Written by ForexBrokers.com
In this head to head comparison of OANDA vs Questrade, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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When comparing the online brokers OANDA and Questrade, both offer unique strengths in terms of trustworthiness and regulatory compliance. OANDA, established in 1996, is recognized with a high Trust Score of 93 out of 99, denoting a highly trusted standing according to ForexBrokers.com ratings. Its credibility is reinforced by holding seven Tier-1 licenses, underscoring its commitment to adhering to stringent regulatory standards. Despite its non-publicly traded status and not being a bank, OANDA’s extensive regulatory backing enhances its reputation among users.
Questrade, founded in 2000, is another reliable choice with an admirable Trust Score of 86, indicating trustworthiness in the online brokerage realm. Holding two Tier-1 licenses, Questrade meets significant regulatory criteria. Similar to OANDA, Questrade is not publicly traded and does not operate as a bank, yet it remains a trusted platform for traders. Both brokers focus on ensuring regulatory compliance and earning user trust, although OANDA's larger number of Tier-1 licenses provides it a more pronounced edge in terms of regulatory assurance.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Year Founded | 1996 | 2000 |
| Publicly Traded (Listed) | ||
| Bank | ||
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
When evaluating the commissions and fees of online brokers OANDA and Questrade, it's clear that both have unique offerings. OANDA's forex trading costs can be on the pricier side, with higher effective spreads in its default and core pricing compared to top brokers. However, OANDA's main strength lies in its automated execution and the flexibility of trading down to 1 unit, significantly smaller than traditional micro lots. Additionally, OANDA offers an Elite Trader program with rebates and other benefits for high-volume traders. With a 4-star rating and a ranking of #34 out of 63 brokers from ForexBrokers.com, OANDA is a solid option with transparent pricing efforts.
Meanwhile, Questrade presents a slightly higher target spread of 1.9 pips on popular pairs like EUR/USD, which is considered steep compared to the industry average. This factor contributes to its 3-star rating and a #58 ranking by ForexBrokers.com for commissions and fees. Prospective traders should consider these numbers when choosing a platform, as Questrade's pricing might be less competitive for those trading frequently or in high volumes.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 1.61 | N/A |
| All-in Cost EUR/USD - Active | 1.61 | N/A |
| Active Trader or VIP Discounts | Yes | |
| ACH or SEPA Transfers | Yes | |
| 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 available through OANDA and Questrade, there are notable differences catering to diverse trading needs. Both platforms support forex trading, offering CFDs or spot contracts. OANDA boasts a larger number of tradeable symbols, with 3,928 options to Questrade's 641. However, Questrade provides a greater selection of forex pairs, featuring 110 compared to OANDA's 68. For traders looking into exchange-traded securities, Questrade offers access to both U.S. and international exchanges, enabling trades of stocks like Apple and Vodafone, a feature that is not available through OANDA.
In terms of cryptocurrency, OANDA allows clients to buy actual cryptocurrencies alongside derivative options, a flexibility that Questrade does not offer. OANDA also supports copy trading, enhancing its appeal to certain traders. Despite some advantages offered by OANDA, it is rated 4 out of 5 stars for its range of investments, ranking 27th out of 63 brokers. In contrast, Questrade is rated higher at 5 stars, ranking 11th in the same category, suggesting a broader and potentially more appealing investment range for diverse trading strategies.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 3928 | 641 |
| Forex Pairs (Total) | 68 | 110 |
| U.S. Stock Trading (Non CFD) | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | |
| Social Trading / Copy Trading | Yes | |
| Cryptocurrency (Physical) | Yes | |
| 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 OANDA and Questrade, both brokers offer a range of features for traders seeking powerful trading platforms and tools. Both provide a free virtual demo account, which is essential for beginners and seasoned traders wanting to test strategies without risk. They also offer proprietary platforms, developed in-house, as well as web-based and Windows desktop download options, ensuring users can access their accounts from almost any device. While both brokers have the capability for trading directly from stock charts, OANDA stands out with copy trading and support for popular platforms like MetaTrader 4 and 5, whereas Questrade does not currently offer these features.
OANDA impresses with an extensive set of drawing tools for charting— 431 in total— compared to Questrade's 20. Conversely, Questrade provides enhanced watchlist customizations with 52 columns for fields, overshadowing OANDA's six. In terms of third-party integrations, Questrade supports DupliTrade, offering additional options for those interested in automated trading services. While both brokers receive a solid rating of four stars for their trading platforms and tools, OANDA is ranked higher at 15 out of 63 brokers compared to Questrade's 34, highlighting its strong presence in the trading community.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | 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 | ||
| Charting - Indicators / Studies (Total) | 81 | 64 |
| Charting - Drawing Tools (Total) | 431 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 52 |
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Both OANDA and Questrade provide comprehensive mobile trading apps for iPhone and Android users, making them accessible options for traders on the go. They each offer essential features like stock and forex price alerts, real-time quote watchlists, and the ability to draw trendlines on charts. Additionally, both apps allow users to view multiple time frames for their charts and automatically save any drawings made. However, a notable difference is in their charting capabilities; OANDA supports 30 technical studies while Questrade boasts a broader range of 64 studies. Both platforms also support seamless syncing of watchlists with clients' online accounts, offering a cohesive trading experience.
When it comes to user ratings and industry rankings, there are distinctions to note. OANDA's mobile app stands out with a 5-star rating and is ranked #7 among 63 brokers by ForexBrokers.com, reflecting strong user satisfaction and competitive functionality. In comparison, Questrade's app holds a 4-star rating and is positioned at #34 in the same ranking, indicating room for improvement to reach the upper echelons of mobile trading experiences. Ultimately, OANDA may appeal more to those seeking a highly-rated and well-ranked mobile app, while Questrade could attract users interested in its extensive range of technical analysis tools.
| Feature |
OANDA
|
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.
OANDA and Questrade both offer useful market research tools, but their approaches differ in several ways. OANDA provides daily market commentary and forex news from prominent sources like Bloomberg and Reuters. The platform also includes Autochartist's technical analysis tools and a sentiment-based trading tool that reveals market insights on currency pairs. Additionally, OANDA includes an economic calendar to track global events, positioning it well in terms of comprehensive market information, earning a 5-star research rating and ranking 5th out of 63 brokers by ForexBrokers.com.
Questrade, on the other hand, offers daily market commentary and includes tools from Autochartist and Trading Central for technical analysis. It also provides market research through TipRanks. While it has an economic calendar similar to OANDA, it does not include some of the advanced insights such as sentiment-based trading tools. Questrade holds a respectable 3.5-star research rating, but its overall ranking is 51st out of 63 brokers. This makes it a solid choice for traders who value Autochartist and Trading Central tools, yet it may not offer the same breadth of market insights as OANDA.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | |
| Social Sentiment - Currency Pairs | Yes | |
| 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, OANDA and Questrade both provide helpful material but differ in some key areas. OANDA offers a range of forex and CFD education through more than ten educational pieces such as articles and videos, alongside monthly client webinars which are recorded and easily accessible in a searchable archive. They also provide a comprehensive beginner's guide with more than ten videos specifically designed for newcomers to trading. Furthermore, OANDA includes an advanced educational section for experienced traders and an investor dictionary with over 50 defined investing terms.
Questrade, on the other hand, offers a substantial amount of educational content too, with over ten articles and videos focused on forex and CFDs, as well as a searchable archive of webinars. They also feature a collection of beginner videos similar to OANDA's, ensuring novices get a well-rounded introduction to trading. However, Questrade does not provide regular monthly webinars or an advanced video section specifically targeting experienced traders. Additionally, they lack an extensive investor dictionary. These differences are reflected in their ratings, with OANDA receiving five stars for education, while Questrade receives a rating of 3.5 stars, ranking #22 and #36 out of 63 brokers, respectively, in the Education category by ForexBrokers.com.
| Feature |
OANDA
|
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 OANDA is better than Questrade. OANDA finished with an overall rank of #12, while Questrade finished with an overall rank of #32.
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
| Feature |
OANDA
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Questrade
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|---|---|---|
| Overall Rating |
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| Trust Score | 93 | 86 |
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OANDA and Questrade both provide the option to buy cryptocurrency derivatives, but only OANDA allows the purchase of actual delivered cryptocurrency, enhancing its offering for cryptocurrency investors compared to Questrade.
OANDA and Questrade both provide Visa, Mastercard, and bank wires as options for depositing and withdrawing account funds, but OANDA additionally offers ACH, SEPA transfers, PayPal, and Skrill, while Questrade does not include these options.
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 | OANDA | Questrade | |
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| Trust Score | 93 | 86 | |
| Winner | check_circle | ||
| Review | OANDA Review | Questrade Review |
| Broker Screenshots | OANDA | Questrade | |
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| Regulation | OANDA | Questrade | |
|---|---|---|---|
| Trust Score | 93 | 86 | |
| Year Founded | 1996 | 2000 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | OANDA | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | ||
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | |||
| Japan (SFC Authorised) | Yes | ||
| Singapore (MAS Authorised) | Yes | ||
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | ||
| USA (CFTC Authorized) | Yes | ||
| New Zealand (FMA Authorised) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes |
| Tier-2 Licenses (Trusted) | OANDA | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | OANDA | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 3928 | 641 | |
| Forex Pairs (Total) | 68 | 110 | |
| U.S. Stock Trading (Non CFD) | Yes | ||
| Int'l Stock Trading (Non CFD) | Yes | ||
| Social Trading / Copy Trading | Yes | ||
| Cryptocurrency (Physical) | Yes | ||
| 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 | OANDA | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.61 | N/A | |
| All-in Cost EUR/USD - Active | 1.61 | N/A | |
| Active Trader or VIP Discounts | Yes | ||
| Inactivity Fee | Yes | ||
| Execution: Agency Broker | Yes | ||
| Execution: Market Maker | Yes |
| Funding | OANDA | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $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 | Yes |
| Trading Platforms | OANDA | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | |||
| DupliTrade | Yes | ||
| ZuluTrade |
| Trading Tools | OANDA | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 52 | |
| Charting - Indicators / Studies (Total) | 81 | 64 | |
| Charting - Drawing Tools (Total) | 431 | 20 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | OANDA | 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 | OANDA | Questrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | ||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | ||
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | ||
| Economic Calendar | Yes | Yes |
| Education | OANDA | 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 | OANDA | 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 | OANDA Review | Questrade Review |
| Overall | OANDA | Questrade | |
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| Trust Score | 93 | 86 | |
| Winner | check_circle | ||
| Review | OANDA Review | Questrade Review |
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