Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs Questrade, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Charles Schwab and Questrade are two prominent online brokers, each with unique credentials and trust ratings. Established in 1971, Charles Schwab is not only a publicly traded company but also operates as a bank. It holds a distinguished position with five Tier-1 licenses, indicating a high level of trust, and boasts an impressive Trust Score of 99 out of 99 according to ForexBrokers.com. In contrast, Questrade, founded in 2000, is not publicly traded nor does it function as a bank. However, it maintains a reliable reputation with two Tier-1 licenses and a solid Trust Score of 86, placing it in the trusted category according to ForexBrokers.com.
Choosing between Charles Schwab and Questrade may depend on the user's preference for company structure and licensing credentials. With Charles Schwab's extensive regulatory backing and public status, it can be a preferred choice for those seeking maximum credibility. Meanwhile, Questrade offers a competitive and trusted alternative, especially for individuals prioritizing a straightforward brokerage experience without the layers that banking elements might add. Each option provides a distinct profile, yet both take their regulatory responsibilities seriously, ensuring clients have a trusted partner for their investment activities.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Year Founded | 1971 | 2000 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Charles Schwab offers an accessible entry point for forex trading with no minimum deposit requirement on its primary brokerage accounts. Providing access to the thinkorswim platform through Schwab One and Schwab Global accounts, Charles Schwab allows forex trading with trades settled in U.S. dollars. While trading costs are commission-free, traders should be aware of the bid/ask spread, with October 2024 rates on the EUR/USD averaging 1.35 pips. The Schwab Global account further facilitates trading in twelve international markets with local currencies, subject to conversion fees ranging from 0.2% to 1%. Rated 4 out of 5 stars for its commissions and fees, Charles Schwab is ranked #23 out of 62 brokers by ForexBrokers.com.
Questrade, on the other hand, targets a spread of 1.9 pips on the EUR/USD, which exceeds the typical industry average, making forex trading slightly more costly in terms of spread alone. This higher spread may influence trading decisions for those seeking cost-effectiveness. Despite this, Questrade maintains a competitive presence in the brokerage landscape, although it receives a lower rating of 3 stars for commissions and fees. In the ForexBrokers.com ranking, Questrade is positioned at #57 out of 62 brokers.
In summary, Charles Schwab distinguishes itself with no commissions and a marginally lower spread compared to Questrade, coupled with a broader international reach through multiple account options. Questrade, with its higher spread, may be less attractive to traders conscious of trading costs, reflected in its lower star rating and overall ranking. As both platforms offer unique advantages, prospective traders should consider these factors closely when choosing their preferred broker.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 1.35 | N/A |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab and Questrade are prominent players in the world of online brokerage, offering a wide range of investment options to their clients. Charles Schwab stands out with an impressive array of 40,000 tradeable symbols, covering an extensive spectrum of exchange-traded securities on both U.S. and international exchanges. The platform also supports forex trading, providing access to 73 currency pairs, and offers the ability to invest in cryptocurrency derivatives. Similarly, Questrade allows clients to engage in forex trading with access to 110 currency pairs and also provides opportunities to invest in cryptocurrency derivatives. With 641 tradeable symbols, Questrade offers exchange-traded securities from both U.S. and international markets, but its range is narrower than that of Charles Schwab.
Despite these differences, both Charles Schwab and Questrade earn a five-star rating for their range of investments; however, they hold different positions in ForexBrokers.com's rankings, with Charles Schwab securing the 5th spot and Questrade positioned at 11th out of 62 brokers. While neither platform supports copy trading or purchasing actual cryptocurrency, their diverse offerings in forex and stock markets make them strong contenders for investors seeking comprehensive options. Whether you prioritize a vast range of tradeable symbols or a strong selection of forex pairs, both Charles Schwab and Questrade provide attractive choices for investors of all levels.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 641 |
| Forex Pairs (Total) | 73 | 110 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Charles Schwab and Questrade both provide traders with a range of platforms and tools that cater to various trading needs. Both brokers offer simulated trading through virtual demo accounts, enabling users to hone their skills risk-free. Additionally, each provides proprietary platforms that can be accessed via a Windows-based desktop or web-based browsers, adding flexibility to trading experiences. While neither Charles Schwab nor Questrade supports popular third-party platforms like MetaTrader 4 or 5, Questrade does differentiate itself by offering DupliTrade, a feature absent in Schwab's offering.
When it comes to charting tools, Charles Schwab leads with an impressive array of 24 drawing tools compared to Questrade's 20. Both allow for trading directly from stock charts, providing users with seamless execution. However, Schwab offers significantly more flexibility in managing watch lists with up to 580 column fields, dwarfing Questrade's 52. These differences are reflected in their ratings, with Charles Schwab earning five stars and ranking fifth among 62 brokers according to ForexBrokers.com, while Questrade holds a four-star rating, positioned at 34th. This places Schwab as a preferred choice for those prioritizing trading platforms and tools.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 64 |
| Charting - Drawing Tools (Total) | 24 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and Questrade, both offer strong features for traders on the go. Whether you’re using an iPhone or Android device, you can access both platforms through their respective apps. Key functionalities like setting stock and forex price alerts and syncing watchlists seamlessly between mobile and online accounts are available with both brokers. While both apps allow you to use different time frames for viewing stock and forex charts and support drawing trendlines that autosave, Charles Schwab stands out with a more extensive offering of 374 technical studies compared to Questrade's 64.
For users who prioritize ease of use and quality, Charles Schwab receives a higher rating with an impressive 5 out of 5 stars for its mobile trading app, surpassing Questrade's 4-star rating. Additionally, Charles Schwab ranks as the 6th among 62 brokers according to ForexBrokers.com, while Questrade is positioned at 34th. Features like real-time quotes in user-created watchlists are available in both apps, but Charles Schwab's app is positioned as a top choice for those seeking a highly rated mobile trading experience.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Charles Schwab and Questrade are popular choices for market research in the online brokerage space. Charles Schwab stands out with daily market commentary, providing insights into market trends and conditions. It also offers forex news from distinguished sources such as Bloomberg and Reuters. Conversely, Questrade lacks these specific offerings but shines with a suite of technical and fundamental analysis tools, including those from reputable companies like Autochartist and Trading Central. Although neither broker provides a sentiment-based trading tool or research from Acuity Trading, there are differences in their data tools. Both offer expert-driven economic calendars showcasing global news events, but Questrade has the added advantage of tapping into TipRanks for market research insights.
In terms of research quality as rated by ForexBrokers.com, Charles Schwab comes out on top with an impressive 5-star rating, placing them at the 4th position among 62 brokers. The comprehensive market data and top-notch analysis likely contribute to this high ranking. Meanwhile, Questrade received a 3.5-star rating, and is ranked 51st, signaling room for growth in its research offerings. Overall, when comparing market research support, Charles Schwab provides a more extensive array of resources for clients seeking in-depth market commentary and high-quality news sources.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing Charles Schwab and Questrade in terms of the educational resources available for beginners, both online brokers provide substantial learning materials, but there are notable differences. Charles Schwab excels in offering educational resources with a comprehensive suite of articles, videos, and archived webinars focused on forex and CFDs, ensuring that beginners have access to a wealth of information right from the start. They also offer monthly online educational webinars and a searchable archive of past recordings, which can be incredibly beneficial for users looking to learn at their own pace. Furthermore, Schwab provides a well-rounded educational experience with numerous beginner and advanced video tutorials, along with an investor dictionary featuring over 50 investment terms, making it a great resource for both new and seasoned investors.
On the other hand, Questrade also provides a solid foundation of educational materials for beginners with an array of articles and videos covering essential topics. However, it falls short in some areas, such as the lack of monthly webinars and advanced educational videos aimed at more experienced traders. While Questrade does maintain a searchable archive of previously recorded webinars, it does not offer an investor dictionary, which might limit the resources available for those new to investing. As a result of these differences in educational offerings, Charles Schwab is rated higher with 5 stars for education compared to Questrade's 3.5 stars, and holds a significantly better rank (#6) compared to Questrade (#36) among 62 brokers listed by ForexBrokers.com in the Education category.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Charles Schwab is better than Questrade. Charles Schwab finished with an overall rank of #6, while Questrade finished with an overall rank of #32.
Charles Schwab is a highly trusted financial institution and multi-asset broker catering to U.S.-based and international forex traders. Schwab's award-winning thinkorswim platform offers over 70 tradeable currency pairs alongside impressive tools, research, and education. That said, the broker’s forex offering is still largely limited to what is available on thinkorswim.
| Feature |
Charles Schwab
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 86 |
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Both Charles Schwab and Questrade do not offer the ability to buy actual (delivered) cryptocurrency but do provide options to invest in cryptocurrency derivatives.
When comparing online brokers, Charles Schwab stands out by offering ACH or SEPA transfers and bank wire options for account deposits and withdrawals, while Questrade provides bank wires and the convenience of Visa or Mastercard, yet lacks ACH or SEPA transfers; both platforms do not support PayPal or Skrill.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Charles Schwab | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Questrade Review |
| Broker Screenshots | Charles Schwab | Questrade | |
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| Regulation | Charles Schwab | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| Year Founded | 1971 | 2000 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No | |
| Tier-1 Licenses | 5 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No |
| Tier-2 Licenses (Trusted) | Charles Schwab | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 641 | |
| Forex Pairs (Total) | 73 | 110 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Charles Schwab | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | N/A | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | No |
| Funding | Charles Schwab | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Charles Schwab | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 52 | |
| Charting - Indicators / Studies (Total) | 374 | 64 | |
| Charting - Drawing Tools (Total) | 24 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | Questrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 374 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | Questrade | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Charles Schwab | Questrade | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | Charles Schwab Review | Questrade Review |
| Overall | Charles Schwab | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Questrade Review |
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