Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs Questrade, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Interactive Brokers, founded in 1977, and Questrade, established in 2000, are both well-known online brokers. However, they differ significantly in their regulatory standings. Interactive Brokers boasts an impressive ForexBrokers.com Trust Score of 99 out of 99, reflecting its highly trusted status. This is supported by its nine Tier-1 licenses and two Tier-2 licenses, further emphasizing its credibility on a global scale. In contrast, Questrade, which holds a Trust Score of 86, is also considered trusted but not at the same level. It has two Tier-1 licenses but lacks Tier-2 licenses, indicating a narrower regulatory framework.
Neither of these companies functions as a bank, and while Interactive Brokers is publicly traded, Questrade remains privately held. This organizational difference may appeal to different types of investors seeking either the transparency of a public company or the agility of a private one. Overall, in terms of regulatory trust and trading transparency, Interactive Brokers stands out as a leader, whereas Questrade offers a reliable option with a solid trust score and essential licensing.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Year Founded | 1977 | 2000 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When it comes to comparing commissions and fees between Interactive Brokers and Questrade, Interactive Brokers stands out with its competitive pricing, especially for forex trading. Despite not publishing its average forex spreads, reports from Q3 2024 indicate an average spread for EUR/USD at a lean 0.59 pips after commission. Forex trading at Interactive Brokers involves commissions as low as 0.08 basis points for exceptionally active traders, with a minimum charge of $2 per side, making it a cost-effective choice for high-volume traders. Interactive Brokers' commission per trade ranges from $16 to $40 per million round turn, ensuring elite-level execution by aggregating prices from 17 leading interbank forex dealers. They are highly ranked with 5 stars for commissions and fees, securing the #2 spot out of 62 brokers by ForexBrokers.com.
In comparison, Questrade's forex offerings present a less attractive option with a target spread on EUR/USD at 1.9 pips. This rate is relatively steep when placed against industry standards and lacks the flexibility found at Interactive Brokers for high-volume traders. Questrade's rating of 3 stars for commissions and fees and its #57 ranking out of 62 brokers reflect its less competitive positioning in the market. Potential traders might find Questrade less economically beneficial if minimizing trading costs is a priority.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 0.59 | N/A |
| All-in Cost EUR/USD - Active | 0.59 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the investment options at Interactive Brokers and Questrade, both platforms provide a wide array of choices that cater to diverse investor needs. Interactive Brokers stands out with its vast selection of 8,500 tradeable symbols, encompassing U.S. and international exchange-traded securities, offering flexibility and global reach for investors. On the other hand, Questrade features 641 tradeable symbols, also providing access to U.S. and international markets, allowing customers to invest in popular stocks like Apple and Vodafone. Both brokers facilitate forex trading, though Questrade offers a slightly higher count of 110 forex pairs compared to Interactive Brokers' 90.
In terms of cryptocurrency, Interactive Brokers provides more extensive options by allowing the purchase of actual digital currencies and their derivatives, whereas Questrade is limited to cryptocurrency derivatives only. Despite these differences, both brokers hold a strong five-star rating for their range of investments. However, Interactive Brokers is ranked #1 for its investment range by ForexBrokers.com, while Questrade is ranked #11, indicating Interactive Brokers' leading position in offering diverse investment opportunities.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 641 |
| Forex Pairs (Total) | 90 | 110 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| Cryptocurrency (Physical) | Yes | 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.
Interactive Brokers and Questrade both offer strong trading platforms with a range of tools, making them appealing options for traders. Both brokers provide a simulated trading experience, allowing users to explore their platforms risk-free with virtual accounts. Each of them offers proprietary platforms that are developed in-house and are available on Windows-based desktop downloads as well as through web-based interfaces. While copy trading, MetaTrader integration, and ZuluTrade aren't supported by either broker, Questrade does support DupliTrade. For traders who prefer a rich charting experience, Interactive Brokers stands out with a significantly higher number of drawing tools, providing 85 compared to Questrade's 20. Additionally, both brokers let users trade directly from stock charts, enhancing the overall trading experience.
In terms of watch list customization, Interactive Brokers offers an impressive 659 columns (fields) compared to Questrade's 52, allowing for more in-depth monitoring of trading data. Interactive Brokers excels in trading platform and tools rating, earning a 5-star rating and ranking 3rd out of 62 brokers according to ForexBrokers.com. Meanwhile, Questrade earns a respectable 4-star rating and is positioned 34th. This comparative insight highlights Interactive Brokers as the stronger choice for those seeking more advanced trading features and customization options, though Questrade remains a viable and commendable option for many traders.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 64 |
| Charting - Drawing Tools (Total) | 85 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 52 |
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When it comes to mobile trading, both Interactive Brokers and Questrade offer iPhone and Android apps, equipped with helpful features for stock and forex trading. Users can expect stock or forex price alerts and watchlist symbol syncing on both platforms, ensuring any changes made are consistently updated across devices. When it comes to technical studies for charting, Interactive Brokers provides an impressive 97 options, while Questrade offers 64. Both apps allow traders to draw trendlines and view different time frames on charts, such as daily, weekly, or intraday. However, only Questrade auto-saves drawings on charts, adding an extra layer of convenience for users.
Creating a watchlist with real-time quotes is possible on both apps, yet the ratings and rankings reflect certain differences, with Interactive Brokers achieving a 5-star rating and Questrade receiving 4 stars. In ForexBrokers.com's evaluation out of 62 brokers in the Mobile Trading Apps category, Interactive Brokers shines with a #4 rank, while Questrade stands at #34. For those prioritizing a comprehensive range of charting tools and top-rated performance, Interactive Brokers emerges as the stronger contender. Meanwhile, Questrade provides a user-friendly app with features that cater to investors comfortable with a more streamlined trading experience.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 97 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, Interactive Brokers clearly stands out with its comprehensive offerings compared to Questrade. Interactive Brokers provides daily market commentary and access to forex news from prestigious sources like Bloomberg and Reuters. In contrast, Questrade does not offer daily commentary or access to such high-tier forex news. Both brokers provide technical tools from Trading Central, but only Interactive Brokers includes a sentiment-based trading tool and research resources through Acuity Trading, while Questrade lacks these features. Additionally, Interactive Brokers offers research from TipRanks, which is also available with Questrade.
Interactive Brokers not only offers a robust economic calendar but also stands tall with a research rating of 5 stars, ranking third out of 62 brokers according to ForexBrokers.com. This rating surpasses Questrade, which holds a lower research score of 3.5 stars and ranks 51st in the same category. Questrade does offer tools from Autochartist, unlike Interactive Brokers, but the wide array of resources and higher rating cement Interactive Brokers as a top choice for those seeking extensive market research tools in their trading journey.
| Feature |
Interactive Brokers
|
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) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, Interactive Brokers and Questrade both offer valuable materials but differ significantly in depth and variety. Both platforms provide a wealth of resources on forex and CFDs, each boasting at least 10 educational pieces such as articles and videos. However, Interactive Brokers excels by offering regular monthly webinars and a comprehensive archive of past webinars that users can access anytime. In contrast, Questrade does not host monthly educational webinars, though it does maintain a searchable archive of its recorded webinars.
Interactive Brokers also caters to both beginners and advanced traders, delivering a broader selection of educational videos with over 10 dedicated to each level of expertise. Questrade, while offering videos for beginners, lacks advanced trading content. An added advantage of Interactive Brokers is its detailed investor dictionary, featuring definitions for more than 50 investing terms, something Questrade does not provide. This emphasis on education gives Interactive Brokers a superior rating of 5 stars, ranking it third among 62 brokers in ForexBrokers.com's education category, while Questrade scores 3.5 stars, placing it at #36.
| Feature |
Interactive Brokers
|
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 Interactive Brokers is better than Questrade. Interactive Brokers finished with an overall rank of #2, while Questrade finished with an overall rank of #32.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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Questrade
|
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| Trust Score | 99 | 86 |
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Interactive Brokers provides the option to purchase actual delivered cryptocurrency and cryptocurrency derivatives, whereas Questrade offers the ability to buy cryptocurrency derivatives but does not support purchasing actual delivered cryptocurrency.
Interactive Brokers supports ACH, SEPA, and bank wire transfers for deposits and withdrawals, whereas Questrade offers Visa or Mastercard and bank wire options but does not support ACH, SEPA, or PayPal transactions, aligning both brokers in bank wire availability while differing in card options and ACH/SEPA accessibility.
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 | Interactive Brokers | Questrade | |
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| Trust Score | 99 | 86 | |
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| Review | Interactive Brokers Review | Questrade Review |
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| Regulation | Interactive Brokers | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| Year Founded | 1977 | 2000 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 9 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Interactive Brokers | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 641 | |
| Forex Pairs (Total) | 90 | 110 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| Cryptocurrency (Physical) | Yes | 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 | Interactive Brokers | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | N/A | |
| All-in Cost EUR/USD - Active | 0.59 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | No |
| Funding | Interactive Brokers | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 52 | |
| Charting - Indicators / Studies (Total) | 155 | 64 | |
| Charting - Drawing Tools (Total) | 85 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | 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 | 97 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | 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 | Interactive Brokers | 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 | Interactive Brokers | 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 | Interactive Brokers Review | Questrade Review |
| Overall | Interactive Brokers | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | Questrade Review |
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