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.
When comparing online brokers IC Markets and Questrade, there are several important factors to consider, particularly their regulatory standing and trust ratings. IC Markets was founded in 2007, while Questrade has been around since 2000, offering a bit more history in the market. However, neither company is publicly traded or operates as a bank, which might be a consideration for some investors.
In terms of regulatory approvals, both brokers hold two Tier-1 licenses, which are highly trusted according to ForexBrokers.com. Neither broker possesses Tier-2 licenses. As for trust scores, IC Markets has a Trust Score of 84, classifying it as trusted, while Questrade scores slightly higher at 86, placing it in the same 'trusted' category. These details could be crucial for traders deciding between these platforms, offering insight into the level of security and reliability they can expect from each broker.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Year Founded | 2007 | 2000 |
| Publicly Traded (Listed) | ||
| Bank | ||
| 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 | |
| ACH or SEPA Transfers | ||
| PayPal (Deposit/Withdraw) | Yes | |
| Skrill (Deposit/Withdraw) | Yes | |
| 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, users will find distinct differences in the variety of tradeable symbols and securities. IC Markets provides an impressive selection, with a total of 3,583 tradeable symbols, which includes 61 forex pairs. In contrast, Questrade offers 641 tradeable symbols, but with a wider selection of 110 forex pairs. Both platforms allow for forex trading through contracts for difference (CFDs) or spot contracts, and they also offer access to cryptocurrency derivatives, catering to traders interested in the crypto market through CFDs rather than actual ownership.
However, Questrade distinguishes itself by providing access to exchange-traded securities on U.S. markets, allowing clients to purchase stocks like Apple. Both brokers provide access to international exchanges for purchasing shares such as Vodafone. While IC Markets offers the added feature of copy trading, this is not available with Questrade. Ultimately, Questrade is rated higher for its range of investments, earning a 5-star rating and ranking 11th out of 63 brokers according to ForexBrokers.com. In comparison, IC Markets holds a 4.5-star rating and ranks 25th in the same category, demonstrating its extensive yet slightly less diverse offering in investment options.
| 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) | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | |
| Cryptocurrency (Physical) | ||
| 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 in terms of trading platforms and tools, both offer strong solutions for online trading. IC Markets provides a variety of options including the popular MetaTrader 4 and MetaTrader 5 platforms, along with a Windows-based desktop download and a web-based platform. They also support copy trading through ZuluTrade, although they don't have a proprietary platform. In terms of tools, IC Markets features trading directly from stock charts and offers 15 drawing tools for charting, as well as seven columns for watch lists. Users can also take advantage of a free virtual demo account to explore trading strategies without financial risk. Despite its capabilities, IC Markets is rated four stars and ranks #16 out of 63 brokers by ForexBrokers.com for Trading Platforms and Tools.
Questrade, on the other hand, provides a versatile trading experience with its own proprietary platform that is available as both a Windows-based desktop download and a web-based version. While it doesn't include MetaTrader platforms or ZuluTrade for copy trading, it does offer DupliTrade to expand your trading strategies. Questrade excels in personalization and analysis with up to 20 drawing tools and the ability to trade directly from charts. Its watch lists are more extensive, offering 52 columns for a detailed view of market conditions. Like IC Markets, Questrade offers a free virtual demo account. It also shares a four-star rating in this category but comes in at a #34 ranking among 63 brokers according to ForexBrokers.com.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | |
| MetaTrader 4 (MT4) | Yes | |
| MetaTrader 5 (MT5) | Yes | |
| DupliTrade | Yes | |
| ZuluTrade | Yes | |
| 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.
When comparing IC Markets and Questrade mobile trading apps, both apps are available for iPhone and Android users. They provide essential features such as stock or forex price alerts and the ability to create a watchlist with real-time quotes. However, one significant difference lies in the watchlist symbol syncing feature, where Questrade ensures that changes in the mobile app are reflected in the user's online account, offering a seamless transition between devices. In terms of charting capabilities, IC Markets offers 30 technical studies compared to Questrade's more extensive 64 studies. Both apps support drawing trendlines and viewing multiple time frames, while also automatically saving these drawings for convenience.
In terms of user feedback, both IC Markets and Questrade receive a commendable rating of four out of five stars for their mobile trading apps. However, IC Markets holds a slightly higher position in rankings, coming in at #22 out of 63 brokers as ranked by ForexBrokers.com, whereas Questrade is placed at #34. This suggests that while both apps deliver solid performance and include similar standard features, IC Markets may offer a slightly better user experience overall.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | 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.
IC Markets and Questrade provide different market research tools, with each excelling in unique areas. IC Markets stands out with daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters. It also provides tools from Autochartist and Trading Central, alongside a sentiment-based trading tool that shows long or short position ratios. An economic calendar is also available, showcasing global news events. While IC Markets is ranked #23 out of 63 brokers by ForexBrokers.com for research, with a strong four-star rating, it does not offer market research from TipRanks or tools from Acuity Trading.
Questrade, on the other hand, offers research tools from both Autochartist and Trading Central, complemented by access to market research from TipRanks. Like IC Markets, it features an economic calendar to keep traders informed about upcoming global events. However, Questrade does not provide daily market commentary, top-tier forex news sources, or a sentiment-based trading tool. Questrade is rated 3.5 stars for research and is ranked #51 out of 63 brokers in this category by ForexBrokers.com.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | |
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources for beginners offered by IC Markets and Questrade, there are several factors to consider. Both brokers provide a solid foundation with at least ten educational pieces focused on forex or CFDs, including articles, videos, and webinars. Additionally, both platforms offer a searchable archive of recorded webinars, helping users catch up on missed sessions. However, IC Markets hosts monthly client webinars, offering more opportunities for interactive learning online, which Questrade lacks. Both brokers cater to beginners with more than ten introductory videos on trading topics, ensuring newcomers have access to essential knowledge when starting their trading journey.
For those seeking to deepen their understanding, IC Markets also provides more than ten advanced educational videos tailored for experienced traders, whereas Questrade falls short in offering advanced content. Additionally, IC Markets includes an investor dictionary that explains more than 50 terms, giving users a comprehensive glossary at their fingertips. This disparity in resources is reflected in their ratings, where IC Markets earns 4 stars compared to Questrade's 3.5 stars for education. Consequently, IC Markets is ranked 16th, and Questrade 36th out of 63 brokers in the education category, highlighting IC Markets as a stronger choice for those prioritizing educational opportunities.
| Feature |
IC Markets
|
Questrade
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | |
| Investor Dictionary (Glossary) | Yes |
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 |
|
|
| Trust Score | 84 | 86 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
IC Markets does not offer the ability to buy actual delivered cryptocurrency, but it does provide access to cryptocurrency derivatives, while Questrade does not offer buying actual delivered cryptocurrency either, but like IC Markets, it allows trading in cryptocurrency derivatives.
When comparing online brokers, IC Markets stands out with options for PayPal, Skrill, Visa/Mastercard, and bank wire transfers for deposits and withdrawals, but it lacks support for ACH or SEPA transfers, while Questrade offers Visa/Mastercard and bank wire transfers but does not provide options for ACH, SEPA, PayPal, or Skrill transactions.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | IC Markets | Questrade | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | Questrade Review |
| Broker Screenshots | IC Markets | Questrade | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | IC Markets | Questrade | |
|---|---|---|---|
| Trust Score | 84 | 86 | |
| Year Founded | 2007 | 2000 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| 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 | ||
| Canada (CIRO Authorised) | Yes | ||
| Hong Kong (SFC Authorised) | |||
| Japan (SFC Authorised) | |||
| Singapore (MAS Authorised) | |||
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | |||
| USA (CFTC Authorized) | |||
| New Zealand (FMA Authorised) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes |
| Tier-2 Licenses (Trusted) | IC Markets | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| 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) | Yes | ||
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| Cryptocurrency (Physical) | |||
| 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 | ||
| Inactivity Fee | |||
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes |
| Funding | IC Markets | Questrade | |
|---|---|---|---|
| Minimum Deposit | $200 | $250 | |
| PayPal (Deposit/Withdraw) | Yes | ||
| Skrill (Deposit/Withdraw) | Yes | ||
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers |
| Trading Platforms | IC Markets | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | ||
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | Yes | ||
| DupliTrade | Yes | ||
| ZuluTrade | Yes |
| 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 | 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 | ||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | ||
| Economic Calendar | Yes | Yes |
| Education | IC Markets | Questrade | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | ||
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | ||
| Investor Dictionary (Glossary) | Yes |
| 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 | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 84 | 86 | |
| Winner | check_circle | ||
| Review | IC Markets Review | Questrade Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill