Written by ForexBrokers.com
In this head to head comparison of FP Markets vs Questrade, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FP Markets, established in 2005, and Questrade, founded in 2000, are both prominent names in the online brokerage landscape, though neither is publicly traded or a bank. When it comes to regulatory credentials, both brokers have commendable standings. FP Markets holds two Tier-1 licenses and one Tier-2 license, while Questrade also possesses two Tier-1 licenses but does not have any Tier-2 licenses. These regulatory details position them both in a solid category of trust among online brokers.
In terms of trustworthiness, as rated by ForexBrokers.com, FP Markets enjoys a Trust Score of 89, making it a trusted choice among users. Questrade, with a Trust Score of 86, is also trusted, though slightly lower in comparison. These scores reflect their commitment to providing a reliable trading environment, ensuring that users can engage with these platforms with a sense of security.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Year Founded | 2005 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
When it comes to trading commission and fees, FP Markets stands out as a strong contender. Known for its competitive pricing, especially with its commission-based ECN accounts, FP Markets offers substantial cost savings to traders globally. In the 2024 Annual Awards, it achieved 'Best in Class' for Commissions and Fees. Traders eyeing FP Markets have options like the Raw ECN account, featuring low spreads averaging 0.1 pips and a $6 commission per round-turn lot. However, its Iress ViewPoint option is better suited for active traders with high-balance accounts due to higher fees. With FP Markets rated an impressive 5 out of 5 stars and ranked #6 out of 62 brokers by ForexBrokers.com, it certainly ranks high in the affordability department.
On the other hand, Questrade's commission and fees structure may not be as enticing to the cost-conscious trader. The target spreads on its EUR/USD offering stand at 1.9 pips, which is markedly higher than the industry's average, potentially increasing trading costs. In contrast to FP Markets' glowing rating, Questrade garners 3 out of 5 stars in this category and finds itself at #57 in ForexBrokers.com's rankings. While it provides reliable trading options, its higher fees could weigh down on those seeking budget-friendly choices.
Comparatively, FP Markets offers a more attractive fee structure, especially for those using its ECN account. Active traders may also find the diverse account options like Iress appealing despite some higher-end costs. Whereas Questrade, although reputable, falls short of matching the competitive pricing offered by FP Markets—making FP Markets a preferred choice for traders prioritizing affordability.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Minimum Deposit | $100 AUD | $250 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.7 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | No |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the investment options at FP Markets and Questrade, there are key differences that traders should consider. FP Markets offers an extensive range of 10,000 tradeable symbols, providing an expansive choice for investors looking at CFDs. Their portfolio includes 71 forex pairs and the option to engage in copy trading. This platform allows for cryptocurrency derivatives but not the actual cryptocurrencies themselves. However, FP Markets lacks direct access to buy exchange-traded securities on U.S. and international exchanges, which may limit options for those interested in traditional stock investments.
Conversely, Questrade stands out by offering a diverse set of 641 tradeable symbols, including 110 forex pairs, without supporting copy trading. A standout feature of Questrade is its provision for purchasing actual exchange-traded securities on U.S. and international exchanges, opening the door for investments in well-known companies like Apple and Vodafone. Although Questrade, like FP Markets, lacks support for purchasing actual cryptocurrencies, it does offer cryptocurrency derivatives. Recognized for a broad range of investments, Questrade holds a 5-star rating and a higher industry ranking, making it a preferable option for those seeking traditional stock market opportunities alongside forex and derivatives trading.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 10000 | 641 |
| Forex Pairs (Total) | 71 | 110 |
| U.S. Stock Trading (Non CFD) | No | Yes |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | 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.
When comparing FP Markets and Questrade for their trading platforms and tools, both brokers offer appealing features for traders. FP Markets provides a comprehensive experience with a proprietary platform, paper trading options, and compatibility with MetaTrader 4 and 5. Traders have the opportunity to engage in copy trading, which is not available with Questrade, and can utilize a commendable set of 17 drawing tools for charting. Both brokers enable trading directly from a stock chart, catering to those who prefer an integrated trading experience. Enthusiasts of desktop platforms will find solutions for Windows-based systems with either broker, along with web-based platforms for browser users.
Questrade also offers a proprietary platform and access to a free virtual demo account, similar to FP Markets. While Questrade lacks compatibility with MetaTrader 4 and 5, it presents a broader range of 52 fields for watch lists, significantly surpassing FP Markets' offering of 7. Traders interested in using DupliTrade will find that Questrade supports this tool. Both brokers have earned a 4-star rating for their trading platforms and tools, highlighting their competitiveness in the market. According to ForexBrokers.com, FP Markets is slightly ahead in the rankings for trading tools and platforms, placing at #23 compared to Questrade's #34 out of 62 brokers, demonstrating their particular strengths in this category.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 30 | 64 |
| Charting - Drawing Tools (Total) | 17 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
FP Markets and Questrade both offer mobile trading apps compatible with iPhone and Android devices, enabling traders to access their accounts on the go. Both platforms provide users with stock and forex price alerts and the ability to draw trendlines on charts. Additionally, traders on both apps can create watchlists populated with real-time quotes, and all drawings on charts are automatically saved for future reference. However, FP Markets has a slight edge in overall ranking, coming in at 18 out of 62 brokers according to ForexBrokers.com, compared to Questrade's 34th place standing.
While both apps have a solid 4-star rating in mobile trading capabilities, they differ in a few features. Questrade excels with watchlist symbol syncing, allowing seamless synchronization between mobile and online accounts, a feature FP Markets lacks. For charting enthusiasts, Questrade offers 64 technical studies on its mobile app, providing more depth than FP Markets' default MetaTrader studies. Both apps, however, support multiple time frame views to cater to various trading strategies. These differences in functionality might sway traders depending on their specific needs and preferences.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | Yes |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | 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.
FP Markets stands out when it comes to market research offerings. It provides daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters, ensuring traders stay informed with high-quality information. Additionally, FP Markets includes advanced technical and fundamental analysis tools from Autochartist and Trading Central, along with a sentiment-based trading tool that helps traders understand market trends through the ratio of long and short positions. An economic calendar is also available, enriching FP Markets’ research suite and contributing to its 4-star research rating and #25 ranking on ForexBrokers.com.
In contrast, Questrade offers a different set of research resources. While it lacks daily market commentary and top-tier forex news, it compensates with insights from TipRanks and comprehensive tools from Autochartist and Trading Central. Similar to FP Markets, Questrade provides a detailed economic calendar, but it misses out on sentiment-based trading tools. With a research rating of 3.5 stars and a #51 ranking by ForexBrokers.com, Questrade caters to traders looking for specific analysis tools, though it doesn't match FP Markets in terms of broad market insights.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, FP Markets outshines Questrade in several key areas. Both platforms offer a solid foundation with at least 10 educational pieces focusing on forex or CFDs, as well as a searchable archive of recorded webinars. However, FP Markets elevates the learning experience with monthly live webinars and advanced educational videos, offering a depth of knowledge that will satisfy both beginners and experienced traders. An added bonus is their investor dictionary, which demystifies 50 essential investing terms. In contrast, Questrade's educational offerings lack these features, limiting their overall educational impact.
FP Markets scores slightly higher in educational ratings with four stars, compared to Questrade's 3.5 stars. This reflects in their rankings by ForexBrokers.com, where FP Markets is placed at #23, significantly ahead of Questrade at #36. The comprehensive educational approach by FP Markets, complete with live interactions, extensive video content, and valuable learning tools, makes it a more attractive option for those aiming to deepen their knowledge in forex and trading.
| Feature |
FP Markets
|
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 FP Markets is better than Questrade. FP Markets finished with an overall rank of #19, while Questrade finished with an overall rank of #32.
FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader platform. The Iress platform suite offers well over 9,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option.
| Feature |
FP Markets
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 89 | 86 |
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FP Markets and Questrade both offer the ability to trade cryptocurrency derivatives but do not support buying actual delivered cryptocurrencies.
FP Markets and Questrade both provide Visa, Mastercard, and bank wire options for depositing and withdrawing funds, but FP Markets offers additional flexibility with PayPal and Skrill, whereas Questrade does not support these payment methods, and neither broker offers ACH or SEPA transfers.
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 | FP Markets | Questrade | |
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| Trust Score | 89 | 86 | |
| Winner | check_circle | ||
| Review | FP Markets Review | Questrade Review |
| Broker Screenshots | FP Markets | Questrade | |
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| Regulation | FP Markets | Questrade | |
|---|---|---|---|
| Trust Score | 89 | 86 | |
| Year Founded | 2005 | 2000 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | FP Markets | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | No | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | FP Markets | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FP Markets | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 10000 | 641 | |
| Forex Pairs (Total) | 71 | 110 | |
| U.S. Stock Trading (Non CFD) | No | Yes | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | 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 | FP Markets | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.7 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | FP Markets | Questrade | |
|---|---|---|---|
| Minimum Deposit | $100 AUD | $250 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | No | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | FP Markets | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | Yes | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | FP Markets | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 52 | |
| Charting - Indicators / Studies (Total) | 30 | 64 | |
| Charting - Drawing Tools (Total) | 17 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FP Markets | Questrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | Yes | |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | 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 | FP Markets | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FP Markets | 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 | FP Markets | 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 | FP Markets Review | Questrade Review |
| Overall | FP Markets | Questrade | |
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| Trust Score | 89 | 86 | |
| Winner | check_circle | ||
| Review | FP Markets Review | Questrade Review |
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