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.
Founded in 1999, FXCM is a well-established online broker that enjoys a high level of trust with a ForexBrokers.com Trust Score of 95 out of 99, indicating its status as highly trusted. One of the contributing factors to FXCM's high trust rating is its possession of four Tier-1 licenses, which are considered highly reliable. Additionally, FXCM holds two Tier-2 licenses and is publicly traded. All these factors contribute to its strong reputation among online brokers.
Questrade, on the other hand, began in 2000 and holds a solid position with a Trust Score of 86 out of 99, indicating a trusted status. While it is not publicly traded, Questrade secures its reputation with two Tier-1 licenses. However, it lacks any Tier-2 licenses. These elements combine to present Questrade as a trusted choice, but with a slightly less elevated trust level compared to FXCM. Overall, both brokers offer a reliable choice for investors, each with its own strengths.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Year Founded | 1999 | 2000 |
| Publicly Traded (Listed) | Yes | |
| Bank | ||
| Tier-1 Licenses | 4 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing the commissions and fees of FXCM and Questrade, FXCM presents a mixed bag. FXCM's pricing in forex trading tends to hover slightly above the industry average for its standard accounts, with the EUR/USD spreads averaging 0.78 for its EU, U.K., and Australia customers. If we're looking at their St. Vincent and the Grenadines branch, the average spread is notably higher at 1.38. However, their commission-based accounts offer more attractive rates, with spreads averaging 0.28 pips, not including commissions, as of May 2024. Traders can benefit from FXCM’s Active Trader Rebate Program, receiving tiered rebates based on monthly trading volumes, although similar programs by other brokers might offer more competitive pricing.
Questrade, in contrast, features a target spread of 1.9 pips on the EUR/USD, which notably exceeds the industry norm. This higher cost structure places them on the less competitive side in terms of forex trading fees. Given this, Questrade could potentially be more costly for those engaged in high-frequency or high-volume trading. While it might suffice for occasional traders, those looking to minimize costs might find better alternatives elsewhere.
In terms of industry rankings and reviews, FXCM scores a commendable 4 out of 5 stars for its commissions and fees, ranking 25th out of 63 brokers on ForexBrokers.com. Questrade, on the other hand, receives a lower rating of 3 stars and stands at 58th place. Ultimately, traders focused on costs might lean towards FXCM, considering its more competitive commission-based options and broader rebate structure. However, examining the specific trading needs and volumes is crucial in choosing the right platform.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $250 |
| Average Spread EUR/USD - Standard | 0.78 | N/A |
| All-in Cost EUR/USD - Active | 0.78 | N/A |
| Active Trader or VIP Discounts | Yes | |
| ACH or SEPA Transfers | Yes | |
| 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 FXCM and Questrade, it's clear that both brokers provide opportunities for forex trading through CFDs or spot contracts. FXCM stands out with 440 tradeable symbols, including 46 forex pairs, while Questrade offers a broader selection of 641 tradeable symbols and a more extensive range of 110 forex pairs. For investors interested in direct investments in U.S. and international exchange-traded securities, Questrade provides full access to buying shares such as Apple on NASDAQ and Vodafone on the London Stock Exchange, a feature not offered by FXCM.
Looking further into trading options, FXCM allows for copy trading, whereas Questrade does not. When it comes to cryptocurrency trading, both platforms offer derivatives but not actual cryptocurrencies. In terms of range of investments, FXCM is rated 3.5 out of 5 stars, ranking at #47 with 63 brokers by ForexBrokers.com. In contrast, Questrade shines with a top rating of 5 stars and ranks impressively at #11. This suggests that Questrade generally offers a more comprehensive range of investment options compared to FXCM, catering to a wider variety of investment needs.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 641 |
| Forex Pairs (Total) | 46 | 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.
When comparing FXCM and Questrade, both platforms offer a range of trading tools suitable for beginners and experienced traders alike. Both provide simulated trading options through free demo accounts and have proprietary platforms developed in-house. Users of either service can access their trading accounts via a Windows-based desktop download or through a web-based browser, ensuring flexibility irrespective of the device. FXCM extends its offerings with the popular MetaTrader 4 platform and allows for copy trading. FXCM also supports ZuluTrade, placing it as a flexible choice for those interested in social trading. Meanwhile, Questrade exclusively offers DupliTrade for automated strategy execution, distinguishing its approach to automated trading.
For those keen on technical analysis, Questrade provides 20 drawing tools for charting compared to FXCM's 10, along with the ability to trade directly from stock charts, a feature both platforms share. However, FXCM is revered for its platform capabilities, achieving an impressive 5-star rating, far above Questrade's 4-star score. When evaluated by ForexBrokers.com, FXCM stands out in the Trading Platforms and Tools category, ranking 6th out of 63 brokers, whereas Questrade lags behind at the 34th position. For traders focused on comprehensive watch lists, Questrade offers 52 columns for extensive market monitoring, significantly more than FXCM's 13 columns, catering to those who prefer detailed tracking of market data.
| Feature |
FXCM
|
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) | ||
| DupliTrade | Yes | |
| ZuluTrade | Yes | |
| Charting - Indicators / Studies (Total) | 115 | 64 |
| Charting - Drawing Tools (Total) | 10 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 13 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FXCM and Questrade offer versatile mobile trading apps that cater to traders on the go. Available on both iPhone and Android, these apps support convenient features like real-time stock and forex price alerts and the syncing of watchlists between mobile and online accounts. In terms of charting capabilities, FXCM provides 59 technical studies, while Questrade offers a slightly higher number at 64. Both platforms allow users to draw trendlines, view multiple time frames, and automatically save drawings on their charts. The apps also enable users to create watchlists with real-time quotes, enhancing the trading experience.
When it comes to app ratings and rankings, FXCM stands a notch higher with a 4.5-star rating for its mobile trading app, compared to Questrade's 4-star rating. Furthermore, in an industry ranking by ForexBrokers.com, FXCM secures the 16th spot out of 63 brokers in the Mobile Trading Apps category, while Questrade is positioned at number 34. These evaluations reflect FXCM's slight edge in providing a more highly regarded mobile trading experience overall.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 59 | 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.
FXCM and Questrade offer a range of market research tools for traders, but there are notable differences in the depth and breadth of services provided. FXCM shines with daily market commentary and access to major forex news sources such as Bloomberg, Reuters, and Dow Jones. Additionally, FXCM offers a sentiment-based trading tool that provides insights into market positions across currency pairs, along with research supported by Trading Central and TipRanks. However, FXCM does not utilize Autochartist or Acuity Trading's tools in its market research offerings. On the other hand, Questrade lacks daily market commentary and top-tier forex news but compensates by leveraging Autochartist and Trading Central tools, alongside TipRanks, for technical and fundamental analysis. Both brokers provide an economic calendar for users to track global news events.
In terms of user ratings and industry rankings, FXCM is rated at 4.5 stars for market research, securing the 11th spot out of 63 brokers according to ForexBrokers.com. This suggests a strong performance in providing research resources. Questrade, with a 3.5-star rating, is ranked 51st in the same category. These ratings reflect FXCM’s advantage in delivering comprehensive market research, making it a more suitable choice for traders who value daily insights and extensive market news access.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | |
| TipRanks | Yes | Yes |
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
FXCM and Questrade both provide a range of educational resources tailored for novice traders eager to learn about forex or CFDs. With over ten insightful pieces available, including articles, videos, and webinars, beginners can dive deep into the basics on both platforms. However, FXCM stands out by offering monthly online webinars to interact with experts directly, a feature that Questrade does not match. Both companies provide archives of past webinars, letting learners access a wealth of previous sessions at their convenience.
When it comes to video content, both platforms equip beginners with over ten dedicated educational videos to enhance their understanding. However, FXCM goes a step further, offering more than ten videos geared towards experienced traders. Additionally, FXCM offers an investor dictionary covering over 50 investing terms—a feature that Questrade doesn't provide. This comprehensive approach earns FXCM a 4.5-star education rating and a 14th place ranking out of 63 brokers on ForexBrokers.com, whereas Questrade receives a 3.5-star rating, ranking 36th. These attributes make FXCM a compelling choice for learners seeking a more expansive educational toolkit.
| Feature |
FXCM
|
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 FXCM is better than Questrade. FXCM finished with an overall rank of #15, while Questrade finished with an overall rank of #32.
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
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|---|---|---|
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| Trust Score | 95 | 86 |
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When comparing the cryptocurrency offerings of online brokers FXCM and Questrade, neither platform provides the ability to buy actual, delivered cryptocurrency, while both brokers offer the option to purchase cryptocurrency derivatives instead.
FXCM provides diverse options for depositing and withdrawing funds, including ACH, SEPA, PayPal, Skrill, Visa, Mastercard, and bank wires, whereas Questrade supports deposits and withdrawals through Visa, Mastercard, and bank wires, but does not explicitly offer ACH, SEPA, PayPal, or Skrill options.
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 | 86 | |
| Winner | check_circle | ||
| Review | FXCM Review | Questrade Review |
| Broker Screenshots | FXCM | Questrade | |
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| Regulation | FXCM | Questrade | |
|---|---|---|---|
| Trust Score | 95 | 86 | |
| Year Founded | 1999 | 2000 | |
| Publicly Traded (Listed) | Yes | ||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| Tier-1 Licenses | 4 | 2 | |
| 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) | |||
| 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) | FXCM | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | Yes | ||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | FXCM | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 641 | |
| Forex Pairs (Total) | 46 | 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 | FXCM | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.78 | N/A | |
| All-in Cost EUR/USD - Active | 0.78 | N/A | |
| Active Trader or VIP Discounts | Yes | ||
| Inactivity Fee | Yes | ||
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes |
| Funding | FXCM | Questrade | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $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 | Yes |
| Trading Platforms | FXCM | 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) | |||
| cTrader | |||
| DupliTrade | Yes | ||
| ZuluTrade | Yes |
| Trading Tools | FXCM | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 13 | 52 | |
| Charting - Indicators / Studies (Total) | 115 | 64 | |
| Charting - Drawing Tools (Total) | 10 | 20 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 59 | 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 | FXCM | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | ||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | ||
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | Yes | |
| Social Sentiment - Currency Pairs | Yes | ||
| Economic Calendar | Yes | Yes |
| Education | FXCM | 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 | FXCM | 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 | FXCM Review | Questrade Review |
| Overall | FXCM | Questrade | |
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| Trust Score | 95 | 86 | |
| Winner | check_circle | ||
| Review | FXCM Review | Questrade Review |
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