Written by ForexBrokers.com
In this head to head comparison of Questrade vs iFOREX, 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 considering online brokers for trading, Questrade and iFOREX are two notable options. Founded in 2000, Questrade stands out with its impressive Trust Score of 86 as per ForexBrokers.com, indicating it is a trusted broker. With two Tier-1 licenses, Questrade's regulatory status reflects a strong level of trust and security for users. While Questrade is not a publicly traded company, nor is it a bank, its array of licenses and high trust score make it a reliable choice for online trading.
iFOREX, established earlier in 1996, holds a ForexBrokers.com Trust Score of 75, placing it in a category of average risk when compared to its competitors. iFOREX has one Tier-1 license, ensuring a degree of trust but indicating room for caution relative to more highly-rated platforms. Like Questrade, iFOREX is not publicly traded and does not operate as a bank. Although both brokers provide reputable services, Questrade’s higher Trust Score and more substantial regulatory backing may appeal to traders seeking heightened assurance.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Year Founded | 2000 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Questrade offers a trading experience that includes a target spread on EUR/USD at 1.9 pips, which is considered steep compared to the industry average. This may result in higher costs for traders, particularly those who frequently trade in high volumes. Despite this, Questrade is a recognized name in the industry and holds a rating of 3 stars out of 5 for its commissions and fees.
iFOREX, on the other hand, does not provide average spread data, making it challenging for potential investors to estimate trading costs accurately. This lack of transparency might deter some traders who prioritize knowing their expenses ahead of time. Similar to Questrade, iFOREX also holds a 3-star rating out of 5 for its commissions and fees, indicating a middling position in terms of cost-effectiveness.
In rankings, Questrade is listed #58 out of 63 brokers in ForexBrokers.com's Commissions and Fees category. iFOREX is ranked slightly lower at #61. These rankings reflect their standing relative to industry peers and suggest that users may find more competitive pricing options among other brokerage firms.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $250 | $100 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | 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 investment options between Questrade and iFOREX, both platforms provide access to forex trading through CFDs or spot contracts. Questrade offers 641 tradeable symbols, including 110 forex pairs, while iFOREX provides 750 tradeable symbols with 88 forex pairs. However, Questrade stands out by allowing clients to invest in exchange-traded securities on both U.S. and international exchanges, enabling the purchase of shares like Apple (NASDAQ: AAPL) and Vodafone (VOD-GB: London Stock Exchange). In contrast, iFOREX does not offer access to these exchange-traded securities, focusing mainly on derivatives and CFDs.
Neither Questrade nor iFOREX supports copy trading or the purchase of actual (delivered) cryptocurrency, yet both platforms allow for trading cryptocurrency derivatives. In terms of investment diversity, Questrade is rated 5 stars and ranks 11th out of 63 brokers for Range of Investments on ForexBrokers.com. Meanwhile, iFOREX holds a 3.5-star rating, ranking 41st among its peers. This positions Questrade as a more comprehensive option for investors looking to access a wider variety of assets.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 750 |
| Forex Pairs (Total) | 110 | 88 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | 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 of Questrade and iFOREX, there are distinct differences that cater to varying preferences for traders. Questrade offers the advantage of a free virtual demo account for simulated trading, which is not available at iFOREX. Both brokers have developed in-house proprietary platforms, although Questrade takes a step further by providing a Windows-based desktop platform and a web-based option, which iFOREX lacks in desktop form but matches with a web-based platform. Neither broker supports popular platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5), and both do not offer copy trading or ZuluTrade. However, Questrade integrates with DupliTrade, giving it a slight edge for those interested in this service.
In terms of charting and list management, iFOREX might appeal to those who value a wide range of drawing tools, offering 25 compared to Questrade’s 20. Both brokers allow trading directly from stock charts, making it convenient for swift trading actions. For traders focusing on comprehensive market data, Questrade provides a denser set of watch list fields with 52 columns, significantly overshadowing iFOREX’s 9. Both platforms have scored equally, with a rating of 4 stars for their trading platforms and tools. However, Questrade leads the ranks over iFOREX, positioned at #34 compared to iFOREX’s #54 out of 63 brokers according to ForexBrokers.com.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | Yes | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 57 |
| Charting - Drawing Tools (Total) | 20 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 52 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing Questrade and iFOREX, both platforms offer iPhone and Android apps, ensuring accessibility for traders on the go. Questrade takes a leap forward with features like stock and forex price alerts, which are absent in the iFOREX app. For those who appreciate consistency, Questrade provides watchlist symbol syncing, allowing you to see changes seamlessly across devices, whereas iFOREX doesn't offer this feature. Chart enthusiasts would be pleased with Questrade’s array of 64 technical studies and its ability to draw trendlines and view multiple time frames, none of which are available in the iFOREX mobile app. Furthermore, Questrade automatically saves drawings on charts, while iFOREX lacks this feature. You can also create watchlists with real-time quotes on Questrade, a capability not offered by iFOREX.
Despite both apps receiving a four-star rating for mobile trading, rankings on ForexBrokers.com tell a different story. Questrade stands at #34, making it comfortably above iFOREX, which is positioned at #55 out of 63 brokers. If you’re looking for a feature-rich experience with a well-rounded set of tools for your mobile trading, Questrade proves to be a more comprehensive choice compared to iFOREX.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 64 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Questrade and iFOREX, there are distinct advantages and limitations for both platforms. Questrade does not provide daily market commentary, whereas iFOREX ensures users stay updated with regular commentary. However, neither broker provides forex news directly from major sources like Bloomberg or Reuters. For those interested in technical analysis, both brokers use Trading Central's tools, but only Questrade offers resources from Autochartist. Questrade further enhances its research suite with access to market insights from TipRanks, an advantage that iFOREX does not share.
For traders interested in sentiment analysis, iFOREX offers a tool showing the ratio of long or short positions across various instruments, unlike Questrade. Both brokers supply an economic calendar, helping traders track essential global news events. Despite these differences, both platforms receive a 3.5-star rating for research quality. However, iFOREX is slightly ahead in rankings, positioned at #48 out of 63 brokers on ForexBrokers.com, while Questrade is ranked at #51. These subtle distinctions can guide traders in choosing a platform that aligns better with their market research needs.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | No | No |
| Autochartist | Yes | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, Questrade stands out, particularly in the realm of forex and CFDs. They offer a comprehensive suite of over 10 educational pieces, including articles, videos, and archived webinars that focus specifically on these topics. For those who prefer a visual learning style, Questrade also provides a substantial library of beginner educational videos focused on trading topics. However, if you're aiming for advanced trading knowledge, you might find their resources a bit limited, as they don't offer an array of advanced educational videos.
On the other hand, iFOREX also supplies over 10 beginner educational videos aimed at newcomers, catering to those who are just starting their trading journey. However, they lack depth in their forex and CFDs educational material and do not provide a trackable archive of client webinars. Both Questrade and iFOREX do not offer an investor dictionary or monthly online educational webinars, but their educational offerings still provide a good starting point for beginners. Based on ForexBrokers.com rankings, Questrade is positioned higher at #36 for education compared to iFOREX at #53, though both share a 3.5-star rating in the education category.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | No | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Questrade is better than iFOREX. Questrade finished with an overall rank of #32, while iFOREX finished with an overall rank of #52.
Regulated in both the U.S. and Canada, Questrade is a trusted full-service multi-asset broker now offering forex and CFDs alongside its stock trading services for active and passive investors. While its scope of educational resources and in-house research is limited, Questrade has an impressive platform lineup.
| Feature |
Questrade
|
iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 75 |
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Both Questrade and iFOREX do not offer the ability to buy actual delivered cryptocurrencies, but they both provide options for trading cryptocurrency derivatives.
When comparing the funding and withdrawal options of online brokers Questrade and iFOREX, both offer Visa/Mastercard and bank wire transfers, but only iFOREX supports PayPal and Skrill, whereas neither broker provides ACH or SEPA transfers.
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 | Questrade | iFOREX | |
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| Trust Score | 86 | 75 | |
| Winner | check_circle | ||
| Review | Questrade Review |
| Broker Screenshots | Questrade | iFOREX | |
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| Regulation | Questrade | iFOREX | |
|---|---|---|---|
| Trust Score | 86 | 75 | |
| Year Founded | 2000 | 1996 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Questrade | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | Yes | No | |
| 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 | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Questrade | iFOREX | |
|---|---|---|---|
| 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 | Questrade | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 750 | |
| Forex Pairs (Total) | 110 | 88 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | 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 | Questrade | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $250 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Questrade | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| Trading Tools | Questrade | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 52 | 9 | |
| Charting - Indicators / Studies (Total) | 64 | 57 | |
| Charting - Drawing Tools (Total) | 20 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | Questrade | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 64 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Questrade | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | No | Yes | |
| Forex News (Top-Tier Sources) | No | No | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | No | No |
| Major Forex Pairs | Questrade | iFOREX | |
|---|---|---|---|
| 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 | Questrade Review |
| Overall | Questrade | iFOREX | |
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| Trust Score | 86 | 75 | |
| Winner | check_circle | ||
| Review | Questrade Review |
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