Written by ForexBrokers.com
In this head to head comparison of Questrade vs Octa, 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, founded in 2000, and Octa, established in 2011, are both online brokers that are not publicly traded or classified as banks. In terms of regulatory credentials, Questrade holds two Tier-1 licenses which are highly trusted according to ForexBrokers.com standards. On the other hand, Octa has one Tier-1 license and one Tier-2 license, indicating a mix of high and moderate trust levels.
When considering trust scores provided by ForexBrokers.com, Questrade boasts a solid rating of 86 out of 99, placing it in the trusted category. Octa, however, receives a lower trust score of 72, which classifies it as an average risk broker. These ratings can help potential users evaluate the regulatory safety of these platforms while deciding which broker suits their investment needs best.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| Year Founded | 2000 | 2011 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When it comes to online brokers, Questrade and Octa present distinct approaches to commissions and fees. Questrade, often criticized for its high costs, offers target spreads on the EUR/USD at a steep 1.9 pips, exceeding the industry average. As a result, Questrade holds a 3-star rating for commissions and fees and ranks 57th out of 62 brokers on ForexBrokers.com in this category.
Conversely, Octa has made substantial strides in pricing, positioning itself among the more competitive MetaTrader brokers. With spreads on the EUR/USD as low as 0.5 pips in its EU entity, and 0.9 pips for other regions, Octa has managed to lower costs significantly. It also stands out by eliminating slippage on 97.5% of its orders and not imposing overnight carry fees, though it does have some restrictions that may affect high-frequency traders. Depending on the account type and the Octa entity under which an account is regulated, users might experience different cost structures. Octa earns a 4-star rating and ranks 29th out of 62 brokers for commissions and fees according to ForexBrokers.com.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| Minimum Deposit | $250 | $25 |
| Average Spread EUR/USD - Standard | N/A | 0.9 |
| 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 | 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.
Questrade and Octa both support forex trading through CFDs, but Questrade stands out with a more extensive offering of 641 tradeable symbols, compared to Octa's 300. When it comes to forex pairs, Questrade provides 110 options, greatly surpassing Octa's 35. A key differentiator is Questrade's offering of exchange traded securities on U.S. exchanges, allowing you to invest directly in stocks like Apple, a feature Octa does not provide. However, both brokers enable trading on international exchanges. While neither platform allows the purchase of actual cryptocurrencies, they both offer cryptocurrency derivatives for trading.
For those interested in copying successful traders, Octa provides copy trading, a service not available with Questrade. Both platforms offer forex trading via CFDs and access to cryptocurrency derivatives, though neither allows direct cryptocurrency purchases. Questrade earns a higher rating for its investment range, boasting 5 stars and an 11th place ranking on ForexBrokers.com, whereas Octa receives 3.5 stars and ranks at 52. These distinctions make Questrade a top choice for a diverse investment portfolio, particularly for those looking to access a broader array of securities and forex pairs.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 300 |
| Forex Pairs (Total) | 110 | 35 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| 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 comparing Questrade and Octa, both online brokers offer a variety of trading platforms and tools, catering to different preferences. Each provides a proprietary platform developed in-house and allows Windows-based desktop downloads and web-based trading for seamless user experience. Furthermore, both platforms support simulated or paper trading for practice. However, they differ in some features; Octa supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), popular among forex traders, while Questrade does not. Conversely, Questrade offers DupliTrade, a feature not available with Octa. Additionally, only Octa offers copy trading, giving it an advantage for those interested in mirroring strategies of successful traders.
When it comes to charting tools, Questrade stands out with 20 drawing tools compared to Octa's 15, yet both allow trading directly from stock charts. Questrade also offers a more comprehensive watch list feature with 52 columns for fields, whereas Octa provides only 7. Despite these differences, both platforms receive similar ratings, earning 4 out of 5 stars for their trading platforms and tools. However, Questrade is ranked slightly higher, at 34 out of 62 brokers in the Trading Platforms and Tools category by ForexBrokers.com, while Octa is positioned at 37.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 52 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Questrade and Octa offer mobile trading apps for iPhone and Android users, allowing traders to stay connected and manage their investments on-the-go. When it comes to price alerts for stocks and forex, both platforms support this feature, keeping you informed of market changes in real-time. While both apps let you build watchlists with real-time quotes, only Questrade offers watchlist symbol syncing. This means Questrade's app syncs your watchlist changes with your online account, so updates are reflected across both platforms.
For charting, Questrade provides an impressive 64 technical studies, whereas Octa offers 30. Both apps allow drawing trendlines and viewing different time frames, such as daily or weekly charts, and automatically save these drawings. In terms of user ratings, both receive a solid 4 out of 5 stars. However, according to ForexBrokers.com rankings, Questrade is slightly ahead, taking the 34th spot out of 62 brokers, while Octa follows closely at 35th. Whether you prioritize technical analysis tools or seamless syncing features, both platforms deliver dependable mobile trading experiences.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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 online brokers Questrade and Octa for market research, it's clear that both have unique strengths. Questrade doesn't offer daily market commentary or forex news from leading sources, while Octa provides these valuable resources, making it more appealing for traders seeking frequent insights. However, Questrade excels in offering technical analysis tools like Autochartist and Trading Central, whereas Octa only includes tools from Autochartist. Additionally, Questrade offers market research from TipRanks and features a comprehensive economic calendar, which Octa matches with its own calendar but lacks TipRanks resources.
Despite these differences, Octa emerges more favorably in research ratings, scoring 4 out of 5 stars compared to Questrade's 3.5-star rating. This contrasts with their rankings by ForexBrokers.com, where Octa holds the 27th spot out of 62 brokers, outperforming Questrade, which sits at 51st. Choosing between these brokers depends largely on whether daily updates and a higher research rating are more important than specialized analysis tools and specific research partnerships.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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, both Questrade and Octa provide ample opportunities to learn about forex and CFDs, each offering more than ten pieces of educational content like articles, videos, and archived webinars. However, Octa stands out by offering monthly educational webinars. Both platforms provide access to a searchable archive of recorded webinars, which is a helpful feature for those who prefer learning at their own pace.
In terms of video content, both Questrade and Octa offer more than ten videos tailored specifically for beginners, but Octa goes a step further by also providing advanced-level videos for more experienced traders. Octa also enhances its educational offerings with an investor dictionary that includes definitions for over 50 investment terms, a resource Questrade does not provide. While both platforms are valuable resources for new traders, Octa earns an education rating of 4 stars compared to Questrade's 3.5 stars, reflecting its more comprehensive educational suite.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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 Octa. Questrade finished with an overall rank of #32, while Octa finished with an overall rank of #47.
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
|
Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 72 |
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Both Questrade and Octa do not offer the ability to buy actual, delivered cryptocurrency, but they do provide the option to invest in cryptocurrency derivatives.
When comparing online brokers Questrade and Octa, both do not support ACH or SEPA transactions or PayPal for deposits and withdrawals, while Questrade lacks support for Skrill that Octa does offer; however, both facilitate transactions using Visa, Mastercard, and bank wires.
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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2 of 5| Overall Rating | Questrade | Octa | |
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| Trust Score | 86 | 72 | |
| Winner | check_circle | ||
| Review | Questrade Review | Octa Review |
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| Regulation | Questrade | Octa | |
|---|---|---|---|
| Trust Score | 86 | 72 | |
| Year Founded | 2000 | 2011 | |
| 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 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Questrade | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Questrade | Octa | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 300 | |
| Forex Pairs (Total) | 110 | 35 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| 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 | Octa | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | 0.9 | |
| 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 | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | Octa | |
|---|---|---|---|
| Minimum Deposit | $250 | $25 | |
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa Review |
| Overall | Questrade | Octa | |
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| Trust Score | 86 | 72 | |
| Winner | check_circle | ||
| Review | Questrade Review | Octa Review |
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