Written by ForexBrokers.com
In this head to head comparison of Questrade vs TopFX, 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.
When choosing an online broker, understanding their trust and regulatory status is crucial. Questrade, founded in 2000, is a well-regarded option with a Trust Score of 86, indicating a trusted status according to ForexBrokers.com. The company holds two Tier-1 licenses, showcasing its commitment to adhering to top-level financial safety practices. While not listed on a stock exchange, and not operating as a bank, Questrade still offers a secure environment for its users.
TopFX, on the other hand, started its operations in 2010 and has a Trust Score of 67, suggesting a high risk as per ForexBrokers.com's rating. Holding one Tier-1 license, TopFX has a foundational level of regulatory security, but investors might consider exploring how these factors align with their priorities. Similar to Questrade, TopFX is neither publicly traded nor a banking institution, which affects how both brokers are viewed in terms of corporate structure and oversight.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Year Founded | 2000 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Questrade's commission and fee structure may not be the most competitive in the industry. The broker features a target spread on the EUR/USD at 1.9 pips, which is considered steep compared to the industry average. With a three-star rating for its commissions and fees, Questrade is ranked 57th out of 62 brokers by ForexBrokers.com in this category.
TopFX, on the other hand, offers flexibility with two account types: the spread-only ZERO account and the commission-based RAW account, both available on popular platforms like MetaTrader and cTrader. The RAW account charges a commission of 2.75 EUR per side, equivalent to 5.50 EUR per round turn standard lot, offering an average spread of 0.33 pips for the EUR/USD in July 2024. This leads to a total cost of about 0.88 pips when including the commission, which aligns with the industry standard. Alternatively, the ZERO account is commission-free but has higher average spreads of 1.03 pips for the EUR/USD during the same period.
TopFX enjoys a commendable four-star rating for its commissions and fees and is ranked 40th out of 62 brokers according to ForexBrokers.com. This suggests that TopFX provides a more cost-effective option for traders when compared to Questrade, particularly for those who value competitive spreads and flexible account choices.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Minimum Deposit | $250 | Depends on payment method |
| Average Spread EUR/USD - Standard | N/A | 1.03 |
| All-in Cost EUR/USD - Active | N/A | 0.88 |
| 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 it comes to the variety of investments available, both Questrade and TopFX offer compelling choices for traders, but they differ in several areas. Questrade provides access to a wide range of 641 tradeable symbols and 110 forex pairs, making it a versatile option for those looking to diversify their holdings. Beyond forex, Questrade allows clients to invest in exchange-traded securities on both U.S. and international exchanges, offering the chance to own shares in companies like Apple and Vodafone directly. While Questrade doesn’t offer copy trading or direct cryptocurrency purchases, it allows investment in cryptocurrency derivatives, catering to more advanced trading strategies.
TopFX, on the other hand, provides access to 655 tradeable symbols and specializes in forex trading with 60 forex pairs available to its clients. While it doesn’t offer exchange-traded securities on U.S. or international exchanges, it supports copy trading, which can appeal to users interested in following experienced traders’ strategies. Similar to Questrade, TopFX enables trading in cryptocurrency derivatives but not actual cryptocurrencies. Despite its offerings, TopFX's range of investments earned a 3.5-star rating and ranked 46 out of 62 brokers by ForexBrokers.com, while Questrade received a higher 5-star rating and ranked 11th, underscoring its broader investment options.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 655 |
| Forex Pairs (Total) | 110 | 60 |
| 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.
Questrade and TopFX both provide users with the opportunity to practice and hone their trading skills using simulated or paper trading with free virtual demo accounts. Questrade distinguishes itself by offering a proprietary platform developed in-house, whereas TopFX does not have a proprietary platform but supports MetaTrader 4, a popular third-party trading platform. Both brokers facilitate trading via Windows-based desktop download and web-based browser platforms, ensuring flexibility for their users. Where Questrade does not support copy trading, TopFX caters to this need, allowing investors to mimic strategies from others, adding an edge for beginner traders.
In terms of charting, Questrade outshines TopFX with 20 drawing tools compared to TopFX's 15, and provides 52 columns for watch lists versus TopFX’s 7, showcasing a greater range of detail and customization. However, both platforms allow traders to execute trades directly from stock charts, enhancing the trading experience. While Questrade integrates DupliTrade for advanced trading strategies, neither offers ZuluTrade. Both brokers earn a commendable 4-star rating for their trading tools and platforms, but Questrade ranks slightly higher at #34 compared to TopFX's #44 out of 62 brokers according to ForexBrokers.com, suggesting a more refined choice for those seeking extensive charting capabilities and proprietary options.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| 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 | No |
| 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 TopFX offer user-friendly mobile apps for iPhone and Android users, providing essential tools for managing investments on the go. Both platforms allow traders to set stock and forex price alerts and offer the ability to draw trendlines and view multiple time frames on charts. However, Questrade surpasses TopFX when it comes to certain features. Questrade supports syncing watchlist symbols between its mobile app and online account, whereas TopFX does not. This means that any modifications made in a Questrade user's watchlist on their phone or online will update automatically across both platforms, providing seamless integration for users.
In terms of charting capabilities, Questrade offers more technical studies, with a total of 64 compared to TopFX's 30. Both apps auto-save drawings on charts and provide real-time quotes within watchlists. Despite both receiving a four-star rating for their mobile trading apps, Questrade ranks higher at #34 compared to TopFX's #51 in the Mobile Trading Apps category according to ForexBrokers.com. This suggests that while both apps are well-regarded, Questrade currently offers a more feature-rich experience for mobile traders seeking comprehensive tools and convenience.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| 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 it comes to market research features, Questrade and TopFX both offer a variety of tools to help traders, but there are some key differences. While neither platform provides daily market commentary, TopFX distinguishes itself by offering forex news from well-known sources such as Bloomberg, Reuters, and Dow Jones, whereas Questrade does not. Both brokers support technical and fundamental analysis tools from companies like Autochartist and Trading Central. They also offer an economic calendar to keep traders informed about significant global news events. However, when it comes to sentiment-based trading tools that show the ratio of long or short positions, TopFX provides this feature, unlike Questrade.
Questrade gains an edge with its offering of market research from TipRanks, a service not available through TopFX. Neither broker provides tools from Acuity Trading. In terms of research ratings, Questrade is awarded 3.5 stars out of 5, slightly ahead of TopFX, which receives a 3-star rating. Additionally, ForexBrokers.com ranks Questrade 51st out of 62 brokers for research, while TopFX is positioned lower at 59th. These factors make Questrade a better option for traders seeking more comprehensive market research coverage.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Daily Market Commentary | No | No |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For individuals stepping into the world of online trading, educational resources are key to building a foundational understanding. Questrade stands out as a preferable option for beginners compared to TopFX. Questrade provides over ten educational pieces centered on forex and CFDs, offering a good starting point for novices. It also features a searchable archive of recorded webinars, allowing users to learn at their own pace with access to previously discussed topics. Furthermore, Questrade supplies a series of at least ten beginner educational videos, making it easier for new traders to grasp essential concepts.
In contrast, TopFX doesn't match up with Questrade's educational offerings for newcomers. It lacks a variety of beginner-focused resources, not providing the same number of educational pieces or videos as Questrade. Both platforms, however, do not provide regular monthly webinars or advanced educational content for experienced traders. Rated at 3.5 out of 5 stars for education, Questrade outshines TopFX's 3-star rating. Additionally, in rankings by ForexBrokers.com, Questrade positions itself at #36, significantly ahead of TopFX, which stands at #60, indicating superior educational resources for new investors looking to enhance their trading knowledge.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | No | No |
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 TopFX. Questrade finished with an overall rank of #32, while TopFX finished with an overall rank of #61.
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
|
TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
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In comparing online brokers Questrade and TopFX, both platforms do not provide the option to buy actual delivered cryptocurrencies, but they do offer the ability to purchase cryptocurrency derivatives.
Questrade and TopFX both support Visa and Mastercard, as well as bank wire transfers for depositing or withdrawing funds, but TopFX also offers additional flexibility by accepting PayPal and Skrill, unlike Questrade, which does not provide these options, and neither broker supports ACH or SEPA 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 | Questrade | TopFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | Questrade Review | TopFX Review |
| Broker Screenshots | Questrade | TopFX | |
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| Regulation | Questrade | TopFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2000 | 2010 | |
| 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 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Questrade | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 655 | |
| Forex Pairs (Total) | 110 | 60 | |
| 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 | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | 1.03 | |
| All-in Cost EUR/USD - Active | N/A | 0.88 | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | TopFX | |
|---|---|---|---|
| Minimum Deposit | $250 | Depends on payment method | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | No | |
| cTrader | No | Yes | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| Trading Tools | Questrade | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary | No | No | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | No | No |
| Major Forex Pairs | Questrade | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | Questrade | TopFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | Questrade Review | TopFX Review |
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