Written by ForexBrokers.com
In this head to head comparison of Questrade vs FXOpen, 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.
Questrade, established in 2000, and FXOpen, founded in 2003, are both notable online brokers that have carved out a space in the financial trading world. Neither company is publicly traded, nor do they function as banks. When it comes to regulatory credentials, they are evenly matched in Tier-1 licenses, each holding two, which positions them in a highly trusted category. However, they don't have Tier-2 licenses, which provide an additional layer of trust.
The ForexBrokers.com Trust Score sheds further light on their standing; Questrade scores an 86 out of 99, categorizing it as a trusted broker according to ForexBrokers' standards. On the other hand, FXOpen scores a 76, placing it in the average risk category. These scores provide potential investors with a quick view of their relative safety and regulatory oversight, helping to inform decisions when navigating the online trading environment.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Year Founded | 2000 | 2003 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing online brokers Questrade and FXOpen, it's clear that their commissions and fees vary significantly. Questrade's target spreads on popular currency pairs like the EUR/USD are relatively high, standing at 1.9 pips, which is above the industry average. This makes it a more costly choice for traders who prioritize low fees. In the commissions and fees category, Questrade earns a modest 3-star rating and is ranked 57th out of 62 brokers on ForexBrokers.com.
On the other hand, FXOpen presents a slightly different scenario when it comes to spread data, as average spread data is not readily available. Despite this, FXOpen manages to outperform Questrade, securing a 4-star rating for its commissions and fees. The broker is ranked 45th in the Commissions and Fees category by ForexBrokers.com, indicating a more cost-effective choice for traders keen on optimizing their trading expenses.
In summary, while Questrade and FXOpen offer distinct trading environments, FXOpen emerges as a more attractive option for those focused on minimizing costs related to trading. With a higher rating and a better industry ranking, FXOpen presents a compelling case for traders who prioritize lower fees and a cost-efficient trading experience.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $250 | $100 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Questrade to FXOpen in terms of available investment options, Questrade stands out with a significantly larger selection. It offers its clients the ability to trade 641 symbols, with 110 forex pairs among them, and provides access to exchange-traded securities on both U.S. and international exchanges. This allows investors the opportunity to purchase shares in major companies like Apple and Vodafone. Additionally, Questrade facilitates trading in cryptocurrency derivatives, although it does not support copy trading or the purchase of actual cryptocurrencies.
FXOpen, on the other hand, presents a more limited range of 87 tradeable symbols, including 25 forex pairs, and lacks access to direct exchange-traded securities on U.S. and international exchanges. Instead, it focuses on CFD offerings, such as forex and cryptocurrency derivatives. FXOpen stands out by supporting copy trading, which might appeal to some traders. However, it also does not offer the ability to buy actual cryptocurrencies. In terms of evaluating their range of investments, Questrade is rated higher with 5 stars and ranks 11th among 62 brokers on ForexBrokers.com, whereas FXOpen receives 3 stars and ranks 61st, highlighting Questrade's broader investment offerings.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 87 |
| Forex Pairs (Total) | 110 | 25 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers |
Dive deeper: Best Copy Trading Platforms.
Questrade and FXOpen both offer traders an engaging experience with their trading platforms and tools, though they cater to different needs. Questrade impresses with its in-house developed platform available on both Windows and web-based systems, while FXOpen utilizes the globally recognized MetaTrader 4 and 5 platforms. Both brokers provide simulated trading via free virtual demo accounts, allowing traders to test strategies risk-free. While FXOpen stands out with its copy trading features via ZuluTrade, Questrade relies on DupliTrade for automated trading options. Furthermore, Questrade provides a more extensive set of watch list columns, giving users the ability to customize up to 52 columns compared to FXOpen’s 7, offering a more tailored approach to monitoring investment opportunities.
For traders focused on technical analysis, Questrade offers slightly more drawing tools with 20 options, compared to FXOpen’s 15. Both platforms allow trading directly from stock charts, streamlining user experience. In ratings, both brokers achieve 4 stars out of 5 for their trading platforms and tools, although Questrade ranks higher at #34 compared to FXOpen’s #53 out of 62 brokers on ForexBrokers.com. Novice and seasoned traders need to weigh the diverse features and functionalities when choosing between Questrade's proprietary tools and FXOpen’s MetaTrader offerings.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | Yes | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 52 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Questrade and FXOpen both cater to traders looking for flexible mobile trading options with apps available for iPhone and Android devices. Both platforms allow you to receive stock or forex price alerts and offer the capability to draw trendlines and view charts in multiple time frames, including daily, weekly, and intraday. However, Questrade provides a slightly more comprehensive experience with 64 technical studies for charting compared to FXOpen's 30. Additionally, Questrade supports watchlist symbol syncing, ensuring that any changes you make in the mobile app are reflected in your online account, while FXOpen lacks this feature.
When it comes to seamless functionality, Questrade stands out by auto-saving drawings on charts, whereas FXOpen requires manual saves. Both apps let users create watchlists with real-time quotes, enhancing the trading process. Even though both platforms are rated four stars for mobile trading apps, Questrade is ranked higher at #34 compared to FXOpen's #54 in ForexBrokers.com's list of 62 brokers. This suggests that Questrade might offer a slightly more cohesive mobile trading experience for both new and seasoned investors.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
In comparing Questrade and FXOpen for their market research offerings, it's evident that each platform brings distinct features to the table. While Questrade doesn't provide daily market commentary or forex news from top-tier sources like Bloomberg and Reuters, unlike FXOpen, it does offer several valuable tools to enhance your trading experience. Questrade boasts tools from Autochartist and Trading Central, making it a resourceful option for those who rely on technical and fundamental research. Furthermore, Questrade integrates TipRanks into its offerings, giving users in-depth financial research capabilities, and features an economic calendar to keep traders informed of global economic events.
On the other hand, FXOpen shines with its inclusion of daily market commentary and forex news from elite sources, helping traders stay updated on timely financial developments. However, it lacks some of the technical analysis tools available on Questrade, such as those from Autochartist and Trading Central. Both platforms provide an economic calendar, but neither offers sentiment-based trading tools or research tools from Acuity Trading. In terms of overall ratings, Questrade edges out with 3.5 stars and ranks 51st out of 62 brokers in the Research category by ForexBrokers.com, while FXOpen is rated 3 stars and ranks 62nd.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources for beginners at Questrade and FXOpen, it's evident that Questrade takes a more comprehensive approach. Questrade provides more than 10 educational materials focused on forex and CFDs, which can be a helpful starting point for novice traders. They also offer a searchable archive of previously recorded webinars, potentially serving as a useful tool for those looking to dive deeper into specific topics. Furthermore, Questrade boasts at least 10 beginner educational videos that cover essential trading topics, thus catering well to those new to the trading scene.
On the other hand, FXOpen does not meet the minimum of 10 educational pieces specifically about forex or CFDs, nor do they provide a searchable archive of past webinars or the same level of beginner video content. However, they offer an investor dictionary with definitions of 50 investing terms, which could be beneficial for beginners seeking to understand trading terminology. With an education rating of 3.5 stars for Questrade and 3 stars for FXOpen, alongside a better rank in the Education category for Questrade (36 out of 62 brokers compared to FXOpen's 58), Questrade generally provides more comprehensive educational support for those starting their trading journey.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | No | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Questrade is better than FXOpen. Questrade finished with an overall rank of #32, while FXOpen finished with an overall rank of #54.
Regulated in both the U.S. and Canada, Questrade is a trusted full-service multi-asset broker now offering forex and CFDs alongside its stock trading services for active and passive investors. While its scope of educational resources and in-house research is limited, Questrade has an impressive platform lineup.
| Feature |
Questrade
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FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 76 |
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When comparing online brokers Questrade and FXOpen, neither offers the capability to buy actual delivered cryptocurrency, but both provide the option to trade cryptocurrency derivatives.
When comparing online brokers Questrade and FXOpen, both do not support ACH or SEPA transfers, or PayPal for fund deposits or withdrawals, however, while Questrade does not offer Skrill, FXOpen does, and both brokers accept Visa, Mastercard, and bank wire options for transactions.
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 | Questrade | FXOpen | |
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| Trust Score | 86 | 76 | |
| Winner | check_circle | ||
| Review | Questrade Review |
| Broker Screenshots | Questrade | FXOpen | |
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| Regulation | Questrade | FXOpen | |
|---|---|---|---|
| Trust Score | 86 | 76 | |
| Year Founded | 2000 | 2003 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Questrade | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | Yes | No | |
| 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 | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Questrade | FXOpen | |
|---|---|---|---|
| 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 | Questrade | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 87 | |
| Forex Pairs (Total) | 110 | 25 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers |
| Cost | Questrade | FXOpen | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $250 | $100 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Questrade | FXOpen | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Questrade | FXOpen | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 52 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Questrade | FXOpen | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Questrade | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | No | Yes |
| Major Forex Pairs | Questrade | FXOpen | |
|---|---|---|---|
| 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 | Questrade Review |
| Overall | Questrade | FXOpen | |
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| Trust Score | 86 | 76 | |
| Winner | check_circle | ||
| Review | Questrade Review |
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