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 |
When it comes to evaluating commissions and fees, HFM tends to hover slightly above the industry average. For their standard trading accounts, HFM typically offers spreads of around 1.2 pips. However, it's important to note that this figure does not specify a date range, suggesting that the average spread may actually vary. The Zero account features a more competitive effective spread of 0.7 pips after commission, but once again, this is not presented as an average value.
Conversely, Questrade's commissions and fees for the EUR/USD pair are positioned at a higher spread of 1.9 pips, which appears steep against the industry benchmarks. This difference indicates that trading costs with Questrade might be a bit more expensive compared to many of its peers.
In terms of ratings, HFM receives a commendable 4-star evaluation for commissions and fees, while Questrade earns a 3-star rating. According to ForexBrokers.com, HFM holds the 31st spot out of 63 brokers in this category, reflecting a more favorable ranking than Questrade, which sits at 58th place. This comparison underscores HFM as a generally more cost-effective choice for traders mindful of commissions and fees.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 1.2 | N/A |
| All-in Cost EUR/USD - Active | 0.7 | N/A |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | 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.
When comparing the available range of investments between HFM and Questrade, it is clear that both platforms offer access to forex trading as either CFDs or spot contracts. HFM provides users with the option to trade 102 forex pairs out of its 500 tradeable symbols. In contrast, Questrade offers a broader selection with 110 forex pairs among its 641 tradeable symbols. Both brokers provide options to trade cryptocurrency derivatives, although neither allows the purchase of actual delivered cryptocurrencies. Notably, HFM stands out by offering copy trading services, a feature not available with Questrade.
Questrade, however, extends its investment offerings further by allowing clients to trade a variety of exchange-traded securities on both U.S. and international exchanges, unlike HFM. This ability to buy actual shares such as Apple on the NASDAQ or Vodafone on the London Stock Exchange offers investors a more varied trading experience. As a result, Questrade earns a higher rating and ranking in the Range of Investments category with 5 stars and a #11 ranking by ForexBrokers.com compared to HFM's 4 stars and #36 ranking.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 500 | 641 |
| Forex Pairs (Total) | 102 | 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.
When comparing the trading platforms and tools offered by HFM and Questrade, both brokers provide a comprehensive approach for traders. HFM and Questrade both support simulated trading with free virtual demo accounts, allowing users to practice their strategies without risk. Each broker also features a proprietary trading platform, along with options for Windows-based desktop downloads and web-based platforms, catering to different user preferences. However, HFM takes a distinct advantage in the variety of platforms with support for MetaTrader 4 and 5, popular choices among traders, which Questrade does not offer. While HFM includes copy trading among its offerings, Questrade lacks this feature, instead supporting DupliTrade, which HFM does not provide. Both brokers equally offer direct trading from stock charts, while HFM edges out with a higher number of drawing tools for charting—30 compared to Questrade's 20.
Despite both HFM and Questrade receiving a 4-star rating for their trading platforms and tools, there are notable differences in their overall offerings. Questrade excels with more comprehensive watchlist features, offering 52 columns compared to HFM’s 7, enabling more detailed market monitoring. In rankings by ForexBrokers.com, Questrade holds a higher position at 34th out of 63 brokers, while HFM is not far behind at 42nd. This suggests that while both brokers provide solid platforms and tools, user preferences for specific features like MetaTrader support, copy trading, or detailed watchlists could influence a trader's choice between them.
| Feature |
HFM
|
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) | Yes | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 15 | 64 |
| Charting - Drawing Tools (Total) | 30 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading, both HFM and Questrade offer good options for iPhone and Android users. Users of both platforms can enjoy essential features like stock or forex price alerts, the ability to draw trendlines, and viewing multiple time frames on charts. Both platforms also offer the convenience of auto-saving drawings and creating watchlists with real-time quotes. However, a noteworthy difference is that Questrade allows syncing watchlists with your online account, a feature not available with HFM.
For traders who rely on technical analysis, Questrade provides an edge with 64 technical studies compared to HFM's 30 available options. Despite these differences, both platforms enjoy similar ratings of 4 stars for their mobile trading apps. According to rankings by ForexBrokers.com, Questrade holds a slightly higher position at 34 out of 63 brokers, compared to HFM's rank of 39. These insights can help you decide which mobile trading platform is better suited to your preferences and trading style.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | Yes |
| Mobile Charting - Indicators / Studies | 30 | 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.
When comparing the market research offerings of online brokers HFM and Questrade, several key differences emerge that can influence a trader’s decision. HFM stands out by providing daily market commentary and delivering forex news from top-tier sources like Bloomberg and Reuters, making it ideal for traders who place a high value on timely information. HFM also offers a sentiment-based trading tool, giving traders insights into market positions, though it lacks research tools from Trading Central and TipRanks. On the other hand, Questrade, while not offering daily commentary or top-tier forex news, provides access to Trading Central tools and market research from TipRanks, which some traders may find beneficial.
Both brokers offer an economic calendar to help traders keep track of global news events, but when it comes to overall research ratings, HFM scores slightly higher with 4 stars compared to Questrade's 3.5 stars. This reflects HFM’s broader range of in-depth tools and features. Ranked #20 out of 63 brokers by ForexBrokers.com for the research category, HFM is well ahead of Questrade, which holds the #51 spot. These differences underscore HFM’s emphasis on providing comprehensive market insights, while Questrade appeals to those seeking specialized tools from Trading Central and TipRanks.
| Feature |
HFM
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing educational resources for beginners, both HFM and Questrade provide valuable offerings, though they differ in some areas. HFM stands out with an impressive array of educational materials, including over 10 pieces focusing on forex and CFDs, online educational webinars hosted monthly, and a comprehensive archive of past webinar recordings. Questrade, while also offering a solid collection of over 10 articles and videos on forex and CFDs, does not host monthly webinars, although it does maintain an archive of previously recorded sessions for client viewing. Both brokers cater to novices by supplying at least 10 beginner educational videos. However, for those seeking advanced trading knowledge, HFM excels with a collection of 10 advanced videos tailored for experienced traders that Questrade does not offer.
HFM also provides a useful investor dictionary with definitions for over 50 investing terms, helping beginners familiarize themselves with essential concepts, a resource absent from Questrade's offerings. In terms of educational ratings, HFM earns a commendable 4-star rating, slightly surpassing Questrade's 3.5 stars. However, interestingly, when ranked among 63 brokers for education by ForexBrokers.com, Questrade edges ahead slightly, taking the 36th spot compared to HFM's 37th ranking position. Overall, HFM's more extensive resource selection and additional educational tools may appeal to beginners eager to immerse themselves in learning, while Questrade offers a more straightforward educational experience.
| Feature |
HFM
|
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 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
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 86 |
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Both HFM and Questrade do not offer the option to buy actual delivered cryptocurrency but provide the ability to purchase cryptocurrency derivatives.
Both HFM and Questrade do not support ACH, SEPA, or PayPal for depositing or withdrawing funds, but while both offer Visa, Mastercard, and bank wire transfers, only HFM provides Skrill as an additional option.
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 | 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 | 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/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | HFM | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 500 | 641 | |
| Forex Pairs (Total) | 102 | 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 | HFM | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.2 | N/A | |
| All-in Cost EUR/USD - Active | 0.7 | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | HFM | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | Yes | No | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | HFM | 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) | Yes | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | HFM | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 52 | |
| Charting - Indicators / Studies (Total) | 15 | 64 | |
| Charting - Drawing Tools (Total) | 30 | 20 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | Yes | |
| Mobile Charting - Indicators / Studies | 30 | 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 | HFM | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | HFM | 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 | HFM | 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 | 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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