? can you see both your accounts on the same screen or you have to sign out and sign back in with different credentials? I saw that you had 3 margin accounts on your screen and a joint marjin and thought maybe you found a way to see and manage both accounts on the same screen.

[@PassiveIncomeInvesting]

no you need to login to the other account

[@gr-xu1fr]

Was looking for commentary on FX conversion fees and margin interest rates but didn't see it - I suspect QT is not at all competitive in these areas.

[@PassiveIncomeInvesting]

i don;t use Margin or advise anybody to use it. I rather invest in Leveraged funds instead

[@MrChepburn]

Adriano - Great review - I've been using QT for a couple of years and will stick with it. I use Passiv as well ( just to track dividends - no purchases ) - and I find it useful. Can I ask you if you were able to set up BTCY and ETHY on drip?

[@PassiveIncomeInvesting]

well i got BTCY on DRIP in my LIRA, works fine!

[@MrChepburn]

@@PassiveIncomeInvesting ok thanks - just curious - I put in a drip request but didn’t drip - may next month?

[@p.c.h.6721]

So if Questrade opens accounts for nonresidents, does that mean that they also open accounts for international clients?

[@PassiveIncomeInvesting]

Not sure about that ! You can always contact them and ask

[@p.c.h.6721]

@@PassiveIncomeInvesting Thanks 🙏

[@sukhjinder71]

QUESTRADE was trash for me when I started in 2020. The chat has improved things since last year. I'm a platinum member. It took me almost 2 months to transfer my rrsp account. I was able to transfer my tfsa account within a week. I almost missed out on huge money because they took so long to get my rrsp account transfered. That was very annoying.

[@PassiveIncomeInvesting]

Hmmm , my rrsp was quick . It was the lira that was super king but that was manulifes fault and not questrade

[@sukhjinder71]

@@PassiveIncomeInvesting Its still better than any bank though. Maybe it was just an anomaly. Like I said my TFSA took a week.

[@Elaine-hr9ps]

I am not a fan. Just transferred out to InvestorLine where I had other accounts. Much better online experience. Real time quotes. Your portfolio is updated real time

[@PassiveIncomeInvesting]

Meh makes no difference to me . I never look at that anyways

[@thesuperping1]

Use interactive brokerage. So much cheaper

[@ardbegrules3973]

Another con: did you know Questrade drips at market price + commission, not NAV?

[@PassiveIncomeInvesting]

yes, but that is the case for all brokers. As far as I know, none of them DRIP at NAV. But that is really a concern for CLOSED end funds , not ETFs

[@luchoCuevas]

My concern with Qstr, I started a transfer from RBC to QSTR, (>500K$) they entered my values wrong and took more than a month to sort it out, QSTR was blaming RBC and v/v, I finally moved to WS because of this. The clerck who made the mistake was finally fired.

[@PassiveIncomeInvesting]

How did you do the transfer ? All in kind ?

[@PassiveIncomeInvesting]

Get $50 worth of Commission Free Trades when you open a Questrade Account using this link: www.questrade.com/?refid=PASSIVE50 or simply enter this "Offer Code" when you open an account: PASSIVE50 GOOD NEWS! : Questrade has confirmed that they DO track return of Capital and update BOOK Prices Annually. HUGE WIN!

[@rickbold9337]

I just opened an account and your PASSIVE50 code didn’t work. Not sure if it expired or what

[@arathaemaxus5250]

DO NOT trust and investing channel promoting brokers. Major red flag.

[@rickbold9337]

Except it’s very useful information to investors watching his channel

[@justdrive6457]

Ngl this is a sell out. Questrade is a bad choice for brokerage. Many many issues with the interface.

[@PassiveIncomeInvesting]

i had no issues. i only recommend things i use or invest in myself... so maybe you should look up what "sell out" means

[@Backtoreality1873]

Questrade is garbage. Worst service ever.

[@PassiveIncomeInvesting]

no issues thus far for me! i got great service

[@fernandodoria8717]

I have SBC Class A shares. Today on Aug 17, Brompton announced: "BROMPTON SPLIT BANC CORP. ANNOUNCES OVERNIGHT OFFERING Toronto, August 17, 2022 - (TSX: SBC, SBC.PR.A) Brompton Split Banc Corp. (the “Company”) is pleased to announce it is undertaking an overnight treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively). What does that mean to us who have SBC shares? Cheers, Fernando

[@PassiveIncomeInvesting]

Please see my interview video with Brompton . You need to understand what an offering is and how closed end funds work…

[@fernandodoria8717]

@@PassiveIncomeInvesting, I saw the interview again, and I now understand. Thanks Adrian

[@JOHNHSMITH2]

I have schwab. RYLD XYLD JEPI RA GOF PDI CHW SVOL