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 online brokers HFM and Questrade, both offer a consistent level of trustworthiness in the financial industry with a Trust Score of 86 as rated by ForexBrokers.com. Founded in 2010, HFM aligns closely with Questrade, which has been operating since 2000. Neither of these brokers is publicly traded nor operates as a bank. This positions them as independent entities focused solely on brokerage services.
In terms of regulatory credentials, both HFM and Questrade hold 2 Tier-1 licenses, classifying them as highly trusted according to ForexBrokers.com standards. However, HFM further strengthens its standing with 3 Tier-2 licenses, while Questrade does not possess any Tier-2 licenses. This additional regulatory clearance could signal a broader commitment to regulatory compliance on the part of HFM.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Year Founded | 2010 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 3 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 0 |
When comparing the commissions and fees of online broker HFM to Questrade, it's important to note the differences in their trading costs. HFM's standard trading accounts typically offer a spread of 1.2 pips, which is slightly above the industry average. The Zero account at HFM brings the effective spread down to 0.7 pips after commission. However, these figures are not presented as averages, leaving room for variability in actual trading costs.
On the other hand, Questrade presents a target spread of 1.9 pips on the EUR/USD, which is considered steep compared to industry standards. This discrepancy in spreads impacts the overall expenses traders incur on this platform. Consequently, those prioritizing lower spreads might find HFM's offerings slightly more appealing despite them being above average.
In terms of ratings, HFM earns a commendable 4 out of 5 stars for commissions and fees, reflecting competitive pricing compared to its peers. It ranks #31 out of 62 brokers in this category according to ForexBrokers.com. Meanwhile, Questrade holds a 3-star rating and ranks #57, indicating higher costs relative to HFM and other broker options.
| 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 | No | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | 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 range of investments available through HFM and Questrade, several key differences emerge. Both brokers provide access to forex trading as CFDs or spot contracts, with HFM offering 102 tradeable forex pairs and Questrade offering a slightly higher number at 110. HFM provides 500 tradeable symbols overall, compared to Questrade's 641. Despite these similarities in forex offerings, Questrade surpasses HFM when it comes to trading exchange-traded securities on U.S. and international exchanges, allowing investors to purchase shares such as Apple and Vodafone directly. While HFM does offer copy trading, which Questrade does not, both brokers permit trading in cryptocurrency derivatives, yet neither allows the purchase of actual cryptocurrencies.
In terms of overall investment options, Questrade receives a higher rating with 5 stars compared to HFM's 4 stars. According to ForexBrokers.com, Questrade ranks significantly higher at #11 out of 62 brokers for range of investments, whereas HFM is positioned at #36. This suggests that investors looking for a wider array of investment choices, especially in traditional stock markets, may prefer Questrade. However, those interested in forex and copy trading might find HFM appealing despite its more limited stock trading options.
| 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) | 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 HFM and Questrade, both brokers offer a range of trading platforms and tools that cater to various user needs. HFM provides a more extensive selection of platforms with both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), in addition to its proprietary platform, offering flexibility for different trading strategies. It also supports copy trading, a feature not available with Questrade. Both brokers enable trading from stock charts and offer simulated trading through demo accounts. HFM provides a desktop and web-based trading experience similar to what Questrade offers.
While Questrade may not include MT4 or MT5, it offers a broader range of watchlist customization with 52 fields, compared to HFM's 7 columns. Questrade also supports DupliTrade, a tool not available on HFM. Both brokers are similarly rated with 4 stars for their trading platforms and tools. However, Questrade slightly outranks HFM on ForexBrokers.com, sitting at #34 compared to HFM's #42 among 62 brokers. Whether you're focused on technical indicators, drawing tools, or trading platform variety, both brokers have competitive offerings to consider. HFM offers more drawing tools with 30 options, while Questrade provides 20.
| 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 | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| 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.
Both HFM and Questrade offer mobile trading apps for iPhone and Android users, ensuring accessibility on the go. They provide valuable features such as stock and forex price alerts, the ability to draw trendlines, and view multiple time frames on charts. While both apps allow auto-saving of chart drawings and creation of watchlists with real-time quotes, Questrade stands out with its capability to sync watchlist symbols across devices, providing a seamless user experience that HFM currently lacks.
When it comes to technical studies, Questrade offers a more comprehensive selection with 64 options compared to HFM's 30, enhancing its chart analysis abilities. Despite these differences, both HFM and Questrade are rated four stars for their mobile trading apps. However, according to ForexBrokers.com rankings, Questrade is positioned slightly higher at 34th place, while HFM is ranked 39th out of 62 brokers, indicating a slight edge for Questrade in the mobile trading app category.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | 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 the market research offerings of HFM and Questrade, several differences and similarities emerge. HFM stands out by providing daily market commentary and forex news from renowned sources like Bloomberg and Reuters, resources that Questrade does not offer. Both brokers equip traders with technical analysis tools from Autochartist, yet they diverge in offerings from Trading Central, where Questrade has the advantage. A sentiment-based trading tool is another distinctive feature of HFM, providing insights into market positions, which Questrade lacks.
Questrade, however, provides market research from TipRanks, a feature absent in HFM. Neither broker offers tools from Acuity Trading, but both have economic calendars to keep traders informed of global events. HFM's research capabilities are rated at four stars and rank 20th out of 62 brokers according to ForexBrokers.com, surpassing Questrade’s 3.5-star rating and 51st position. This highlights HFM's broader scope of research tools and information, making it a more resource-rich option for traders seeking comprehensive market insights.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | 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.
HFM and Questrade both offer comprehensive educational resources for aspiring forex and CFD traders. Both platforms provide a collection of over 10 educational pieces, including articles, videos, and archived webinars, to help beginners grasp essential trading concepts. However, HFM distinguishes itself by offering online educational webinars at least once a month, while Questrade does not provide this regular feature. Both platforms have searchable archives of recorded webinars to allow easy access for users seeking to maximize their learning.
When it comes to video content, both HFM and Questrade cater well to beginners with at least 10 videos each, covering basic trading topics. Yet, HFM goes a step further with advanced educational videos for experienced traders, a resource missing in Questrade’s offerings. Additionally, HFM includes an investor dictionary with definitions of more than 50 investing terms, a helpful tool for those new to investing, which Questrade does not offer. Overall, HFM receives a slightly higher education rating of 4 stars compared to Questrade's 3.5 stars, though Questrade is ranked just ahead at #36 compared to HFM's #37 out of 62 brokers by ForexBrokers.com in the education category.
| Feature |
HFM
|
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 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
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 86 |
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Both HFM and Questrade do not offer the option to buy actual delivered cryptocurrency but provide the ability to purchase cryptocurrency derivatives.
Both HFM and Questrade do not support ACH, SEPA, or PayPal for depositing or withdrawing funds, but while both offer Visa, Mastercard, and bank wire transfers, only HFM provides Skrill as an additional option.
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 |
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| Regulation | HFM | Questrade | |
|---|---|---|---|
| Trust Score | 86 | 86 | |
| Year Founded | 2010 | 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 | 3 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 0 |
| Tier-1 Licenses (Highly Trusted) | HFM | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | 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) | 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) | HFM | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| 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) | 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 | 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 | No | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | HFM | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | 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 | HFM | 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 | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| 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 | No | 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 | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | HFM | 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 | 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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