The more I trade with Quaest, the more I feel that it's completely terrible retail broker. My current balance is around $1500 and $1250 I made thanks to my experience in scalping trading on big news events. But the more I trade, the more I notice the spread widening while waiting for important news. It has direct impact on my trading performance. Someone will say that this is the norm in a volatile market, but by accurate monitoring of volatility, I see that the average spread size on main currencies has dramatically increased over the last 6 months. At the same time, the volatility level remains in the range of previous values. This indicates a deliberate increase of spread size. In this case, the broker can refer, as always, to liquidity providers and unexpected volatility but repeat my experiment and you'll see the same.
My problem is to get bonuses back, or at least withdraw my profit. The broker has its policy not to allow traders take all money from account even if it's your profit. I think it was my biggest mistake to open account here. There are actually something like a scheme or so. First, they offer appealing conditions you can see on their website. Then demo + many options to get extra funds/initial deposit bonus if you open new account. And finally, they offer more if you start making big deposits on account. However, read more carefully all terms and conditions, and think twice if you want to open trading account here!
I can't share the same emotions as I can see from previous comment. In my case it was little frustrating. Since begging, there were some difficulties to setup new account. Even if Questrade won award as a best Canadian fx broker, I wouldn't believe that. Broker says there is no fees but you will pay yearly fees which are bigger than all you might pay in another firm. So I ended up with some losses and understanding that you need to read more carefully all print documents. And what's more important not to believe any commercial.
I'm thrilled with idea to have so much potential on currency trading. The company is amazing to work with. Sales people are very friendly and very easy to talk with them. I've made some mistakes in the beginning, which brought me to the point of losses. But, it was completely my fault. Not from broker's side. I called right to the office to figure out what happened. They switched me to back office, where all my wrong trades were explained from technical point of view. Now, I have positive balance on my account. I think it will be my broker for long.
Would you like to know if QuestradeFX is trustworthy? Many traders are afraid of opening an account with the 'wrong' company, as they have heard enough about the bucket shops and fraudulent activities in the field of currency trading. However, most of the forex companies are in fact secure, with responsible and honest operational practices; it is just important to choose the FX broker right.
Along with other factors that need to be taken into consideration, the potential client should get acknowledged with reviews of traders already registered with QuestradeFX. Of course, the reviews can be of different kind, positive as well as negative, as it is unreal to find a broker matching everyone's expectations. But, taking a notice of the ratio between good and bad impressions, you can understand and conclude for yourself, whether this broker is credible.
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