Put Some Assets In Questrade?

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gouthro
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Put Some Assets In Questrade?

Post by gouthro »

Hello everyone,
I have everything in BMO Investorline but because of a recent incident I have been thinking about switching some assets to Questrade. I don't know much about Questrade so I thought I might ask if anyone has any idea if there may be any downside to this, not seen by me.

Inititialy, I wanted to make this switch because I wanted to buy a Pimco bond fund denominated in US dollars and BMO did not have it and Questrade does. It is an F-series fund, so less Mer < PMO2205>.

Then I thought that since I am planning on selling US stocks and buying ETF's as well, maybe I am better to switch a larger amount and do all of those transactions in Questrade, since they do not charge for ETF purchases and sales.

The only downside that I can see is the added trouble of having two accounts. I am not sure how difficult that is to manage but it can't be too bad. Can't see any problem besides the bother factor, though. Anybody have any experience with this kind of thing?
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deaddog
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Re: Put Some Assets In Questrade?

Post by deaddog »

I'm a long term client.

Not a bad broker cost wise but if you need customer service I find them lacking.

Buy ETFs at no commission but you pay any exchange fees; full commission when you sell.

Web site is a little clunky but trades are executed in a timely matter.

My main broker is BMO.
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Re: Put Some Assets In Questrade?

Post by fireseeker »

deaddog wrote: 22 Jan 2018 10:16 My main broker is BMO.
DD, do you mind explaining why you use two brokers?
I've consolidated (at BMOIL), which I find simplifies organization considerably. But you do surrender small advantages, like the fee-free ETF trade.
Sometimes I wonder which is best -- simplicity, or multiple accounts to take advantage of individual attributes.
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Re: Put Some Assets In Questrade?

Post by westcoastfella »

I'm also a long time Questrade customer, for RRSP only. I moved to them when I wanted to start a US dollar RRSP, they were one of the few on the market at the time that offered it. I would generally agree with deaddog - if your need for handholding or customer service is light and you're comfortable trading simple things, then they are good. They are a bit slow on norbert gambit moves (3-5 day turnaround), but will do it with a simple chat request. Don't let them fool you with "4.95 trades", relatively few end up being that price (exchange fees that other brokers eat in their 9.99 cost), but still competitive.

My primary broker is iTrade, and I still hold my non-registered and TFSA there. I like iTrade for CAD trading, and if they had offered a USD RRSP at the time I would still have all my assets with them. I don't find it adds a lot of complexity to my life to have 2 brokerages, and there are enough assets at both to get whatever account threshold goodies they each offer.
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deaddog
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Re: Put Some Assets In Questrade?

Post by deaddog »

fireseeker wrote: 22 Jan 2018 10:30

DD, do you mind explaining why you use two brokers?
At one time I was chasing promotions and trying out the different trading platforms.

I use BMOIL as my main broker and keep Questrade account open in case I need to close a position and BMOIL is off line.

I find BMOIL meets all my trading needs, Their Market Pro platform has a decent charting along with level2 and time and sales info and good execution. Questrade is adeqate and is mainly a back up account.

I was with RBC but the banking side shafted me so I moved all accounts a couple years ago.
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Quebec
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Re: Put Some Assets In Questrade?

Post by Quebec »

gouthro, there is general Questrade topic somewhere on this forum (although I can't seem to be able to find it just now), I suggest you look at the last page or two.
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Re: Put Some Assets In Questrade?

Post by AltaRed »

I suggest the OP verify that he can actually buy an F series fund with any discount broker in Canada. AFAIK, this opportunity was shutdown pre-2000 when the full service brokerage industry protested and the fund companies caved. AFAIK, F series can only be purchased through the Advisory channel.
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Re: Put Some Assets In Questrade?

Post by Peculiar_Investor »

Quebec wrote: 22 Jan 2018 16:00 gouthro, there is general Questrade topic somewhere on this forum (although I can't seem to be able to find it just now), I suggest you look at the last page or two.
This one? Questrade (the former misnamed TradeFreedom thread). Found via Discount brokerage - finiki, the Canadian financial wiki.
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Quebec
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Re: Put Some Assets In Questrade?

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Quebec wrote: 22 Jan 2018 16:00 gouthro, there is general Questrade topic somewhere on this forum (although I can't seem to be able to find it just now), I suggest you look at the last page or two.
I've read the last page of the general Questrade topic (thanks P_I for the link), and boy, do we like to bitch and complain. Myself included of course. So for a counter-view:

1. This brokerage scored impressively well in the latest Moneysense review of discount brokers in Canada. They earned 'top pick' in the categories "Getting Started", "User Experience", "Fees & Commissions", "Best for ETFs", and an honorable mention in the category "best overall".

2. We're still with Questrade (5 accounts out of 7) and are generally satisfied.
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Re: Put Some Assets In Questrade?

Post by 2 yen »

Quebec wrote: 23 Jan 2018 08:58
Quebec wrote: 22 Jan 2018 16:00 gouthro, there is general Questrade topic somewhere on this forum (although I can't seem to be able to find it just now), I suggest you look at the last page or two.
I've read the last page of the general Questrade topic (thanks P_I for the link), and boy, do we like to bitch and complain. Myself included of course. So for a counter-view:

1. This brokerage scored impressively well in the latest Moneysense review of discount brokers in Canada. They earned 'top pick' in the categories "Getting Started", "User Experience", "Fees & Commissions", "Best for ETFs", and an honorable mention in the category "best overall".

2. We're still with Questrade (5 accounts out of 7) and are generally satisfied.
Glad to hear this as I've just recommended Questrade to a newbie. The low fees starting out was the crucial thing.

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Re: Put Some Assets In Questrade?

Post by gouthro »

Thanks very much for the helpful replies, they build confidence in Questrade. Québec, I did look for a thread before hand but as you noted, the name was not the same. Thanks for resurrecting it! Alta Red, I checked with Questrade and they said they have the F series. That in fact, is what first prompted me to move some money from BMO. As you likely have experienced yourself, though, what they tell us is not always the reality we learn when we get further down the road. But, I did call the Canadian office of Pimco and it was the guy there that told me that he buys it at Questrade. So maybe that is a bit of a confirmation. What I am looking for is a good deal because it is a mutural fund and has an mer of .75 or thereabouts, i think, and in US dollars.

thanks for the generous help,
joe
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Re: Put Some Assets In Questrade?

Post by queerasmoi »

I haven't tried buying F-Series at Questrade. Just be aware they do charge a fee ($10?) for each mutual fund trade.

I've been using Questrade for my ETFs. It's been smooth sailing ever since they ditched the Penson backend some years ago.
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