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 |
Comparing commissions and fees, HFM generally delivers lower trading costs than Questrade, especially if you’re watching EUR/USD spreads. HFM earns 4 out of 5 stars for pricing and ranks 32nd out of 63 brokers for Commissions and Fees on ForexBrokers.com, while Questrade holds 3 out of 5 stars and ranks 59th out of 63.
For HFM, the company lists a typical spread of 1.2 pips on its standard account, but no date range is provided, so the real average could be higher. Its Zero account can be more cost-friendly, showing an effective 0.7-pip spread after commission; however, that figure is also not an average. Overall, HFM’s costs sit slightly above the industry average, but the Zero account can narrow the gap.
Questrade’s target spread on EUR/USD is 1.9 pips, which is steep versus the industry average. That higher target helps explain its lower pricing standing: 3 out of 5 stars for commissions and fees and a 59th-place ranking out of 63 brokers, according to ForexBrokers.com.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average spread (EUR/USD) - Standard account | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.7 | 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.
Questrade offers a wider range of investments than HFM. It lists 641 tradeable symbols and 110 forex pairs, compared with HFM’s 500 symbols and 102 pairs. Both brokers support forex trading through CFDs or spot contracts. A key difference: Questrade lets you buy exchange‑traded securities on U.S. and international exchanges (think Apple or Vodafone), while HFM does not offer direct stock trading and focuses on CFDs.
Feature-wise, HFM includes copy trading, whereas Questrade does not. Neither broker lets you buy actual cryptocurrency, but both offer crypto CFDs. For range of investments, ForexBrokers.com rates HFM 4/5 stars (ranked 37th of 63) and Questrade 5/5 stars (ranked 12th of 63).
| 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 vs. Questrade: both brokers offer a free paper trading demo account, proprietary trading platforms, a Windows desktop download, and a web-based platform. Each also lets you place trades directly from charts. Both earned 4 out of 5 stars for Trading Platforms and Tools.
The differences matter if you have specific needs. HFM supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) and includes copy trading—none of which Questrade offers. However, in ForexBrokers.com’s Trading Platforms and Tools category, Questrade ranks #35 while HFM ranks #43. If you want MT4/MT5 and copy trading, HFM is the better fit; if you prioritize a higher third-party ranking within a proprietary platform setup, Questrade has the edge.
| 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 offer full-featured mobile trading apps for iPhone and Android. Each app supports stock and forex price alerts, lets you draw trendlines on charts, and auto-saves those drawings. Both earn a 4-star Mobile Trading Apps rating, making them strong choices for on-the-go trading and charting.
If you care about deeper chart analysis and seamless device-to-web continuity, Questrade has the edge. It offers 64 technical studies versus HFM’s 30, and Questrade syncs watchlists between the mobile app and your online account, while HFM does not. Reflecting these differences, ForexBrokers.com ranks Questrade #35 out of 63 brokers for mobile apps, compared with HFM at #40. Choose Questrade if you want more indicators and synced watchlists; pick HFM if core alerts and chart tools cover your needs.
| 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.
In this HFM vs Questrade market research comparison, HFM stands out with daily market commentary, forex news from top-tier sources (such as Bloomberg, Reuters, or Dow Jones), and a sentiment tool that shows the ratio of long vs. short positions. Both brokers provide Autochartist and an economic calendar. Questrade counters with Trading Central and TipRanks, which HFM does not offer. Neither broker includes tools from Acuity Trading. Access to top-tier forex news for Questrade isn’t specified in the information provided.
For ratings, HFM earns 4 stars and ranks 20th out of 63 brokers for Research at ForexBrokers.com, while Questrade scores 3.5 stars and ranks 52nd. Choose HFM if you want steady commentary, top-tier news, and sentiment insights; pick Questrade if Trading Central and TipRanks are higher on your wishlist.
| 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.
For new traders, both HFM and Questrade offer plenty of beginner education, including at least 10 introductory trading videos. HFM also runs live client webinars at least once a month, which is helpful if you learn best by asking questions in real time; Questrade does not offer monthly webinars. The provided details do not confirm whether either broker meets the 10-piece threshold specifically for forex- or CFD-focused education.
If you plan to grow into more advanced strategies, HFM stands out with 10+ advanced trading videos, while Questrade does not reach that level. In ForexBrokers.com’s Education category, HFM holds a 4-star score and ranks 37th out of 63 brokers, whereas Questrade earns 3.5 stars and ranks 36th. Choose HFM if live webinars and advanced video lessons matter to you; choose Questrade if you’re satisfied with a strong set of beginner videos and a slightly higher category ranking.
| 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 #30, while Questrade finished with an overall rank of #32.
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
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| 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 (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) | 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 | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.7 | 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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