Written by ForexBrokers.com
In this head to head comparison of Saxo vs Questrade, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Saxo vs Questrade: For regulation and safety, Saxo (founded 1992) and Questrade (founded 2000) are both privately held. Saxo is a bank, while Questrade is not. According to ForexBrokers.com, Saxo’s Trust Score is 99/99 (highly trusted, as 90–99 falls in that range), whereas Questrade scores 85/99 (trusted, within the 80–89 range).
Saxo holds 7 Tier-1 licenses and 1 Tier-2 license, compared with Questrade’s 1 Tier-1 license and no Tier-2 licenses. Tier-1 regulators are considered highly trusted by ForexBrokers.com, and Tier-2 regulators are trusted, signaling broader oversight for Saxo and solid but more limited coverage for Questrade.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Year Founded | 1992 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Saxo comes out ahead on commissions and fees compared with Questrade. Saxo is rated 5 stars and ranked #8 out of 36 brokers for commissions and fees by ForexBrokers.com. It offers commission-free forex trading for most users, with costs mainly built into the spread, and its pricing is especially appealing for active, high-volume traders and clients who can keep larger balances. Saxo’s Classic account has average EUR/USD spreads of about 1.1 pips, while Platinum and VIP accounts are lower at 1.0 and 0.9 pips.
Questrade is rated 3.5 stars and ranked #33 out of 36 brokers in the same category. Its forex pricing is spread-based too, but the spreads tend to be wider, with major pairs often around 2.1 to 2.5 pips at the time of review. That can make trades more expensive overall, especially for frequent traders. For CFDs, Questrade also adds a $9.95 USD trading fee per unit, which can quickly push costs higher.
In simple terms, Saxo is the cheaper choice for most traders when it comes to commissions and fees, especially if you trade often or qualify for a higher account tier. Questrade may be easier to understand because costs are built into the spread, but the total price can end up being noticeably higher. Saxo also has a $0 minimum deposit for its Classic account, while Platinum and VIP accounts require much larger balances or qualify through trading activity.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.0 | 0.8 or higher |
| All-in Cost EUR/USD - Active | 0.8 | N/A |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo and Questrade both let clients trade forex, and both offer access to a wide range of currency pairs. Saxo stands out for variety, with about 71,000 tradeable symbols and 190 forex pairs, compared with Questrade’s 675 symbols and 110 forex pairs. Saxo also gives investors access to exchange-traded securities on U.S. and international exchanges, so clients can buy shares such as Apple or Vodafone directly, while Questrade does not offer this same level of access.
When it comes to other investment choices, neither broker offers copy trading or the ability to buy actual cryptocurrency. Saxo does allow cryptocurrency CFDs, while Questrade does not. Even so, both brokers are rated 5 stars for range of investments, though Saxo is ranked higher by ForexBrokers.com in this category, placing #3 out of 36 brokers versus Questrade’s #12.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 675 |
| Forex Pairs (Total) | 190 | 110 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | No |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | No |
| 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.
Saxo and Questrade both give traders a solid set of platform choices, including free paper trading accounts, proprietary platforms built in-house, Windows desktop downloads, and web-based browser platforms. Each also lets you trade directly from a stock chart, which can make order entry quicker and easier for active users. Neither broker supports copy trading, MetaTrader 4, or MetaTrader 5, so traders looking for those third-party tools will need to look elsewhere.
In terms of trading platforms and tools, Saxo has the edge overall. ForexBrokers.com rates Saxo 5 out of 5 stars and ranks it #3 out of 36 brokers in this category, while Questrade earns 4 out of 5 stars and sits at #28. For traders comparing online broker platforms, both are user-friendly options, but Saxo appears to offer a stronger all-around experience.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 61 | 64 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and Questrade both offer mobile trading apps for iPhone and Android, so either broker gives traders the flexibility to manage accounts and place trades on the go. Each app also includes stock and forex price alerts, watchlist symbol syncing between mobile and web accounts, 64 technical studies for charting, trendline drawing tools, and automatic saving for chart drawings. In other words, both platforms cover the core features most mobile traders look for.
Where the two differ is in overall app quality and independent ratings. Saxo stands out with a 5-star Mobile Trading Apps rating and a #3 ranking out of 36 brokers from ForexBrokers.com. Questrade, while still offering the same main mobile features, is rated 3.5 stars and ranks #28 out of 36. For traders comparing Saxo vs. Questrade mobile trading apps, Saxo appears to have the stronger overall app experience.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, Saxo has a clear edge over Questrade. Saxo provides daily market commentary, forex news from top sources like Bloomberg, Reuters, and Dow Jones, a sentiment tool for spotting long and short positioning, and an economic calendar for tracking key global events. It also includes Autochartist research tools, which can help traders find possible trade setups. These features help explain why Saxo earns a 5-star Research rating and ranks #1 out of 36 brokers for research at ForexBrokers.com.
Questrade offers fewer built-in research features overall, though it does stand out in some areas. It includes Autochartist and Trading Central tools, plus market research from TipRanks, but it does not provide daily market commentary, top-tier forex news, sentiment data, or an economic calendar. As a result, Questrade holds a 3.5-star Research rating and ranks #34 out of 36 brokers, making Saxo the stronger choice for traders who want more market insight and research support.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | No |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | No |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to learn before they trade, Saxo offers a much wider range of educational content than Questrade. Saxo provides forex and CFD education with at least 10 dedicated learning pieces, along with monthly online client webinars and a large library of beginner-friendly videos. It also goes beyond the basics with at least 10 advanced videos for more experienced traders, which helps make it a stronger choice for users who want to keep learning as their skills grow.
Questrade, while still offering some education, does not match Saxo’s depth in this area. It does not appear to offer the same level of forex or CFD-focused learning, monthly webinars, or large sets of beginner and advanced trading videos. That difference shows up in its overall education rating too: Saxo earns 5 out of 5 stars and ranks #12 out of 36 brokers for education, while Questrade is rated 3.5 out of 5 stars and ranks #28, making Saxo the better fit for beginners seeking more guided support.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Saxo is better than Questrade. Saxo finished with an overall rank of #3, while Questrade finished with an overall rank of #29.
Saxo is a multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
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Questrade
|
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| Overall Rating |
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| Trust Score | 99 | 85 |
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Saxo vs Questrade: neither broker lets you buy actual (delivered) cryptocurrency, but Saxo supports cryptocurrency CFD trading whereas Questrade does not.
Both Saxo and Questrade support bank wire deposits and withdrawals but do not offer ACH or SEPA, PayPal, or Skrill funding options, and information on Visa/Mastercard availability was not provided.
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 | Saxo | Questrade | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
| Broker Screenshots | Saxo | Questrade | |
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| Regulation | Saxo | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 85 | |
| Year Founded | 1992 | 2000 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 1 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Saxo | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | ||
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Saxo | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No |
| Investments | Saxo | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 675 | |
| Forex Pairs (Total) | 190 | 110 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | No | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | No | |
| 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 | Saxo | Questrade | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.0 | 0.8 or higher | |
| All-in Cost EUR/USD - Active | 0.8 | N/A | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | No |
| Funding | Saxo | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | No |
| Trading Platforms | Saxo | Questrade | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No |
| Trading Tools | Saxo | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 61 | 64 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | Questrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | Questrade | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | No |
| Education | Saxo | Questrade | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | Saxo | Questrade | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Saxo Review | Questrade Review |
| Overall | Saxo | Questrade | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
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