Written by ForexBrokers.com
In this head to head comparison of Questrade vs TMGM, 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 and TMGM are two prominent online brokerage services established in 2000 and 2013, respectively. Despite neither being publicly traded or classified as a bank, both brokers demonstrate strong regulatory foundations with two Tier-1 licenses each, highlighting their reliability. ForexBrokers.com awards Questrade a Trust Score of 86, placing it in the trusted category. Meanwhile, TMGM, with a Trust Score of 83, also finds itself in the trusted range, just slightly below Questrade.
When comparing these brokers, it is important to note their similar standing in terms of licensing and regulation. Both Questrade and TMGM operate under credible oversight, providing clients with reassurance. Although Questrade has a marginally higher trust rating, both platforms maintain enough regulatory standing to consider them safe choices for online investing.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Year Founded | 2000 | 2013 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
When comparing the commissions and fees of Questrade and TMGM, there are notable differences that potential investors should consider. Questrade offers trading spreads with a target rate of 1.9 pips on the EUR/USD, which is higher than the industry average. This could increase trading costs for frequent traders and might not be the most cost-effective option for those prioritizing lower costs. Questrade is rated 3 out of 5 stars for commissions and fees, and it ranks 57th out of 62 brokers according to ForexBrokers.com, highlighting room for improvement in its fee structure.
In contrast, TMGM provides more attractive commission rates, particularly for its Edge account holders. With low spreads and no requotes, the Edge account stands out as a favorable choice for traders aiming to minimize costs. It charges a small commission of $3.50 per side ($7 per round trip), on top of the accessible spreads. Although specific data on recent average spreads for the EUR/USD at TMGM is unavailable, the competitive commission structure positions it well among traders. TMGM receives a higher rating of 4 out of 5 stars for commissions and fees and is ranked more favorably at 35th out of 62 brokers.
Moreover, TMGM accommodates Islamic finance customers by offering the Edge account with swap-free trading, ensuring compliance with Sharia principles. The availability of account types, including the spread-only Classic and commission-based Edge, provides flexibility for traders to choose based on their financial strategies and preferences. In summary, TMGM offers a more appealing and cost-effective trading environment compared to Questrade, making it a preferred option for those focused on minimizing commissions and fees.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Minimum Deposit | $250 | $100 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| 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 | Yes |
| 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 comparing the range of investments offered by Questrade and TMGM, both online brokers present unique advantages for different types of investors. Questrade offers a selection of 641 tradeable symbols, including 110 forex pairs. It's notable for providing access to U.S. and international stock exchanges, allowing investors to purchase stocks like Apple and Vodafone directly. Questrade also enables cryptocurrency derivatives trading but doesn't support direct cryptocurrency purchases or copy trading. These offerings contribute to its 5-star rating for range of investments and an impressive 11th place ranking out of 62 brokers by ForexBrokers.com.
TMGM stands out with an extensive offering of 12,000 tradeable symbols, although it provides fewer forex pairs compared to Questrade, with 62 options. In terms of specialty features, TMGM supports both CFDs and spot forex trading and facilitates copy trading, catering to a broader strategic audience. However, unlike Questrade, TMGM does not allow the purchase of actual exchange-traded securities on U.S. or international exchanges. While it also supports cryptocurrency derivatives trading, actual cryptocurrency purchases are not available. TMGM earns a 4.5-star rating for its range of investments and ranks 17th out of 62 brokers according to ForexBrokers.com.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 12000 |
| Forex Pairs (Total) | 110 | 62 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| 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 TMGM for their trading platforms and tools, each has its unique strengths that cater to different trader preferences. Questrade provides traders with a comprehensive experience, including a proprietary platform developed in-house alongside support for Windows and web-based platforms. It allows for paper trading through a free virtual demo account. Questrade does not offer popular platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5), but it does support DupliTrade for trading strategies. Traders have access to 20 drawing tools for charting and can directly trade from stock charts, with a feature-rich watch list offering 52 columns to track assets.
On the other hand, TMGM offers support for industry-standard MetaTrader platforms, including both MT4 and MT5, suitable for traders familiar with these interfaces. TMGM also provides opportunities for social trading via copy trading, which Questrade does not offer. While TMGM doesn't have an in-house proprietary platform, it does supply web-based and Windows-compatible options, along with a demo account for practice trading. TMGM's charting includes 15 drawing tools, and like Questrade, it allows trading directly from charts. However, its watch list customization is more limited, offering just 7 columns for tracking. Both brokers earn a solid 4-star rating for their trading platforms and tools, with Questrade ranked slightly higher than TMGM by ForexBrokers.com in this category.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| 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.
When comparing the mobile trading apps of Questrade and TMGM, both brokers offer apps for iPhone and Android, ensuring accessibility across major mobile platforms. Each provides stock and forex price alerts, allowing traders to stay informed on market movements on the go. Both apps also support drawing trendlines and viewing charts across multiple time frames, such as daily or intraday, making technical analysis convenient for users. However, Questrade takes a slight edge with 64 technical studies available in its app compared to 30 from TMGM, providing more options for in-depth market analysis.
Another area where Questrade shines is the ability to sync watchlist symbols between the mobile app and online accounts, a feature TMGM does not offer. This seamless syncing can enhance the trading experience by ensuring that changes made on either platform are reflected across all devices. Both Questrade and TMGM allow users to create watchlists with real-time quotes, offering essential market updates right at the user’s fingertips. Despite these differences, both apps receive positive feedback with a four-star rating for mobile trading. However, Questrade ranks higher than TMGM, positioned at #34 compared to TMGM's #46 out of 62 brokers, according to ForexBrokers.com.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| 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 the market research offerings of Questrade and TMGM, there are distinct differences that cater to various trader preferences. TMGM stands out by providing daily market commentary and comprehensive forex news updates, utilizing top-tier sources like Bloomberg and Reuters. It also offers a sentiment-based trading tool that helps traders understand market tendencies across different currency pairs. Additionally, TMGM includes research tools from Acuity Trading, ensuring users have access to valuable insights. Meanwhile, Questrade, while lacking these particular features, delivers impressive tools like Autochartist and Trading Central to assist with technical and fundamental analysis. It also provides market research from TipRanks, a feature TMGM does not offer.
Both brokers supply an economic calendar for tracking global news events, ensuring traders remain informed about international economic trends. Despite the variety in their research offerings, Questrade and TMGM both receive a rating of 3.5 stars for research, according to customer reviews. However, in a ranking among 62 brokers, Questrade holds a slightly higher position at #51, compared to TMGM at #53. Each broker has its strengths, making them appealing to distinct trading styles and preferences.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, Questrade offers a decent selection to help novice traders learn the ropes of forex and CFDs. With over ten articles, videos, and archived webinars focusing on these subjects, Questrade ensures that new traders have access to a solid foundation of educational content. Additionally, Questrade features a searchable archive of previously recorded webinars, providing learners with a rich source of information. For those just starting, Questrade also offers at least ten beginner-friendly videos specifically designed to cover trading basics, making it a reliable choice for newcomers. However, it does not provide educational webinars or advanced video content for more experienced traders.
TMGM, on the other hand, doesn't meet the same level of variety in educational resources for beginners as it lacks a substantial library of forex and CFDs focused content and beginner-oriented videos. Similar to Questrade, TMGM offers a searchable archive of recorded webinars which can be helpful for learners. While the availability of an investor dictionary is a plus for those who want to understand investing terms better, TMGM does not host regular educational webinars nor provide advanced trading videos. Despite both brokers sharing a 3.5-star education rating, Questrade outranks TMGM in the education category, standing at #36 out of 62 brokers on ForexBrokers.com, compared to TMGM’s rank of #54.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | No | No |
| 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 TMGM. Questrade finished with an overall rank of #32, while TMGM finished with an overall rank of #37.
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
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TMGM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 83 |
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Both Questrade and TMGM do not offer the ability to buy actual (delivered) cryptocurrency, but they do provide options for purchasing cryptocurrency derivatives.
While both Questrade and TMGM support Visa, Mastercard, and bank wire options for depositing and withdrawing funds, only TMGM additionally offers PayPal and Skrill, as neither broker provides ACH or SEPA transfer services.
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 | TMGM | |
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| Trust Score | 86 | 83 | |
| Winner | check_circle | ||
| Review | Questrade Review | TMGM Review |
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| Regulation | Questrade | TMGM | |
|---|---|---|---|
| Trust Score | 86 | 83 | |
| Year Founded | 2000 | 2013 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Questrade | TMGM | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| 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 | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No |
| Tier-2 Licenses (Trusted) | Questrade | TMGM | |
|---|---|---|---|
| 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 | Questrade | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 12000 | |
| Forex Pairs (Total) | 110 | 62 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| 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 | TMGM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | TMGM | |
|---|---|---|---|
| Minimum Deposit | $250 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| 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 | TMGM | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| 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 | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | TMGM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | No | Yes |
| Major Forex Pairs | Questrade | TMGM | |
|---|---|---|---|
| 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 | TMGM Review |
| Overall | Questrade | TMGM | |
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| Trust Score | 86 | 83 | |
| Winner | check_circle | ||
| Review | Questrade Review | TMGM Review |
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