Written by ForexBrokers.com
In this head to head comparison of Questrade vs MultiBank, 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, established in 2000, and MultiBank, founded in 2005, are both well-regarded online brokers, albeit with slight differences in their regulatory standings. Neither of these platforms is publicly traded or operates as a bank. In terms of credibility, Questrade holds two Tier-1 licenses, indicating a strong level of trust, while MultiBank surpasses this with three Tier-1 licenses, further bolstering its reliability. Additionally, MultiBank holds one Tier-2 license, which is another mark of trust, while Questrade does not possess any Tier-2 licenses.
When it comes to trust ratings on ForexBrokers.com, Questrade secures an impressive Trust Score of 86 out of 99, marking it as a trusted broker. In comparison, MultiBank has a slightly lower Trust Score of 84, aligning it closely with its competitor in terms of trustworthiness. These scores suggest that both brokers are reliable, yet there are nuanced differences in their regulatory assurances and trust ratings that potential users might consider when making a choice between the two.
| Feature |
Questrade
|
MultiBank
|
|---|---|---|
| Year Founded | 2000 | 2005 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 3 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 3 |
When it comes to online brokers, understanding commissions and fees is crucial, and Questrade and MultiBank each have their own advantages and drawbacks. For Questrade, the target spreads on popular currency pairs like EUR/USD are relatively steep at 1.9 pips, which is above the industry average. This can be a significant cost consideration for traders who frequently engage in currency trading. Questrade receives a 3-star rating for commissions and fees and is ranked at number 57 out of 62 brokers by ForexBrokers.com, indicating there are more economical choices available on the market.
On the other hand, MultiBank offers flexibility with three different account types: Standard, Pro, and ECN. The Standard account has a low minimum deposit of $50, but it comes with higher spreads, which may not be the most cost-effective choice for experienced traders. The Pro account requires a $1,000 minimum deposit and provides lower spreads, presenting a more balanced option. The ECN account, catering to serious traders, requires a $10,000 deposit and offers the lowest spreads along with a commission of $3 per trade. MultiBank's structured approach allows traders to choose according to their needs and financial capacity.
A noteworthy fee to consider with MultiBank is the inactivity fee of $60 per month if no trading activity occurs over a 90-day period. In terms of overall cost-effectiveness, MultiBank receives a 4-star rating for its commissions and fees and ranks 37th out of 62 brokers according to ForexBrokers.com. This reflects a more competitive pricing structure compared to Questrade, making MultiBank a potentially more attractive option for those mindful of trading costs.
| Feature |
Questrade
|
MultiBank
|
|---|---|---|
| Minimum Deposit | $250 | $50 |
| 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 | Yes |
| 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 MultiBank for their available range of investments, both offer forex trading as CFDs or spot contracts. Questrade provides access to 641 tradeable symbols, while MultiBank boasts 1042. However, Questrade shines in its offering of 110 tradeable forex pairs, surpassing MultiBank's 40 pairs. A significant advantage for Questrade is its ability to offer exchange-traded securities on both U.S. and international exchanges. This means clients can invest in companies like Apple and Vodafone directly, a feature MultiBank does not provide.
In terms of features, MultiBank supports copy trading and allows clients to buy actual cryptocurrencies, an option not available with Questrade. Both platforms offer cryptocurrency derivatives. Despite MultiBank's broader range of tradeable symbols, Questrade earns a higher rating of 5 stars for the range of investments, compared to MultiBank's 4 stars. As ranked by ForexBrokers.com, Questrade positions at #11, while MultiBank stands at #37 among 62 brokers in the Range of Investments category. Overall, investors seeking a more diverse offering, including direct stock purchases on major exchanges, might prefer Questrade for its comprehensive investment options.
| Feature |
Questrade
|
MultiBank
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 1042 |
| Forex Pairs (Total) | 110 | 40 |
| 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 | Yes |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of Questrade to MultiBank, both brokers offer simulated trading with free virtual demo accounts, allowing users to practice without real financial risk. They each provide proprietary trading platforms and support Windows-based desktop downloads, along with web-based browser options, catering to diverse user preferences. However, they diverge when it comes to additional features; whereas Questrade offers DupliTrade, MultiBank provides copy trading, MetaTrader 4 (MT4), and MetaTrader 5 (MT5) integration. Unfortunately, neither supports ZuluTrade.
Both Questrade and MultiBank enable users to trade directly from stock charts, with Questrade offering 20 chart drawing tools compared to MultiBank's 17. For watch list customization, Questrade significantly surpasses MultiBank by providing 52 columns, whereas MultiBank offers just 7. Each broker rates 4 out of 5 stars for their trading platforms and tools. However, Questrade is ranked slightly higher at #34 compared to MultiBank's #39 out of 62 brokers according to ForexBrokers.com.
| Feature |
Questrade
|
MultiBank
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | Yes | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 38 |
| Charting - Drawing Tools (Total) | 20 | 17 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 52 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When considering mobile trading solutions, both Questrade and MultiBank offer convenient iPhone and Android apps for on-the-go trading. Users of both platforms can benefit from stock and forex price alerts, as well as the ability to draw trendlines and view multiple time frames on charts. However, one key difference is in watchlist management: Questrade syncs watchlists seamlessly between mobile and desktop versions, enabling easy updates across devices, while MultiBank lacks this synchronization feature.
In terms of technical studies for charting, Questrade provides a more comprehensive selection with 64 options compared to MultiBank's 30. Both platforms feature autosave for chart drawings and support the creation of watchlists with real-time quotes. Despite offering similar essential functionalities, Questrade slightly edges out MultiBank in terms of ranking by ForexBrokers.com, being placed at #34, ahead of MultiBank's #41. Both brokers earn a solid rating of 4 stars for their mobile trading apps, making them competent choices for investors looking for reliable mobile trading experiences.
| Feature |
Questrade
|
MultiBank
|
|---|---|---|
| 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.
Questrade and MultiBank both cater to traders with various market research tools, yet they differ in their offerings. Neither platform provides daily market commentary, but distinguished forex news is the domain of MultiBank, sourced from top-tier providers like Bloomberg and Reuters. In contrast, Questrade excels with specialized tools, delivering a rich variety of analysis through its partnerships with Autochartist and Trading Central, though it does not include sentiment-based trading tools like many peers. Additionally, Questrade enriches its platform with market insights from TipRanks, giving traders an edge in decision-making.
Both brokers provide economic calendars that keep traders informed of global events but diverge wildly in their research tool approach. Despite these differences, both platforms earn a 3.5-star rating for research capabilities in industry reviews. When it comes to rankings among 62 brokers, MultiBank slightly leads for research, coming in at 49th place, whereas Questrade ranks 51st, reflecting their nuanced strengths and limitations in addressing traders' research needs.
| Feature |
Questrade
|
MultiBank
|
|---|---|---|
| Daily Market Commentary | No | No |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | No |
| 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, both Questrade and MultiBank provide solid options. Each broker offers more than ten educational pieces focused on forex or CFDs, including articles, videos, and archived webinars. This makes it easier for beginners to get a good grounding in these topics. However, neither Questrade nor MultiBank provides regular monthly webinars, which can be a disadvantage for those who prefer live interactive learning sessions. A notable difference is that Questrade maintains a searchable archive of past webinars, offering additional learning opportunities at users’ convenience, while MultiBank lacks this feature.
Both brokers also provide at least ten beginner-focused educational videos, which can be a great starting point for novice traders. However, if you are looking for advanced educational content, you might need to look elsewhere since neither offers sufficient advanced trading videos. Both brokers also fall short in providing an investor dictionary, something that could help in grasping key financial terms. In terms of education ratings, both received 3.5 stars, indicating a similar level of quality, yet Questrade scores better in the overall education ranking, coming in at 36th place compared to MultiBank's 50th out of 62 brokers. This may suggest a slight edge for Questrade when it comes to the breadth and accessibility of their educational materials.
| Feature |
Questrade
|
MultiBank
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| 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 MultiBank. Questrade finished with an overall rank of #32, while MultiBank finished with an overall rank of #40.
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
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MultiBank
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 84 |
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Questrade does not allow the purchase of actual cryptocurrencies, only cryptocurrency derivatives, while MultiBank provides options for both actual cryptocurrencies and cryptocurrency derivatives.
When comparing online brokers Questrade and MultiBank, it is notable that while both provide options for funding and withdrawing via Visa, Mastercard, and bank wires, only MultiBank supports ACH or SEPA transfers and Skrill, whereas neither supports PayPal 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 | MultiBank | |
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| Trust Score | 86 | 84 | |
| Winner | check_circle | ||
| Review | Questrade Review | MultiBank Review |
| Broker Screenshots | Questrade | MultiBank | |
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| Regulation | Questrade | MultiBank | |
|---|---|---|---|
| Trust Score | 86 | 84 | |
| Year Founded | 2000 | 2005 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 3 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 3 |
| Tier-1 Licenses (Highly Trusted) | Questrade | MultiBank | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | Yes | |
| 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 | MultiBank | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Questrade | MultiBank | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 1042 | |
| Forex Pairs (Total) | 110 | 40 | |
| 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 | Yes | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers |
| Cost | Questrade | MultiBank | |
|---|---|---|---|
| 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 | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | MultiBank | |
|---|---|---|---|
| Minimum Deposit | $250 | $50 | |
| 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 | Yes |
| Trading Platforms | Questrade | MultiBank | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| Trading Tools | Questrade | MultiBank | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 52 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 38 | |
| Charting - Drawing Tools (Total) | 20 | 17 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Questrade | MultiBank | |
|---|---|---|---|
| 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 | MultiBank | |
|---|---|---|---|
| Daily Market Commentary | No | No | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | MultiBank | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| 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 | MultiBank | |
|---|---|---|---|
| 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 | MultiBank Review |
| Overall | Questrade | MultiBank | |
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| Trust Score | 86 | 84 | |
| Winner | check_circle | ||
| Review | Questrade Review | MultiBank Review |
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