Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs Questrade, 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.
In a Charles Schwab vs Questrade comparison of regulation and safety, ForexBrokers.com assigns Charles Schwab a Trust Score of 99/99 (highly trusted) and Questrade 85/99 (trusted). Schwab holds five Tier-1 licenses and zero Tier-2 licenses; Questrade holds two Tier-1 licenses and zero Tier-2 licenses. According to ForexBrokers.com’s scale—90–99 highly trusted, 80–89 trusted—both meet strong standards, with Schwab at the top of the range.
Charles Schwab was founded in 1971, is publicly traded, and is a bank. Questrade was founded in 2000, is not publicly traded, and is not a bank. These differences, alongside their Trust Scores and license counts, can help you gauge each broker’s regulatory standing and company profile.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Year Founded | 1971 | 2000 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Comparing commissions and fees, Charles Schwab prices forex through the spread with no extra forex commission, averaging 1.35 pips on EUR/USD in October 2024 (on the higher side of the market but still tighter than Questrade). Questrade’s target EUR/USD spread is 1.9 pips, which is steep versus the industry average and likely to cost more over time. For this category, Schwab is rated 4 stars and ranks 23rd out of 63 brokers, while Questrade is rated 3.5 stars and ranks 33rd out of 63.
At Schwab, you can trade forex via the Schwab One account with thinkorswim; trades (including forex) settle in U.S. dollars. The smallest trade size is 10,000 units, which translates to about $500 in required margin at 20:1 leverage. Overnight financing (carry) costs are shown in a calculator inside thinkorswim, helping you estimate holding costs. If you trade international securities in local currencies, the Schwab Global account offers 12 markets, with currency conversion fees from 0.2% to 1% depending on your balance; with Schwab One, placing trades directly in a foreign currency requires a phone call. Schwab has no minimum deposit for its primary brokerage accounts, keeping the barrier to entry low.
Questrade’s key data point here is pricing: a 1.9‑pip target spread on EUR/USD. Without separate commission details provided, that wider spread alone suggests higher all‑in trading costs than Schwab on this pair—something active or cost‑sensitive traders should weigh carefully alongside platform and product preferences.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average spread (EUR/USD) - Standard account | 1.27 | N/A |
| All-in Cost EUR/USD - Active | 1.27 | N/A |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab vs Questrade: both brokers cover a wide range of investments and each earns 5 stars for Range of Investments from ForexBrokers.com. Schwab is ranked #5 out of 63 brokers, while Questrade is #12. Both support forex trading (CFD or spot), let you buy U.S. and international exchange-listed stocks and ETFs (not CFDs), and offer cryptocurrency exposure via CFDs but not actual coins. Neither platform offers copy trading.
If sheer market access matters most, Charles Schwab stands out with roughly 40,000 tradeable symbols compared with Questrade’s 641. That said, forex traders may prefer Questrade’s deeper currency list with 110 pairs, versus 73 at Schwab. In short, pick Schwab for the broadest overall selection across markets, or Questrade if your priority is more forex pairs alongside access to U.S. and international stocks.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 641 |
| Forex Pairs (Total) | 73 | 110 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | No |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
Charles Schwab and Questrade both check key boxes for everyday investors: each offers a free paper trading (virtual demo) account, in-house proprietary platforms, and access through both a Windows desktop download and a web-based platform. Charting is practical on both, including the ability to place trades directly from a chart, which can speed up order entry and execution.
If you rely on third-party platforms, note that neither broker supports MetaTrader 4 or MetaTrader 5, and neither offers copy trading. Where they differ most is recognition for platform quality: ForexBrokers.com rates Charles Schwab 5 stars and ranks it #7 out of 63 brokers for Trading Platforms and Tools, while Questrade earns 4 stars and ranks #28. For platform strength and tools, Schwab holds the edge; for a solid alternative with similar access options, Questrade remains competitive.
| Feature |
Charles Schwab
|
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) | 374 | 64 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Comparing Charles Schwab vs Questrade for mobile trading, both brokers check the core boxes: each offers an iPhone app and an Android app, supports stock and forex price alerts, and syncs watchlists between the mobile app and your online account. Charting features also line up on the essentials—both apps let you draw trendlines and automatically save your chart drawings.
The key difference is charting depth and overall user ratings. Charles Schwab packs in 374 technical studies in its mobile app, while Questrade includes 64. Schwab also earns a higher Mobile Trading Apps rating (5 stars vs Questrade’s 4 stars) and places higher in ForexBrokers.com’s rankings (#6 of 63 vs Questrade at #28). If you want a broader set of built-in indicators and a top-rated app experience, Schwab has the edge. If you prefer the basics covered with alerts, syncing, and drawing tools, Questrade still delivers a solid mobile trading app.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
For market research, Charles Schwab focuses on in-house insights: it delivers daily market commentary, an economic calendar, and forex news from top-tier sources such as Bloomberg, Reuters, or Dow Jones. Questrade also offers an economic calendar and leans on third-party research, including Autochartist, Trading Central, and TipRanks. Neither broker includes a sentiment tool or integrations from Acuity Trading, and Questrade’s support for top-tier forex news isn’t specified.
Independent ratings underscore the difference: Schwab earns 5 stars for Research and ranks 5th out of 63 brokers on ForexBrokers.com, while Questrade scores 3.5 stars and ranks 34th. Choose Schwab if you want frequent commentary and premium news coverage. Pick Questrade if you prefer pattern-recognition and analyst tools from providers like Autochartist, Trading Central, and TipRanks.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | No | Yes |
| Trading Central | No | Yes |
| Client sentiment data | No | No |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab vs. Questrade for beginner education: Schwab leads with a 5‑star Education rating and a #6 ranking out of 63 brokers by ForexBrokers.com, while Questrade holds 3.5 stars and ranks #28. Both brokers offer at least 10 beginner-focused trading videos, helping newcomers learn essentials like order types, stocks, ETFs, and platform how-tos. Schwab also runs ongoing client webinars (at least one per month), giving beginners regular live learning opportunities—something Questrade does not provide.
For growing your skills, Schwab supplies at least 10 advanced trading videos, whereas Questrade does not meet that threshold. Regarding dedicated forex or CFDs education (10+ pieces), this is not confirmed for either broker, so traders interested in currencies or CFDs should verify directly. In short, Schwab is the stronger choice for structured learning and live sessions, while both brokers can cover basic video-based learning for beginners.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| 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 Charles Schwab is better than Questrade. Charles Schwab finished with an overall rank of #6, while Questrade finished with an overall rank of #29.
Charles Schwab is a highly trusted financial institution and multi-asset broker catering to U.S.-based and international forex traders. Schwab's award-winning thinkorswim platform offers over 70 tradeable currency pairs alongside impressive tools, research, and education. That said, the broker’s forex offering is still largely limited to what is available on thinkorswim.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 85 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Charles Schwab vs. Questrade: Neither online broker lets you buy actual delivered cryptocurrency, but both offer cryptocurrency CFD trading.
Comparing online brokers Charles Schwab and Questrade for deposits and withdrawals: Charles Schwab supports ACH/SEPA and bank wire transfers, while Questrade does not support ACH/SEPA but does allow bank wires; neither broker supports PayPal or Skrill, and Visa/Mastercard availability is not specified for either.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Charles Schwab | Questrade | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Questrade Review |
| Broker Screenshots | Charles Schwab | Questrade | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | Charles Schwab | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 85 | |
| Year Founded | 1971 | 2000 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No | |
| Tier-1 Licenses | 5 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | ||
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | No | ||
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | ||
| Regulated in one or more EU or EEA countries (MiFID). | No | No |
| Tier-2 Licenses (Trusted) | Charles Schwab | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | ||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | No | ||
| UAE (DFSA, FSRA, or CMA Authorised) | No | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) | No |
| Investments | Charles Schwab | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 641 | |
| Forex Pairs (Total) | 73 | 110 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | No | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 | Charles Schwab | Questrade | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.27 | N/A | |
| All-in Cost EUR/USD - Active | 1.27 | N/A | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | No | No |
| Funding | Charles Schwab | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | Charles Schwab | 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 | Charles Schwab | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 374 | 64 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | 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 | 374 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Charles Schwab | Questrade | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | No | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | Questrade | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | Charles Schwab | Questrade | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Charles Schwab Review | Questrade Review |
| Overall | Charles Schwab | Questrade | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Questrade Review |
IG
FOREX.com
CMC Markets
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill