Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers 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.
Interactive Brokers, founded in 1977, and Questrade, established in 2000, are both well-known online brokers. However, they differ significantly in their regulatory standings. Interactive Brokers boasts an impressive ForexBrokers.com Trust Score of 99 out of 99, reflecting its highly trusted status. This is supported by its nine Tier-1 licenses and two Tier-2 licenses, further emphasizing its credibility on a global scale. In contrast, Questrade, which holds a Trust Score of 86, is also considered trusted but not at the same level. It has two Tier-1 licenses but lacks Tier-2 licenses, indicating a narrower regulatory framework.
Neither of these companies functions as a bank, and while Interactive Brokers is publicly traded, Questrade remains privately held. This organizational difference may appeal to different types of investors seeking either the transparency of a public company or the agility of a private one. Overall, in terms of regulatory trust and trading transparency, Interactive Brokers stands out as a leader, whereas Questrade offers a reliable option with a solid trust score and essential licensing.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Year Founded | 1977 | 2000 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When it comes to comparing the commissions and fees of Interactive Brokers and Questrade, Interactive Brokers stands out as the more cost-effective option, especially for forex trading. Interactive Brokers charges a low commission per side, starting at 0.00002 (0.2 basis points) of the U.S. dollar trade value with a minimum of $2 per order, making it a competitive choice. The average spread for the EUR/USD currency pair at Interactive Brokers during Q3 2024 was 0.19 pips, totaling to an effective all-in spread of 0.59 pips after commission. Interactive Brokers' unique pricing model involves aggregating prices from 17 large interbank forex dealers and applying a commission per trade, resulting in a high ranking of #2 for Commissions and Fees by ForexBrokers.com and an impressive 5-star rating.
In contrast, Questrade is less competitive in this category. Its target spreads on the EUR/USD are 1.9 pips, which is relatively high compared to industry standards. This higher spread results in less favorable conditions for forex traders, placing Questrade at a lower #58 ranking in the Commissions and Fees category according to ForexBrokers.com. Consequently, Questrade receives a modest 3-star rating for its commissions and fees, highlighting potential cost concerns for traders seeking the best value.
For active forex traders, Interactive Brokers further incentivizes high trade volumes with discounts, reducing the minimum commission charge per order based on monthly trading volume. In comparison, Questrade does not offer similar incentives for active traders, making Interactive Brokers a more attractive option for those who frequently trade and wish to minimize costs. Overall, Interactive Brokers provides a more competitive fee structure, positioning it as a preferable choice over Questrade for those focusing on value in their trading activities.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 0.59 | N/A |
| All-in Cost EUR/USD - Active | 0.59 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Interactive Brokers and Questrade both offer a wide array of investment options for traders and investors. With Interactive Brokers, you can explore a vast selection of 8,500 tradeable symbols and access 90 different forex pairs. This platform allows you to engage in forex trading as either a CFD or a spot contract. Embracing a global reach, Interactive Brokers provides opportunities to invest in exchange-traded securities on U.S. and international exchanges. Furthermore, it goes a step ahead by enabling the purchase of actual cryptocurrencies, alongside offering cryptocurrency derivatives, although it lacks copy trading features.
Questrade, on the other hand, presents a smaller but competitive offering with 641 tradeable symbols, providing a slightly higher number of 110 forex pairs available for trading. Like Interactive Brokers, Questrade supports forex trading as a CFD or spot contract and caters to clients looking to invest in U.S. and international exchange-traded securities. While it does not offer the purchase of actual cryptocurrencies, it provides access to cryptocurrency derivatives. Both brokers have earned a solid five-star rating for their range of investments; however, Interactive Brokers claims the top spot in this category according to ForexBrokers.com, while Questrade ranks at number 11.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 641 |
| Forex Pairs (Total) | 90 | 110 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| Cryptocurrency (Physical) | Yes | 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 Interactive Brokers and Questrade based on trading platforms and tools, both brokers provide several features such as simulated trading, proprietary platforms, and availability of desktop and web-based platforms. While neither supports popular third-party platforms like MetaTrader 4 or 5, Interactive Brokers distinguishes itself with a higher number of drawing tools (85 compared to Questrade's 20) and an impressive 659 columns available for watch lists, far surpassing Questrade's 52. Both brokers allow trading directly from stock charts, providing an intuitive trading experience.
In terms of overall ratings, Interactive Brokers scores an impressive 5-star rating for their trading platforms and tools, owing to its advanced offerings and the ability to cater to professional traders. Questrade, while solid in its own right, receives 4 stars. Interactive Brokers is ranked third out of 63 brokers by ForexBrokers.com in the Trading Platforms and Tools category, highlighting its strong position in the industry. Conversely, Questrade is ranked 34th, indicating there is room for improvement by comparison. Despite this difference, both brokers accommodate a range of trading needs, making them viable options for traders at different experience levels.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 64 |
| Charting - Drawing Tools (Total) | 85 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Interactive Brokers and Questrade offer mobile apps for iPhone and Android users, providing convenient access to trading on the go. They both support useful features such as stock and forex price alerts and allow for watchlist symbol syncing with their online accounts. Chart enthusiasts will appreciate that both apps enable drawing trendlines and viewing multiple time frames on stock or forex charts. However, it's worth noting a distinction in the charting tools: Interactive Brokers offers 97 technical studies for in-depth analysis, compared to Questrade's 64. Additionally, while Questrade's app saves chart drawings automatically, Interactive Brokers does not provide this convenience.
When it comes to watchlists, both platforms allow users to create them with real-time quotes, ensuring you stay updated on your investments. For those seeking top-rated apps, Interactive Brokers shines with a five-star mobile trading app rating and is ranked #4 out of 63 brokers by ForexBrokers.com. Meanwhile, Questrade, rated at four stars, holds the #34 spot in the same ranking. Everything considered, both apps serve their users efficiently, but depending on your preferences, you might find the broader suite of technical tools in Interactive Brokers more appealing.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 97 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Interactive Brokers to Questrade for market research, Interactive Brokers stands out with comprehensive offerings that cater to investors seeking in-depth analysis. Interactive Brokers provides daily market commentary and top-tier forex news from sources like Bloomberg and Reuters. They enhance the trading experience with tools from Trading Central and a sentiment-based trading tool, which gives insights into market moods. Moreover, access to Acuity Trading research tools and an economic calendar ensures that investors remain informed about global events. Additionally, Interactive Brokers integrates market research from TipRanks, making their suite robust enough to earn a 5-star research rating and a top-three rank out of 63 brokers on ForexBrokers.com.
Conversely, Questrade, while solid, offers a more limited scope in its market research capabilities. Although it includes tools from Autochartist and Trading Central and shares market insights via TipRanks and an economic calendar, it lacks daily market commentary and does not provide news from leading forex outlets. Furthermore, the absence of sentiment analysis tools and Acuity Trading resources results in a less comprehensive research suite. As such, Questrade holds a 3.5-star rating for research and a rank of 51 on ForexBrokers.com, demonstrating a significant contrast in market research offerings compared to Interactive Brokers.
| Feature |
Interactive Brokers
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | Yes | Yes |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Interactive Brokers and Questrade both provide comprehensive educational resources for those eager to learn about trading. Both platforms offer at least 10 educational pieces focusing on forex and CFDs, making them viable options for new traders focused on this area. They also provide a searchable archive of recorded webinars and a substantial collection of beginner educational videos. However, Interactive Brokers distinguishes itself by offering monthly online educational webinars, which Questrade does not currently provide.
For traders seeking more advanced knowledge, Interactive Brokers excels by offering at least 10 advanced videos tailored for seasoned traders, whereas Questrade falls short in this category. Interactive Brokers further enhances its educational offerings with an investor dictionary featuring over 50 investing terms, a resource Questrade lacks. These factors contribute to Interactive Brokers receiving a higher education rating of 5 stars compared to Questrade's 3.5 stars. Their commitment to education is underscored by Interactive Brokers' impressive ranking as the 3rd best education provider out of 63 brokers, while Questrade ranks 36th.
| Feature |
Interactive Brokers
|
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 Interactive Brokers is better than Questrade. Interactive Brokers finished with an overall rank of #2, while Questrade finished with an overall rank of #32.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 86 |
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Interactive Brokers provides the option to purchase actual delivered cryptocurrency and cryptocurrency derivatives, whereas Questrade offers the ability to buy cryptocurrency derivatives but does not support purchasing actual delivered cryptocurrency.
Interactive Brokers supports ACH, SEPA, and bank wire transfers for deposits and withdrawals, whereas Questrade offers Visa or Mastercard and bank wire options but does not support ACH, SEPA, or PayPal transactions, aligning both brokers in bank wire availability while differing in card options and ACH/SEPA accessibility.
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 | Interactive Brokers | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | Questrade Review |
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| Regulation | Interactive Brokers | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| Year Founded | 1977 | 2000 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 9 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Interactive Brokers | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 641 | |
| Forex Pairs (Total) | 90 | 110 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| Cryptocurrency (Physical) | Yes | 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 | Interactive Brokers | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | N/A | |
| All-in Cost EUR/USD - Active | 0.59 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | No |
| Funding | Interactive Brokers | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 52 | |
| Charting - Indicators / Studies (Total) | 155 | 64 | |
| Charting - Drawing Tools (Total) | 85 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | Questrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 97 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Interactive Brokers | 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 | Interactive Brokers | 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 | Interactive Brokers Review | Questrade Review |
| Overall | Interactive Brokers | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | Questrade Review |
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