Written by ForexBrokers.com
In this head to head comparison of OANDA 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.
Founded in 1996, OANDA is a well-regarded online broker boasting a ForexBrokers.com Trust Score of 93 out of 99, reflecting its high level of trustworthiness. Although it isn't a publicly traded company or a bank, OANDA excels in regulatory strength with seven Tier-1 licenses, marking it as a highly trusted choice for traders seeking credibility and reliability.
Questrade, which came onto the scene in 2000, is also an online broker that operates privately, without public stock listings or banking status. With a ForexBrokers.com Trust Score of 86, Questrade is considered a trusted option, slightly under OANDA in terms of perceived trust. It holds two Tier-1 licenses, indicating a good level of regulatory oversight for maintaining user confidence.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Year Founded | 1996 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
When comparing online brokers OANDA and Questrade based on their commissions and fees, OANDA stands out with a better rating and ranking. OANDA's forex trading costs are typically on the higher side due to steep effective spreads. However, its automated execution is a key advantage. OANDA offers a core pricing model with lower spreads and a per-side commission of $5 per $100,000, which could make the total cost slightly more favorable for traders with a minimum deposit of $10,000. The flexibility of trading down to 1 unit or 0.001 micro lot is another added benefit. Beyond pricing, OANDA provides transparency by regularly publishing average spreads and offering rebates through its Elite Trader program for high volume traders. In terms of ratings, OANDA scores 4 out of 5 stars and ranks #34 out of 62 brokers for commissions and fees according to ForexBrokers.com.
On the other hand, Questrade’s commissions and fees exhibit greater costs, with target spreads on the EUR/USD at 1.9 pips, slightly higher than the industry average. Questrade does not offer the same level of pricing transparency as OANDA, and it lacks the various rebate tiers and perks found in OANDA's offerings. For traders this means higher trading costs without some of the potential benefits provided by other platforms like OANDA. Questrade receives a lower rating of 3 out of 5 stars in the commissions and fees category, securing the #57 rank out of 62 brokers on ForexBrokers.com.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 1.61 | N/A |
| All-in Cost EUR/USD - Active | 1.61 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | 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.
When comparing OANDA and Questrade, it's clear that both platforms cater to different investment preferences. OANDA shines in the forex market, offering a substantial 3928 tradeable symbols and 68 forex pairs which include CFD and spot contracts. It also facilitates the purchase of actual cryptocurrencies, providing versatility for crypto enthusiasts. While OANDA provides copy trading options, it lacks traditional exchange-traded securities, making it ideal for those focused on forex and crypto trading.
On the other hand, Questrade offers a more varied range of investments, featuring access to 641 tradeable symbols and a noteworthy 110 forex pairs with both CFD and spot contract options. Most notably, Questrade gives investors access to exchange-traded securities on both U.S. and international exchanges, allowing direct stock market participation. However, it does not support copy trading or the purchase of actual cryptocurrencies. Grabbing a 5-star rating and #11 ranking in investment range, Questrade stands out for those seeking diverse market opportunities beyond forex and crypto.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 641 |
| Forex Pairs (Total) | 68 | 110 |
| U.S. Stock Trading (Non CFD) | No | Yes |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | 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.
When comparing the trading platforms and tools of OANDA and Questrade, both brokers present an appealing range of options catered to various trader preferences. OANDA and Questrade provide simulated trading with free virtual demo accounts, alongside proprietary platforms developed in-house. Additionally, both brokers offer Windows-based desktop and web-based trading platforms, allowing flexibility for traders who prefer desktop installations or browser accessibility. However, OANDA distinguishes itself by providing copy trading and compatibility with MetaTrader 4 and MetaTrader 5, which expands its appeal to traders looking for automated and social trading capabilities. In contrast, Questrade integrates DupliTrade, offering a different automated trading experience for its users.
For charting tools, OANDA excels with an impressive 431 drawing tools compared to Questrade’s 20, providing more options for detailed analyses. Although both brokers permit trading directly from stock charts, Questrade offers more comprehensive watch list customization with 52 columns compared to OANDA's 6. Despite these differences, OANDA and Questrade share a rating of 4 stars for their trading platforms and tools. However, when ranked amongst 62 brokers, OANDA secures the 15th position, whereas Questrade is placed at 34, indicating a higher preference among expert reviews for OANDA's trading platform offerings.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | 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 | No | No |
| Charting - Indicators / Studies (Total) | 81 | 64 |
| Charting - Drawing Tools (Total) | 431 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both OANDA and Questrade offer convenient features for traders on the move. Each broker provides apps for iPhone and Android devices, ensuring broad accessibility. Users can receive stock or forex price alerts on both platforms, adding an essential layer of timeliness for market updates. However, a difference arises with watchlist management; Questrade allows for seamless syncing between mobile and online accounts, a feature OANDA currently lacks. Charting is another point of variance, with OANDA offering 30 technical studies compared to Questrade's 64, giving Questrade users more tools for technical analysis. Both platforms allow traders to draw trendlines and view multiple time frames on their charts, while also auto-saving drawings, streamlining the user experience. Creating watchlists with real-time quotes is possible with both OANDA and Questrade, ensuring traders are always informed.
Despite these offerings, user ratings and rankings diverge. OANDA boasts a 5-star rating for its mobile trading application, positioning it as a leader among mobile trading options. Questrade, while highly functional, holds a 4-star rating. In rankings by ForexBrokers.com, OANDA stands strong at 7th out of 62 brokers, reflecting its well-received mobile trading capabilities. On the other hand, Questrade is ranked 34th, indicating areas for improvement. While both brokers provide quality mobile trading experiences, OANDA's higher ratings and rankings suggest a more favorable overall user reception.
| Feature |
OANDA
|
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.
When it comes to market research tools, OANDA and Questrade have distinct offerings that cater to different trader needs. OANDA stands out by providing daily market commentary and forex news from prestigious sources like Bloomberg and Reuters, which Questrade does not offer. Both platforms feature technical analysis tools from Autochartist, but only Questrade provides insights from Trading Central. Another unique offering from OANDA is a sentiment-based trading tool that allows traders to gauge market positions across various currency pairs. While both brokers have an economic calendar to keep users informed of global events, Questrade complements this with research access from TipRanks, which is not available through OANDA.
Overall, OANDA's comprehensive set of tools garners it a 5-star rating in research from industry experts, ranking 5th out of 62 brokers reviewed by ForexBrokers.com. In contrast, Questrade carries a 3.5-star rating and is positioned 51st, highlighting a difference in the depth and breadth of research resources available through each platform. Traders looking for extensive market analysis and regular updates may find OANDA's offerings appealing, while Questrade serves those who value access to TipRanks and Trading Central's tools.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | 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.
When comparing the educational resources offered by OANDA and Questrade for beginners, both brokers provide a solid foundation in forex and CFDs education. They each offer a collection of articles, videos, and archived webinars focusing on these topics. However, OANDA sets itself apart by offering monthly webinars that are not available through Questrade and a searchable archive for easy access to past sessions. Both OANDA and Questrade also provide a wealth of beginner-friendly videos to ease newcomers into the world of trading.
Despite their similarities in beginner resources, OANDA offers more for advanced traders and includes an investor dictionary filled with over 50 investing terms, features not provided by Questrade. As a result, OANDA boasts a higher education rating of 5 stars compared to Questrade’s 3.5 stars. This distinction is reflected in their rankings on ForexBrokers.com, where OANDA is positioned 22nd and Questrade 36th out of 62 brokers. Overall, OANDA proves to be a more comprehensive option for those seeking educational support in trading.
| Feature |
OANDA
|
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 OANDA is better than Questrade. OANDA finished with an overall rank of #12, while Questrade finished with an overall rank of #32.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
| Feature |
OANDA
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Questrade
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|---|---|---|
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| Trust Score | 93 | 86 |
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OANDA provides the capability to purchase both actual delivered cryptocurrency and cryptocurrency derivatives, whereas Questrade only allows the trading of cryptocurrency derivatives without the option to buy actual delivered cryptocurrency.
OANDA and Questrade can be compared based on their deposit and withdrawal methods, with OANDA offering a wider range of options including ACH or SEPA transfers, PayPal, Skrill, Visa or Mastercard, and bank wires, whereas Questrade supports only Visa or Mastercard and bank wires, excluding ACH or SEPA transfers, PayPal, and Skrill.
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 | OANDA | Questrade | |
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| Trust Score | 93 | 86 | |
| Winner | check_circle | ||
| Review | OANDA Review | Questrade Review |
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| Regulation | OANDA | Questrade | |
|---|---|---|---|
| Trust Score | 93 | 86 | |
| Year Founded | 1996 | 2000 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | OANDA | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | 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) | OANDA | 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 | OANDA | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 641 | |
| Forex Pairs (Total) | 68 | 110 | |
| U.S. Stock Trading (Non CFD) | No | Yes | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | 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 | OANDA | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | N/A | |
| All-in Cost EUR/USD - Active | 1.61 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | OANDA | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $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 | Yes | No |
| Trading Platforms | OANDA | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | 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 | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 52 | |
| Charting - Indicators / Studies (Total) | 81 | 64 | |
| Charting - Drawing Tools (Total) | 431 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | 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 | OANDA | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | 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 | OANDA | 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 | OANDA Review | Questrade Review |
| Overall | OANDA | Questrade | |
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| Trust Score | 93 | 86 | |
| Winner | check_circle | ||
| Review | OANDA Review | Questrade Review |
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