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.
Charles Schwab and Questrade are two prominent online brokers, each with unique attributes that cater to different investor needs. Charles Schwab, founded in 1971, stands out with its extensive experience in the financial industry. As a publicly traded company that also operates as a bank, Charles Schwab holds an impeccable reputation with a Trust Score of 99, indicating a highly trusted broker. Moreover, it possesses five Tier-1 licenses, which underscores its high level of reliability and trustworthiness.
In contrast, Questrade, established in 2000, offers a reliable trading platform primarily targeting Canadian investors. While it is not publicly traded and does not function as a bank, Questrade maintains a strong reputation with a Trust Score of 86, falling within the 'trusted' category according to ForexBrokers.com. It holds two Tier-1 licenses, showing commitment to safety and security standards. Both brokers provide distinct experiences, making it essential to consider your specific investment needs and preferences when choosing between them.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Year Founded | 1971 | 2000 |
| Publicly Traded (Listed) | Yes | |
| Bank | Yes | |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing the online brokers Charles Schwab and Questrade in terms of commissions and fees, there are distinct differences. Charles Schwab offers a competitive edge with no minimum deposit requirement for its primary brokerage account types, which lowers the barrier to entry for forex trading. Schwab provides 18 different financial account types, with the Schwab One and Schwab Global accounts granting access to the thinkorswim platform, where all trades, including forex, are settled in U.S. dollars. Trading with Schwab involves no direct commissions for forex; instead, costs are embedded in the bid/ask spread, with an average spread of 1.35 pips on the EUR/USD. While the Schwab Global account allows trading in twelve international markets in their local currencies, note that conversion fees ranging from 0.2% to 1% may apply. For commissions and fees, Charles Schwab is rated 4 out of 5 stars, ranking #24 out of 63 brokers according to ForexBrokers.com.
In contrast, Questrade's trading costs are perceived as steep, particularly with the EUR/USD target spread at 1.9 pips, which exceeds the industry average. This might be a consideration for traders focused on cost-efficiency. Questrade's offering results in a lower rating of 3 out of 5 stars for commissions and fees, ranking it #58 out of 63 brokers for this category, according to ForexBrokers.com.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 1.35 | N/A |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| Active Trader or VIP Discounts | ||
| ACH or SEPA Transfers | Yes | |
| PayPal (Deposit/Withdraw) | ||
| Skrill (Deposit/Withdraw) | ||
| Visa/Mastercard (Credit/Debit) | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab and Questrade both provide a versatile range of investment options catering to various investor preferences. Charles Schwab boasts an impressive array of 40,000 tradeable symbols, allowing investors to explore a broad spectrum of opportunities. It offers access to 73 forex pairs and gives clients the chance to trade exchange-traded securities on both U.S. and international exchanges, which includes well-known companies like Apple and Vodafone. Additionally, Charles Schwab supports trading in cryptocurrency derivatives, making it a comprehensive choice for those interested in diversified investment avenues.
Questrade, while offering fewer tradeable symbols with a total of 641, excels in its forex offerings with 110 pairs, providing ample choice for forex enthusiasts. Like Charles Schwab, Questrade also enables trading of U.S. and international exchange-traded securities, ensuring that investors can engage with renowned global companies. Furthermore, Questrade facilitates the trading of cryptocurrency derivatives, adding to its diverse portfolio. Both platforms earn a five-star rating for their range of investments, showcasing their competitive edge, although Charles Schwab ranks higher at #5 compared to Questrade's #11 in the category, according to ForexBrokers.com rankings among 63 brokers.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 641 |
| Forex Pairs (Total) | 73 | 110 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | ||
| Cryptocurrency (Physical) | ||
| 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.
Charles Schwab and Questrade are both known for offering top-tier trading platforms suited for various types of investors. Both brokerages provide simulated (paper) trading accounts, which can be highly beneficial for beginners looking to practice without financial risk. They each offer proprietary platforms developed in-house, and feature Windows-based desktop downloads as well as web-based browser platforms, ensuring versatile access for users. One of the standout features of Charles Schwab is its extensive watch list capabilities, offering 580 columns for tracking stocks compared to Questrade's 52 columns. Furthermore, Schwab allows traders to conduct transactions directly from a stock chart and includes 24 drawing tools for chart analysis, offering slightly more options than Questrade's 20 drawing tools.
When it comes to third-party integrations like MetaTrader or ZuluTrade, Questrade sets itself apart by offering DupliTrade, an addition not available on Charles Schwab. However, in terms of overall platform rating, Charles Schwab ranks higher, scoring a solid 5 out of 5 stars compared to Questrade's 4 stars, as assessed by ForexBrokers.com. Notably, Charles Schwab is ranked 5th out of 63 brokers in the Trading Platforms and Tools category, while Questrade holds the 34th position. This reflects Schwab's commitment to providing a highly rated and feature-rich trading experience, while Questrade remains a competitive option with unique tool offerings such as DupliTrade.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | ||
| MetaTrader 4 (MT4) | ||
| MetaTrader 5 (MT5) | ||
| DupliTrade | Yes | |
| ZuluTrade | ||
| Charting - Indicators / Studies (Total) | 374 | 64 |
| Charting - Drawing Tools (Total) | 24 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and Questrade, both platforms offer apps for iPhone and Android users, providing convenient access to trading on the go. They both support features such as real-time stock and forex price alerts, watchlist syncing between devices, and the ability to draw trendlines on charts. Additionally, users of both apps can view multiple time frames for a comprehensive analysis. Where they differ is in the depth of charting capabilities—Charles Schwab provides an impressive 374 technical studies, while Questrade offers 64.
Both apps allow for auto-saving of drawings and creating watchlists with real-time quotes, ensuring traders have the tools necessary for informed decision-making. However, when it comes to user ratings and industry rankings, Charles Schwab shines brighter with a five-star rating and a #6 ranking out of 63 brokers by ForexBrokers.com. In comparison, Questrade holds a four-star rating and a #34 ranking. This suggests that while both apps are strong contenders, Charles Schwab might offer a slightly superior mobile trading experience according to user feedback and industry analysis.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 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 comparing Charles Schwab and Questrade for market research, both brokers offer different strengths. Charles Schwab shines with its daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters. Additionally, Schwab provides an economic calendar to keep users informed about global news events, earning it a high research rating of 5 stars and placing it 4th out of 63 brokers in this category according to ForexBrokers.com. However, it lacks in offering certain advanced research tools from companies like Autochartist and Trading Central.
On the other hand, Questrade offers unique tools for the more technical traders, including resources from Autochartist and Trading Central. Questrade also provides market research from TipRanks, although it does not provide daily market commentary or forex news from major media outlets. It does, however, include an economic calendar similar to Schwab. While Questrade's research features are comprehensive, its overall research rating is 3.5 stars and it is ranked 51st out of 63 brokers, indicating that it might not cater to all levels of traders as effectively as Charles Schwab.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | |
| Trading Central (Recognia) | Yes | |
| Social Sentiment - Currency Pairs | ||
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to enhance their trading knowledge, Charles Schwab stands out with comprehensive educational resources. It offers over ten pieces of educational content focused on forex and CFDs and provides engaging online client webinars monthly. By hosting a searchable archive of these webinars, Schwab ensures that its users can access past sessions on demand. Its commitment to beginner traders is evident through a collection of beginner-oriented educational videos, alongside advanced content for more experienced traders. Additionally, an investor dictionary containing over 50 investing terms is available for those keen on mastering market jargon. Schwab's focus on education is evident from its impressive 5-star rating and its rank as the 6th best educational provider out of 63 brokers by ForexBrokers.com.
Questrade also supports new traders with a suite of resources. It meets the ten-piece requirement for forex and CFDs education and offers a searchable archive of client webinars for learning at your own pace. For beginners, Questrade presents an array of educational videos, making sure that novice traders have plenty of material to build a strong foundation. However, Questrade's offerings slightly fall short when it comes to providing advanced educational content and an extensive investor dictionary, which affects its overall education ranking. With a 3.5-star rating in education, it ranks 36th out of 63 brokers, indicating room for improvement. Overall, while Questrade presents valuable learning tools, Charles Schwab offers a more extensive educational experience for beginners.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | |
| Investor Dictionary (Glossary) | Yes |
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 #32.
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 |
|
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| Trust Score | 99 | 86 |
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While both Charles Schwab and Questrade enable users to invest in cryptocurrency derivatives, neither platform offers the capability to purchase actual, delivered cryptocurrency.
When comparing online brokers Charles Schwab and Questrade, Charles Schwab offers ACH or SEPA transfers and bank wires for fund transactions, whereas Questrade provides Visa or Mastercard options along with bank wires, highlighting their unique methods for deposits and withdrawals.
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 | Charles Schwab | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Questrade Review |
| Broker Screenshots | Charles Schwab | Questrade | |
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| Regulation | Charles Schwab | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| Year Founded | 1971 | 2000 | |
| Publicly Traded (Listed) | Yes | ||
| Bank | Yes | ||
| Regulated in one or more EU or EEA countries (MiFID). | |||
| 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) | |||
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | ||
| Japan (SFC Authorised) | |||
| Singapore (MAS Authorised) | Yes | ||
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | ||
| USA (CFTC Authorized) | Yes | ||
| New Zealand (FMA Authorised) | |||
| Regulated in one or more EU or EEA countries (MiFID). |
| Tier-2 Licenses (Trusted) | Charles Schwab | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 641 | |
| Forex Pairs (Total) | 73 | 110 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | |||
| Cryptocurrency (Physical) | |||
| 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 | Charles Schwab | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | N/A | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | |||
| Inactivity Fee | |||
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker |
| Funding | Charles Schwab | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | |||
| Skrill (Deposit/Withdraw) | |||
| Visa/Mastercard (Credit/Debit) | Yes | ||
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes |
| Trading Platforms | Charles Schwab | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | |||
| MetaTrader 4 (MT4) | |||
| MetaTrader 5 (MT5) | |||
| cTrader | |||
| DupliTrade | Yes | ||
| ZuluTrade |
| Trading Tools | Charles Schwab | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 52 | |
| Charting - Indicators / Studies (Total) | 374 | 64 | |
| Charting - Drawing Tools (Total) | 24 | 20 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 374 | 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 | Charles Schwab | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | ||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | ||
| Trading Central (Recognia) | Yes | ||
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | |||
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | Questrade | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | ||
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | ||
| Investor Dictionary (Glossary) | Yes |
| Major Forex Pairs | Charles Schwab | 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 | Charles Schwab Review | Questrade Review |
| Overall | Charles Schwab | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Questrade Review |
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