Written by ForexBrokers.com
In this head to head comparison of Questrade vs FXOpen, 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.
Questrade and FXOpen are prominent names in the online brokerage space, each with distinct backgrounds and regulatory standings. Questrade, established in 2000, has built a solid reputation with a Trust Score of 86, categorizing it as a trusted broker. It is not publicly traded nor a bank, but it holds two Tier-1 licenses, which are considered highly trusted by industry standards. These licenses bolster its credibility, ensuring a safer trading environment for users.
On the other hand, FXOpen started three years later in 2003 and holds an average risk profile with a Trust Score of 76. Like Questrade, FXOpen is neither publicly listed on a stock exchange nor a bank. However, it also possesses two Tier-1 licenses, aligning it with highly trusted brokers. Both brokerages lack Tier-2 licenses, yet their Tier-1 licenses provide significant trust and assurance to their traders. Ultimately, both platforms offer reliable services with their regulatory approvals, though Questrade edges slightly ahead in trustworthiness based on ratings.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Year Founded | 2000 | 2003 |
| Publicly Traded (Listed) | ||
| Bank | ||
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When evaluating online brokers for their commission and fee structures, Questrade and FXOpen present quite a contrast. Questrade is noted for having a target spread on the EUR/USD pair at 1.9 pips, which is relatively high compared to the industry standard. Consequently, Questrade receives a 3 out of 5-star rating for commissions and fees, placing it at #58 out of 63 brokers ranked by ForexBrokers.com.
In comparison, FXOpen's average spread data is not specifically disclosed, which can make it challenging for traders to gauge precise costs. Despite this, FXOpen earns a better rating of 4 out of 5 stars for commissions and fees. With this rating, FXOpen stands at #44 out of 63 brokers according to ForexBrokers.com's ranking in the Commissions and Fees category.
Overall, traders seeking lower costs may find FXOpen to be the more cost-effective option, given its superior star rating and higher ranking in this aspect. However, a lack of detailed spread information may require potential clients to conduct further exploration to fully understand their trading expenses with FXOpen. Meanwhile, Questrade’s known spread values might help some traders weigh its trading costs more predictably, albeit at a potentially higher expense.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $250 | $100 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | Yes | |
| ACH or SEPA Transfers | ||
| PayPal (Deposit/Withdraw) | ||
| Skrill (Deposit/Withdraw) | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investments available, Questrade and FXOpen cater to different types of traders. Questrade stands out with a considerable selection of 641 tradeable symbols and offers 110 forex pairs, allowing for extensive options in both CFD and spot contract forms. Furthermore, Questrade provides access to exchange-traded securities on U.S. and international exchanges, enabling investors to purchase shares from major companies like Apple and Vodafone directly. Although Questrade does not offer copy trading or actual cryptocurrency purchases, it allows for trading in cryptocurrency derivatives, broadening its range of asset types.
FXOpen, on the other hand, presents a more limited range with 87 tradeable symbols and 25 forex pairs. Like Questrade, FXOpen supports both CFD and spot contract forex trading, and it also offers trading in cryptocurrency derivatives, though it does not provide the option to buy actual cryptocurrencies. FXOpen does not offer access to exchange-traded securities on U.S. or international exchanges, but it does feature copy trading as a notable option for its users. In terms of overall ratings for the range of investments, Questrade receives 5 stars and ranks 11th out of 63 brokers according to ForexBrokers.com, while FXOpen is rated 3 stars and ranks 62nd, highlighting a significant gap in the breadth of investment options offered by both platforms.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 87 |
| Forex Pairs (Total) | 110 | 25 |
| 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 |
Dive deeper: Best Copy Trading Platforms.
Questrade and FXOpen both offer traders a wide array of tools and platforms to enhance their trading experience. For those interested in trying out strategies without financial risk, both brokers provide free virtual demo accounts for simulated trading. Questrade has developed its own proprietary platform, catering to those who prefer a more personalized experience, while FXOpen brings the popular MetaTrader 4 and MetaTrader 5 options. Both brokers provide Windows-based desktop platforms and web-based trading for convenience and flexibility. For traders interested in social trading features, FXOpen stands out with its support for copy trading and ZuluTrade, though Questrade takes the lead in offering DupliTrade.
When comparing charting features, Questrade provides 20 drawing tools, slightly more than FXOpen's 15, allowing for detailed market analysis. Both brokers facilitate trading directly from a stock chart, enhancing ease of use. Questrade impressively supports 52 columns for watch lists, offering rich detail in comparison to FXOpen's 7. According to ForexBrokers.com, both brokers receive an equal rating of four stars for their platforms and tools, although Questrade ranks higher at 34th place out of 63 brokers, compared to FXOpen's 53rd position, reflecting a slightly stronger perception of its offerings in the trading community.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | 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 | Yes | |
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 52 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Looking to compare Questrade and FXOpen for mobile trading? Both platforms offer user-friendly iPhone and Android apps, making it easy to trade on the go. They each provide essential features such as price alerts and the ability to draw trendlines, with both also allowing you to view various timeframes on charts. When it comes to creating watchlists with real-time quotes, both platforms deliver effectively. However, Questrade offers the added benefit of watchlist symbol syncing and auto-saving chart drawings, features that FXOpen does not explicitly include.
In terms of technical analysis, Questrade offers a more comprehensive experience with 64 technical studies compared to FXOpen's 30. Rated four stars for mobile trading apps, both platforms hold strong positions in user satisfaction. Nevertheless, Questrade is ranked higher at 34th out of 63 brokers for mobile trading apps on ForexBrokers.com, while FXOpen holds the 54th spot. This makes Questrade an attractive option for traders who seek a more feature-rich trading experience.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, FXOpen distinguishes itself with daily market commentary and access to news from top-tier sources like Bloomberg and Reuters. However, Questrade offers a wider range of tools that can aid in making informed trading decisions. These include technical and fundamental analysis tools from Autochartist and Trading Central, as well as market insights from TipRanks. Both brokers provide an economic calendar to keep traders updated on major global events, making it easier for investors to plan their strategies around upcoming economic announcements.
Despite these offerings, there's a noticeable difference in how each platform is ranked for research. Questrade holds a 3.5-star rating for research, placing it at #51 out of 63 brokers according to ForexBrokers.com. On the other hand, FXOpen, with a 3-star rating, stands at #63 in the same category. While FXOpen excels in providing consistent market news updates, Questrade's variety of research tools presents a comprehensive suite for those who dive deeper into technical and fundamental analysis. This gives traders ample resources to evaluate market trends and investment opportunities.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| 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.
When comparing educational offerings for beginners between Questrade and FXOpen, prospective traders will find distinct advantages and limitations with each platform. Questrade stands out in providing a variety of educational content tailored to novices, including a minimum of 10 educational pieces focusing on forex or CFDs and an extensive range of beginner trading videos. They also offer a searchable archive of previously recorded webinars, enhancing the learning experience with easily accessible content. However, prospective learners might note that Questrade does not include regular webinars or a comprehensive investor dictionary.
In contrast, FXOpen delivers an investor dictionary with over 50 investing terms, making it beneficial for beginners looking to grasp fundamental concepts. Despite this, their educational resources appear less developed as there is no indication of a significant library of beginner-focused videos or recorded webinars. Both platforms manage to provide a certain level of educational content, but Questrade holds a slight edge with its curriculum, which includes more beginner-oriented videos and accessible recorded webinars. Ultimately, Questrade is ranked 36th among 63 brokers for education, compared to FXOpen's 58th, reflecting these differences in educational support and resources.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | |
| Client Webinars | ||
| Client Webinars (Archived) | Yes | |
| Videos - Beginner Trading Videos | Yes | |
| Videos - Advanced Trading Videos | ||
| 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 Questrade is better than FXOpen. Questrade finished with an overall rank of #32, while FXOpen finished with an overall rank of #54.
Regulated in both the U.S. and Canada, Questrade is a trusted full-service multi-asset broker now offering forex and CFDs alongside its stock trading services for active and passive investors. While its scope of educational resources and in-house research is limited, Questrade has an impressive platform lineup.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 76 |
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While both Questrade and FXOpen provide the option to purchase cryptocurrency derivatives, neither platform offers the ability to buy actual, delivered cryptocurrency.
In comparing online brokers Questrade and FXOpen, neither offers ACH or SEPA transfers for deposits or withdrawals; neither supports PayPal, but FXOpen does provide Skrill as an option; both brokers accept Visa and Mastercard for transactions, as well as bank wire transfers for moving funds in and out of accounts.
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 | Questrade | FXOpen | |
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| Trust Score | 86 | 76 | |
| Winner | check_circle | ||
| Review | Questrade Review |
| Broker Screenshots | Questrade | FXOpen | |
|---|---|---|---|
| Broker Gallery (click to expand) |
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| Regulation | Questrade | FXOpen | |
|---|---|---|---|
| Trust Score | 86 | 76 | |
| Year Founded | 2000 | 2003 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Questrade | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | |||
| Canada (CIRO Authorised) | Yes | ||
| Hong Kong (SFC Authorised) | |||
| Japan (SFC Authorised) | |||
| Singapore (MAS Authorised) | |||
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | ||
| USA (CFTC Authorized) | |||
| New Zealand (FMA Authorised) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes |
| Tier-2 Licenses (Trusted) | Questrade | FXOpen | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | Questrade | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 87 | |
| Forex Pairs (Total) | 110 | 25 | |
| 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 |
| Cost | Questrade | FXOpen | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | Yes | ||
| Inactivity Fee | Yes | ||
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes |
| Funding | Questrade | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $250 | $100 | |
| PayPal (Deposit/Withdraw) | |||
| Skrill (Deposit/Withdraw) | Yes | ||
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers |
| Trading Platforms | Questrade | FXOpen | |
|---|---|---|---|
| Proprietary Platform | Yes | ||
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | |||
| DupliTrade | Yes | ||
| ZuluTrade | Yes |
| Trading Tools | Questrade | FXOpen | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 52 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Questrade | FXOpen | |
|---|---|---|---|
| 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 | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | ||
| Mobile Economic Calendar | Yes | Yes |
| Research | Questrade | FXOpen | |
|---|---|---|---|
| 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 | Questrade | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | ||
| Client Webinars | |||
| Client Webinars (Archived) | Yes | ||
| Videos - Beginner Trading Videos | Yes | ||
| Videos - Advanced Trading Videos | |||
| Investor Dictionary (Glossary) | Yes |
| Major Forex Pairs | Questrade | FXOpen | |
|---|---|---|---|
| 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 | Questrade Review |
| Overall | Questrade | FXOpen | |
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| Trust Score | 86 | 76 | |
| Winner | check_circle | ||
| Review | Questrade Review |
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