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, established in 2000, and FXOpen, founded in 2003, are both notable online brokers that have carved out a space in the financial trading world. Neither company is publicly traded, nor do they function as banks. When it comes to regulatory credentials, they are evenly matched in Tier-1 licenses, each holding two, which positions them in a highly trusted category. However, they don't have Tier-2 licenses, which provide an additional layer of trust.
The ForexBrokers.com Trust Score sheds further light on their standing; Questrade scores an 86 out of 99, categorizing it as a trusted broker according to ForexBrokers' standards. On the other hand, FXOpen scores a 76, placing it in the average risk category. These scores provide potential investors with a quick view of their relative safety and regulatory oversight, helping to inform decisions when navigating the online trading environment.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Year Founded | 2000 | 2003 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| 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 | No | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Questrade and FXOpen both provide forex trading options, offering both CFD and spot contract trading for forex enthusiasts. However, when it comes to the variety of symbols available for trading, Questrade stands out with 641 symbols compared to FXOpen's 87. When focusing specifically on forex pairs, Questrade offers a significantly larger selection with 110 pairs compared to FXOpen's 25 pairs. Furthermore, Questrade allows clients to invest directly in exchange-traded securities on both U.S. and international exchanges, providing opportunities to buy shares like Apple on the NASDAQ or Vodafone on the London Stock Exchange. In contrast, FXOpen does not offer the option to invest directly in exchange-traded securities from these markets.
On the other hand, FXOpen provides an option for copy trading, allowing users to mirror the trades of successful traders, a feature not available with Questrade. While neither platform allows for the purchase of actual delivered cryptocurrencies, both offer cryptocurrency derivatives for those looking to explore this investment niche. Despite these differences, Questrade excels in its range of investment offerings, earning a 5-star rating and an impressive #11 ranking out of 63 brokers in the Range of Investments category by ForexBrokers.com. FXOpen, however, garners a 3-star rating and falls significantly lower in the rankings at #62, indicating a more limited scope in investment options compared to Questrade.
| 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 | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers |
Dive deeper: Best Copy Trading Platforms.
Questrade and FXOpen both offer unique trading platforms and tools tailored to different kinds of traders. Questrade impresses with its proprietary platform that lets you engage in simulated trading via a virtual demo account. In contrast, FXOpen doesn't have its own in-house platform but supports popular trading software like MetaTrader 4 and MetaTrader 5. Both brokers provide Windows-based and web-based platforms, allowing traders to fit their trading activities into their preferred medium. When it comes to versatility in charting, Questrade provides 20 drawing tools, while FXOpen offers 15, both enabling users to trade directly from stock charts smoothly. Despite Questrade's lack of copy trading features, it includes DupliTrade for those interested in trading automation, unlike FXOpen, which caters to enthusiasts of copy trading through its ZuluTrade option.
When managing watch lists, Questrade shines with 52 columns for detailed customization, significantly more than FXOpen's 7 columns. As a result, more detailed watch list capabilities may suit those seeking an extensive, customizable experience. Both brokers have received a satisfactory rating of four stars for their trading platforms and tools. According to ForexBrokers.com, Questrade ranks #34 out of 63 brokers, while FXOpen ranks at #53, indicating Questrade's slightly favorable standing in this category among the trading community. Whether you're after a proprietary experience or robust third-party software, both Questrade and FXOpen have offerings to accommodate various trading preferences.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | Yes | No |
| ZuluTrade | No | 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.
Both Questrade and FXOpen offer mobile trading apps compatible with iPhone and Android devices. Users of these apps can receive stock or forex price alerts and create watchlists with real-time quotes. When comparing the two, one notable difference is that Questrade provides watchlist symbol syncing with a client’s online account, ensuring any changes made on either platform are reflected seamlessly. FXOpen, however, does not have this feature. Additionally, Questrade offers 64 technical studies for charting, while FXOpen provides 30. Both apps allow users to draw trendlines and view various timeframes on charts, but only Questrade's app supports auto-saving of chart drawings.
In terms of app ratings, both platforms receive a solid 4-star score for mobile trading apps. However, there is a difference in their rankings by ForexBrokers.com where Questrade holds the #34 spot out of 63 brokers, while FXOpen is positioned at #54. This reflects some of Questrade’s additional features and functionalities that cater to more advanced trading needs within a mobile environment. Overall, both apps offer valuable mobile trading experiences, though Questrade might appeal more to those desiring synchronized watchlists and a wider range of technical charting tools.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Questrade and FXOpen for market research offerings, both brokers showcase distinct strengths. FXOpen excels in providing daily market commentary and delivers forex news from reputable sources like Bloomberg and Reuters. On the other hand, Questrade doesn't offer daily commentary or news from these sources, but shines by providing access to technical analysis tools from companies like Autochartist and Trading Central. Additionally, Questrade partners with TipRanks for enhanced market research, an advantage not available with FXOpen. Both brokers offer an economic calendar for tracking important global news events.
The differences in their market research services contribute to Questrade's higher research rating of 3.5 stars compared to FXOpen's 3 stars. According to ForexBrokers.com, Questrade is ranked #51 out of 63 brokers in the research category, while FXOpen is placed at #63. This suggests that traders looking for more technical tools and a higher overall research rating may lean towards Questrade, whereas those seeking regular news updates may prefer FXOpen.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Questrade edges ahead of FXOpen when evaluating educational offerings for beginner traders, especially those interested in forex and CFDs. Questrade offers a substantial array of educational resources, with more than ten articles, videos, and archived webinars dedicated to forex or CFDs. These materials provide a solid foundation for newcomers to the trading world. Additionally, Questrade features a searchable archive of past client webinars, granting users easy access to valuable information anytime, though it lacks monthly live webinars. On the downside, Questrade does not provide a comprehensive investor dictionary or advanced educational videos for seasoned traders.
In contrast, FXOpen falls short in offering beginner educational content, as it does not provide the same breadth of resources crucial for understanding forex or CFDs. The absence of both a searchable archive of past webinars and beginner-focused trading videos reflects its limited educational support for novices. However, FXOpen compensates slightly by featuring an investor dictionary with definitions for over 50 investing terms, which can be a handy tool for getting familiar with trading jargon. Nevertheless, in terms of overall educational content and support, Questrade is the more favorable platform for new traders, resulting in a higher education star rating and superior ranking by ForexBrokers.com compared to FXOpen.
| Feature |
Questrade
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | No | 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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When comparing online brokers Questrade and FXOpen, neither offers the capability to buy actual delivered cryptocurrency, but both provide the option to trade cryptocurrency derivatives.
When comparing online brokers Questrade and FXOpen, both do not support ACH or SEPA transfers, or PayPal for fund deposits or withdrawals, however, while Questrade does not offer Skrill, FXOpen does, and both brokers accept Visa, Mastercard, and bank wire options for transactions.
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 | |
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| Regulation | Questrade | FXOpen | |
|---|---|---|---|
| Trust Score | 86 | 76 | |
| Year Founded | 2000 | 2003 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | 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) | No | No | |
| Canada (CIRO Authorised) | Yes | No | |
| 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 | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Questrade | FXOpen | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| 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 | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | No | |
| 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 | No | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $250 | $100 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Questrade | FXOpen | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | 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 | No | |
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Questrade | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | No | 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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