Written by ForexBrokers.com
In this head to head comparison of Questrade vs iFOREX, 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 considering online brokers for trading, Questrade and iFOREX are two notable options. Founded in 2000, Questrade stands out with its impressive Trust Score of 86 as per ForexBrokers.com, indicating it is a trusted broker. With two Tier-1 licenses, Questrade's regulatory status reflects a strong level of trust and security for users. While Questrade is not a publicly traded company, nor is it a bank, its array of licenses and high trust score make it a reliable choice for online trading.
iFOREX, established earlier in 1996, holds a ForexBrokers.com Trust Score of 75, placing it in a category of average risk when compared to its competitors. iFOREX has one Tier-1 license, ensuring a degree of trust but indicating room for caution relative to more highly-rated platforms. Like Questrade, iFOREX is not publicly traded and does not operate as a bank. Although both brokers provide reputable services, Questrade’s higher Trust Score and more substantial regulatory backing may appeal to traders seeking heightened assurance.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Year Founded | 2000 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing the commissions and fees of online brokers Questrade and iFOREX, key differences arise. Questrade's target spreads on the popular EUR/USD currency pair are set at 1.9 pips, which is higher than the industry average. In contrast, iFOREX does not provide transparency in spread data, leaving traders without precise numbers to evaluate. Both Questrade and iFOREX have received a rating of 3 out of 5 stars for their commissions and fees, indicating that each broker is considered average in this aspect.
Questrade is ranked at position 57 out of 62 brokers evaluated by ForexBrokers.com in the Commissions and Fees category. This rank suggests that there are more competitive options available in the market. Similarly, iFOREX is placed slightly lower, securing the 60th position out of 62. This further emphasizes that both brokers might not be the top choice for traders prioritizing low commissions and fees.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $250 | $100 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Questrade and iFOREX, both online brokers offer forex trading as a CFD or spot contract, making them viable options for forex enthusiasts. However, Questrade provides a broader selection with 641 tradeable symbols, including 110 forex pairs, compared to iFOREX, which offers 750 symbols but only 88 forex pairs. Importantly, Questrade stands out by allowing clients to purchase exchange-traded securities from both U.S. and international markets, giving investors access to popular stocks like Apple and Vodafone. In contrast, iFOREX does not facilitate trading in real stocks on U.S. or international exchanges. Both platforms do offer cryptocurrency derivatives, though neither supports buying actual cryptocurrencies or provides copy trading services.
In terms of investment variety, Questrade receives a more favorable rating of five stars compared to iFOREX's 3.5 stars. This rating is reflected in their rankings by ForexBrokers.com, where Questrade is positioned at #11, demonstrating a superior range of investment options, while iFOREX trails behind at #41. For prospective investors seeking more diverse trading opportunities, including access to a wider array of stocks and forex pairs, Questrade presents a compelling option. Meanwhile, iFOREX might appeal to traders who prioritize the sheer number of trading symbols, albeit with some limitations in access to certain stocks.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 750 |
| Forex Pairs (Total) | 110 | 88 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | 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 Questrade and iFOREX for their trading platforms and tools, several key distinctions and similarities come to light. Both brokers offer proprietary platforms developed in-house, allowing for a unique trading experience tailored to their respective services. Questrade extends its reach with a desktop download option for Windows users, while iFOREX focuses exclusively on providing a web-based trading platform. For those interested in testing the waters before diving into real trading, Questrade stands out by offering a free virtual demo account, a feature absent with iFOREX. However, both platforms do not support MetaTrader 4 (MT4) or MetaTrader 5 (MT5) and do not offer copy trading capabilities such as ZuluTrade.
In terms of charting tools, Questrade takes the lead with 52 columns available for watch lists compared to iFOREX’s 9. While iFOREX triumphs in the number of drawing tools, offering 25 compared to Questrade’s 20, both brokers provide the ability to trade directly from stock charts, enhancing the user experience. Despite differences in specific tools and functionalities, both brokers are rated 4 stars out of five for their trading platforms and tools. However, Questrade ranks higher at #34 compared to iFOREX’s #54 out of 62 brokers according to ForexBrokers.com, implying a marginally higher overall satisfaction and utility from its offerings.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | Yes | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 57 |
| Charting - Drawing Tools (Total) | 20 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 52 | 9 |
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For investors seeking comprehensive mobile trading solutions, both Questrade and iFOREX offer iPhone and Android apps. Questrade stands out with features such as stock and forex price alerts, watchlist symbol syncing between the mobile app and online accounts, and a rich selection of 64 technical studies for charting. Users can also draw trendlines on charts, view different time frames, and have their work auto-saved. Furthermore, Questrade’s app supports creating watchlists with real-time quotes, which enhances its functionality for active traders.
On the other hand, iFOREX lacks some of these advanced features. While it provides basic iPhone and Android app availability, it does not support price alerts, watchlist syncing, or real-time quotes in watchlists. Additionally, users cannot access technical studies, draw trendlines, or save drawings. When it comes to star ratings, both platforms receive 4 out of 5 stars for their mobile trading apps. However, Questrade ranks higher at #34 compared to iFOREX's #55 in the Mobile Trading Apps category by ForexBrokers.com, making it a more feature-rich choice for users prioritizing comprehensive trading tools.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When considering online brokers Questrade and iFOREX for market research insights, they each present unique features. iFOREX excels in providing daily market commentary, an area where Questrade lags. For those seeking tools to assist in trading analysis, Questrade stands out, offering resources from Autochartist and Trading Central. While both brokers do not supply forex news from prestigious outlets like Bloomberg or Reuters, iFOREX does offer a sentiment-based trading tool that is absent from Questrade's offerings.
In terms of additional research capabilities, Questrade includes access to insights from TipRanks, whereas iFOREX lacks this feature. Both platforms furnish an economic calendar for global event tracking, a crucial element for traders keeping an eye on market movements. Despite these differences, both brokers are comparable in their research ratings, each earning 3.5 stars. However, within a field of 62 brokers assessed by ForexBrokers.com, iFOREX edges out with a higher ranking at #48, just ahead of Questrade, which is positioned at #51.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | No | No |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners from Questrade and iFOREX, Questrade takes a slight edge in providing a diverse learning experience. Questrade offers at least ten educational pieces focused specifically on forex or CFDs, along with a searchable archive of previously recorded client webinars. This makes their platform a useful starting point for those new to forex trading. Although neither Questrade nor iFOREX hosts monthly educational webinars, Questrade's archived content allows users to access past webinars at their convenience, enhancing flexibility in learning.
Both Questrade and iFOREX cater to beginners with at least ten beginner educational videos, covering essential trading topics. However, those looking to enhance their expertise with advanced educational videos may find both platforms lacking, as neither offers advanced educational content extensively. While the absence of an investor dictionary might be a drawback, Questrade's stronger offerings in forex and CFDs education provide a more generous educational environment compared to iFOREX. This slight difference is reflected in their rankings, with Questrade at #36 and iFOREX at #53 out of 62 brokers for education. Both platforms hold a solid rating of 3.5 stars for their educational resources, emphasizing their commitment to educating traders at the beginner level.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | No | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Questrade is better than iFOREX. Questrade finished with an overall rank of #32, while iFOREX finished with an overall rank of #52.
Regulated in both the U.S. and Canada, Questrade is a trusted full-service multi-asset broker now offering forex and CFDs alongside its stock trading services for active and passive investors. While its scope of educational resources and in-house research is limited, Questrade has an impressive platform lineup.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 75 |
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Both Questrade and iFOREX do not offer the ability to buy actual delivered cryptocurrencies, but they both provide options for trading cryptocurrency derivatives.
When comparing the funding and withdrawal options of online brokers Questrade and iFOREX, both offer Visa/Mastercard and bank wire transfers, but only iFOREX supports PayPal and Skrill, whereas neither broker provides ACH or SEPA transfers.
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 | Questrade | iFOREX | |
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| Trust Score | 86 | 75 | |
| Winner | check_circle | ||
| Review | Questrade Review |
| Broker Screenshots | Questrade | iFOREX | |
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| Regulation | Questrade | iFOREX | |
|---|---|---|---|
| Trust Score | 86 | 75 | |
| Year Founded | 2000 | 1996 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Questrade | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | Yes | No | |
| 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 | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Questrade | iFOREX | |
|---|---|---|---|
| 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 | Questrade | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 750 | |
| Forex Pairs (Total) | 110 | 88 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | 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 | Questrade | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $250 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Questrade | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| Trading Tools | Questrade | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 52 | 9 | |
| Charting - Indicators / Studies (Total) | 64 | 57 | |
| Charting - Drawing Tools (Total) | 20 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | Questrade | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Questrade | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | No | No | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | No | No |
| Major Forex Pairs | Questrade | iFOREX | |
|---|---|---|---|
| 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 | Questrade Review |
| Overall | Questrade | iFOREX | |
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| Trust Score | 86 | 75 | |
| Winner | check_circle | ||
| Review | Questrade Review |
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