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 |
Questrade and Octa offer distinct experiences when it comes to commissions and fees. Questrade's target spreads on popular forex pair EUR/USD is relatively high at 1.9 pips, exceeding the industry standard. This places Questrade at a disadvantage in terms of cost-efficiency. Reflecting this, Questrade is rated 3 out of 5 stars for its commissions and fees, and it ranks #57 out of 62 brokers in this category based on a ForexBrokers.com assessment.
In contrast, Octa has made significant strides in improving its pricing structure. The broker now stands among the more economically-friendly options, particularly for those using the MetaTrader platform. Octa executes 97.5% of its orders without slippage and does not impose overnight carry costs, although it has limitations that may impact high-frequency traders. Octa's spread pricing is variable depending on the regulating entity of a client's account, ranging from 0.5 pips in the EU to 0.9 pips elsewhere for the EUR/USD pair. Despite these variations, Octa remains competitive, earning a 4 out of 5 stars for commissions and fees and securing the #28 spot out of 62 brokers.
Ultimately, Questrade and Octa differ significantly in their approaches and pricing models. Octa's advancements in pricing make it a viable option for those seeking a moderately priced broker within the MetaTrader ecosystem, whereas Questrade may not appeal to traders prioritizing low-cost transactions. It's essential to consider your trading frequencies and account requirements when choosing a broker, as these can impact your total trading expenses.
| 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.
When exploring the investment options available through Questrade and Octa, investors will find distinct differences in variety and scope. Questrade stands out with a remarkable offering of 641 tradeable symbols and 110 forex pairs, providing investors with a broader selection to diversify their portfolios. Octa, in comparison, offers 257 tradeable symbols and 35 forex pairs. Both brokers support forex trading through CFDs or spot contracts and offer cryptocurrency derivatives, but neither provides actual cryptocurrency purchases. In addition, Questrade gives investors access to exchange traded securities on both U.S. and international exchanges, whereas Octa limits this option to international exchanges only.
The unique features of Questrade and Octa extend beyond traditional trading options. For investors interested in popular stocks from U.S. exchanges, Questrade is the go-to choice, while Octa does not provide this option. However, Octa offers copy trading, appealing to those looking to mirror the trading strategies of others. In the range of investments arena, Questrade earns a top rating of 5 stars, standing at #11 among 62 brokers, which reflects its extensive variety of investment opportunities. Conversely, Octa receives a 3.5-star rating and ranks #52 in the same category, indicating room for growth in its investment offerings.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 257 |
| 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 provide fully functional mobile trading apps that cater to iPhone and Android users. They both support key features such as price alerts and the ability to draw trendlines on charts, along with viewing stocks or forex over multiple time frames. However, Questrade holds a slight edge with its offering of 64 technical studies for chart analysis compared to Octa’s 30. Additionally, Questrade offers convenient watchlist symbol syncing between the mobile app and the online account, a feature Octa does not provide. This means Questrade users can enjoy a more seamless experience as any changes made on the mobile app automatically reflect on the web platform and vice versa.
Both apps support the creation of watchlists with real-time quotes and come highly rated with four out of five stars for their mobile trading capabilities. Despite their similar star ratings, Questrade edges out Octa in the ForexBrokers.com rankings, placing at #34, two spots ahead of Octa at #36. This suggests that while both apps offer solid mobile trading experiences, Questrade’s app may offer marginally more advanced features and integration for active traders seeking comprehensive technical analysis tools.
| 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.
In comparing the research tools and features offered by Questrade and Octa, it's evident that both platforms have distinct advantages. Octa stands out with its dedicated daily market commentary and access to top-tier forex news sources including Bloomberg, Reuters, and Dow Jones, making it an appealing choice for traders seeking regular, high-quality updates. Both brokers offer technical analysis tools from Autochartist, but Questrade gains an advantage with additional offerings from Trading Central, which Octa lacks. However, neither broker provides sentiment-based trading tools or research tools from Acuity Trading.
Questrade is noteworthy for its partnership with TipRanks, providing valuable insights into market trends, whereas Octa does not offer this feature. Both brokers supply an economic calendar to keep traders informed of global economic events. Despite Questrade's robust offering with Trading Central and TipRanks, Octa's overall research capabilities earn it a higher research rating of 4 stars compared to Questrade’s 3.5 stars. Moreover, Octa holds a superior position in the ForexBrokers.com rankings, placed 26th out of 62 brokers, while Questrade ranks 51st. This suggests that Octa may be better suited for those prioritizing comprehensive market commentary and news sources.
| 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, Questrade and Octa both offer ample opportunities to learn about forex and CFDs with a solid library of articles, videos, and archived webinars. Questrade provides a searchable archive of recorded webinars and at least ten beginner-friendly trading videos, making it a useful platform for those starting their trading journey. However, it lacks online educational webinars each month and an investor dictionary with term definitions, which are features Octa provides. In addition, Octa offers at least ten advanced educational videos for experienced traders, an area where Questrade falls short.
Octa delivers consistent monthly educational webinars to clients, along with access to beginner and advanced trading videos and a comprehensive investor dictionary. These resources contribute to its slightly higher educational rating of 4 stars compared to Questrade's 3.5 stars. Despite Octa’s lower overall rank of 41 on ForexBrokers.com compared to Questrade's rank of 36, the diverse range of learning tools makes Octa especially appealing for beginners seeking a more interactive and expansive learning experience in trading.
| 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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0 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 | 257 | |
| 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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