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 comparing FXCM and Questrade in terms of commissions and fees, FXCM offers more competitive pricing structures, particularly for its active traders, although its costs for forex trading slightly exceed the industry average. The standard account spreads for FXCM varied according to location, with spreads on the EUR/USD averaging 0.78 for clients in the EU, U.K., and Australia, compared to a higher 1.38 in St. Vincent and the Grenadines. For accounts with commission-based pricing, spreads averaged as low as 0.28 pips, not counting commissions, making it attractive for high-volume traders. Active traders with FXCM can benefit further from the Active Trader Rebate Program, potentially bringing effective spreads down due to rebates that range from $5 to $25 per million traded, although these rebates aren't available in the U.K. or EU.
Questrade, on the other hand, has a target spread of 1.9 pips on the EUR/USD, which is considerably above the industry average. While this may deter those focused on minimizing costs, Questrade may still appeal to traders who prioritize other features and services. Overall, FXCM demonstrates a commitment to offering competitive pricing for active traders, although there are brokers like Tickmill and FP Markets that provide even more attractive rates.
When rated on a five-star scale, FXCM scores four stars for its commissions and fees, showing a stronger offering than Questrade, which scores three stars. FXCM ranks significantly higher at #24 out of 63 brokers in the Commissions and Fees category on ForexBrokers.com, whereas Questrade ranks much lower at #58, reflecting FXCM's relatively better pricing practices for forex traders.
| 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 it comes to the variety of investments available, Questrade stands out with a wider range than FXCM. Questrade offers access to 641 tradeable symbols compared to FXCM’s 440. For traders interested in foreign exchange, Questrade also provides a more extensive selection with 110 forex pairs, while FXCM provides 43. Moreover, Questrade allows clients to invest in exchange-traded securities on both U.S. and international exchanges, unlike FXCM, which does not provide this option. Both brokers offer the ability to trade cryptocurrency derivatives, but neither offers the ability to buy the actual cryptocurrency. Furthermore, although FXCM offers copy trading, this feature is not available with Questrade.
In terms of rankings, Questrade is highly rated for its range of investments, securing a rating of 5 stars and ranking #11 out of 63 brokers on ForexBrokers.com. FXCM, on the other hand, has a rating of 3.5 stars and ranks at #47. This strong performance by Questrade highlights its comprehensive selection of investment options, making it an attractive choice for traders seeking diversity in their portfolios.
| 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.
FXCM and Questrade both offer impressive trading platforms and tools, but they cater to different trading preferences and needs. Both platforms allow users to engage in simulated or paper trading with free virtual demo accounts, and they each have their own proprietary platforms available for desktop and web use. FXCM stands out for those interested in copy trading, offering this feature alongside popular platforms like MetaTrader 4 and ZuluTrade, though it lacks MetaTrader 5. In contrast, Questrade does not support copy trading or MetaTrader, but it does offer DupliTrade, providing an alternative for those interested in following trader strategies.
For charting, FXCM provides ten drawing tools and allows trading directly from the stock chart, while Questrade offers the same trading convenience with twenty drawing tools, providing more options for those focused on chart analysis. When it comes to watch lists, Questrade provides a wider array of 52 columns compared to FXCM's 13 columns, offering more customization. Despite this, FXCM achieves a superior user rating of five stars for their trading platforms and tools, positioned at #6 by ForexBrokers.com, whereas Questrade holds a four-star rating and is ranked at #34. Each broker offers distinct advantages, making them suitable for traders with varied needs and preferences.
| 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 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FXCM and Questrade offer versatile mobile trading apps that cater to traders on the go. Available on both iPhone and Android, these apps support convenient features like real-time stock and forex price alerts and the syncing of watchlists between mobile and online accounts. In terms of charting capabilities, FXCM provides 59 technical studies, while Questrade offers a slightly higher number at 64. Both platforms allow users to draw trendlines, view multiple time frames, and automatically save drawings on their charts. The apps also enable users to create watchlists with real-time quotes, enhancing the trading experience.
When it comes to app ratings and rankings, FXCM stands a notch higher with a 4.5-star rating for its mobile trading app, compared to Questrade's 4-star rating. Furthermore, in an industry ranking by ForexBrokers.com, FXCM secures the 16th spot out of 63 brokers in the Mobile Trading Apps category, while Questrade is positioned at number 34. These evaluations reflect FXCM's slight edge in providing a more highly regarded mobile trading experience overall.
| 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 FXCM to Questrade for their market research offerings, several key differences come to light. FXCM stands out by providing daily market commentary and forex news from renowned sources like Bloomberg, Reuters, and Dow Jones, which is a significant advantage for traders seeking timely and reputable insights. In contrast, Questrade lacks these features, focusing instead on distinct advantages in areas such as technical analysis. Both brokers offer tools from Trading Central, albeit FXCM also delivers a sentiment-based trading tool that reveals the ratio of long and short positions across currency pairs, a feature Questrade doesn't match. Additionally, market research from TipRanks can be found on both platforms, offering supplementary insights for traders.
FXCM includes a valuable economic calendar displaying global news events, which is mirrored by Questrade as well. Despite a parity in some areas, such as these economic calendars, FXCM shows superiority in its overall research offerings and is rated at 4.5 stars compared to Questrade's 3.5 stars. When considering broker rankings by ForexBrokers.com, FXCM holds a strong position at #11 out of 63 brokers for research, contrasting sharply with Questrade's position at #51. These distinctions highlight FXCM's commitment to providing comprehensive market insights and resources for traders looking to make informed decisions.
| 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 comparing FXCM and Questrade in terms of educational resources for beginners, both platforms provide a good range of materials like articles, videos, and archived webinars focused on forex and CFDs. However, FXCM takes a step further by offering monthly live online webinars, an area where Questrade does not deliver. Both brokers maintain a searchable archive of recorded webinars, granting users easy access to past sessions. For beginners specifically, both FXCM and Questrade offer at least 10 educational videos tailored to newcomers in trading.
In looking at advanced resources, FXCM again stands out by providing over 10 educational videos designed for experienced traders, whereas Questrade falls short in this respect. Another advantage of FXCM is its extensive investor dictionary, featuring definitions of more than 50 investing terms, a feature not matched by Questrade. Reflecting these differences, FXCM holds a higher education rating at 4.5 stars compared to Questrade's 3.5 stars. According to ForexBrokers.com, FXCM ranks 14th among 63 brokers for educational offerings, while Questrade is positioned at 36th. Overall, FXCM provides more extensive and varied educational resources that may better serve both new and advanced traders.
| 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 63 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
|
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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2 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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