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 and its publicly traded status lend it a certain level of credibility in the online brokerage world. It boasts four highly trusted Tier-1 licenses as recognized by ForexBrokers.com, alongside two trusted Tier-2 licenses. With a Trust Score of 95 out of 99, FXCM is categorized as highly trusted, making it a reputable choice for online trading. Although not a bank, FXCM's regulatory framework seems robust and well-regarded within the industry.
Questrade, established in 2000, differs from FXCM in that it is a privately held company and not listed on any stock exchange. It holds two Tier-1 licenses, which are still considered highly trusted, but it lacks any Tier-2 licenses. With a Trust Score of 86, Questrade is deemed a trusted broker. Like FXCM, Questrade is not a bank but stands out as a trustworthy option in the realm of online brokers. Both platforms offer unique strengths, giving investors a choice depending on their trust and regulatory preferences.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Year Founded | 1999 | 2000 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| 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 | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | No |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
FXCM and Questrade both offer forex trading as a CFD or spot contract, yet they differ significantly in the breadth of their investment offerings. FXCM provides 440 tradable symbols and 46 forex pairs, focusing predominantly on forex trading coupled with options like cryptocurrency derivatives. However, it does not offer the capability to purchase actual exchange-traded securities from U.S. or international markets. On the other hand, Questrade stands out with a more extensive range, boasting 641 tradeable symbols and 110 forex pairs. It also allows clients to invest directly in U.S. and international stocks, presenting a wider array of choices for those interested in diversifying their portfolios beyond forex and CFDs.
While both platforms allow trading of cryptocurrency derivatives, neither facilitates the purchase of actual cryptocurrencies. FXCM offers the unique feature of copy trading, enabling users to mimic the trades of experienced investors, a service not provided by Questrade. Despite these differences, Questrade achieves a higher rating for its range of investments, scoring 5 stars compared to FXCM's 3.5 stars. In broader industry rankings, Questrade is placed significantly higher at #11, contrasting with FXCM's #47 position. This reflects Questrade's more comprehensive investment opportunities, catering to a wider audience of traders and investors.
| 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) | No | Yes |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | Yes | No |
| Cryptocurrency (Physical) | No | No |
| 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.
FXCM and Questrade both offer impressive trading platforms and tools, but they cater to different trading preferences and needs. Both platforms allow users to engage in simulated or paper trading with free virtual demo accounts, and they each have their own proprietary platforms available for desktop and web use. FXCM stands out for those interested in copy trading, offering this feature alongside popular platforms like MetaTrader 4 and ZuluTrade, though it lacks MetaTrader 5. In contrast, Questrade does not support copy trading or MetaTrader, but it does offer DupliTrade, providing an alternative for those interested in following trader strategies.
For charting, FXCM provides ten drawing tools and allows trading directly from the stock chart, while Questrade offers the same trading convenience with twenty drawing tools, providing more options for those focused on chart analysis. When it comes to watch lists, Questrade provides a wider array of 52 columns compared to FXCM's 13 columns, offering more customization. Despite this, FXCM achieves a superior user rating of five stars for their trading platforms and tools, positioned at #6 by ForexBrokers.com, whereas Questrade holds a four-star rating and is ranked at #34. Each broker offers distinct advantages, making them suitable for traders with varied needs and preferences.
| 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 | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | Yes |
| ZuluTrade | Yes | No |
| 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.
In comparing FXCM and Questrade for market research features, FXCM clearly stands out in several areas. FXCM provides daily market commentary, which Questrade currently lacks. Both platforms offer forex news from high-profile sources like Bloomberg and Reuters, but FXCM delivers a more comprehensive package by including commentary and news. Additionally, FXCM includes a sentiment-based trading tool, allowing traders to gauge market positions, which Questrade does not offer. Both brokers provide technical analysis tools from Trading Central, but Questrade partners with Autochartist as well, adding an extra layer of analysis for traders looking for detailed breakdowns.
In terms of exclusive research offerings, both FXCM and Questrade incorporate insights from TipRanks but neither utilizes tools from Acuity Trading. Economic calendars are available on both platforms, offering traders timely economic event updates. When evaluated on research capabilities, FXCM achieves a higher rating of 4.5 stars out of five, compared to Questrade’s 3.5 stars. On a broader scale, FXCM ranks as the 11th out of 63 brokers in the ForexBrokers.com Research category, showcasing a significant lead over Questrade, which holds the 51st position.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | Yes | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing FXCM and Questrade in terms of educational resources for beginners, both platforms provide a good range of materials like articles, videos, and archived webinars focused on forex and CFDs. However, FXCM takes a step further by offering monthly live online webinars, an area where Questrade does not deliver. Both brokers maintain a searchable archive of recorded webinars, granting users easy access to past sessions. For beginners specifically, both FXCM and Questrade offer at least 10 educational videos tailored to newcomers in trading.
In looking at advanced resources, FXCM again stands out by providing over 10 educational videos designed for experienced traders, whereas Questrade falls short in this respect. Another advantage of FXCM is its extensive investor dictionary, featuring definitions of more than 50 investing terms, a feature not matched by Questrade. Reflecting these differences, FXCM holds a higher education rating at 4.5 stars compared to Questrade's 3.5 stars. According to ForexBrokers.com, FXCM ranks 14th among 63 brokers for educational offerings, while Questrade is positioned at 36th. Overall, FXCM provides more extensive and varied educational resources that may better serve both new and advanced traders.
| Feature |
FXCM
|
Questrade
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | 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 #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
|
Questrade
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 95 | 86 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both FXCM and Questrade do not provide the option to purchase actual delivered cryptocurrency (not a CFD), but they both offer the ability to trade cryptocurrency derivatives.
FXCM stands out compared to Questrade by offering a wider range of deposit and withdrawal options, including ACH or SEPA transfers, PayPal, and Skrill, in addition to Visa, Mastercard, and bank wires, while Questrade is limited to Visa, Mastercard, and bank wires.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | FXCM | Questrade | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 95 | 86 | |
| Winner | check_circle | ||
| Review | FXCM Review | Questrade Review |
| Broker Screenshots | FXCM | Questrade | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | FXCM | Questrade | |
|---|---|---|---|
| Trust Score | 95 | 86 | |
| 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 | 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) | No | No | |
| Japan (SFC 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/Central Bank 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 | 641 | |
| Forex Pairs (Total) | 46 | 110 | |
| U.S. Stock Trading (Non CFD) | No | Yes | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| Cryptocurrency (Physical) | No | No | |
| 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 | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | FXCM | Questrade | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $250 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | No | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | FXCM | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | Yes | No |
| 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 | No | |
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | Questrade | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| 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 | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 95 | 86 | |
| Winner | check_circle | ||
| Review | FXCM Review | Questrade Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill