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.
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Charles Schwab and Questrade are two prominent online brokers, each with unique credentials and trust ratings. Established in 1971, Charles Schwab is not only a publicly traded company but also operates as a bank. It holds a distinguished position with five Tier-1 licenses, indicating a high level of trust, and boasts an impressive Trust Score of 99 out of 99 according to ForexBrokers.com. In contrast, Questrade, founded in 2000, is not publicly traded nor does it function as a bank. However, it maintains a reliable reputation with two Tier-1 licenses and a solid Trust Score of 86, placing it in the trusted category according to ForexBrokers.com.
Choosing between Charles Schwab and Questrade may depend on the user's preference for company structure and licensing credentials. With Charles Schwab's extensive regulatory backing and public status, it can be a preferred choice for those seeking maximum credibility. Meanwhile, Questrade offers a competitive and trusted alternative, especially for individuals prioritizing a straightforward brokerage experience without the layers that banking elements might add. Each option provides a distinct profile, yet both take their regulatory responsibilities seriously, ensuring clients have a trusted partner for their investment activities.
| 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 |
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 | No | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Charles Schwab and Questrade, both brokers offer a compelling range of investments, but there are differences in scale and variety. Charles Schwab boasts an impressive 40,000 tradeable symbols, whereas Questrade offers 641. For forex traders, Questrade provides 110 tradeable forex pairs, surpassing Charles Schwab's offering of 73. Both brokers allow trading of exchange-traded securities on U.S. and international exchanges, such as shares in Apple or Vodafone. However, neither offers copy trading or the ability to buy delivered cryptocurrency, although they do facilitate trading in cryptocurrency derivatives.
In terms of ratings, both firms receive top scores for their range of investments, with a five-star rating. However, according to ForexBrokers.com, Charles Schwab holds a higher overall ranking at 5th among 63 brokers, compared to Questrade's position at 11th. This comparison points to Charles Schwab's larger scale of tradeable symbols as a potential draw for those seeking a broader range of investment options.
| 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 | No | 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). |
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Charles Schwab and Questrade both offer versatile trading platforms that cater to a range of investor needs. Each broker provides users with a simulated trading experience through free virtual demo accounts, allowing newcomers to practice without financial risk. They have developed their own proprietary trading platforms available as Windows-based desktop downloads, as well as web-based options for ease of access from any browser. While neither broker supports copy trading or the popular MetaTrader platforms, Questrade uniquely offers DupliTrade, an additional tool for automation enthusiasts. As for trading and analysis, Charles Schwab impressively provides 24 charting drawing tools compared to Questrade’s 20, and both offer the ability to trade directly from stock charts, enhancing user convenience.
When it comes to personalization, Charles Schwab leads with an impressive 580 fields for watch lists, far surpassing Questrade’s 52. This allows for more detailed tracking of stock market interests. In terms of overall platform performance, Charles Schwab is highly rated with five stars and ranks #5 out of 63 brokers assessed by ForexBrokers.com. In contrast, Questrade garners a four-star rating and ranks #34, reflecting a reputable but slightly less comprehensive set of tools. For those seeking a platform with extensive tools and superior ranking, Charles Schwab emerges as the favored choice for trading platforms and tools.
| 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 | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 64 |
| Charting - Drawing Tools (Total) | 24 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 52 |
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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.
Charles Schwab stands out for its comprehensive market research offerings, providing users with daily market commentary and access to top-tier forex news sources like Bloomberg and Reuters. In addition, Schwab features a detailed economic calendar to keep investors informed about global news events. Although it lacks some specialized tools like Autochartist and Trading Central, Schwab excels in delivering reliable research, which contributes to its high research rating of 5 stars and ranking of #4 in the Research category by ForexBrokers.com.
Questrade offers a different set of market research tools aimed at diversifying investment strategies. While it doesn't provide daily market commentary or premium forex news, Questrade compensates with tools like Autochartist and Trading Central for technical and fundamental analysis. Furthermore, Questrade includes TipRanks for additional market insights and also features an economic calendar similar to Schwab's. Despite the variety of tools, Questrade holds a 3.5-star rating and ranks #51 in research, making it a suitable choice for those seeking specific analytical tools over broader market commentary.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners, Charles Schwab stands out with a comprehensive array of offerings that cater to both novice and advanced traders. Charles Schwab provides extensive forex or CFDs education through various materials, which include at least 10 pieces such as articles, videos, or archived webinars solely focused on these subjects. Additionally, they offer monthly online webinars and a searchable archive of past webinars, making it easier for clients to access learning materials at their convenience. With over 10 beginner videos and an impressive selection of advanced trading videos, Charles Schwab ensures that both newcomers and seasoned investors have access to valuable information. An added resource is their investor dictionary, which explains over 50 investing terms, enhancing the learning experience for users.
Questrade also offers forex or CFDs education with a minimum of 10 educational pieces available to its clients. However, unlike Charles Schwab, Questrade does not provide monthly online educational webinars, although they do maintain a searchable archive of previously recorded webinars. While Questrade matches Schwab in delivering more than 10 beginner-focused trading videos, they fall short in offering the same breadth of resources for advanced traders. Notably, Questrade lacks an investor dictionary that defines essential investing terms. Consequently, Charles Schwab scores a higher overall education rating of 5 stars, compared to Questrade’s 3.5 stars, and is ranked #6 out of 63 brokers in the education category by ForexBrokers.com, whereas Questrade is positioned at #36.
| Feature |
Charles Schwab
|
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 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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Both Charles Schwab and Questrade do not offer the ability to buy actual (delivered) cryptocurrency but do provide options to invest in cryptocurrency derivatives.
When comparing online brokers, Charles Schwab stands out by offering ACH or SEPA transfers and bank wire options for account deposits and withdrawals, while Questrade provides bank wires and the convenience of Visa or Mastercard, yet lacks ACH or SEPA transfers; both platforms do not support PayPal or Skrill.
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 | 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 (SFC 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/Central Bank 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. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | 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 | 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 | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | No |
| Funding | Charles Schwab | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Charles Schwab | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| 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 | No | |
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | 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 | 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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