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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When comparing online brokers Saxo and Questrade, Saxo stands out with its impressive trust credentials and bank status. Founded in 1992, Saxo is not publicly traded but operates as a bank and holds an impressive seven Tier-1 licenses, which reflect a high level of trust. Its ForexBrokers.com Trust Score is at a near-perfect 99 out of 99, indicating a high degree of reliability. Meanwhile, Questrade, established in 2000, is not a publicly listed company nor a bank. It holds two Tier-1 licenses, giving it a ForexBrokers.com Trust Score of 86, which places it within the 'trusted' category.
Saxo's foundation as a bank and its significant number of highly trusted licenses suggest a firm commitment to regulatory standards, while Questrade offers commendable trust in the market with its own Tier-1 accreditations. Both brokers are suitable for investors seeking trustworthy options, although Saxo may offer additional reassurance for those prioritizing top-tier regulatory approval.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Year Founded | 1992 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When it comes to commissions and fees, Saxo is a standout in the online brokerage space, earning a 5-star rating and ranking 9th out of 62 brokers by ForexBrokers.com. Saxo offers competitive pricing, especially for active traders and those with high-volume trading activity or substantial account balances. Saxo's spreads for different account tiers—Classic, Platinum, and VIP—are competitively low, with EUR/USD spreads ranging from 0.9 to 1.1 pips. Further enhancing its appeal, Saxo waives custody fees for sharing trading when clients opt into its securities lending program. Saxo recently set the minimum deposit for the Classic account to $0, with the Platinum and VIP accounts requiring higher commitments yet offering greater trading benefits.
In contrast, Questrade scores a 3-star rating and ranks 57th in the same category, primarily due to its higher spreads. With a target spread of 1.9 pips on the EUR/USD, Questrade's pricing can feel steep compared to industry averages. While Questrade might not be the most cost-effective option, it can still be a viable choice for certain traders based on other elements of its service offering.
Overall, Saxo provides a more favorable commission and fee structure, making it a better option for those who prioritize lower trading costs and have the volume to meet account minimums. On the other hand, Questrade might serve traders adequately, but it falls short of Saxo’s pricing efficiency and value, particularly for those concerned with trading expenses.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and Questrade for their range of investments, Saxo offers an exceptional selection with 70,000 tradeable symbols, while Questrade provides 641. Both platforms allow for forex trading, available either as CFDs or spot contracts, but Saxo supports more forex pairs, offering 190 compared to Questrade's 110. Investors looking to purchase exchange-traded securities on U.S. exchanges, like Apple shares, or international exchanges, such as Vodafone shares, can do so with either broker. However, Saxo takes the lead in offering copy trading, whereas Questrade does not provide this feature.
Cryptocurrency enthusiasts will find the choice between the two somewhat equal, as neither Saxo nor Questrade offers the ability to buy actual cryptocurrencies, but both provide options to engage in cryptocurrency derivatives. With five-star ratings for their range of investments, both brokers rank well, but Saxo outshines Questrade by claiming the number three spot, while Questrade holds the eleventh position among 62 brokers as ranked by ForexBrokers.com. This distinction highlights Saxo's broader investment offerings, making it a preferred choice for those seeking diversity in their investment options.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 641 |
| Forex Pairs (Total) | 190 | 110 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| 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 the trading platforms and tools of Saxo and Questrade, both brokers provide a rich selection designed to cater to various trader needs. Saxo and Questrade offer simulated trading with free virtual demo accounts, and each has developed their own proprietary platforms. These platforms can be accessed through Windows-based desktop downloads and web browsers. While Saxo excels with the inclusion of copy trading options, Questrade offers DupliTrade. However, neither broker supports MetaTrader 4 or 5, nor do they offer ZuluTrade. Both platforms allow for chart trading and provide 20 drawing tools, with Saxo offering more columns for watchlists at 60 compared to Questrade's 52.
In terms of market recognition and expertise, Saxo outshines Questrade, earning a 5-star rating for its trading platforms and tools, and securing the top rank among 62 brokers as per ForexBrokers.com. Meanwhile, Questrade holds a respectable 4-star rating and ranks 34th in the Trading Platforms and Tools category. These accolades, along with the variety of features offered by both brokers, underscore the strengths and unique offerings of each platform, making them appealing to different types of traders. Saxo's superior ranking highlights its effective tools and platform accessibility, whereas Questrade remains a strong contender, especially for those interested in using DupliTrade.
| Feature |
Saxo
|
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) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 64 |
| Charting - Drawing Tools (Total) | 20 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Saxo and Questrade have mobile trading apps for iPhone and Android, offering essential features like stock and forex price alerts and the ability to sync watchlists with online accounts. In terms of charting capabilities, both platforms provide users with 64 technical studies and the option to draw trendlines and view multiple time frames on stock or forex charts. Additionally, any chart drawings you make will be automatically saved, and you can create watchlists with real-time quotes on both apps.
Despite these similarities, Saxo emerges as a more favorable option with a 5-star rating for its mobile trading app, as compared to Questrade's 4-star rating. This difference in ratings is further emphasized by their rankings on ForexBrokers.com, where Saxo holds the impressive #2 spot out of 62 brokers in the Mobile Trading Apps category, whereas Questrade is ranked at #34. Thus, while both apps offer a range of helpful features for traders, Saxo's app appears to provide a superior overall user experience.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 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, Saxo provides an impressive array of tools and resources for investors. It delivers daily market commentary and offers forex news from renowned sources like Bloomberg and Reuters. Saxo also provides technical analysis tools from Autochartist and includes a sentiment-based trading tool to track positions across currency pairs. Additionally, Saxo users benefit from an economic calendar outlining global news events. This extensive suite of resources has earned Saxo a top rating in research, securing a 5-star score and positioning it as the number one broker in this category according to ForexBrokers.com.
On the other hand, Questrade offers a different set of features for market research. While it does not provide daily market commentary or news from top-tier forex sources, it compensates with tools from Trading Central and market insights from TipRanks. Like Saxo, Questrade users have access to an economic calendar and technical analysis tools from Autochartist. However, the absence of certain resources results in a lower research rating for Questrade, with a 3.5-star score and a ranking of 51st among 62 brokers reviewed by ForexBrokers.com.
| Feature |
Saxo
|
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 exploring educational resources for beginner traders, Saxo and Questrade both provide valuable offerings, although Saxo tends to stand out with a broader array of options. Both platforms supply over 10 educational pieces focusing on forex or CFDs, which include informative articles, videos, and archived webinars. Saxo further enhances learning with monthly live educational webinars, a feature Questrade does not offer. Each provider grants access to a searchable archive of previously recorded webinars, ensuring users can revisit past sessions conveniently.
Saxo excels in catering to different experience levels by offering more than 10 beginner-focused educational videos as well as advanced content for experienced traders, whereas Questrade lacks in advanced video offerings. In addition, Saxo offers a comprehensive investor dictionary, detailing over 50 investment terms, a feature absent in Questrade’s library. Reflecting its extensive resources, Saxo earns a 5-star rating for education, ranking 13th out of 62 brokers, while Questrade receives a 3.5-star rating, placing it 36th. This makes Saxo a more favorable choice for those seeking a deep dive into trading education from the ground up.
| Feature |
Saxo
|
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 Saxo is better than Questrade. Saxo finished with an overall rank of #3, while Questrade finished with an overall rank of #32.
Saxo is an exclusive 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
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 86 |
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While both Saxo and Questrade do not offer the option to purchase actual delivered cryptocurrency, they do provide the ability to buy cryptocurrency derivatives, but not the actual cryptocurrency itself.
Both Saxo and Questrade do not offer ACH, SEPA, PayPal, or Skrill for depositing or withdrawing funds, but they both support Visa, Mastercard, and bank wire transfers.
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 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
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| Regulation | Saxo | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| 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 | 2 | |
| 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 | No | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC 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 | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 641 | |
| Forex Pairs (Total) | 190 | 110 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| 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 | Saxo | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | Saxo | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 52 | |
| Charting - Indicators / Studies (Total) | 64 | 64 | |
| Charting - Drawing Tools (Total) | 20 | 20 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 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 | Saxo | 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 | Saxo | 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 | Saxo | 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 | Saxo Review | Questrade Review |
| Overall | Saxo | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
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