Written by ForexBrokers.com
In this head to head comparison of Questrade vs LegacyFX, 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.
Questrade and LegacyFX offer online brokerage services, but they differ significantly in their regulatory standing. Established in 2000, Questrade holds two Tier-1 licenses, making it a reputable choice for investors. With a Trust Score of 86 from ForexBrokers.com, Questrade is classified as a trusted broker, offering its users a relatively secure trading environment despite not being publicly traded or a bank.
LegacyFX, founded in 2012, holds one Tier-1 license. It has a ForexBrokers.com Trust Score of 67, placing it in the high-risk category. Like Questrade, LegacyFX isn't publicly traded or a bank, but its lower Trust Score suggests a greater degree of caution may be warranted for prospective customers. Both platforms remain unlisted on any stock exchanges, yet they cater to their clients with distinctive regulatory credentials in the online trading space.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Year Founded | 2000 | 2012 |
| 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 it comes to commissions and fees, Questrade presents a challenge for traders aiming to minimize costs. Its target spread on the popular EUR/USD currency pair is an uncompetitive 1.9 pips, which is above the industry average. This pricing structure contributes to Questrade's rating of 3 out of 5 stars in the commissions and fees category. Furthermore, it ranks at a modest #57 among 62 brokers according to ForexBrokers.com.
LegacyFX offers a complex array of account types, which vary depending on whether you're under its EU entity regulated by CySEC or its international arm in Vanuatu. For EU residents, the Silver, Gold, and Platinum accounts have minimum deposits of $500, $5,000, and $25,000, respectively. Spreads are lower on premium accounts, with the Silver account starting at a spread of 1.6 pips on EUR/USD. International clients can choose from seven different account types, which not only define trading costs but also the level of client support and access to trading tools.
Despite some lack of transparency regarding average spreads, LegacyFX earns a slightly better evaluation with a 3.5-star rating for commissions and fees. It edges above Questrade by ranking #56 out of 62 brokers on ForexBrokers.com, indicating a marginally more favorable cost environment for traders assessing their options.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $250 | $500 |
| 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 | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| 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 LegacyFX for their range of investments, Questrade clearly provides a wider selection with 641 tradable symbols compared to LegacyFX’s 425. Questrade stands out with the ability to trade 110 forex pairs, while LegacyFX offers 44. Both brokers support forex trading as a CFD or spot contract. A significant advantage of Questrade is its offering of exchange-traded securities on U.S. and international exchanges, such as Apple and Vodafone shares, whereas LegacyFX does not. However, LegacyFX caters to traders interested in copy trading, a feature not available with Questrade.
Although neither platform offers the ability to purchase actual cryptocurrencies, they both provide cryptocurrency derivatives. The extensive range of investment options makes Questrade a popular choice, earning it a 5-star rating and an 11th place ranking out of 62 brokers for its range of investments according to ForexBrokers.com. LegacyFX, while having a more limited selection, still maintains a decent 3.5-star rating but falls behind in the rankings at 48th place. These distinctions make Questrade the preferable choice for those seeking a broader investment portfolio.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 425 |
| Forex Pairs (Total) | 110 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| 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 choosing between Questrade and LegacyFX for trading platforms and tools, there are distinct differences that cater to different trading needs. Questrade shines with its proprietary platform, developed in-house, offering impressive technical features such as a Windows-based desktop platform, a web-based platform, and the ability to trade directly from stock charts. It supports DupliTrade for strategy automation but does not provide MetaTrader 4 (MT4) or MetaTrader 5 (MT5) or copy trading. However, it stands strong with 20 drawing tools for charting and an astounding 52 fields for watch lists, allowing for highly customizable trading experience. Recognized for its capabilities, Questrade receives a 4-star rating and ranks 34th among 62 brokers for its trading platforms and tools.
LegacyFX, on the other hand, offers a reliable web-based trading platform and a downloadable desktop version but lacks an in-house developed proprietary platform. It does not integrate DupliTrade but exceeds in providing MetaTrader 5 (MT5) and enticing traders with its copy trading options. While LegacyFX offers fewer customization options with 15 drawing tools and 7 columns for watch lists, it offers a full-featured demo account for simulated trading. This approach earns LegacyFX a 3.5-star rating, placing it at the 59th position among its peers. Both brokers offer virtual trading accounts, allowing traders to practice strategies without financial risk.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | Yes | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 52 | 7 |
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When comparing the mobile trading apps of Questrade and LegacyFX, both brokers provide essential features for iPhone and Android users. Each app offers stock and forex price alerts and the ability to draw trendlines and view multiple time frames on charts. However, Questrade stands out with advanced syncing capabilities as it allows watchlist symbol syncing between its mobile app and the online account. This feature ensures hassle-free management of watchlists, a functionality LegacyFX currently doesn't provide.
In terms of charting capabilities, Questrade surpasses LegacyFX by offering 64 technical studies compared to LegacyFX's 30. Both apps support creating watchlists with real-time quotes and automatic saving of chart drawings. However, users have rated Questrade’s app slightly higher, giving it 4 out of 5 stars compared to LegacyFX's 3.5 stars. In rankings, Questrade is placed at #34 out of 62 brokers by ForexBrokers.com, whereas LegacyFX is ranked lower at #60. Overall, Questrade might be more appealing for those who value advanced charting options and seamless watchlist management.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| 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 Questrade and LegacyFX, several differences come to light. LegacyFX stands out for providing daily market commentary and delivering forex news from top-tier sources like Bloomberg and Reuters. Questrade, on the other hand, lacks these features. Both platforms do offer advanced research tools from Autochartist, but Questrade pairs this with additional insights from Trading Central, which LegacyFX does not. However, neither broker offers sentiment-based trading tools or research tools from Acuity Trading, such as Signal Centre. In terms of economic information, both brokers present a comprehensive calendar detailing global news events.
Considering other research tools, Questrade includes market insights from TipRanks, a feature absent in LegacyFX. Both platforms are rated 3.5 stars for research quality. Despite this, LegacyFX holds a slight edge in overall research rankings, coming in at #45 out of 62 brokers according to ForexBrokers.com, compared to Questrade's ranking at #51. This analysis highlights LegacyFX's strength in market commentary and news, while Questrade excels in providing detailed technical analysis resources.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners interested in online trading, both Questrade and LegacyFX provide ample materials, including articles and videos focused on forex and CFDs. Each platform boasts a library with at least ten educational pieces on these topics. While both brokers offer a searchable archive of past webinars, only LegacyFX provides monthly online educational webinars, which is an advantage for those who prefer live learning experiences. Additionally, the two brokers feature beginner-friendly videos tailored to newcomers, although LegacyFX distinguishes itself by also offering advanced videos suitable for more experienced traders. Questrade, in comparison, falls short in this area, lacking a sufficient collection for advanced traders.
For further learning, LegacyFX supplies an investor dictionary with definitions for over 50 investing terms, a feature not available with Questrade. However, both brokers are evenly matched with a 3.5-star education rating from ForexBrokers.com and similar overall ranks, with Questrade at 36 and LegacyFX slightly ahead at 35 out of 62 brokers. Despite their close rankings, the unique features of LegacyFX, including live webinars and a wider range of videos, might offer beginners a more comprehensive educational experience. Yet, those who prioritize a robust yet selectively focused educational library might find Questrade satisfactory.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | Yes |
| Investor Dictionary (Glossary) | No | Yes |
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 LegacyFX. Questrade finished with an overall rank of #32, while LegacyFX finished with an overall rank of #62.
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
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
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Both Questrade and LegacyFX provide the capability to buy cryptocurrency derivatives, but neither platform offers the option to purchase actual delivered cryptocurrency.
While both Questrade and LegacyFX do not support ACH, SEPA, or PayPal for fund transfers, they both offer Visa, Mastercard, and bank wires, with LegacyFX providing an additional option of Skrill for deposit and withdrawal 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 | Questrade | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | Questrade Review | LegacyFX Review |
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| Regulation | Questrade | LegacyFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2000 | 2012 | |
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | No | |
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 425 | |
| Forex Pairs (Total) | 110 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $250 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| 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 | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| Trading Tools | Questrade | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 52 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Questrade | LegacyFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| 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 | Questrade | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | No | Yes |
| Major Forex Pairs | Questrade | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX Review |
| Overall | Questrade | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | Questrade Review | LegacyFX Review |
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