Written by ForexBrokers.com
In this head to head comparison of FP Markets 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.
FP Markets, established in 2005, and Questrade, founded in 2000, are both prominent names in the online brokerage landscape, though neither is publicly traded or a bank. When it comes to regulatory credentials, both brokers have commendable standings. FP Markets holds two Tier-1 licenses and one Tier-2 license, while Questrade also possesses two Tier-1 licenses but does not have any Tier-2 licenses. These regulatory details position them both in a solid category of trust among online brokers.
In terms of trustworthiness, as rated by ForexBrokers.com, FP Markets enjoys a Trust Score of 89, making it a trusted choice among users. Questrade, with a Trust Score of 86, is also trusted, though slightly lower in comparison. These scores reflect their commitment to providing a reliable trading environment, ensuring that users can engage with these platforms with a sense of security.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Year Founded | 2005 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
When comparing the commissions and fees of FP Markets and Questrade, FP Markets emerges as the more competitive option for traders. FP Markets excels with its commission-based ECN account offering through MetaTrader and cTrader, providing global traders with some of the most cost-effective pricing structures available. Recognized as Best in Class for Commissions and Fees in the 2024 Annual Awards, FP Markets ensures direct market access via its Iress platform. With a favorable spread averaging 0.1 pips for its Raw ECN account (0.8 pips inclusive of commissions), and an affordable $6 flat rate per standard lot for forex trading, FP Markets is rated 5 stars for its commissions and fees, ranking 6th out of 63 brokers assessed by ForexBrokers.com.
While FP Markets caters to a variety of trading preferences, its Iress ViewPoint account is geared toward active traders with high balances, offering superior features for those who meet the minimum deposit requirements. Conversely, Questrade's fees are less attractive, particularly with a steep target spread of 1.9 pips on the EUR/USD pair, which is above the industry average. Given its pricing structure, Questrade is rated 3 stars for commissions and fees, landing it at 58th out of 63 brokers in the same category according to ForexBrokers.com.
In essence, traders seeking cost efficiency and lower spreads will likely find FP Markets' offerings more appealing, especially when combined with the flexibility of their trading platforms. Meanwhile, Questrade's higher spreads might deter cost-sensitive traders who prioritize minimizing trading expenses. The advantages of choosing FP Markets are bolstered by its solid ranking and star rating, reflecting a commitment to delivering competitive and transparent pricing. For those prioritizing affordability in their trading endeavors, FP Markets stands out as a preferable choice over Questrade.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Minimum Deposit | $100 AUD | $250 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.7 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | No |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing FP Markets and Questrade for their range of available investments, there are distinct differences to consider. FP Markets offers an extensive selection of tradeable symbols, boasting a total of 10,000 options. This includes the ability to trade 71 forex pairs as CFDs or spot contracts, and it supports copy trading. FP Markets also allows clients to explore cryptocurrency derivatives, though it does not offer exchange-traded securities on U.S. or international exchanges, nor does it provide the option to buy actual cryptocurrencies.
In contrast, Questrade provides access to 641 tradeable symbols. It excelled with 110 tradeable forex pairs, also available as CFDs or spot contracts, and is noted for offering exchange-traded securities on both U.S. and international exchanges. Questrade supports cryptocurrency derivatives but, like FP Markets, does not offer the purchase of actual cryptocurrencies. While FP Markets received a 4.5-star rating for its range of investments, Questrade earned a full 5-star rating and ranks higher at #11 compared to FP Markets' #18 in the ForexBrokers.com rankings for investment variety.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 10000 | 641 |
| Forex Pairs (Total) | 71 | 110 |
| U.S. Stock Trading (Non CFD) | No | Yes |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | 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). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of FP Markets and Questrade, both brokers offer a comprehensive set of features appealing to a variety of traders. Both brokers provide free virtual demo accounts, proprietary platforms, as well as Windows-based desktop and web-based trading platforms. FP Markets stands out with its integration of MetaTrader 4 (MT4) and MetaTrader 5 (MT5), popular platforms known for advanced charting capabilities and automated trading. This broker also offers copy trading, enhancing its appeal to traders looking to mimic others’ successes. In contrast, Questrade offers DupliTrade, which is a unique feature not available with FP Markets. While both brokers allow trading directly from stock charts, Questrade users benefit from more extensive charting features with 20 drawing tools compared to FP Markets' 17. Additionally, Questrade offers 52 columns for creating customizable watch lists, vastly more than FP Markets' 7.
Overall, FP Markets receives a four-star rating for Trading Platforms and Tools, ranking 23rd out of 63 brokers on ForexBrokers.com. Its competitive edge lies in offering popular platforms such as MT4 and MT5, catering to traders who rely on these versatile tools. On the other hand, Questrade also earns four stars but ranks slightly lower at 34th place. It differentiates itself with a broader range of customizable watch list options and the inclusion of DupliTrade. Both platforms have unique strengths and can serve traders well depending on their specific trading needs, making them excellent options for users seeking comprehensive trading solutions.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 30 | 64 |
| Charting - Drawing Tools (Total) | 17 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of FP Markets and Questrade, both platforms offer apps compatible with iPhone and Android devices. They each provide useful features such as stock and forex price alerts, the ability to draw trendlines on charts, and provision for viewing multiple time frames like daily, weekly, or intraday. Additionally, both apps auto-save chart drawings and allow users to create watchlists with real-time quotes. However, a significant difference lies in watchlist symbol syncing. Questrade enables users to sync their watchlists between mobile and online accounts, allowing seamless updates across devices, whereas FP Markets lacks this feature.
In terms of technical capabilities, FP Markets uses MetaTrader, offering a flexible standard for technical studies on charts. In contrast, Questrade provides 64 different technical studies, giving users diverse options for analysis. Both apps receive a four-star rating for mobile trading, demonstrating solid user satisfaction, yet there’s a noticeable difference in their rankings. ForexBrokers.com places FP Markets at #18 out of 63 brokers for mobile trading, indicating a stronger position compared to Questrade, which ranks at #34. Overall, each platform offers robust mobile trading solutions, but the choice may hinge on specific needs like charting options and watchlist syncing.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | Yes |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | 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 FP Markets and Questrade for market research, FP Markets stands out with its daily market commentary and top-tier forex news from sources like Bloomberg and Reuters. This gives traders timely insights into market movements. Questrade doesn't offer these daily market insights, making FP Markets a more preferred choice for traders keen on frequent updates. Both brokers provide advanced analysis tools from companies like Autochartist and Trading Central, but FP Markets exclusively offers a sentiment-based trading tool, providing a unique advantage in gauging market positions.
While Questrade includes market research from TipRanks, which is not available with FP Markets, both platforms feature an economic calendar to track global news events. Despite some overlaps, FP Markets earns a higher research rating of 4 stars compared to Questrade's 3.5 stars, and ranks significantly better at #25 versus Questrade's #51 out of 63 brokers, according to ForexBrokers.com. Traders seeking comprehensive market analysis tools might find FP Markets more suitable, although Questrade offers some unique features that could appeal to certain investors.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing FP Markets and Questrade in terms of educational resources for beginners, FP Markets emerges as a more comprehensive platform. Both brokers provide over 10 educational materials focused on forex and CFDs, such as articles and videos. FP Markets, however, offers monthly online webinars for clients and provides access to an archive of recorded sessions, ensuring ongoing learning opportunities. In contrast, Questrade does not offer monthly webinars, although they do have a searchable archive of past webinars. Both platforms feature beginner educational videos, but FP Markets also includes advanced videos for experienced traders, offering a broader spectrum of learning tools.
Additionally, FP Markets stands out by offering an investor dictionary with over 50 investing terms, enhancing its educational arsenal. This resource is not available with Questrade. In terms of independent ratings, FP Markets gains a stronger reputation with a 4-star rating in education compared to Questrade's 3.5 stars. When ranked among 63 brokers by ForexBrokers.com, FP Markets is placed at #23, while Questrade holds the #36 spot. This indicates FP Markets' slight edge in catering to beginners looking to deepen their trading knowledge.
| Feature |
FP Markets
|
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 FP Markets is better than Questrade. FP Markets finished with an overall rank of #19, while Questrade finished with an overall rank of #32.
FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader platform. The Iress platform suite offers well over 9,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option.
| Feature |
FP Markets
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 89 | 86 |
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FP Markets and Questrade both offer the ability to trade cryptocurrency derivatives but do not support buying actual delivered cryptocurrencies.
FP Markets and Questrade both provide Visa, Mastercard, and bank wire options for depositing and withdrawing funds, but FP Markets offers additional flexibility with PayPal and Skrill, whereas Questrade does not support these payment methods, and neither broker offers 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 | FP Markets | Questrade | |
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| Trust Score | 89 | 86 | |
| Winner | check_circle | ||
| Review | FP Markets Review | Questrade Review |
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| Regulation | FP Markets | Questrade | |
|---|---|---|---|
| Trust Score | 89 | 86 | |
| Year Founded | 2005 | 2000 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | FP Markets | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | Yes | |
| 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). | Yes | No |
| Tier-2 Licenses (Trusted) | FP Markets | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FP Markets | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 10000 | 641 | |
| Forex Pairs (Total) | 71 | 110 | |
| U.S. Stock Trading (Non CFD) | No | Yes | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | 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 | FP Markets | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.7 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | FP Markets | Questrade | |
|---|---|---|---|
| Minimum Deposit | $100 AUD | $250 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | No | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | FP Markets | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | Yes | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | FP Markets | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 52 | |
| Charting - Indicators / Studies (Total) | 30 | 64 | |
| Charting - Drawing Tools (Total) | 17 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FP Markets | Questrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | Yes | |
| Mobile Charting - Indicators / Studies | MetaTrader (Default) | 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 | FP Markets | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FP Markets | 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 | FP Markets | 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 | FP Markets Review | Questrade Review |
| Overall | FP Markets | Questrade | |
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| Trust Score | 89 | 86 | |
| Winner | check_circle | ||
| Review | FP Markets Review | Questrade Review |
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