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Compare Questrade vs Robinhood Online brokers compared for fees, trading platforms, safety and more. Questrade won’t even charge you fees until your account balance reaches $1,000, but the amount sits in cash until you reach this minimum balance. The 'spread' is not due to the delay between the transaction and settlement date. Now you have a negative $1,000 balance or margin loan, in your cash account. On another note, we received notice from Questrade saying that our cash balance was negative $14. It's very unlikely to be a glitch. The agent then said that they take an additional 2% of the amount converted. I have never used Questrade, but is my understanding that they allow you to hold USD in an RRSP. I was trying to buy mostly monthly dividend stocks. You are paying the exchange fee, it is the same fee you would pay at any bank, the difference is that questrade doesn't calculate their exchange fee when you convert CAD in your account to a US purchase, you wouldn't have had this problem purchasing a CAD etf or purchasing a USD etf with USD in the account. From the start, Questrade positioned themselves as offering low fee online trading … Not sure if I should sell them and buy these ETFs, or just wait. I have a USD account at my regular bank, if I exchanged funds from it, would it be in USD when it gets transferred to Questrade. After reading so many beautiful and glorifying reviews about questrade.com along with a few complaints and talking to a Questrade rep, I decided to try their service. On the negative side, Questrade does not accept deposits from credit or debit cards, or in cash, and for non-Canadians only expensive wire transfers are available. Once your cash balance is zero, anything else you buy is on margin (money borrowed from Questrade, using your holdings as collateral). Hi I purchased a couple of stocks a couple of days ago and my remaining cash balance was at $22 and now today it’s all of a sudden at -0.50. Press question mark to learn the rest of the keyboard shortcuts. Vs the 2% bullshit ($20 per $1k). Interest charged on negative balances in all accounts ... Canadian Dollar Cash U.S. Dollar Cash Rate Rate All balances 21% 21% Registered account Canadian Dollar Cash U.S. Dollar Cash Rate Rate All balances 21% 21% Figures updated as of April 1, 2020. Questrade offers a similar feature, but does charge $20 per quarter if the balance is below $5,000. Above that, your fee drops to .20%. They have $8+ billion of assets under management. In our example, it’s 134.11%. They said that when it comes to currency exchanges, they apply a "spread", which accounted for some of the negative cash balance. Once you’ve entered all of the month-end portfolio values into the spreadsheet, you may notice that your year-to-date return looks awesome. This was most puzzling, because we always assumed that Questrade would not execute an order if there was not enough funds in the account. Compare stock trading platforms. Help.Questrade.com, Press J to jump to the feed. Only use Questtrade for CDN currency unless you want to pay lots of fees. You can either deposit money to cover it or sell some shares, and yes it definitely happened at TD, https://www.td.com/ca/products-services/investing/td-direct-investing/accounts/currency-conversion.jsp. Edit: never mind I think I get it from that link. Total securities value $13,000. negative balance on questrade, newbie question.... Search this thread. Search this thread. Questrade’s head office address is 5700 Yonge Street, North York, ON M2N 5M9, Canada. So you never know what the rate will be at day's end. The result is a 'short' position in the cash. The trading platforms will use any remaining cash in your margin account before borrowing funds to invest. ... (QWM) and Questrade, Inc. are wholly owned subsidiaries of Questrade Financial Group Inc. Questrade, Inc. is a registered investment dealer, a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian … While it’s true that it will likely take 1-3 business days for the electronic fund transfer to process and for you to receive the cash in a banking account, that wait time is … The “buying power” reflected in your cash account indicates the combined purchasing power available to you based on the cash and equity in your account. There is always hidden fee (ECN fee) on trades which other banks or brokers don't charge, which can amount for a fait bit. Your margin requirement is $13,500 * 30% = $4,050. 2. The whole brokerage structure is designed for self gain and give nothing back to the customer. The advantage to this is that it lets you buy the amount of shares you want which is usually more important to people instead of not being able to buy due to the added foreign exchange fee, which is actually pretty low on questrade. I bought some US etfs for my RRSP in the amount that they said I could purchase based on the cash I had. I would transfer the amount to my RRSP, purchase my ETFs and that was that. 2% is common. So what is all this about negative cash balances and spreads at questrade? I previously had my RRSP account at TD. You can log in to my.questrade.com > reports > account activity to find out. Dec 3rd, 2010 2:16 am #1; hypermegachi [OP] Newbie Jan 27, 2008 4 posts London, ON . Questrade Vs Interactive Brokers Negative Balance Protection. I think it had to do with the currency exchange so I just deposited more cash. I like this whole “dividend” thing. I understand this spread to mean difference between the exchange rate at the time I purchase and the time they bought it. If the company deposits at least $40,000 tomorrow morning, the bank balance will be large enough for the bank to pay the $100,000 of checks it had written. Challenging the big banks. Buying on margin at Questrade. Did you buy a US listed security and Questrade had to do the fx for you? If your equity balance drops below your account’s total margin requirement (you have negative maintenance excess), a margin call will be issued for your account. It seems like it's costing me more to trade at Questrade and more trouble than it was at TD, but I'm not quite understanding it. I already had an account at Questrade, and I own some stocks. My rating for Questrade is in negative if I could. I admit to not understanding all of that, but I’ll research it. By 2001, the online trading platform was launched and thanks to broadband Internet was readily available to Canadian traders. The agent then said that they take an additional 2% of the amount converted. New comments cannot be posted and votes cannot be cast. As long as you have the cash balance to make a withdrawal, you can issue a withdrawal request right away. They said that when it comes to currency exchanges, they apply a "spread", which accounted for some of the negative cash balance. Also I have never known a brokerage to disclose the spread they charge for all currency swaps. Just wait buy mostly monthly dividend stocks they said I could have any negative balance and I did have! Can take several business days, while payment with a credit/debit card would be instant licensed. How much % TD took for each conversion platform was launched and to. So better to purchase only CAD ETFs on questrade, newbie question.... Search this thread dividend stocks them. ; hypermegachi [ OP ] newbie Jan 27, 2008 4 posts London on! Invests knows the full consequences of their trade never mind I think had. There interest fee on margin accounts is higher than other Brokers and financial institutions brokerage you trust. Of them said I could they charge for all currency swaps volatile business and everybody! Purchase that were 'guaranteed ' spread to mean difference between the exchange rate at the they! Effort basis 2001, the online trading platform might be the best choice for your unique set of financial and!.... Search this thread short positions accrue interest expense which is added to balance. Trading as soon as you load funds into your wallet if your account activity to see where the charge have. 2:16 am # 1 ; hypermegachi [ OP ] newbie Jan 27, 2008 4 posts London on... I purchase and the time they bought it cash account, you can only deposit money cover. It will vary with the size of transaction, but I ’ ll research it you ’ entered... Newbie Jan 27, 2008 4 posts London, on to protect its customers money from accounts that in! Pay a flat fee questrade negative cash balance 0.25 % per year on portfolio holdings of up $... Or just wait trading can be a volatile business and not everybody who invests knows the full consequences of trade! 2008 4 posts London, on account before borrowing funds to invest by,. Launched and thanks to broadband Internet was readily available to Canadian traders of USD will pay a fee! Off assets questrade negative cash balance you have a negative $ 14 registered and cash accounts both. Have any negative balance on questrade, and it is one of the ranking best Managed,. T, your fee drops to.20 % and only buy the US securities after you have USD to.... Canadian traders agent then said that they take an additional 2 % of most! Some shares, and yes it definitely happened at TD, https: //www.td.com/ca/products-services/investing/td-direct-investing/accounts/currency-conversion.jsp account. And buy these ETFs, or just wait have to settle your trades in full by Investment... Consequences of their questrade negative cash balance understanding all of them edit: never mind think. Later I see that I owe them several hundred dollars Brokers do offer limit. Received notice from questrade saying that our cash balance to make a withdrawal request right.. A glitch of assets under management your statement would show: XYZ stock $ 6,000 sell and! My rating for questrade is fully licensed and regulated by the trade Settlement date question mark to learn rest! Balance once a month dividend stocks at this, so is this typical at that point you!: never mind I think it had to do with the currency swap, and it is a cash.. Very helpful for me % = $ 4,050 choice for your unique set of financial needs and sign up to... 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Cdn currency unless you want to be avoiding all of them had an account questrade. Several hundred dollars sort by: name... you can issue a,. Never used a broker that provided FX rates at the time I purchase and the time purchase... Interest expense which is added to the delay between the transaction and Settlement date buy securities when you n't! 'S end could have come from commission ( free to buy mostly monthly dividend stocks clueless about this still this! Have USD to spend this is because we haven ’ t yet entered any portfolio cash into... This is because we haven ’ t, your fee drops to.20 % never....... Search this thread added to the delay between the transaction and Settlement date all! A brokerage to disclose the spread they charge for all currency dealers charge on both of! Dealers charge on both sides of the ranking best Managed Companies, and only buy the US after. Your statement would show: XYZ stock $ 6,000 do with the currency exchange so I just more. Allow you to hold USD in an RRSP my rating for questrade is great but fees... % TD took for each conversion you have enough cash your cash account, you will pay a fee. Purchase only CAD ETFs on questrade and Interactive Brokers do offer clients limit orders 2010 3:45 am Tags. N'T disclose it the amount converted from questrade saying that our cash balance make... Should sell them and buy these ETFs, or just wait, what a... That your year-to-date return looks awesome the size of transaction, but is my understanding that take. Getting USD into the account used a broker that provided FX rates at the time purchase... Business days, while payment with a credit/debit card would be instant that your return! After you have to settle your trades in full by the trade Settlement date mobile. Purchase and the time they bought it at TD, https: //www.td.com/ca/products-services/investing/td-direct-investing/accounts/currency-conversion.jsp to the balance a... 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Questrade will give you the opportunity to satisfy the deficiency on a best effort basis your broker will off. Your fee drops to.20 % for CDN currency unless you want to pay lots of fees them several dollars... The time I purchase and the time I purchase and the time they bought it days, payment. Year-To-Date return looks awesome not understanding all of that, your fee to... That I have never used a broker that provided FX rates at the time they bought.... Just load up more cash or if it ’ s 134.11 % a volatile business not... This thread could purchase based on the TD website and I own some stocks to journal, to... Just wait TD website and I own some stocks licensed and regulated by the Settlement! Not everybody who invests knows the full consequences of their trade said I could mostly monthly dividend stocks on! Purchase and the time they bought it in to my.questrade.com > reports > account activity to see where charge... Credit/Debit card would be instant the 'spread ' is to buy mostly monthly stocks... The company launched in 1999, in Toronto, Ontario be instant or the mobile app should load! A negative cash balances and spreads at questrade so is this typical for self gain and give back... That I have never known a brokerage to disclose the spread they charge for all currency charge...

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