anyone with TradeFreedom?

[mail_dcb]

I am tired of TD waterhouse's 29.99 commissions, research a bit and found this Montreal company called TradeFreedom. I submitted a request to open account and get called by a sales rep. Here are some questions I am still confused.

- Unlike waterhouse, they can't transfer money electronically, I have to mail in a USD certified cheque for my deposit and the only way to get my money out from them is either 'through email' or 'by telephone', this is somehow cumbersome. Anyone ever have trouble dealing with withdraw/deposit money?

- Is my money safe with them? I mean if they bankrupt will I get my money within my account back?

- They claim that I have to pay $20 per month for level II feeds, unless I trade 10 times per month, and their commission is 9.95 +ECN fee (0.005 per share), is it cheap compared with other Canadian brokers? (i.e. IB)

- If anyone had any problem with their software? Any glitches?

thanks in advance for any input ...

[brunes]

I am tired of TD waterhouse's 29.99 commissions, research a bit and found this Montreal company called TradeFreedom. I submitted a request to open account and get called by a sales rep. Here are some questions I am still confused.

- Unlike waterhouse, they can't transfer money electronically, I have to mail in a USD certified cheque for my deposit and the only way to get my money out from them is either 'through email' or 'by telephone', this is somehow cumbersome. Anyone ever have trouble dealing with withdraw/deposit money?

- Is my money safe with them? I mean if they bankrupt will I get my money within my account back?

- They claim that I have to pay $20 per month for level II feeds, unless I trade 10 times per month, and their commission is 9.95 +ECN fee (0.005 per share), is it cheap compared with other Canadian brokers? (i.e. IB)

- If anyone had any problem with their software? Any glitches?

thanks in advance for any input ...

TradeFreedom appears to use the exact same clearinghouse and backend software as Questrade (they both appear to outsource to Pentrader.net).

The only difference between them is in addition to a 9.95 flat plan Questrade also has the 4.95 plan.

Questrade's systems have been reported to be unreliable by some on this board. I am with them and to date (knock on wood) haven't had problems yet. But the reports have me antsy. If I do move I won't move to Tradefreedom since they use the same clearing systems so likely have all the same problems.

[mail_dcb]

Thanks so much for the tip! I almost ready to send out my cheque before read this, I guess I have to change my decision now to IB.

[brunes]

Thanks so much for the tip! I almost ready to send out my cheque before read this, I guess I have to change my decision now to IB.

I think if you have the experience and portfolio needed to go with them IB is your best bet period - their commissions, XE rates, and market access are pretty unbeatable for what they offer.

The only thing is IB does not offer self managed RRSP accounts yet, which is the main reason I use Questrade.

My non-registered portfolio is not built up enough yet to move to them - once it is I will in a heartbeat.

[pogs]

Keep in mind that Questtrade does not guarantee your account in the case of fraud. Here is some information that was posted in the Globe and Mail newspaper a while back. I think one article if from 2005 and the other is from 2007. Also, QTrade is not the same as Questrade.

pogs :cheesygri

Here is the link to the information. The article stated that the online brokerage guaranteed the clients would not lose money if their account was accessed by a hacker. Basically, their funds are guaranteed in case their account is compromised. I have included two versions, if they can't access the first, then they can try the second link. The information is listed in the first part of the article. "Website security: A guarantee that clients won't lose money if a hacker accesses their account gets a broker an easy five points in this survey."

https://www.integriscu.ca/SharedContent/images/marketing/qtradenews060916_GM_ranking.pdf

http://ago.mobile.globeandmail.com/generated/archive/RTGAM/html/20071005/wstmain1006.html

[Aliengrey]

I am a user of tradefreedom for the same reason as you, I was with TD.

TF was great at first, their service was good, they helped me get set up and it had fast access. I had a separate charting service, so I didn't depend on that.

But at the end of January they 'upgraded' their software and it has been a pain in the ass. Fortunately, their java trading software through their website works fine, but the different view is something to get used to and has adversly affected my trading. (Just feels weird).

After 1.5 months they are still working on the problem, not knowing I have a huge amount of experience in computers and trading, they said it was my fault, or my computer (It's better than new). Then I through in another 4 figures in my account and whow... service...

Basically, they aren't bad, but as a trader I just need a good, reliable platform. Rates are good.
Cheers.

[trader2]

If you trade regularly or are a day trader, Trade Freedom is not for you. The platform is not reliable and not very professional, their feed for the platform is not working properly, having delayed quotes or no feed at all with lots of packet losses. When you call them they always blame somebody else. Customer service stinks! Never returning emails. Never responding to outstanding issues. Stay away from those guys! IMHO

[thefleet]

thanks for bringing back this thread.

[Aliengrey]

I've got Tradestation now as well. Tradefreedom is good for my RRSP and RESP's.
Tradestation is better for the active trader.

cheers.

[WHO]

I requested a trial version of their trading platform and tried it today.

The quotes are painfully delayed. At LEAST 5 to 10 minutes.
So, it could make a HUGE difference between the price you THINK you'll pay and what you'll actually pay. Depending on the volume you trade and whether you're day trading... etc

If you have another reliable source for your quotes, and just plan on doing the actual trade with them, they might be OK. Can't really test that with a demo version I guess...

[setell]

Is it that slow for you? When I get quotes it's really fast? I mean instant too! I'm liking TradeFreedom so far. I like the fact they are owned by Scotiabank now which makes me feel good that they will be kicking around or a while.

As for depositing money into them, I do it via online banking and haven't had a problem yet. But then I haven't had to withdraw money out too so can't comment on that part.

Edit: yup, just logged in and tried it. The quotes are super fast and instant.

[WHO]

I'm still logged in and still getting at least 10 minutes delayed quotes. Compared to ScotiaMcLeod Direct investing.

So although it's owned by Scotia, the main Scotia platform is much more reliable (and expensive, don't get me wrong, you get what you pay for)

BCE: on Scotia McLeod volume is 6 695 501
on Trade Freedom volume is 6 421 991 at the exact same time. 3:58 pm

They're about 270 000 stocks late. Which for that stock is between 5 to 10 minutes of trading.

[setell]

I'm still logged in and still getting at least 10 minutes delayed quotes. Compared to ScotiaMcLeod Direct investing.

So although it's owned by Scotia, the main Scotia platform is much more reliable (and expensive, don't get me wrong, you get what you pay for)

BCE: on Scotia McLeod volume is 6 695 501
on Trade Freedom volume is 6 421 991 at the exact same time. 3:58 pm

They're about 270 000 stocks late. Which for that stock is between 5 to 10 minutes of trading.

mmmm didn't think of it that way. I usually don't compare their volume movements since I just look at the price. Usually the price I go at is what I get.

[WHO]

Yeah and it's worse than I thought because it's now 4:09 pm so 10+ minutes and they're still behind 100k+ stocks (6 582 303).

And I placed a buy order on a stock the quoted price and couldn't get it to go through because the price had went up by then.

Also placed an order on another stock (ARE) and ended up paying too much for it since it had went down since, but at least the order went through very fast and I paid less than I had bidded.

So, it seems their trading is pretty quick, therefore if I use the Scotia McLeod for quotes and them to trade, then I get the best of both world (reliable quotes, and cheap trades :D)

I also find it very hard to use their software, it doesn't show my "buying power" and where int he world can I track my portfolio?

PS by the end of this post it's now 4:14 pm and they're still only at ~ 6 625 000 volume on BCE.
Also the simple fact that it`s now 4:17 pm and the quotes are still updating... well the stock markets are closed now :D

4:18:45 : Finally got to the volume I got at Scotia....at 3:58 (20 minutes ago!!!!)

Last update: At about 4:20 the quotes simply stopped updating (still not up to date from closing quotes). Doesn't really matter I guess since markets are closed lol

[EN4]

- Unlike waterhouse, they can't transfer money electronically, I have to mail in a USD certified cheque for my deposit and the only way to get my money out from them is either 'through email' or 'by telephone', this is somehow cumbersome. Anyone ever have trouble dealing with withdraw/deposit money?


I have an account with tradefreedom and when I transfer money to them I do it via Bill Payment in my PC Financial account. It takes a couple days though.

[setell]

Yeah and it's worse than I thought because it's now 4:09 pm so 10+ minutes and they're still behind 100k+ stocks (6 582 303).

And I placed a buy order on a stock the quoted price and couldn't get it to go through because the price had went up by then.

Also placed an order on another stock (ARE) and ended up paying too much for it since it had went down since, but at least the order went through very fast and I paid less than I had bidded.

So, it seems their trading is pretty quick, therefore if I use the Scotia McLeod for quotes and them to trade, then I get the best of both world (reliable quotes, and cheap trades :D)

I also find it very hard to use their software, it doesn't show my "buying power" and where int he world can I track my portfolio?

PS by the end of this post it's now 4:14 pm and they're still only at ~ 6 625 000 volume on BCE.
Also the simple fact that it`s now 4:17 pm and the quotes are still updating... well the stock markets are closed now :D

4:18:45 : Finally got to the volume I got at Scotia....at 3:58 (20 minutes ago!!!!)

Last update: At about 4:20 the quotes simply stopped updating (still not up to date from closing quotes). Doesn't really matter I guess since markets are closed lol

The thing with TradeFreedom is that if you want to see your trade history it's not super clean but than it's sorta "you get what you pay for" type of deal. If you want to know your buying power you can get it at your account balances. If you want to track your portfolio, not sure how or what you want to track but I track the P&L and I get that through their positions updates. I have to go to My Account to get more detail if it has any currency exchange though to get the FX rate.

Are you paying for the Scotia platform? I might look into it and sign myself up so I can get the best of both worlds too! :D

[WHO]

ScotiaMcLeod Direct has free live quotes and very nice tools, market news, market data, mutual fund research through a partnership with morningstar all for free when you have an account with them. And, as my OP states, the TFSA account is no-fee :D. I also have a SDRRSP account with them so I've already been using that platform a quite a while and I'm very happy with it.

[under_cover_geek]

I'm still logged in and still getting at least 10 minutes delayed quotes. Compared to ScotiaMcLeod Direct investing.

So although it's owned by Scotia, the main Scotia platform is much more reliable (and expensive, don't get me wrong, you get what you pay for)

BCE: on Scotia McLeod volume is 6 695 501
on Trade Freedom volume is 6 421 991 at the exact same time. 3:58 pm

They're about 270 000 stocks late. Which for that stock is between 5 to 10 minutes of trading.

WHO, the trial version quotes are purposefully delayed. As they say the trial uses "virtual money with delayed, pre-recorded market data". The full version has real-time quotes and trade execution.

I have used TradeFreedom for a few months and I think it's ok, not great. If Interactive Brokers had self-directed RRSP accounts I would probably use them. It normally takes about 10 minutes on hold to talk to customer service at TradeFreedom. Also, the VTSO (virtual trailing stop order) type has been frustratingly unavailable at TradeFreedom for several weeks without a real explanation.

[WHO]

WHO, the trial version quotes are purposefully delayed. As they say the trial uses "virtual money with delayed, pre-recorded market data". The full version has real-time quotes and trade execution.

I have used TradeFreedom for a few months and I think it's ok, not great. If Interactive Brokers had self-directed RRSP accounts I would probably use them. It normally takes about 10 minutes on hold to talk to customer service at TradeFreedom. Also, the VTSO (virtual trailing stop order) type has been frustratingly unavailable at TradeFreedom for several weeks without a real explanation.

Thanks for the heads up. I would've been a good idea for them to warn me of this. They might've had my business if they did...

[kerdon]

I use TF. Elite Gold package. Love it!

[zander]

TradeFreedom is okay if you simply want cheap trades and don’t need customer service.

I have been trying to close my account for going on two weeks now. On hold waiting for customer service for fifteen twenty minutes at a time. When I finally get through, the person on the other end gives me a different story each time about why it’s taking so long and why it will be yet a few more days each time.

I’ve asked to speak to a supervisor and get stonewalled every time, being told that I can reach that level only via email. When I email attention supervisors, I get different excuses again why they cannot close my account. Silly stuff, really. It's like a game to them. Either that, or maybe they have a thing there that whoever closes an account these days gets fired???

This ordeal has been absolutely surreal!

I would stay away from TradeFreedom at all costs. They readily sell you on their cheap services, but when it comes time to leave them, it’s bloody impossible. It really smells to high heaven like some type of a ponzi scheme

[MWM]

TF just introduced a Low Activity Account Admin Fee (per account) $25.00* per quarter
(http://www.tradefreedom.com/en/tradingprodfees/feescommissions.asp?t=2)

A lot of ways to skirt the fee in the fine print but still not something I like to see.

[checm8]

i guess I will close my accouunt if a few days

[zander]

I'm still trying to close my account. When I call, they tell me to email; when I email, they tell me to call. These people are unreal!!! Total scam!

[kerdon]

I've never had an issue. I have an elite gold account though.

[makuribu]

Not only is there a low activity fee ($25 per three month period if you don't trade), but now they charge a monthly fee of $30 to use their software, unless you trade a lot.

Thanks, Scotiabank, you've wrecked Trade Freedom. Can't wait for new fees as we go over to iTrade.