Written by ForexBrokers.com
In this head to head comparison of Questrade vs LegacyFX, 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 Questrade and LegacyFX, there are key distinctions related to their trust and regulation. Founded in 2000, Questrade has garnered a Trust Score of 86 out of 99 from ForexBrokers.com, classifying it as a trusted option. It holds two Tier-1 licenses, which are recognized as highly trusted by regulatory standards. In contrast, LegacyFX, established in 2012, has a Trust Score of 67, placing it in the high-risk category. LegacyFX holds one Tier-1 license, but does not have any Tier-2 licenses. Neither of the brokers are publicly traded companies, nor are they considered banks.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Year Founded | 2000 | 2012 |
| Publicly Traded (Listed) | ||
| Bank | ||
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing Questrade and LegacyFX for their commissions and fees, there are distinct differences to consider. Questrade, unfortunately, offers relatively high target spreads on the EUR/USD currency pair at 1.9 pips, standing above the industry average. With a rating of 3 stars out of 5, Questrade is ranked 58th out of 63 brokers for the Commissions and Fees category according to ForexBrokers.com, indicating it might not be the most cost-effective option for traders especially focused on minimizing spreads.
On the other hand, LegacyFX presents a diverse selection of account types, which differs between its European Union-regulated entity and its international entity in Vanuatu. For EU residents, LegacyFX provides three account options—Silver, Gold, and Platinum—with minimum deposits ranging from $500 to $25,000, each offering progressively lower spreads. The Vanuatu entity offers a broader selection with seven account types, starting from the Standard account at $500 to the VIP account at $50,000. Unfortunately, LegacyFX lacks average spread data, which makes comparison challenging; however, it manages a slightly better rating of 3.5 stars.
Despite the absence of average spread details, LegacyFX edges ahead in the ranking, coming in at 57th out of 63 brokers. Thus, while neither broker excels significantly, LegacyFX may offer the upper hand, particularly for clients willing to invest in higher-tier accounts that may afford them better trading conditions and customer support.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $250 | $500 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | Yes | |
| ACH or SEPA Transfers | ||
| PayPal (Deposit/Withdraw) | ||
| 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 Questrade to LegacyFX for their range of investments, Questrade stands out with its broader selection. Offering an impressive 641 tradeable symbols compared to LegacyFX's 425, Questrade provides a wider array of investment opportunities. Both platforms allow for trading forex as either CFDs or spot contracts, but Questrade has a significant edge with 110 forex pairs available, compared to LegacyFX's 44. A major advantage for Questrade is its access to exchange-traded securities on U.S. and international exchanges, offering investors the chance to purchase stocks like Apple and Vodafone. This feature is notably absent in LegacyFX's offerings.
While LegacyFX supports copy trading, a feature not provided by Questrade, both brokers allow trading of cryptocurrency derivatives, though not the actual cryptocurrency. Despite LegacyFX’s focus on social trading, Questrade's extensive investment options earn it a higher rating for Range of Investments—5 stars compared to LegacyFX's 3.5 stars. This breadth of options places Questrade 11th in the Range of Investments category according to ForexBrokers.com, whereas LegacyFX ranks 48th among 63 brokers. This makes Questrade a more preferable choice for those seeking a diverse portfolio.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 425 |
| Forex Pairs (Total) | 110 | 44 |
| U.S. Stock Trading (Non CFD) | Yes | |
| Int'l Stock Trading (Non CFD) | 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 the trading platforms and tools of Questrade and LegacyFX, it's clear that both brokers offer some appealing features, yet cater to different user needs. Questrade provides simulated (paper) trading with a free virtual demo account, making it a solid choice for beginners wanting to practice without risk. Their in-house developed proprietary platform supports a download option for Windows, ensuring comprehensive accessibility alongside their web-based trading. With 20 available drawing tools and a hefty 52 columns for watch lists, Questrade offers extensive charting and organizational capabilities, though they lack copy trading and MetaTrader 4 support. Their trading tools earn a rating of 4 stars and a ranking of #34 out of 63 brokers in the Trading Platforms and Tools category on ForexBrokers.com.
On the other hand, LegacyFX also offers a free virtual demo account and supports a Windows-based desktop platform, catering similarly to different user scenarios. Although LegacyFX doesn’t boast a proprietary platform, it offers copy trading and supports MetaTrader 5, appealing to those who value these specific functionalities. Their web-based platform complements their 15 charting drawing tools, and users can trade directly from stock charts, though with fewer options for customizing watch lists with only 7 columns. With a 3.5-star rating and a lower ranking at #60, LegacyFX provides a reliable yet slightly less versatile platform compared to Questrade.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| 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) | ||
| MetaTrader 5 (MT5) | Yes | |
| DupliTrade | Yes | |
| ZuluTrade | ||
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 52 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Questrade and LegacyFX provide iPhone and Android apps for traders on the go. Users can benefit from stock or forex price alerts on both platforms. However, a key advantage of Questrade's app is its seamless watchlist syncing feature, which keeps your watchlists updated across devices. Questrade also stands out with 64 technical studies for charting, compared to LegacyFX's 30 studies. Both apps allow you to draw trendlines, view multiple time frames, and autosave your chart drawings, adding layers of convenience for mobile traders.
For real-time insights, both apps support creating watchlists with live quotes. When it comes to ratings, Questrade's mobile app scores slightly higher, with a four-star rating, while LegacyFX holds a 3.5-star rating. In terms of industry rankings by ForexBrokers.com, Questrade places at #34, while LegacyFX is positioned at #61 out of 63 brokers, possibly reflecting broader satisfaction with Questrade's mobile trading experience. Overall, traders looking for a feature-rich app may find Questrade's offering more aligned with their needs.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| 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 Questrade and LegacyFX, it's apparent that each broker has its own strengths. LegacyFX stands out by providing daily market commentary and delivering Forex news from top-tier sources such as Bloomberg and Reuters, which is an advantage for traders wishing to stay updated with the latest financial market developments. On the other hand, Questrade offers unique tools, including market research from TipRanks and Trading Central's technical analysis options, which might be appealing to those seeking diverse analytical insights. Both brokers provide an economic calendar that features global news events, helping traders plan around significant economic releases.
Both Questrade and LegacyFX shine when it comes to offering technical analysis tools from Autochartist, showing their commitment to supporting traders with high-quality research utilities. However, neither broker offers sentiment-based trading tools or tools from Acuity Trading. With 3.5-star ratings for research, both brokers provide a respectable range of resources, although LegacyFX holds a slightly higher position, ranking 46th compared to Questrade's 51st place in ForexBrokers.com's research category ranking. This comparison suggests that while both platforms offer substantial research tools, your choice might depend on the specific features you prioritize.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | |
| Social Sentiment - Currency Pairs | ||
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both Questrade and LegacyFX offer a solid foundation in forex and CFDs education, providing a variety of articles, videos, and webinars. Users can benefit from more than ten educational pieces in each platform, offering a comprehensive introduction to forex and CFDs trading. While Questrade and LegacyFX both grant access to searchable archives of past webinars, only LegacyFX takes it a step further by hosting online client webinars at least once a month. Both platforms are equipped with over ten beginner-focused videos, ensuring newcomers have ample resources to kickstart their trading journey.
For advanced traders, LegacyFX edges out Questrade by offering at least ten videos dedicated to more advanced topics, while Questrade's content seems oriented more towards beginners. Additionally, LegacyFX provides an investor dictionary featuring over 50 terms, a resource not indicated to be available from Questrade. In terms of overall educational ratings, both brokers share a score of 3.5 stars, with LegacyFX narrowly outperforming Questrade in the ForexBrokers.com rankings, 35th compared to 36th out of 63 brokers. Nonetheless, for those just starting, either broker delivers valuable learning opportunities appropriate for beginner traders.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| 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 Questrade is better than LegacyFX. Questrade finished with an overall rank of #32, while LegacyFX finished with an overall rank of #63.
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
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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
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Questrade does not provide the option to purchase actual delivered cryptocurrency but does offer the ability to invest in cryptocurrency derivatives, whereas LegacyFX also does not support buying actual delivered cryptocurrency but allows investment through cryptocurrency derivatives.
While Questrade does not support ACH, SEPA, PayPal, or Skrill for fund transactions but does offer Visa, Mastercard, and bank wires, LegacyFX also provides Visa, Mastercard, bank wires, and the additional option to use Skrill for depositing or withdrawing account funds.
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 | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | Questrade Review | LegacyFX Review |
| Broker Screenshots | Questrade | LegacyFX | |
|---|---|---|---|
| Broker Gallery (click to expand) |
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| Regulation | Questrade | LegacyFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2000 | 2012 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | 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 | LegacyFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | |||
| 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) | Questrade | LegacyFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | Questrade | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 425 | |
| Forex Pairs (Total) | 110 | 44 | |
| U.S. Stock Trading (Non CFD) | Yes | ||
| Int'l Stock Trading (Non CFD) | 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 | Questrade | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | Yes | ||
| Inactivity Fee | |||
| Execution: Agency Broker | Yes | ||
| Execution: Market Maker | Yes |
| Funding | Questrade | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $250 | $500 | |
| PayPal (Deposit/Withdraw) | |||
| Skrill (Deposit/Withdraw) | Yes | ||
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers |
| Trading Platforms | Questrade | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | ||
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | |||
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | |||
| DupliTrade | Yes | ||
| ZuluTrade |
| Trading Tools | Questrade | LegacyFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 52 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Questrade | LegacyFX | |
|---|---|---|---|
| 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 | 64 | 30 | |
| 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 | Questrade | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | ||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | ||
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | |||
| Economic Calendar | Yes | Yes |
| Education | Questrade | LegacyFX | |
|---|---|---|---|
| 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 | Questrade | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX Review |
| Overall | Questrade | LegacyFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | Questrade Review | LegacyFX Review |
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