Written by ForexBrokers.com
In this head to head comparison of HFM 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.
When comparing online brokers HFM and Questrade, both offer a consistent level of trustworthiness in the financial industry with a Trust Score of 86 as rated by ForexBrokers.com. Founded in 2010, HFM aligns closely with Questrade, which has been operating since 2000. Neither of these brokers is publicly traded nor operates as a bank. This positions them as independent entities focused solely on brokerage services.
In terms of regulatory credentials, both HFM and Questrade hold 2 Tier-1 licenses, classifying them as highly trusted according to ForexBrokers.com standards. However, HFM further strengthens its standing with 3 Tier-2 licenses, while Questrade does not possess any Tier-2 licenses. This additional regulatory clearance could signal a broader commitment to regulatory compliance on the part of HFM.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Year Founded | 2010 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 3 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 0 |
HFM and Questrade differ meaningfully on commissions and fees. HFM’s trading costs are slightly above the industry average, with a typical spread of 1.2 pips on its standard account (no date range provided). Its Zero account advertises an effective 0.7-pip spread after commission, but that figure isn’t presented as an average. Questrade’s target spread of 1.9 pips on EUR/USD is steep compared with the industry average, suggesting higher day-to-day costs than many competitors.
Based on our comparison, HFM looks more price-friendly than Questrade on paper, especially if you can access the Zero account, while Questrade’s EUR/USD pricing trends higher. Keep in mind that both brokers’ stated spreads aren’t quoted as time-weighted averages, so real trading costs can vary.
Ratings and rankings for commissions and fees: HFM is rated 4 out of 5 stars and is ranked #28 out of 63 brokers by ForexBrokers.com. Questrade is rated 3 out of 5 stars and is ranked #33 out of 63 by ForexBrokers.com.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average spread (EUR/USD) - Standard account | 1.8 | N/A |
| All-in Cost EUR/USD - Active | 1.1 | N/A |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | Yes | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
HFM and Questrade both support forex trading as CFDs or spot contracts, and each offers cryptocurrency exposure through crypto CFDs (neither lets you buy actual crypto). Questrade lists 641 tradeable symbols with 110 forex pairs, while HFM provides 500 symbols with 102 forex pairs.
If you want access to listed shares, Questrade stands out: it lets you buy exchange-traded securities on U.S. and international markets (think Apple on Nasdaq or Vodafone in London). HFM does not offer exchange-traded shares, but it does add copy trading, which Questrade lacks. For range of investments, Questrade earns 5 stars and ranks #12 of 63 brokers; HFM earns 4 stars and ranks #28.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 500 | 641 |
| Forex Pairs (Total) | 102 | 110 |
| U.S. Stocks (Shares) | No | Yes |
| Global Stocks (Non-U.S. Shares) | No | Yes |
| Copy Trading | Yes | No |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
HFM and Questrade both check key boxes for trading platforms and tools. Each broker offers a free demo (paper) account, an in-house proprietary platform, a Windows desktop download, and a web-based platform. You can place trades directly from charts with either broker, and both provide access to technical indicators and watch lists to help track markets.
The biggest platform differences favor HFM if you want more choice: HFM supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) and also offers copy trading, while Questrade does not support MetaTrader and does not offer copy trading. For overall platform and tools quality, both earn 4 out of 5 stars. In ForexBrokers.com’s rankings, Questrade sits at #28 out of 63 brokers, while HFM is #33, which may matter if third‑party evaluations are part of your decision-making.
| Feature |
HFM
|
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) | Yes | No |
| Charting - Indicators / Studies (Total) | 15 | 64 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
HFM and Questrade both deliver capable mobile trading apps for iPhone and Android. Each app supports price alerts, trendline drawing on charts, and auto-saving of chart drawings, which helps keep your analysis intact between sessions. Both brokers earn 4 out of 5 stars for Mobile Trading Apps, signaling a solid experience for most traders.
Key differences show up in watchlists and charting depth. Questrade syncs watchlists between the mobile app and your online account, while HFM does not. Questrade also offers 64 technical studies for charting versus HFM’s 30, giving chart-focused traders more indicators to work with. In ForexBrokers.com’s Mobile Trading Apps ranking out of 63 brokers, Questrade sits at #28 and HFM at #32. If you want synced watchlists and more chart studies, Questrade has the edge; if you need straightforward alerts and drawing tools, HFM still covers the essentials.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | No | Yes |
| Mobile Charting - Indicators / Studies | 30 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Comparing HFM vs Questrade for market research: HFM offers daily market commentary, forex news from major outlets, and a helpful sentiment tool that shows the long/short split across instruments. Both brokers provide Autochartist and an economic calendar. Questrade adds Trading Central and TipRanks for extra insights, while HFM does not. Questrade does not include daily market commentary or a sentiment gauge, and its direct feed from top-tier forex newswires isn’t specified. Neither broker includes research from Acuity Trading.
According to ForexBrokers.com, HFM earns 4 stars and ranks 18th out of 63 brokers for Research, while Questrade scores 3.5 stars and ranks 34th. In short, pick HFM if you want built-in commentary, big-name forex news, and sentiment data; choose Questrade if you value Trading Central and TipRanks alongside Autochartist and an easy-to-use economic calendar.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | No |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
HFM and Questrade both cater to beginners with video-based learning, but they take different paths. HFM runs client webinars at least once a month and offers 10+ beginner videos plus a wide library for experienced traders, including 10+ advanced videos. Questrade also provides 10+ beginner videos but does not run monthly webinars and lacks a comparable set of advanced videos. Details about whether each broker meets a 10-piece threshold for forex- or CFD-specific education weren’t provided.
In expert scores, HFM earns 4 out of 5 stars for Education and ranks #29 out of 63 brokers at ForexBrokers.com, while Questrade gets 3.5 stars and ranks slightly higher at #28. If you want live sessions and room to grow from beginner to advanced topics, HFM is the stronger fit. If you only need starter videos and prefer a simpler path, Questrade can work, though its advanced track and webinar support are lighter.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| 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 HFM is better than Questrade. HFM finished with an overall rank of #27, while Questrade finished with an overall rank of #29.
Alongside its enhanced MetaTrader offering and quality research, HFM (HF Markets), previously known as HotForex, offers a proprietary copy trading platform, HFcopy, a proprietary HF mobile app, and a decent selection of over 1,000 CFDs and 47 forex pairs. Still, trading costs at HFM are slightly above the industry average.
| Feature |
HFM
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 86 |
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HFM and Questrade both offer cryptocurrency trading through CFDs but do not support buying or holding actual, delivered cryptocurrencies.
HFM vs Questrade deposit and withdrawal methods: neither supports ACH/SEPA or PayPal, both accept bank wire transfers, only HFM offers Skrill (Questrade does not), and Visa/Mastercard availability is 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 | HFM | Questrade | |
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| Trust Score | 86 | 86 | |
| Winner | check_circle | ||
| Review | HFM Review | Questrade Review |
| Broker Screenshots | HFM | Questrade | |
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| Regulation | HFM | Questrade | |
|---|---|---|---|
| Trust Score | 86 | 86 | |
| Year Founded | 2010 | 2000 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 3 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 0 |
| Tier-1 Licenses (Highly Trusted) | HFM | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | ||
| Canada (CIRO Authorised) | No | 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) | HFM | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No |
| Investments | HFM | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 500 | 641 | |
| Forex Pairs (Total) | 102 | 110 | |
| U.S. Stocks (Shares) | No | Yes | |
| Global Stocks (Non-U.S. Shares) | No | Yes | |
| Copy Trading | Yes | No | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 | HFM | Questrade | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.8 | N/A | |
| All-in Cost EUR/USD - Active | 1.1 | N/A | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | Yes | |
| Order execution: Market Maker | Yes | No |
| Funding | HFM | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | No |
| Trading Platforms | HFM | 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) | Yes | No | |
| cTrader | No | No |
| Trading Tools | HFM | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 15 | 64 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | HFM | Questrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | No | Yes | |
| Mobile Charting - Indicators / Studies | 30 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | HFM | Questrade | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | HFM | Questrade | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | HFM | Questrade | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | HFM Review | Questrade Review |
| Overall | HFM | Questrade | |
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| Trust Score | 86 | 86 | |
| Winner | check_circle | ||
| Review | HFM Review | Questrade Review |
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