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 two notable players in the online brokerage scene. Both brokers have garnered trust with their regulatory frameworks. FP Markets holds a ForexBrokers.com Trust Score of 89 and possesses two Tier-1 licenses, alongside one Tier-2 license, showcasing a strong trust level in multiple regions. Meanwhile, Questrade, with a Trust Score of 86, also holds two Tier-1 licenses, indicating a solid level of trust, although it lacks any Tier-2 licenses.
Neither FP Markets nor Questrade is publicly traded, nor are they banks, which positions them differently from financial firms that hold these distinctions. These aspects are essential for users looking to understand the financial and operational background of their chosen broker. Collectively, their trust scores and regulatory standing provide a reliable basis for individuals seeking to make informed decisions in selecting an online broker that aligns with their investment needs.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Year Founded | 2005 | 2000 |
| Publicly Traded (Listed) | ||
| Bank | ||
| 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 | |
| ACH or SEPA Transfers | ||
| PayPal (Deposit/Withdraw) | Yes | |
| Skrill (Deposit/Withdraw) | Yes | |
| 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 investment options, each platform brings unique strengths to the table. FP Markets impresses with an extensive array of 10,000 tradeable symbols, reflecting its broad investment reach, and offers 71 forex pairs as CFDs. For those focused on international markets, FP Markets excels in providing copy trading services. Conversely, Questrade stands out with access to 641 tradeable symbols and a richer forex selection of 110 pairs. Moreover, Questrade allows clients to invest directly in exchange-traded securities on both U.S. and international exchanges—an appealing option for those interested in acquiring shares of global companies.
Although both FP Markets and Questrade provide forex trading as CFDs or spot contracts, their offerings differ when it comes to crypto investment. Each supports crypto derivatives but does not offer the actual cryptocurrency. For investors considering the diversity of options, FP Markets achieved a commendable rating of 4.5 stars for its range of investments, placing 18th out of 63 brokers. Meanwhile, Questrade's comprehensive range has earned it a 5-star rating, securing the 11th spot in the same category—a reflection of its broader access to varied assets on the global stage.
| 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) | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | |
| Social Trading / Copy Trading | Yes | |
| 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.
FP Markets and Questrade are both reputable online brokers that provide a wide range of trading platforms and tools to fit different trader needs. Both brokers offer simulated trading with free virtual demo accounts, allowing users to practice their strategies without financial risk. They each have proprietary platforms developed in-house, offering desktop and web-based trading options for flexibility. While both allow traders to execute directly from stock charts, FP Markets goes the extra mile by offering copy trading, alongside options like MetaTrader 4 and MetaTrader 5. Questrade, on the other hand, supports DupliTrade but does not offer MetaTrader platforms and lacks a copy trading feature. However, Questrade compensates with more charting tools, offering 20 drawing tools compared to FP Markets’ 17, and significantly more options with 52 fields available for customizing watch lists, compared to FP Markets’ 7.
Both brokers achieve a 4-star rating for their trading platforms and tools, but they differ in their rankings. According to ForexBrokers.com, FP Markets is ranked higher at number 23 out of 63 brokers, while Questrade comes in at number 34. This difference may reflect the varied features and trading options each broker provides, catering to different aspects like charting capabilities and platform customization. Whether a trader prefers the versatile platform offerings of FP Markets or the diverse charting and watch list functionality of Questrade, both brokers stand as reliable options for enhancing trading experiences.
| 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 | |
| MetaTrader 4 (MT4) | Yes | |
| MetaTrader 5 (MT5) | Yes | |
| DupliTrade | Yes | |
| ZuluTrade | ||
| 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 it comes to mobile trading, both FP Markets and Questrade provide comprehensive apps for iPhone and Android users. These apps offer similar features such as stock and forex price alerts, trendline drawing, and the ability to view multiple time frames on charts. Both platforms also allow for real-time quote watchlists to be created and save chart drawings automatically. However, there is a slight difference in watchlist syncing, as Questrade provides this functionality, ensuring seamless updates across the platform—an advantage over FP Markets, which lacks this feature.
FP Markets and Questrade receive equal praise with a four-star rating for their mobile trading apps. FP Markets stands out in its app offering through the use of the MetaTrader platform, although it limits technical studies to the default MetaTrader settings. In contrast, Questrade offers a broader range of 64 technical studies for those who require advanced charting tools. Despite both apps being highly rated, FP Markets ranks #18 out of 63 brokers according to ForexBrokers.com—ahead of Questrade, which is ranked #34. This ranking might give FP Markets a slight edge for traders seeking a reliable and well-regarded mobile trading experience.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | 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.
FP Markets and Questrade both provide a variety of tools for market research, though their offerings differ in key areas. FP Markets excels with its inclusion of daily market commentary and forex news sourced from top-tier providers like Bloomberg and Reuters, offering traders timely insights. Additionally, FP Markets goes a step further with a sentiment-based trading tool that gives a dynamic view of market positions. Questrade, meanwhile, lacks in these areas but distinguishes itself with exclusive market research from TipRanks, offering detailed analysis and insights for its users.
Both platforms offer technical analysis tools from Autochartist and Trading Central, as well as comprehensive economic calendars to keep traders informed about global news events. However, FP Markets edges ahead in research rankings with a four-star rating and a #25 spot by ForexBrokers.com, compared to Questrade's 3.5-star rating and #51 position. Ultimately, traders deciding between these two brokers should consider the specific research tools and market insights that align with their trading strategy.
| Feature |
FP Markets
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | |
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing FP Markets and Questrade for their educational resources tailored for beginners, both brokers offer a commendable amount of educational content. FP Markets stands out with its diverse range of materials, including over 10 educational pieces dedicated to forex and CFDs, regular monthly webinars, and a searchable archive of past webinars. In contrast, while Questrade also provides a solid base of resources such as 10 beginner videos and a searchable archive of recorded webinars, it does not include regular monthly webinars or an extensive investor dictionary with key trading terms.
For more advanced traders, FP Markets further distinguishes itself by offering more than 10 educational videos targeted at experienced traders and an investor dictionary featuring over 50 investing terms. Questrade, on the other hand, does not provide the same level of advanced video content or a comprehensive investor dictionary. In terms of ratings, FP Markets receives a higher educational rating of 4 stars compared to Questrade's 3.5 stars and ranks higher on ForexBrokers.com's education category. Overall, FP Markets offers a more complete educational experience for both beginners and seasoned traders.
| Feature |
FP Markets
|
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 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
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|---|---|---|
| Overall Rating |
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| Trust Score | 89 | 86 |
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FP Markets does not offer the ability to buy actual delivered cryptocurrency, focusing instead on cryptocurrency derivatives similar to Questrade, which also provides access only to cryptocurrency derivatives and not to actual coins.
FP Markets provides a more diverse range of funding options, including PayPal and Skrill, in addition to Visa, Mastercard, and bank wires, while Questrade is limited to traditional methods such as Visa, Mastercard, and bank wires, with neither broker offering ACH or SEPA transfers for deposits or 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 | FP Markets | Questrade | |
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| Trust Score | 89 | 86 | |
| Winner | check_circle | ||
| Review | FP Markets Review | Questrade Review |
| Broker Screenshots | FP Markets | Questrade | |
|---|---|---|---|
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| Regulation | FP Markets | Questrade | |
|---|---|---|---|
| Trust Score | 89 | 86 | |
| Year Founded | 2005 | 2000 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| 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 | ||
| Canada (CIRO Authorised) | Yes | ||
| Hong Kong (SFC Authorised) | |||
| Japan (SFC Authorised) | |||
| Singapore (MAS Authorised) | |||
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | |||
| USA (CFTC Authorized) | |||
| New Zealand (FMA Authorised) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes |
| Tier-2 Licenses (Trusted) | FP Markets | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| 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) | Yes | ||
| Int'l Stock Trading (Non CFD) | Yes | ||
| Social Trading / Copy Trading | Yes | ||
| 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 | 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 | ||
| Inactivity Fee | |||
| Execution: Agency Broker | Yes | ||
| Execution: Market Maker | Yes |
| Funding | FP Markets | Questrade | |
|---|---|---|---|
| Minimum Deposit | $100 AUD | $250 | |
| PayPal (Deposit/Withdraw) | Yes | ||
| Skrill (Deposit/Withdraw) | Yes | ||
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers |
| Trading Platforms | FP Markets | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | Yes | ||
| DupliTrade | Yes | ||
| ZuluTrade |
| 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 | 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 | ||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | ||
| Economic Calendar | Yes | Yes |
| Education | FP Markets | 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 | 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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