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questrade canada problem

Discussion in 'Scam Alerts' started by fxjon, Sep 11, 2008.

  1. fxjon

    fxjon Private

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    please help me to resolve this problem with questrade canada.
    on thursday night sept 4th i was short gbp/jpy and entered a one cancels the other stop loss and limit order. the market was moving very quickly and ended staying up all night making good money. i stayed short but when friday morning came and the trend reversed before i could get out i thought i would remove the stop loss because i believed that the market would go short again in the following weeks. i went to the positions manager window and tried to cancell but the cancell button would not work so i hit the modify button and modified the position to read zero stop loss and zero limit. i then went to my reports page so i could copy the info and to verify that it had gone through but i could not get any reports to work on my system. i thought it was my ccomputers fault so i rebooted my computer and re -started the trading platform. i was still not able to access the reports. i went to see if i had to update java since it is a java platform but it was updated already. by this time it was almost 3 mountain time and questrade would be closed and they are very hard to get a hold of anyway and i had to get ready for work. i checked again to see if i had cancelled the stop loss and on my platform it said that i had and all the numbers were at zero so i thought i had nothing to worry about. also my wife was there with me the whole day and witnessed all that i had done. on sunday when i opened my plarform i had no open positions and again thought it was my camputer glitching so i rebooted it a few times to see if my positions would show up. to no avail so i phoned forex.com the parent company who owns questrade and told them of the situation. the man there said he could see no reason why my positions were closed as he did not see a stop loss entered and there was no reason for a margin call, but he said i would have to wait till monday to talk to questrade as they were the ones who closed my positions. on monday i spoke with paul the manager who always is rude and arrogant with me and said if i had a bigger account and traded more then everyone would be happy and this would never happen. he then said i would never find proof of what i was saying and that they were going to stick with the results of the stop loss and not compensate me in anyway as i could never prove anything that i was saying. i accused them of manipulating my trading platform and of erasing all the electronic footprints and of shutting me out of my reports so i could not verify that i cancelled the stop loss. he said he didnt care because i could never prove it. please help me in dealing with this company and this problem.

    has anybody had problems with these guys. sometimes just before big news announcements or before or during big market moves i will not be able to get on my trading platform. they have very limited calling hours and are very hard to reach but when i do get through they will say that no system is perfect and that there are times when there are glitches and thats just a part of the risk of trading and nothing they can do or will do about it. i got the same answer from fxcm when they do the same thing but eventually they reimbursed me for some losses and admitted it was their fault the platform was not working, but it never truly compensates for all the stress and missed trades and huge losses experienced because of this. are there any brokers who do not do this. who do not make it impossible to get on the platform to trade or to even get them on the phone. please let me know.

    also be aware of this. if you have a margin call they will let the trade go way beyond the required margin and even if its more than you have in the account they will demand you pay the dept. in their hand book it clearly states that a trader can never lose more than they invest. in real situations though it can happen and they will say that the market moves fast and thats the best price they could get. i fought this though and after many fights over the phone finally won a bit and did not have to pay the amount over and above my account balance but i never got back the amount required for margin. so please beware you can lose more than whats in your account and certainly every penny of your account.

    please be aware that some companies have complete access to your trading platform 24 hours a day whether you are on it or not. questrade has and knows everyones password to their platforms. some companies do not allow this because they can not regulate and be responible for every broker or worker . but questrade has found a way to erase all electronic footprints of any thing at least thats what is implied by what they say and do. so be very carefull of the company you deal with. they have all the power to manipulate anything and to get away with it legally. questrade has all the password knowledge so be carefull
     
    #1 fxjon, Sep 11, 2008
    Lasted edited by : Sep 12, 2008
  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    Sounds like a bad platform and terrible customer service.

    If they changed your trades, that's a scam. If they covered it up and you have no screenshots, then you can't prove it. You should leave a review to warn others about this.

    After these problems began to happen, why did you stay with them?
     
  3. fxjon

    fxjon Private

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    questrade problems

    why did i stay?

    well they say that the canadian government will guarantee up to 100000.00
    but the more i look into it im finding that its not a real sure guarantee like a bank or gic could give. they are the only retail broker for canada.
    i wanted to get my money back from them too even now i am in a trade that i have to get of before i can leave. i lost money to refco usa when they wwent under so it is risky to invest outside of canada into a usa company
    does anybody know a good honest broker with a good platform?
     

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