Alex Cobalt Review of Quest Trade
They just screwed over a LOT of people and will ca...
They just screwed over a LOT of people and will cause them to lose a LOT of money! Almost overnight (32h notice) they announced that margin accounts require 50% equity for certain stocks rather than the 30% equity it was. If you don't add money within 1-2 days of being notified that you're below 50%, they will sell off these stocks in your account until they ensure you have 50% equity sitting in your account. For those people who have stocks here when the market crashed recently, they likely have already had to add money to their account to hold onto their stocks since their stocks lost value. With this announcement, they're going to have to pour in extra money, just to hold onto what they bought on margin. I was not overly happy with questrade prior to this, but this is the last straw for me. Will be taking my business elsewhere!
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