Written by ForexBrokers.com
In this head to head comparison of FXCM 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.
Founded in 1999, FXCM and its publicly traded status lend it a certain level of credibility in the online brokerage world. It boasts four highly trusted Tier-1 licenses as recognized by ForexBrokers.com, alongside two trusted Tier-2 licenses. With a Trust Score of 95 out of 99, FXCM is categorized as highly trusted, making it a reputable choice for online trading. Although not a bank, FXCM's regulatory framework seems robust and well-regarded within the industry.
Questrade, established in 2000, differs from FXCM in that it is a privately held company and not listed on any stock exchange. It holds two Tier-1 licenses, which are still considered highly trusted, but it lacks any Tier-2 licenses. With a Trust Score of 86, Questrade is deemed a trusted broker. Like FXCM, Questrade is not a bank but stands out as a trustworthy option in the realm of online brokers. Both platforms offer unique strengths, giving investors a choice depending on their trust and regulatory preferences.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Year Founded | 1999 | 2000 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When it comes to commissions and fees, FXCM and Questrade offer different experiences for traders. FXCM is slightly above the industry average for forex trading costs. For standard accounts, the average spread on the EUR/USD in markets such as the EU, U.K., and Australia was 0.78 in May 2024, while their St. Vincent and the Grenadines entity had higher average spreads at 1.38. Commission-based accounts with FXCM offer average spreads of 0.28 pips, excluding commissions, and active traders might get notable discounts depending on the traded volume. Despite this, the overall pricing for active traders, once factoring in commissions, sits at an effective spread of around 0.74 pips.
FXCM provides an Active Trader Rebate Program with various tiers ranging from $5 to $25 rebates per million traded. However, other brokers like Tickmill and FP Markets have more competitive offers for active traders. At FXCM, depending on the trading volume and tier, the effective spread can be reduced further, potentially hitting 0.78 pips with ideal conditions. In comparison, Questrade charges higher spreads, targeting around 1.9 pips on the EUR/USD, which is high compared to industry standards.
In terms of ratings, FXCM earns 4 out of 5 stars for commissions and fees, ranking #24 out of 62 brokers according to ForexBrokers.com. Meanwhile, Questrade holds a lower rating with 3 out of 5 stars, placing them at #57 out of 62 brokers in the same category. This highlights FXCM's advantage over Questrade in terms of competitive pricing and trader incentives, especially for those trading in higher volumes.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $250 |
| Average Spread EUR/USD - Standard | 0.78 | N/A |
| All-in Cost EUR/USD - Active | 0.78 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | 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 FXCM and Questrade for their range of investments, it's clear that Questrade offers a broader array. Questrade provides clients access to 641 tradeable symbols, including an impressive 110 forex pairs. FXCM, on the other hand, offers 440 tradeable symbols with 43 forex pairs. One of the standout features of Questrade is the ability for clients to trade exchange-traded securities on both U.S. and international exchanges, which is not available with FXCM. However, FXCM does offer copy trading, a feature not available with Questrade, and both brokers allow trading in cryptocurrency derivatives.
In terms of range of investments, Questrade is rated higher with 5 stars, earning a ranking of #11 out of 62 brokers in the Range of Investments category according to ForexBrokers.com. FXCM, while offering a decent selection, is rated 3.5 stars and ranks #47, indicating a more limited selection compared to Questrade. This makes Questrade a preferred choice for those seeking a wider range of investment options.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 641 |
| Forex Pairs (Total) | 43 | 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.
Both FXCM and Questrade offer comprehensive trading platforms that cater to different needs. FXCM provides traders with a multitude of options including their proprietary trading platform and a desktop download for Windows. They also support web-based trading and popular third-party platforms like MetaTrader 4 and ZuluTrade, which may appeal to those interested in copy trading and advanced chart analysis. Notably, FXCM lacks MetaTrader 5 but provides the capability to trade directly from stock charts, along with offering a virtual demo account for practice. With 10 drawing tools and 13 watch list columns, FXCM ensures a streamlined approach to technical analysis and personalized view management. FXCM's dedication to a versatile trading experience has earned them a 5-star rating, ranking them 6th out of 62 brokers in the Trading Platforms and Tools category by ForexBrokers.com.
Questrade also excels by offering an in-house developed trading platform. They support both a Windows desktop download and web-based options, making it accessible to traders on different systems. While Questrade does not provide copy trading or MetaTrader support, they do offer DupliTrade, which is another avenue for automated trading strategies. Questrade stands out with an impressive 20 drawing tools for charting and 52 watch list columns, providing traders with extensive analytical capabilities. Despite these high-level features, Questrade is rated slightly lower with 4 stars and ranks 34th overall in the Trading Platforms and Tools category, indicating room for growth compared to their peers like FXCM. Both brokers cater to different trader preferences, with FXCM leading in versatility and tool variety and Questrade offering more extensive customization in watch lists and technical analysis tools.
| Feature |
FXCM
|
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) | No | No |
| DupliTrade | No | Yes |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 115 | 64 |
| Charting - Drawing Tools (Total) | 10 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 13 | 52 |
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When it comes to mobile trading, both FXCM and Questrade offer strong iPhone and Android apps equipped with essential features that'll satisfy any trader. Users from both platforms can enjoy stock or forex price alerts, watchlist symbol syncing, and the ability to create watchlists with real-time quotes. These apps also provide charting tools, such as the capability to draw trendlines and view multiple time frames on forex or stock charts, with FXCM offering 59 technical studies and Questrade providing 64. Both applications also automatically save any drawings made on the charts, ensuring that your analyses are never lost.
In terms of user satisfaction, FXCM's app edges slightly ahead with a 4.5-star rating, compared to Questrade's 4 stars. Also noteworthy is the ranking by ForexBrokers.com, where FXCM is placed at #16 out of 62 brokers, showing a solid position for mobile trading apps. Questrade, while still commendable, ranks at #34. These rankings reflect FXCM's ability to cater effectively to mobile traders' needs, making it a favorable choice for those seeking a comprehensive mobile trading experience. Overall, both brokers deliver apps that are well-equipped for traders, but FXCM seems to have a slight advantage in reviews and rankings.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 59 | 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.
When comparing the market research offerings of FXCM and Questrade, notable differences emerge that may influence traders' decisions. FXCM distinguishes itself by providing daily market commentary and forex news sourced from respected outlets such as Bloomberg and Reuters. It also offers a sentiment-based trading tool that reveals the ratio of long or short positions across currency pairs, enhancing traders’ insight into the market's general mood. Furthermore, FXCM provides users with top-tier market research sourced from well-regarded companies like TipRanks and Trading Central, along with access to an economic calendar showcasing global events. All these features contribute to FXCM's commendable research rating of 4.5 stars and an impressive rank of #11 out of 62 brokers.
In contrast, Questrade’s market research tools have fewer offerings. Unlike FXCM, Questrade does not deliver daily market commentary or forex news from top-tier sources, nor does it offer sentiment-based trading tools. However, it does include valuable technical and fundamental analysis tools through a partnership with Autochartist, as well as resources from Trading Central. Similar to FXCM, it offers market data from TipRanks and features an economic calendar. Despite these options, Questrade's research support is rated at 3.5 stars, placing it at #51 in the ranks of 62 brokers as reviewed by ForexBrokers.com.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | Yes | 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, FXCM and Questrade both provide helpful tools, but there are distinct differences. FXCM excels by offering comprehensive materials, including a wide range of articles, videos, archived webinars, and online client webinars held monthly. These resources make it easier for beginners to delve into forex and CFD trading. Additionally, FXCM provides a searchable archive of past webinars and more than ten beginner-friendly educational videos. On the advanced side, FXCM also caters to experienced traders with an array of more than ten advanced educational videos. Moreover, FXCM supports learners with an investor dictionary that defines over 50 investing terms, adding to its robust educational offerings.
In contrast, Questrade provides a good set of educational materials for beginners but lacks in certain areas compared to FXCM. While they do offer a solid selection of articles, videos, and archived webinars, Questrade does not provide regular monthly webinars or a beginner-focused investor dictionary. Additionally, their offerings for advanced traders are limited, with less than ten advanced educational videos available. These differences are reflected in their ratings, with FXCM scoring 4.5 stars for education and Questrade earning a 3.5-star rating. Overall, FXCM ranks higher at #14 among 62 brokers for educational resources according to ForexBrokers.com, while Questrade is placed at #36, illustrating FXCM's stronger emphasis on comprehensive educational support.
| Feature |
FXCM
|
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 FXCM is better than Questrade. FXCM finished with an overall rank of #15, while Questrade finished with an overall rank of #32.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at FXCM is just average.
| Feature |
FXCM
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 86 |
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Both FXCM and Questrade do not provide the option to purchase actual delivered cryptocurrency (not a CFD), but they both offer the ability to trade cryptocurrency derivatives.
FXCM stands out compared to Questrade by offering a wider range of deposit and withdrawal options, including ACH or SEPA transfers, PayPal, and Skrill, in addition to Visa, Mastercard, and bank wires, while Questrade is limited to Visa, Mastercard, and bank wires.
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 | FXCM | Questrade | |
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| Trust Score | 95 | 86 | |
| Winner | check_circle | ||
| Review | FXCM Review | Questrade Review |
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| Regulation | FXCM | Questrade | |
|---|---|---|---|
| Trust Score | 95 | 86 | |
| Year Founded | 1999 | 2000 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 4 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | FXCM | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | 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) | Yes | 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) | FXCM | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | Yes | 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 | FXCM | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 641 | |
| Forex Pairs (Total) | 43 | 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 | FXCM | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.78 | N/A | |
| All-in Cost EUR/USD - Active | 0.78 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | FXCM | Questrade | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $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 | Yes | No |
| Trading Platforms | FXCM | 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) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | Yes | No |
| Trading Tools | FXCM | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 13 | 52 | |
| Charting - Indicators / Studies (Total) | 115 | 64 | |
| Charting - Drawing Tools (Total) | 10 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FXCM | 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 | 59 | 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 | FXCM | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | 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 | FXCM | 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 | FXCM Review | Questrade Review |
| Overall | FXCM | Questrade | |
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| Trust Score | 95 | 86 | |
| Winner | check_circle | ||
| Review | FXCM Review | Questrade Review |
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