Written by ForexBrokers.com
In this head to head comparison of FXCM 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.
FXCM (founded 1999) and Questrade (founded 2000) are online brokers with different trust profiles. FXCM is publicly traded, while Questrade is not; neither company is a bank. On ForexBrokers.com's 99-point Trust Score, FXCM earns 95 (highly trusted) and Questrade earns 85 (trusted), based on a scale where 90-99 is highly trusted, 80-89 trusted, and lower scores signal more risk.
Looking at regulation, FXCM holds 4 Tier-1 licenses and 2 Tier-2 licenses, compared with Questrade's 1 Tier-1 license and no Tier-2 licenses. This broader set of top-tier approvals helps explain FXCM's higher Trust Score, while Questrade's credentials still place it in the trusted range.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Year Founded | 1999 | 2000 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 1 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
FXCM and Questrade take different approaches to trading costs, and FXCM comes out ahead for most forex traders. FXCM’s pricing is slightly above the industry average overall, but its commission-based accounts can offer relatively tight spreads, with May 2024 data showing average EUR/USD spreads of 0.28 pips before commissions. Costs can fall further for active traders who qualify for rebate tiers, although the final price depends on trading volume and account region. FXCM is rated 4.5/5 stars for commissions and fees and is ranked #17 out of 36 brokers by ForexBrokers.com in this category.
Questrade, by comparison, uses a spread-only model, meaning the cost is built into the price rather than charged as a separate commission. While Questrade says spreads can start as low as 0.8 pips in normal market conditions, actual averages for major pairs were closer to 2.1 to 2.5 pips at the time of review, which can make trading more expensive. For CFDs, Questrade also adds a $9.95 USD fee per unit, and swap charges can increase the total cost if positions are held overnight. Questrade is rated 3.5/5 stars for commissions and fees and is ranked #33 out of 36.
In simple terms, FXCM is the better pick if you want lower trading costs and may trade often, especially in forex. Questrade may be easier to understand because its pricing is built into the spread, but its wider spreads and added CFD fees can make it pricier overall.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $0 |
| Average spread (EUR/USD) - Standard account | 0.9 | 0.8 or higher |
| All-in Cost EUR/USD - Active | 0.8 | N/A |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing FXCM vs Questrade for range of investments, Questrade offers a wider selection overall. Questrade lists 675 tradeable symbols and 110 forex pairs, while FXCM offers 440 symbols and 46 forex pairs. Both brokers let you trade forex as a CFD or spot contract, but neither supports buying exchange-traded stocks on U.S. or international exchanges, and neither offers direct crypto buying. In terms of extras, FXCM does support copy trading and crypto CFDs, while Questrade does not offer either feature.
For range of investments ratings, Questrade comes out ahead with a 5-star score and a ForexBrokers.com ranking of #12 out of 36 brokers. FXCM is still competitive, earning 4.5 stars and ranking #21. If you want more markets and forex pairs, Questrade is the stronger choice, while FXCM may appeal more if copy trading or crypto CFDs are important to you.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 675 |
| Forex Pairs (Total) | 46 | 110 |
| U.S. Stocks (Shares) | No | No |
| Global Stocks (Non-U.S. Shares) | No | No |
| Copy Trading | Yes | No |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | No |
| 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.
FXCM and Questrade both give traders a wide range of platform choices, including a free demo account, a proprietary platform, a Windows desktop download, and a web-based trading platform. Both also let users place trades directly from a chart, which can make it easier to act on market moves quickly. In ForexBrokers.com’s Trading Platforms and Tools category, FXCM stands out with a 5-star rating and a #4 ranking out of 36 brokers, while Questrade earns 4 stars and ranks #28.
FXCM has the edge for traders who want more advanced platform options, since it supports copy trading and MetaTrader 4, while Questrade does not offer either feature. Neither broker offers MetaTrader 5. For traders who mainly want a simple mix of web, desktop, and practice trading tools, both brokers can work well, but FXCM offers more ways to follow other traders and use the popular MT4 platform.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 115 | 64 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
FXCM and Questrade both make it easy to trade on the go, with iPhone and Android apps, price alerts, watchlist syncing, and chart tools that let users draw trendlines and keep those drawings saved automatically. For everyday mobile trading needs, both brokers cover the basics well and let clients stay connected to their accounts from a phone or tablet.
When it comes to charting depth and mobile app ratings, FXCM has a slight edge. FXCM offers 59 technical studies in its mobile app and earns a 4.5-star rating for Mobile Trading Apps, ranking #16 out of 36 brokers at ForexBrokers.com. Questrade offers 64 technical studies, but its mobile app is rated 3.5 stars and ranks #28 out of 36. If you care most about overall mobile app experience, FXCM appears stronger, while Questrade stands out for offering a few more chart indicators.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 59 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing FXCM and Questrade for market research, FXCM comes out ahead overall. FXCM offers daily market commentary, forex news from top sources like Bloomberg, Reuters, and Dow Jones, a sentiment tool that shows long and short positions, and an economic calendar with major global events. It also includes Trading Central and TipRanks research tools, helping traders follow market trends and find trade ideas. FXCM is rated 4.5 out of 5 stars for Research and ranks #11 out of 36 brokers in the ForexBrokers.com Research category.
Questrade also provides some useful research features, including Autochartist, Trading Central, and TipRanks. However, it does not offer daily market commentary, top-tier forex news, sentiment data, or an economic calendar, which may matter to traders who want more frequent market updates. Questrade is rated 3.5 out of 5 stars for Research and ranks #34 out of 36, making FXCM the stronger choice for traders who want more market research tools and broader news coverage.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | Yes |
| Trading Central | Yes | Yes |
| Client sentiment data | Yes | No |
| TipRanks | Yes | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | No |
Dive deeper: Best Brokers for Forex Research.
When it comes to beginner-friendly education, FXCM has a clear edge over Questrade. FXCM offers forex and CFD learning materials, monthly live educational webinars, and plenty of videos for both new and experienced traders, including at least 10 beginner videos and 10 advanced videos. Questrade, by comparison, does not appear to offer the same level of forex or CFD-focused learning content, and it also lacks monthly educational webinars and a large library of beginner or advanced trading videos.
This difference shows up in the ratings and rankings too. FXCM is rated 4.5 out of 5 for Education and ranks #13 out of 36 brokers in ForexBrokers.com’s Education category, while Questrade is rated 3.5 out of 5 and ranks #28. For beginners looking for more trading lessons, webinars, and video-based support, FXCM is the stronger choice.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| 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 FXCM is better than Questrade. FXCM finished with an overall rank of #10, while Questrade finished with an overall rank of #29.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at FXCM is just average.
| Feature |
FXCM
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 85 |
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Comparing FXCM vs Questrade for cryptocurrency trading: neither broker supports buying actual (delivered) cryptocurrencies, but FXCM offers cryptocurrency CFDs while Questrade does not.
FXCM vs Questrade: FXCM supports ACH/SEPA transfers, PayPal, Skrill, and bank wire deposits and withdrawals, while Questrade supports bank wires only (no ACH/SEPA, PayPal, or Skrill), with Visa/Mastercard availability not specified for either broker.
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 | FXCM | Questrade | |
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| Trust Score | 95 | 85 | |
| Winner | check_circle | ||
| Review | FXCM Review | Questrade Review |
| Broker Screenshots | FXCM | Questrade | |
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| Regulation | FXCM | Questrade | |
|---|---|---|---|
| Trust Score | 95 | 85 | |
| Year Founded | 1999 | 2000 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 4 | 1 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | FXCM | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | ||
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (FSA Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | 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) | FXCM | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | ||
| Israel (ISA Authorised) | Yes | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA, FSRA, or CMA Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No |
| Investments | FXCM | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 675 | |
| Forex Pairs (Total) | 46 | 110 | |
| U.S. Stocks (Shares) | No | No | |
| Global Stocks (Non-U.S. Shares) | No | No | |
| Copy Trading | Yes | No | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | No | |
| 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 | FXCM | Questrade | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 0.9 | 0.8 or higher | |
| All-in Cost EUR/USD - Active | 0.8 | N/A | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | No |
| Funding | FXCM | Questrade | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | FXCM | Questrade | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No |
| Trading Tools | FXCM | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 115 | 64 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FXCM | 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 | 59 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | FXCM | Questrade | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | Yes | |
| Trading Central | Yes | Yes | |
| TipRanks | Yes | Yes | |
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | No |
| Education | FXCM | Questrade | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | FXCM | Questrade | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | FXCM Review | Questrade Review |
| Overall | FXCM | Questrade | |
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| Trust Score | 95 | 85 | |
| Winner | check_circle | ||
| Review | FXCM Review | Questrade Review |
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