Written by ForexBrokers.com
In this head to head comparison of IC Markets 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.
IC Markets and Questrade are two reputable online brokers offering trading services with a focus on trust and security. IC Markets was founded in 2007, while Questrade has a longer history, established in 2000. Both brokers hold two Tier-1 licenses, which are highly regarded by ForexBrokers.com, reflecting their commitment to providing a secure trading environment. Neither IC Markets nor Questrade is listed on a stock exchange, nor do they operate as banks, suggesting a focused approach on trading services rather than traditional banking operations.
In terms of trust scores, IC Markets achieves a rating of 84 out of 99, indicating a trusted status, while Questrade scores slightly higher at 86, reinforcing its credibility among online traders. Both brokers lack Tier-2 licenses, but with their Tier-1 credentials, they still manage to inspire confidence in their reliability. As such, both IC Markets and Questrade present trustworthy options for those seeking online trading platforms.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Year Founded | 2007 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 3 | 0 |
When comparing IC Markets to Questrade in terms of commissions and fees, IC Markets stands out with its competitive trading costs, often cited as one of the top low-cost options among forex brokers. Offering three types of accounts—including the commission-free Standard account and the commission-based Raw Spread and cTrader Raw Spread accounts—IC Markets allows for flexibility based on the trader’s platform choice and trading strategy. The cTrader account features a slightly lower commission than the MetaTrader accounts, enhancing its cost-effectiveness. IC Markets boasts an average spread on the EUR/USD at 0.02 pips, with the all-in cost extending to approximately 0.62 pips for cTrader users.
In contrast, Questrade's fee structure, with target spreads on the EUR/USD at 1.9 pips, is viewed as relatively steep compared to the industry average. This positions Questrade as less competitive in terms of trading costs for forex traders. When weighed against IC Markets’ offerings, Questrade's fees could be a limiting factor for cost-sensitive traders seeking to maximize their returns by minimizing overheads. Furthermore, Questrade's commission structure has contributed to its lower ranking in the forex broker landscape.
Based on a comprehensive review by ForexBrokers.com, IC Markets garners an impressive 5-star rating for its commissions and fees, securing the #5 rank out of 63 brokers. This reflects its strong standing in the industry for affordable trading costs. Meanwhile, Questrade receives a 3-star rating, placing it at #58 out of 63 brokers, highlighting a significant gap in competitiveness compared to IC Markets and affirming the latter’s edge in offering cost-efficient trading solutions.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Minimum Deposit | $200 | $250 |
| Average Spread EUR/USD - Standard | 0.62 | N/A |
| All-in Cost EUR/USD - Active | 0.62 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | 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.
When comparing the range of investments offered by IC Markets and Questrade, both brokers provide a comprehensive selection catering to a variety of traders. IC Markets excels in the total number of tradeable symbols, boasting 3,583 options, which include both forex trading and a wide range of CFDs. The platform offers 61 forex pairs, providing ample choice for forex enthusiasts. Additionally, IC Markets supports international exchange-traded securities, allowing clients to purchase shares like Vodafone from the London Stock Exchange. Another notable feature is its copy trading option, enabling users to replicate the strategies of successful traders. However, it does not provide access to U.S. exchange-traded stocks, such as Apple shares, nor does it offer the capability to purchase real (delivered) cryptocurrencies, although it does permit cryptocurrency derivatives.
Questrade impresses with its offering of 641 tradeable symbols, which, while fewer than IC Markets, includes a substantial 110 forex pairs. One of its standout features is direct access to U.S. exchange-traded securities, allowing investors to buy shares, such as those of Apple, which IC Markets does not offer. Similar to IC Markets, Questrade provides trading in international exchange-traded securities and access to forex trading through both CFDs and spot contracts. While Questrade does not support copy trading, it allows for cryptocurrency derivatives trading but not the purchase of actual cryptocurrencies. With a higher rating of 5 stars for its range of investments, Questrade is ranked 11th out of 63 brokers, outranking IC Markets, which holds the 25th position despite a solid 4.5-star rating for its investment range.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3583 | 641 |
| Forex Pairs (Total) | 61 | 110 |
| U.S. Stock Trading (Non CFD) | No | Yes |
| Int'l Stock Trading (Non CFD) | Yes | 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 IC Markets and Questrade's trading platforms and tools, both brokers offer a comprehensive range of options, yet they cater to different user preferences. IC Markets stands out for its support of popular third-party platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), making it an appealing choice for traders who favor these tools. Additionally, it includes copy trading through platforms like ZuluTrade, which is advantageous for those interested in replicating others' trades. Although IC Markets lacks a proprietary platform, its inclusion of a Windows-based desktop download and web-based platform ensures users have flexibility in how they trade. With 15 drawing tools and the ability to trade directly from stock charts, IC Markets has a user-friendly approach, although those who value extensive watchlist capabilities might find its 7 available columns somewhat limiting.
Questrade, on the other hand, provides benefits through its proprietary platform, catering to users who prefer a broker-specific trading experience. Like IC Markets, Questrade supports both a Windows-based desktop platform and a web-based option. While it does not offer copy trading or support for MetaTrader platforms, Questrade makes up for this with a high degree of customization, featuring 20 drawing tools and an impressive 52 columns for watch lists. The inclusion of DupliTrade is an attractive feature for users interested in algorithmic trading strategies. Both brokers offer simulated trading accounts, allowing beginners to practice without risk. In terms of overall ratings, both IC Markets and Questrade receive 4 out of 5 stars for their platforms and tools, with IC Markets slightly edging ahead in rankings according to ForexBrokers.com, being placed at #16 compared to Questrade's #34 out of 63 brokers.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | 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 | Yes | No |
| Charting - Indicators / Studies (Total) | 30 | 64 |
| Charting - Drawing Tools (Total) | 15 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both IC Markets and Questrade provide well-equipped mobile trading apps available on iPhone and Android devices, ensuring traders have easy access to the markets on the go. Both apps offer essential features such as stock and forex price alerts, the ability to draw trendlines, view multiple time frames, and auto-save chart drawings. Users can also create watchlists with real-time quotes on both apps, enhancing their mobile trading experience. However, when it comes to charting capabilities, Questrade stands out with 64 technical studies compared to IC Markets' 30, offering more in-depth analysis opportunities for traders.
A key distinction between the two mobile platforms is the watchlist symbol syncing feature. Questrade offers seamless syncing between its mobile app and online account, allowing changes made in one location to reflect in the other, which IC Markets does not support. Despite this, both apps have earned a 4-star rating for their mobile trading capabilities. On the competitive scale, IC Markets is ranked higher at #22 out of 63 brokers by ForexBrokers.com for mobile trading apps, whereas Questrade is ranked at #34, highlighting IC Markets' slightly superior app performance as per user and expert reviews.
| Feature |
IC Markets
|
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 IC Markets and Questrade, IC Markets stands out in the field of market research with a more comprehensive offering. IC Markets provides daily market commentary, delivers forex news from top-tier sources like Bloomberg and Reuters, and includes tools from well-known companies such as Autochartist and Trading Central. They also offer a sentiment-based trading tool that displays a ratio of long or short positions, which Questrade does not. An economic calendar to keep traders informed of global news events is available with both brokers, but IC Markets' overall research service receives a higher rating of 4 out of 5 stars compared to Questrade's 3.5 stars.
Questrade holds its own by offering market research from TipRanks, but it lacks in several areas where IC Markets excels. For forex traders seeking essential insights and a broader range of research tools, IC Markets achieves a better ranking, positioned at #23 for Research out of 63 brokers on ForexBrokers.com, while Questrade is ranked at #51. With these strengths, IC Markets provides a more thorough and engaging research experience for traders looking to stay informed and make well-grounded decisions.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | 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 it comes to educational resources for trading beginners, IC Markets shines a bit brighter than Questrade. Both platforms offer more than ten educational pieces on forex and CFDs, such as articles, videos, and archived webinars, contributing to a solid foundational learning experience. However, IC Markets goes a step further by hosting monthly educational webinars, a feature not available with Questrade. Both brokers ensure accessibility to previously recorded webinars through searchable archives, which significantly enhances the learning experience.
IC Markets excels in providing educational content, offering both beginner and advanced trading videos, while Questrade primarily focuses on beginners. This advanced content can be a crucial resource for traders looking to refine their skills. Additionally, IC Markets includes an investor dictionary with definitions for over 50 investing terms, a valuable tool for enhancing understanding. Consequently, IC Markets receives a slightly higher educational rating at 4 stars, compared to Questrade's 3.5 stars, while being ranked 16th by ForexBrokers.com for education, well ahead of Questrade, which is ranked 36th.
| Feature |
IC Markets
|
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 IC Markets is better than Questrade. IC Markets finished with an overall rank of #20, while Questrade finished with an overall rank of #32.
IC Markets’ competitive pricing and scalable execution make it an excellent option for algorithmic traders. Though it supports an impressive range of third-party tools and plugins, IC Markets’ research and education offerings are not as impressive as those offered by industry leaders.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 84 | 86 |
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Both IC Markets and Questrade do not offer the option to purchase actual delivered cryptocurrency but provide the ability to trade in cryptocurrency derivatives.
While both IC Markets and Questrade support Visa, Mastercard, and bank wire transactions for deposits and withdrawals, IC Markets stands out by offering additional options like PayPal and Skrill, which Questrade does not provide.
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 | IC Markets | Questrade | |
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| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | Questrade Review |
| Broker Screenshots | IC Markets | Questrade | |
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| Regulation | IC Markets | Questrade | |
|---|---|---|---|
| Trust Score | 84 | 86 | |
| Year Founded | 2007 | 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 | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 3 | 0 |
| Tier-1 Licenses (Highly Trusted) | IC Markets | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | 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) | No | 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) | IC Markets | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | IC Markets | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3583 | 641 | |
| Forex Pairs (Total) | 61 | 110 | |
| U.S. Stock Trading (Non CFD) | No | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | 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 | IC Markets | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.62 | N/A | |
| All-in Cost EUR/USD - Active | 0.62 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | IC Markets | Questrade | |
|---|---|---|---|
| Minimum Deposit | $200 | $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 | No | No |
| Trading Platforms | IC Markets | Questrade | |
|---|---|---|---|
| Proprietary Platform | No | 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 | Yes | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | Yes | No |
| Trading Tools | IC Markets | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 52 | |
| Charting - Indicators / Studies (Total) | 30 | 64 | |
| Charting - Drawing Tools (Total) | 15 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | IC Markets | 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 | IC Markets | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | IC Markets | 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 | IC Markets | 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 | IC Markets Review | Questrade Review |
| Overall | IC Markets | Questrade | |
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| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | Questrade Review |
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