Written by ForexBrokers.com
In this head to head comparison of HFM 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.
When comparing HFM and Questrade based on their regulatory standings, both brokers share a Trust Score of 86 out of 99, as determined by ForexBrokers.com. This positions them both within the "trusted" category according to the rating scale. HFM, which has been in operation since 2010, boasts two Tier-1 licenses and three Tier-2 licenses. Similarly, Questrade, founded in 2000, holds two Tier-1 licenses but does not possess any Tier-2 licenses. Neither company is publicly traded nor a banking institution, making their regulatory credentials a critical component of their trustworthiness in the financial sector.
Both HFM and Questrade demonstrate solid regulatory support in their operations, essential for ensuring a reliable trading experience for their clients. With each holding two Tier-1 licenses, they are deemed to have substantial international regulatory oversight. The presence of additional Tier-2 licenses for HFM could be seen as an added layer of security that may appeal to traders seeking extra faith in their broker’s financial practices. Whether clients prioritize more extensive regulatory reach or trust ratings, both these brokers provide viable, trusted options for online trading activities.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Year Founded | 2010 | 2000 |
| Publicly Traded (Listed) | ||
| Bank | ||
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 3 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 0 |
When it comes to evaluating commissions and fees, HFM tends to hover slightly above the industry average. For their standard trading accounts, HFM typically offers spreads of around 1.2 pips. However, it's important to note that this figure does not specify a date range, suggesting that the average spread may actually vary. The Zero account features a more competitive effective spread of 0.7 pips after commission, but once again, this is not presented as an average value.
Conversely, Questrade's commissions and fees for the EUR/USD pair are positioned at a higher spread of 1.9 pips, which appears steep against the industry benchmarks. This difference indicates that trading costs with Questrade might be a bit more expensive compared to many of its peers.
In terms of ratings, HFM receives a commendable 4-star evaluation for commissions and fees, while Questrade earns a 3-star rating. According to ForexBrokers.com, HFM holds the 31st spot out of 63 brokers in this category, reflecting a more favorable ranking than Questrade, which sits at 58th place. This comparison underscores HFM as a generally more cost-effective choice for traders mindful of commissions and fees.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $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 | ||
| ACH or SEPA Transfers | ||
| PayPal (Deposit/Withdraw) | ||
| Skrill (Deposit/Withdraw) | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing HFM and Questrade, it's clear that both online brokers offer forex trading either as a CFD or spot contract. However, Questrade stands out with a larger selection of tradeable symbols, providing 641 compared to HFM's 500. In terms of specific forex pairs, Questrade also takes the lead, offering 110 pairs while HFM provides 102. Both brokers allow for the trading of cryptocurrency derivatives, but neither supports the purchase of actual cryptocurrency. Notably, Questrade allows clients to trade U.S. exchange securities like Apple shares and international securities such as Vodafone, while HFM does not offer this option.
HFM does have the advantage of offering copy trading, a feature not available with Questrade. Despite this, Questrade earns a higher ranking from ForexBrokers.com, standing at #11 compared to HFM's #36 in the Range of Investments category. Furthermore, Questrade scores five out of five stars for its range of investment opportunities, surpassing HFM's four-star rating. This broader investment range positions Questrade as a more comprehensive choice for investors seeking access to varied markets and securities.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 500 | 641 |
| Forex Pairs (Total) | 102 | 110 |
| U.S. Stock Trading (Non CFD) | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | |
| Social Trading / Copy Trading | Yes | |
| Cryptocurrency (Physical) | ||
| 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 examining the trading platforms and tools offered by HFM and Questrade, both brokers provide simulated trading options, including free virtual demo accounts. This is a great feature for beginners looking to practice before investing real money. Each broker-developed proprietary platforms and offers Windows-based desktop and web-based trading platforms. While both facilitate trading directly from stock charts, HFM offers more drawing tools for charting with 30, compared to Questrade's 20. However, Questrade excels in offering a more customizable experience in its watch lists, providing 52 columns for fields, significantly more than HFM's seven.
HFM provides additional support for MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are popular among Forex traders for their comprehensive trading tools. HFM also offers copy trading, a feature not presently available on Questrade. Conversely, Questrade supports DupliTrade for automated trading strategies, which HFM does not. Despite these differences, both platforms share a commendable rating of four stars for trading platforms and tools, though Questrade holds a higher ranking at 34th compared to HFM's 42nd place in ForexBrokers.com rankings of 63 brokers.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | |
| MetaTrader 4 (MT4) | Yes | |
| MetaTrader 5 (MT5) | Yes | |
| DupliTrade | Yes | |
| ZuluTrade | ||
| Charting - Indicators / Studies (Total) | 15 | 64 |
| Charting - Drawing Tools (Total) | 30 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both HFM and Questrade provide impressive features for iPhone and Android users. Both platforms offer alerts for stock or forex prices, allowing traders to stay informed on market movements. Additionally, each app supports the creation and management of watchlists with real-time quotes and the ability to sync watchlist symbols with the user's online account. This ensures that any changes made on the app or desktop are seamlessly updated. Both apps also enable chart customization, including the ability to draw trendlines and view multiple time frames, with auto-saving of these drawings for future reference.
While both HFM and Questrade boast comprehensive feature sets, there are key differences in charting tools. Questrade offers 64 technical studies compared to HFM’s 30, which could be a deciding factor for traders focused on in-depth technical analysis. Despite these differences, both apps receive similar user satisfaction ratings of 4 stars. According to ForexBrokers.com, Questrade is ranked slightly higher at #34 compared to HFM's rank at #39 out of 63 brokers. Overall, both platforms offer solid mobile trading solutions, but traders who prioritize technical study options may prefer Questrade’s broader availability.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | |
| Mobile Charting - Indicators / Studies | 30 | 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 HFM and Questrade for market research offerings, HFM stands out with daily market commentary and real-time forex news from top-tier sources like Bloomberg and Reuters. Questrade, on the other hand, doesn't provide daily market commentary or top-tier forex news. Both brokers offer technical and fundamental research tools from Autochartist, but when it comes to sentiment-based trading tools, HFM offers insights into long and short positions across various instruments, which Questrade does not provide. Additionally, Questrade offers market research from TipRanks and resources from Trading Central, which adds value for investors seeking such specialized tools.
In tools like economic calendars, both HFM and Questrade provide comprehensive overviews of global news events. In terms of rankings, HFM is rated marginally higher for research with 4 stars, while Questrade has a rating of 3.5 stars. According to ForexBrokers.com, HFM is ranked 20th out of 63 brokers in the research category, whereas Questrade is positioned at 51st place. This suggests that while both platforms offer valuable tools, HFM might provide a broader range of research features for traders keen on detailed market analysis.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | |
| Social Sentiment - Currency Pairs | Yes | |
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both HFM and Questrade provide a range of options tailored for novices in the trading world. They each offer over ten educational pieces focusing on forex or CFDs, including articles, videos, and archived webinars. HFM excels with its monthly live webinars, providing current and engaging content for learners. In contrast, Questrade does not offer a guarantee of monthly live webinars. Both platforms provide archived webinars for those who prefer to learn at their own pace.
For video content, both HFM and Questrade make over ten beginner-focused educational videos available, targeting those new to trading. However, when it comes to advanced trading topics, HFM offers more resources with over ten advanced educational videos, while Questrade falls short in this area. Additionally, HFM provides an investor dictionary with definitions of over 50 terms, a feature not available with Questrade. Ratings reflect these differences, with HFM scoring 4 stars and Questrade 3.5 stars for educational offerings. Despite these differences, their rankings on ForexBrokers.com are close, with HFM at #37 and Questrade at #36 out of 63 brokers.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | |
| Investor Dictionary (Glossary) | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that HFM is better than Questrade. HFM finished with an overall rank of #30, while Questrade finished with an overall rank of #32.
Alongside its enhanced MetaTrader offering and quality research, HFM (HF Markets), previously known as HotForex, offers a proprietary copy trading platform, HFcopy, a proprietary HF mobile app, and a decent selection of over 1,000 CFDs and 47 forex pairs. Still, trading costs at HFM are slightly above the industry average.
| Feature |
HFM
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Questrade
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|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 86 |
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While both HFM and Questrade allow users to invest in cryptocurrency derivatives, neither platform offers the option to purchase actual delivered cryptocurrencies.
When comparing the online brokers HFM and Questrade, HFM does not offer ACH or SEPA transfers or PayPal as options for depositing or withdrawing funds, but it does support Skrill, Visa/Mastercard, and bank wires, whereas Questrade offers neither Skrill nor ACH/SEPA transfers and PayPal, but does provide options for Visa/Mastercard and bank wires for fund 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 | HFM | Questrade | |
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| Trust Score | 86 | 86 | |
| Winner | check_circle | ||
| Review | HFM Review | Questrade Review |
| Broker Screenshots | HFM | Questrade | |
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| Broker Gallery (click to expand) |
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| Regulation | HFM | Questrade | |
|---|---|---|---|
| Trust Score | 86 | 86 | |
| Year Founded | 2010 | 2000 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 3 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 0 |
| Tier-1 Licenses (Highly Trusted) | HFM | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | |||
| Canada (CIRO Authorised) | Yes | ||
| Hong Kong (SFC Authorised) | |||
| Japan (SFC Authorised) | |||
| Singapore (MAS Authorised) | |||
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | ||
| USA (CFTC Authorized) | |||
| New Zealand (FMA Authorised) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes |
| Tier-2 Licenses (Trusted) | HFM | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA/Central Bank Authorised) | Yes | ||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | HFM | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 500 | 641 | |
| Forex Pairs (Total) | 102 | 110 | |
| U.S. Stock Trading (Non CFD) | Yes | ||
| Int'l Stock Trading (Non CFD) | Yes | ||
| Social Trading / Copy Trading | Yes | ||
| Cryptocurrency (Physical) | |||
| 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 | HFM | 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 | |||
| Inactivity Fee | Yes | ||
| Execution: Agency Broker | Yes | ||
| Execution: Market Maker | Yes |
| Funding | HFM | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | |||
| Skrill (Deposit/Withdraw) | Yes | ||
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers |
| Trading Platforms | HFM | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | |||
| DupliTrade | Yes | ||
| ZuluTrade |
| Trading Tools | HFM | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 52 | |
| Charting - Indicators / Studies (Total) | 15 | 64 | |
| Charting - Drawing Tools (Total) | 30 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | HFM | Questrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | ||
| Mobile Charting - Indicators / Studies | 30 | 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 | HFM | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | ||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | ||
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | ||
| Economic Calendar | Yes | Yes |
| Education | HFM | Questrade | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | ||
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | ||
| Investor Dictionary (Glossary) | Yes |
| Major Forex Pairs | HFM | 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 | HFM Review | Questrade Review |
| Overall | HFM | Questrade | |
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| Trust Score | 86 | 86 | |
| Winner | check_circle | ||
| Review | HFM Review | Questrade Review |
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