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 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 |
Charles Schwab keeps commissions simple for forex: there are no per-trade commission fees, and your cost is the bid/ask spread. In October 2024, the average EUR/USD spread was 1.35 pips, which sits on the higher side of the industry average. Schwab has no minimum deposit for its main brokerage accounts, and forex access comes via thinkorswim through a Schwab One account. Trades settle in U.S. dollars, the smallest trade size is 10,000 units, and at 20:1 leverage that implies about $500 in minimum margin. If you want to place trades in a foreign market’s local currency using Schwab One, you must call in; alternatively, a Schwab Global account lets you trade in 12 local markets, with currency conversion fees of roughly 0.2%–1% depending on your balance. Schwab’s overnight financing (carry) costs are visible in-platform. Commissions and fees rating: 4 out of 5 stars; ranking: #26 of 63.
Questrade’s pricing for forex is less competitive on spreads: its target EUR/USD spread is 1.9 pips, which is considered steep versus the industry average and higher than Schwab’s recent EUR/USD average. Commissions and fees rating: 3 out of 5 stars; ranking: #59 of 63.
Bottom line on costs: both brokers lean on spreads for forex pricing, but Schwab’s typical EUR/USD spread has been lower than Questrade’s target, which can mean cheaper trades over time. Factor in Schwab’s lack of a minimum deposit, its 10,000-unit minimum trade size, and possible currency conversion fees with Schwab Global when comparing what you’ll actually pay.
| Feature |
Charles Schwab
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average spread (EUR/USD) - Standard account | 1.32 | N/A |
| All-in Cost EUR/USD - Active | 1.32 | 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 the key boxes for active investors. Each offers a proprietary platform, a Windows desktop download, and a web-based platform, plus free paper trading so you can practice before risking real money. Both brokers include charting tools and let you place orders directly from a chart, along with customizable watchlists. If you’re looking for copy trading or MetaTrader (MT4/MT5), neither provider supports those features.
For trading platforms and tools, Charles Schwab earns 5 stars and ranks #5 out of 63 brokers at ForexBrokers.com, while Questrade earns 4 stars and ranks #35. In short, both deliver capable platforms for web and desktop with paper trading and chart-based order entry, but Schwab scores higher overall in this category.
| 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 cover the essentials. Each offers an iPhone app and Android app, stock and forex price alerts, and watchlist symbol syncing so changes on mobile match your online account. Their charting tools let you draw trendlines and auto-save your drawings, making it easy to pick up where you left off.
The biggest difference is charting depth: Charles Schwab includes 374 technical studies in its mobile app, while Questrade offers 64. Independent ratings also favor Schwab—ForexBrokers.com gives it 5 out of 5 stars and ranks it #6 out of 63 brokers for Mobile Trading Apps. Questrade earns 4 out of 5 stars and ranks #35. Both are solid on-the-go options, but Schwab stands out for more advanced indicators and higher third-party scores.
| 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.
Charles Schwab stands out for market research with daily market commentary, an economic calendar, and forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones. Questrade also offers an economic calendar but does not provide daily commentary, and its access to top-tier forex news is not specified. According to ForexBrokers.com, Schwab earns 5 stars and ranks #5 out of 63 brokers for Research, while Questrade earns 3.5 stars and ranks #52.
Tool-wise, Questrade includes third‑party technical analysis and research from Autochartist and Trading Central, plus market research from TipRanks—features Schwab does not offer. Neither broker provides sentiment tools or research from Acuity Trading. If you value daily insights and premium news coverage, Schwab is a strong pick; if you want built-in third‑party charting and idea tools like Autochartist, Trading Central, and TipRanks, Questrade may fit better.
| 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.
Comparing Charles Schwab vs. Questrade for beginner-friendly education, Schwab offers a clearer path to learn. Schwab runs online client webinars at least once a month, which is great if you prefer live instruction and Q&A. Both brokers provide at least 10 beginner trading videos, but Schwab goes further with at least 10 advanced videos for when you’re ready to level up; Questrade does not meet that advanced-video threshold. This makes Schwab better suited for a learning journey that starts with basics and grows into more complex trading topics.
Independent ratings back this up: Schwab earns 5 stars for Education and ranks #6 out of 63 brokers on ForexBrokers.com, while Questrade scores 3.5 stars and ranks #36. Note: it’s not specified here whether either broker meets the 10-piece requirement for forex or CFD-specific education, so check each site if that’s a priority. If you want frequent webinars and deeper video coverage, Schwab is the stronger choice. If you only need a library of beginner videos, Questrade can still get you started.
| 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 #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
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 86 |
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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.
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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, FSRA, or SCA 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 | 1.32 | N/A | |
| All-in Cost EUR/USD - Active | 1.32 | 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 | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Questrade Review |
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