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.
Comparing online brokers HFM and Questrade: Questrade (founded 2000) is the older firm, while HFM started in 2010. Neither company is publicly traded or operates as a bank. Both earn a ForexBrokers.com Trust Score of 85/99, which falls in the “trusted” 80–89 range (90–99 highly trusted; 70–79 average risk; 60–69 high risk; below 59 not trusted).
Regulation and licenses show key differences. HFM holds 2 Tier-1 licenses (viewed as highly trusted by ForexBrokers.com) and 3 Tier-2 licenses (trusted), giving it a wider regulatory footprint across top and mid-tier authorities. Questrade holds 1 Tier-1 license and no Tier-2 licenses. While both score the same on trust, HFM carries more licenses, whereas Questrade has a leaner setup.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Year Founded | 2010 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 3 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 0 |
When it comes to commissions and fees, HFM comes out ahead of Questrade, though both brokers have costs that can add up depending on what you trade. HFM is rated 4 out of 5 stars and ranked #30 out of 36 for Commissions and Fees. Its standard accounts typically show spreads around 1.2 pips, while the Zero account has an effective spread of about 0.7 pips after commission, though this is not an average and may vary. Overall, HFM’s trading costs are slightly above the industry average.
Questrade is rated 3.5 out of 5 stars and ranked #35 out of 36 for Commissions and Fees, placing it near the bottom of the group. It uses a spread-based pricing model, so there is no separate trading commission for forex, but the cost is built into the bid-ask spread. Questrade says spreads can start at 0.8 pips under normal market conditions, but real-world averages for major pairs were closer to 2.1 to 2.5 pips, which can make trades more expensive than they first appear.
For CFD trading, Questrade can be especially costly because it adds a $9.95 USD fee per unit on top of the spread, and overnight financing charges may also apply. In simple terms, HFM appears to offer the better value overall for commissions and fees, while Questrade’s pricing can be harder to predict and more expensive for active traders.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | 1.8 | 0.8 or higher |
| All-in Cost EUR/USD - Raw spread account | 1.1 | N/A |
| Non-wire bank transfer (Deposit/Withdraw) | 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 let you trade forex, including forex as CFDs or spot contracts, but Questrade offers a much wider selection overall. Questrade lists 675 tradeable symbols and 110 forex pairs, compared with HFM’s 344 symbols and 38 forex pairs. Neither broker offers direct access to buying shares on U.S. or international stock exchanges, and neither lets you buy actual cryptocurrency.
Where HFM stands out is copy trading and cryptocurrency CFDs, which Questrade does not offer. Even so, Questrade comes out ahead for range of investments, with a 5-star rating and a ForexBrokers.com ranking of #12 out of 36 brokers, versus HFM’s 4-star rating and #30 ranking. For investors looking for more choice, Questrade has the edge, while HFM may appeal to traders who want copy trading and crypto CFDs.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 344 | 675 |
| Forex Pairs (Total) | 38 | 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.
HFM and Questrade both give traders a wide choice of platform options, including a free demo account, a proprietary platform, a Windows desktop download, and a web-based platform. Both also let users trade directly from charts. In ForexBrokers.com’s Trading Platforms and Tools category, each broker is rated 4 out of 5 stars, showing that both offer solid tools for everyday trading needs.
The main differences come down to advanced features. HFM stands out with copy trading plus support for MetaTrader 4 and MetaTrader 5, while Questrade does not offer these options. In the ForexBrokers.com ranking, Questrade places higher overall at #30 out of 36 brokers, compared with HFM at #36, but HFM may appeal more to traders who want extra platform choice and social trading features.
| 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) | 38 | 64 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
HFM and Questrade both offer iPhone and Android apps, along with stock and forex price alerts, so either broker gives you the basics for trading on the go. Both mobile apps also let you draw trendlines on charts and save those drawings automatically, which is helpful if you like to mark up price action and come back to it later. HFM is rated 4 out of 5 stars for mobile trading apps, while Questrade is rated 3.5 out of 5 stars.
The biggest difference is watchlist syncing and chart tools. Questrade lets you sync watchlists between the mobile app and your online account, but HFM does not. Questrade also offers 64 technical studies in its mobile charting, compared with just 5 at HFM, which may matter more if you use technical analysis on your phone. In ForexBrokers.com’s mobile trading apps ranking, Questrade places #30 out of 36 brokers, while HFM ranks #35.
| 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 | 5 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, HFM gives traders more built-in tools than Questrade. HFM offers daily market commentary, forex news from top names like Bloomberg and Reuters, a sentiment tool showing long and short positions, Acuity Trading research, and an economic calendar for global events. It also includes Autochartist for technical and fundamental analysis. Questrade offers Autochartist too, plus Trading Central and TipRanks, but it does not provide daily market commentary, top-tier forex news, a sentiment tool, Acuity Trading, or an economic calendar.
These differences show up in the ratings as well. HFM earns 4 out of 5 stars for research and ranks #18 out of 36 brokers in the ForexBrokers.com research category, while Questrade scores 3.5 out of 5 stars and ranks #36. For traders who want more frequent updates and a wider range of market research features, HFM has the edge; Questrade may still appeal to those who value Trading Central and TipRanks.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | No |
| TipRanks | No | Yes |
| Acuity Trading | Yes | No |
| Economic Calendar | Yes | No |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to learn the basics, HFM offers more built-in educational support than Questrade. HFM provides forex and CFD education with at least 10 learning pieces on those topics, plus monthly live webinars, at least 10 beginner-focused videos, and at least 10 advanced videos for traders who want to keep building their skills. Questrade, by comparison, does not meet the same level of forex or CFD education and does not offer monthly educational webinars or the same amount of beginner and advanced video content.
In Education ratings, HFM scores 4 out of 5 stars, while Questrade scores 3.5 out of 5 stars. Their ForexBrokers.com Education rankings are close, with HFM placed #31 out of 36 brokers and Questrade at #30 out of 36. Even so, HFM is the stronger choice for new traders who want more lessons, more video guidance, and regular webinars to help them learn at their own pace.
| Feature |
HFM
|
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 HFM is better than Questrade. HFM finished with an overall rank of #27, while Questrade finished with an overall rank of #29.
HFM (HF Markets) is a global broker best known for its MetaTrader offering, solid research tools, and proprietary copy trading platform, alongside a broad selection of forex pairs and CFDs.
| Feature |
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Questrade
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| Overall Rating |
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| Trust Score | 85 | 85 |
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Comparing online brokers HFM and Questrade for cryptocurrency trading: neither offers the purchase of actual (delivered) crypto, but HFM lets you trade cryptocurrency CFDs, whereas Questrade does not.
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 | 85 | 85 | |
| Winner | check_circle | ||
| Review | HFM Review | Questrade Review |
| Broker Screenshots | HFM | Questrade | |
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| Regulation | HFM | Questrade | |
|---|---|---|---|
| Trust Score | 85 | 85 | |
| 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 | 1 | |
| 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 CMA 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) | 344 | 675 | |
| Forex Pairs (Total) | 38 | 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 | HFM | Questrade | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 1.8 | 0.8 or higher | |
| All-in Cost EUR/USD - Raw spread account | 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 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | 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) | 38 | 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 Watchlists - Syncing | No | Yes | |
| Mobile Charting - Indicators / Studies | 5 | 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 | No | |
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | No |
| Education | HFM | Questrade | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | HFM | Questrade | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| Review | HFM Review | Questrade Review |
| Overall | HFM | Questrade | |
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| Trust Score | 85 | 85 | |
| Winner | check_circle | ||
| Review | HFM Review | Questrade Review |
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