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Old 01-26-2011, 07:57 PM
idiotstockinvestor idiotstockinvestor is offline
Join Date: Oct 2010
Posts: 120
Default QTrade Review/Feedback

Their customer service e-mail responses are quite good and fast but their system leaves much to be desired. Yes you can do the normal buy, sell and limit/stop orders but it is frustrating/scary that there is little record keeping and e-mail notifications.

The commissions are decent for a Canadian broker (on average $20 CAD) per trade so you pay this when you buy or sell.

Eg. I place a buy limit order for a stock and suddenly the money disappears from my account but it's not for 24+ hours that I see the stock has been bought and what I paid for it.

I would at least expect e-mail notification of the following:
1. That my order has been placed and confirmed for the following (eg. x units, and limit price if any).
2.) If my order has been filled I expect instant notification/reflection in the on-line account and an e-mail with the details of commission, units bought and price.

But neither of those occurs when buying or selling stocks, it also isn't easy to search the history and determine which transactions as dividend payments. It can be done if you look at a positive debit being done but the transaction often won't look much different than buying a stock with the exception of the amounts being different.

QTrade has an outdated system, fast customer service responses but their procedures leave a lot to be desired.

I am very nervous that a mistake could happen with their system where money is lost/disappears into thin error and the customer like us may not notice it. The bottom line is that for financial transactions they don't cut it when it comes to reporting and notifications and I believe this should practical be illegal to have such negligent reporting/lack of notifications to the customer.
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