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.
Questrade and LegacyFX offer online brokerage services, but they differ significantly in their regulatory standing. Established in 2000, Questrade holds two Tier-1 licenses, making it a reputable choice for investors. With a Trust Score of 86 from ForexBrokers.com, Questrade is classified as a trusted broker, offering its users a relatively secure trading environment despite not being publicly traded or a bank.
LegacyFX, founded in 2012, holds one Tier-1 license. It has a ForexBrokers.com Trust Score of 67, placing it in the high-risk category. Like Questrade, LegacyFX isn't publicly traded or a bank, but its lower Trust Score suggests a greater degree of caution may be warranted for prospective customers. Both platforms remain unlisted on any stock exchanges, yet they cater to their clients with distinctive regulatory credentials in the online trading space.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Year Founded | 2000 | 2012 |
| 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 |
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 | No | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| 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 investments available at Questrade and LegacyFX, Questrade stands out as a highly versatile platform. Questrade offers trading in both forex CFDs and spot contracts, providing access to 641 tradeable symbols total, including an impressive 110 forex pairs. In addition to forex, Questrade allows users to invest in exchange-traded securities on both U.S. and international exchanges, enabling clients to purchase shares of major companies like Apple and Vodafone. While Questrade does not support copy trading, it does offer cryptocurrency derivatives, though it does not provide options for buying actual cryptocurrencies.
LegacyFX, on the other hand, provides a more limited selection with 425 tradeable symbols and 44 forex pairs available for trading. Like Questrade, LegacyFX offers forex trading through CFDs and spot contracts and also includes cryptocurrency derivatives. However, LegacyFX does not allow users to buy exchange-traded securities on U.S. or international markets, which may restrict some investment options. An advantage for those interested in social trading is LegacyFX's copy trading feature, which Questrade lacks. Rated 3.5 stars compared to Questrade's 5 stars for the range of investments, LegacyFX ranks lower, positioned at #48 out of 63 brokers, while Questrade holds a strong #11 ranking by ForexBrokers.com for the same category.
| 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 | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| 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 LegacyFX, both brokers offer a simulated trading experience through free virtual demo accounts. Questrade stands out with its proprietary platform, which allows for a tailored trading environment, supporting a Windows-based desktop and a web-based platform. In contrast, while LegacyFX does not have a proprietary platform, it offers a web-based and desktop download trading platform compatible with Windows. For those interested in social trading, LegacyFX provides copy trading, whereas Questrade does not. Moreover, Questrade's platform includes DupliTrade for automated strategies, setting it apart from LegacyFX, which lacks this feature.
Despite LegacyFX offering MetaTrader 5 (MT5) for advanced trading operations, its platform is lacking in technical charting capabilities compared to Questrade, which provides more drawing tools. Furthermore, Questrade excels in features like trading directly from stock charts and offers a more comprehensive watch list capability with 52 columns. This rich set of features is reflected in its superior rating of 4 stars for trading platforms and tools, compared to LegacyFX's 3.5-star rating. Evaluations from ForexBrokers.com rank Questrade significantly higher at #34, leaving LegacyFX trailing at #60 among 63 brokers assessed for their trading platforms and tools.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | Yes | No |
| ZuluTrade | No | No |
| 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.
For traders seeking versatile mobile trading solutions, both Questrade and LegacyFX provide apps compatible with iPhone and Android devices, allowing users to stay connected on the go. Both platforms offer essential features like stock and forex price alerts, the ability to draw trendlines, and view multiple time frames on charts. However, Questrade distinguishes itself with a remarkable 64 technical studies for charting, compared to LegacyFX's 30, providing a more in-depth analysis experience. Additionally, Questrade's app syncs watchlist symbols with its online account and ranks higher for mobile app functionality, earning a four-star rating versus LegacyFX's 3.5-star score.
When it comes to ease of use, Questrade ensures the convenience of auto-saving drawings and creating real-time quote watchlists, matching LegacyFX's offerings in these areas. Despite this parity, Questrade's mobile app stands out with its superior ranking at #34 out of 63 brokers, as rated by ForexBrokers.com, whereas LegacyFX sits at #61. For traders who prioritize comprehensive charting tools and seamless integration between mobile and online platforms, Questrade emerges as the preferable choice. Meanwhile, LegacyFX remains a competitive option for those who may not require as extensive analytical capabilities.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| 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 considering market research offerings, Questrade and LegacyFX each present unique strengths for online traders. LegacyFX provides users with daily market commentary and forex news from leading sources such as Bloomberg and Reuters, which could be a crucial advantage for those interested in staying updated with real-time market happenings. Both platforms offer automated analysis from Autochartist, but Questrade takes an edge with additional tools from Trading Central, including Technical Analytics. While neither broker provides a sentiment-based trading tool or research from Acuity Trading, Questrade supports market insights from TipRanks, which LegacyFX does not.
Both brokers feature an economic calendar to help users track important global news events. They are equally rated with 3.5 stars for their research capabilities, yet they differ slightly in their market rankings. While LegacyFX holds the 46th position among 63 brokers in the Research category, Questrade is ranked 51st, according to ForexBrokers.com. This comparison highlights Questrade's strength in providing tools from renowned research companies and LegacyFX's comprehensive access to daily insights and top-tier news, offering different value propositions for traders focused on various aspects of market analysis.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | No | Yes |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners diving into the world of online trading, both Questrade and LegacyFX offer a variety of educational resources, though they differ in some areas. When it comes to forex and CFDs education, both platforms provide at least ten educational pieces, ensuring ample content for new traders. While LegacyFX conducts monthly online educational webinars, Questrade does not, though both offer searchable archives of recorded sessions. This can be helpful for those who prefer to learn at their own pace.
Both brokers offer educational videos for beginners, covering various trading topics to build foundational knowledge. However, LegacyFX goes a step further by providing advanced educational videos tailored for experienced traders, an opportunity Questrade does not provide. Additionally, LegacyFX includes an investor dictionary with over 50 terms, which Questrade lacks. These differences result in both brokers receiving the same education rating of 3.5 stars, with LegacyFX edging slightly ahead in overall rank for educational offerings.
| Feature |
Questrade
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | No | Yes |
| Investor Dictionary (Glossary) | No | 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
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
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Both Questrade and LegacyFX provide the capability to buy cryptocurrency derivatives, but neither platform offers the option to purchase actual delivered cryptocurrency.
While both Questrade and LegacyFX do not support ACH, SEPA, or PayPal for fund transfers, they both offer Visa, Mastercard, and bank wires, with LegacyFX providing an additional option of Skrill for deposit and withdrawal 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.
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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 | |
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| Regulation | Questrade | LegacyFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2000 | 2012 | |
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | No | |
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | 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 | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| 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 | 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 | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $250 | $500 | |
| PayPal (Deposit/Withdraw) | No | No | |
| 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 | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| 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 | No | |
| 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 | No | Yes | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | No | Yes | |
| Investor Dictionary (Glossary) | No | 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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