Written by ForexBrokers.com
In this head to head comparison of IC Markets 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.
IC Markets and Questrade are two reputable online brokers offering trading services with a focus on trust and security. IC Markets was founded in 2007, while Questrade has a longer history, established in 2000. Both brokers hold two Tier-1 licenses, which are highly regarded by ForexBrokers.com, reflecting their commitment to providing a secure trading environment. Neither IC Markets nor Questrade is listed on a stock exchange, nor do they operate as banks, suggesting a focused approach on trading services rather than traditional banking operations.
In terms of trust scores, IC Markets achieves a rating of 84 out of 99, indicating a trusted status, while Questrade scores slightly higher at 86, reinforcing its credibility among online traders. Both brokers lack Tier-2 licenses, but with their Tier-1 credentials, they still manage to inspire confidence in their reliability. As such, both IC Markets and Questrade present trustworthy options for those seeking online trading platforms.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Year Founded | 2007 | 2000 |
| 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 | 3 | 0 |
When comparing the commissions and fees of online brokers, IC Markets stands out for its competitive trading costs, earning a five-star rating and ranking #5 in ForexBrokers.com's Commissions & Fees category for 2024. With three account options, including the commission-free Standard account and two commission-based accounts—Raw Spread and cTrader Raw Spread—IC Markets offers flexibility to suit different trading preferences. The cTrader Raw Spread account has a lower commission of $3.0 per side for every 100,000 units, compared to $3.5 on the MetaTrader platform, making it a cost-effective choice for traders.
IC Markets excels with low effective spreads, averaging 0.62 pips on the cTrader account for the EUR/USD pair, contributing to its appeal among traders seeking value. Additionally, its commission-free Standard account with a 0.62 pips average spread provides an enticing option for those prioritizing simplicity. The broker also offers discounts to traders who trade over 100 standard lots per month, further enhancing its attractiveness for active market participants.
On the other hand, Questrade, which has a three-star rating and ranks #57 out of 62 brokers, presents a less competitive fee structure. With target spreads on the EUR/USD pair sitting at 1.9 pips, Questrade’s trading costs are notably higher than industry averages, which may not appeal to cost-conscious traders. In summary, IC Markets offers a more cost-effective and versatile option compared to Questrade, particularly for those prioritizing lower trading fees and spreads.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Minimum Deposit | $200 | $250 |
| Average Spread EUR/USD - Standard | 0.62 | N/A |
| All-in Cost EUR/USD - Active | 0.62 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | 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.
IC Markets and Questrade both offer a wide range of investment options that cater to different types of traders. When it comes to forex trading, both brokers allow trading via CFDs or spot contracts. IC Markets provides access to an impressive 3,583 tradeable symbols, whereas Questrade offers 641. However, Questrade surpasses IC Markets in the number of tradeable forex pairs, with 110 compared to IC Markets' 61. For those interested in exchange traded securities on U.S. exchanges, Questrade stands out as it allows clients to purchase stocks like Apple, a feature not offered by IC Markets. Both platforms provide access to international exchanges, giving investors the opportunity to buy a wide variety of stocks.
For those interested in more tailored trading capabilities, IC Markets has the edge with its copy trading feature, which Questrade does not offer. Both brokers give traders the option to invest in cryptocurrency derivatives but not in actual cryptocurrencies. Questrade is rated slightly higher for its range of investments, receiving a perfect score of 5 stars compared to IC Markets' 4.5 stars. According to ForexBrokers.com rankings, Questrade is ranked #11 for range of investments, while IC Markets holds the #25 spot. Overall, Questrade may appeal more to those seeking extensive forex trading opportunities and access to U.S. stocks, whereas IC Markets might attract traders interested in comprehensive symbol choices and copy trading options.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 641 |
| Forex Pairs (Total) | 61 | 110 |
| U.S. Stock Trading (Non CFD) | No | Yes |
| Int'l Stock Trading (Non CFD) | Yes | 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 IC Markets and Questrade, both brokers provide users with simulated trading options through free virtual demo accounts, allowing traders to practice without financial risk. IC Markets stands out with its support for popular third-party trading platforms like MetaTrader 4 and 5 and a web-based trading platform, yet it doesn't offer a proprietary platform. In contrast, Questrade provides its own in-house platform alongside its desktop and web-based options, making it a good choice for those who prefer using broker-specific tools.
For charting, IC Markets offers 15 drawing tools and the ability to trade directly from a stock chart, similar to Questrade, which enhances trading efficiency. However, Questrade edges ahead with 20 drawing tools and a more versatile watch list featuring 52 columns, compared to IC Markets' 7 columns. While IC Markets provides copy trading options like ZuluTrade, Questrade does not but instead offers DupliTrade. Both are rated four out of five stars for their trading platforms and tools, though IC Markets ranks higher at #17, while Questrade is positioned at #34 out of 62 brokers by ForexBrokers.com.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | 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 | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 64 |
| Charting - Drawing Tools (Total) | 15 | 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 IC Markets and Questrade offer options for iPhone and Android users, allowing traders to stay connected on the go. Each broker provides stock and forex price alerts, the ability to draw trendlines, view various time frames, and create watchlists with real-time quotes. However, a notable difference is that Questrade enables watchlist synchronization with its online platform, making it easier for users to manage their investments consistently across devices. Furthermore, Questrade excels in charting features, offering 64 technical studies, compared to IC Markets' 30, which may appeal to traders who rely heavily on technical analysis.
Both apps save chart drawings automatically, providing a seamless experience for traders. IC Markets is ranked higher by ForexBrokers.com, holding the 22nd spot compared to Questrade's 34th, although both apps share a four-star rating. This suggests that while both offer a reliable mobile trading experience, IC Markets slightly edges out in overall user satisfaction and app performance. Whether you prioritize advanced charting tools or seamless synchronization, both IC Markets and Questrade deliver solid mobile trading experiences for their users.
| Feature |
IC Markets
|
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.
IC Markets stands out in market research offerings by providing daily market commentary and access to forex news from prestigious sources like Bloomberg and Reuters. Traders benefit from a rich selection of tools, including technical analysis options from Autochartist and Trading Central, and a sentiment-based trading tool that reveals the long or short positions in currency pairs. Furthermore, IC Markets offers an economic calendar to track global news events, contributing to their research rating of four stars and a respectable 22nd place ranking out of 62 brokers according to ForexBrokers.com.
While Questrade offers a comprehensive market research experience with tools from Autochartist and Trading Central, it falls short in a few areas. Unlike IC Markets, Questrade does not provide daily market commentary or forex news from top-tier sources, nor does it have a sentiment-based trading tool. However, it does include market research from TipRanks and an economic calendar. Despite these features, Questrade's research capabilities are rated at 3.5 stars, placing it at the 51st position among 62 brokers in the ForexBrokers.com research category ranking.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | 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.
IC Markets and Questrade both cater to beginners looking to learn about forex and CFD trading, but there are some differences between the educational resources they offer. IC Markets provides a broad selection of learning materials, including more than ten articles, videos, and archived webinars focused on forex or CFDs. It also hosts online educational webinars at least once a month, giving clients the opportunity to engage with experts in real-time. Additionally, a searchable archive of previous webinars ensures that users can revisit these sessions at their convenience. Beginners can also benefit from over ten user-friendly educational videos tailored specifically for them, alongside advanced videos for those with more experience. Furthermore, IC Markets offers an investor dictionary with definitions of at least 50 investing terms, which can be particularly helpful for those new to trading. Consequently, IC Markets boasts a commendable four-star rating for education.
In comparison, Questrade also offers a minimum of ten educational pieces on forex or CFDs and has a searchable archive of recorded webinars, making it easy for users to access past content. Beginners will find at least ten beginner-focused videos to guide them through essential trading concepts. However, Questrade does not provide monthly educational webinars for live interaction, nor does it offer advanced educational videos for experienced traders. It lacks an investor dictionary, which might limit the resources available for those needing to familiarize themselves with trading terminology. With a 3.5-star rating for education, Questrade is ranked 36th out of 62 brokers by ForexBrokers.com, compared to IC Markets' 16th position, highlighting room for growth in their educational offerings.
| Feature |
IC Markets
|
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 IC Markets is better than Questrade. IC Markets finished with an overall rank of #20, while Questrade finished with an overall rank of #32.
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
| Feature |
IC Markets
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 86 |
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Both IC Markets and Questrade do not offer the option to purchase actual delivered cryptocurrency but provide the ability to trade in cryptocurrency derivatives.
While both IC Markets and Questrade support Visa, Mastercard, and bank wire transactions for deposits and withdrawals, IC Markets stands out by offering additional options like PayPal and Skrill, which Questrade does not provide.
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 | IC Markets | Questrade | |
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| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | Questrade Review |
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| Regulation | IC Markets | Questrade | |
|---|---|---|---|
| Trust Score | 84 | 86 | |
| Year Founded | 2007 | 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 | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 0 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | 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) | No | 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) | IC Markets | Questrade | |
|---|---|---|---|
| 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 | IC Markets | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 641 | |
| Forex Pairs (Total) | 61 | 110 | |
| U.S. Stock Trading (Non CFD) | No | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | IC Markets | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | N/A | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | IC Markets | Questrade | |
|---|---|---|---|
| Minimum Deposit | $200 | $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 | No | No |
| Trading Platforms | IC Markets | Questrade | |
|---|---|---|---|
| Proprietary Platform | No | 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 | Yes | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | Yes | No |
| Trading Tools | IC Markets | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 52 | |
| Charting - Indicators / Studies (Total) | 30 | 64 | |
| Charting - Drawing Tools (Total) | 15 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | 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 | IC Markets | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | 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 | IC Markets | 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 | IC Markets Review | Questrade Review |
| Overall | IC Markets | Questrade | |
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| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | Questrade Review |
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