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.
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.
Founded in 1996, OANDA is a well-regarded online broker boasting a ForexBrokers.com Trust Score of 93 out of 99, reflecting its high level of trustworthiness. Although it isn't a publicly traded company or a bank, OANDA excels in regulatory strength with seven Tier-1 licenses, marking it as a highly trusted choice for traders seeking credibility and reliability.
Questrade, which came onto the scene in 2000, is also an online broker that operates privately, without public stock listings or banking status. With a ForexBrokers.com Trust Score of 86, Questrade is considered a trusted option, slightly under OANDA in terms of perceived trust. It holds two Tier-1 licenses, indicating a good level of regulatory oversight for maintaining user confidence.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Year Founded | 1996 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| 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 | 1.69 | N/A |
| All-in Cost EUR/USD - Active | 1.69 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | No |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Comparing OANDA vs Questrade on range of investments, both support forex trading as CFDs or spot contracts and let you buy exchange-traded securities on U.S. and international exchanges. OANDA lists 4,172 tradeable symbols, while Questrade offers 641. When it comes to currency markets, Questrade leads with 110 tradeable forex pairs versus OANDA’s 69.
For extras, OANDA offers copy trading and lets you buy and hold actual cryptocurrency, plus trade crypto derivatives; Questrade supports crypto derivatives but not delivered crypto and does not offer copy trading. According to ForexBrokers.com, OANDA is rated 4 stars and ranked #27 of 63 for Range of Investments, while Questrade earns 5 stars and ranks #11, reflecting a stronger overall lineup despite OANDA’s larger total symbol count.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 4172 | 641 |
| Forex Pairs (Total) | 69 | 110 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | 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 the trading platforms and tools offered by OANDA and Questrade, both brokers cater to traders with unique offerings that may influence your choice. OANDA stands out with its support for MetaTrader 4 and 5, offering seasoned traders a familiar interface and advanced features for forex trading. In addition, OANDA provides copy trading, allowing users to mimic the trades of successful investors, which can be a boon for those looking to learn or diversify their strategies. Both OANDA and Questrade excel in offering proprietary platforms that are accessible via Windows desktop download and web-based browsers, which ensures flexibility in trading. However, OANDA further differentiates itself with 74 drawing tools for charting, providing traders who rely on technical analysis with more resources. Versatility in their platform choice and the ability to trade directly from charts makes OANDA a strong contender for technologically savvy traders.
On the other hand, Questrade also offers a proprietary platform that is easy to navigate and user-friendly, making it an appealing choice for beginners. While it lacks support for MetaTrader and does not offer copy trading, Questrade does incorporate DupliTrade for users interested in automated trading strategies. Although Questrade offers fewer drawing tools (20) compared to OANDA, it compensates with a comprehensive watch list feature, supporting 52 columns for detailed market analysis. Both platforms offer free virtual demo accounts for practice trading. Despite these strengths, both brokers are rated four stars for their trading platforms and tools. However, in the broader analysis, OANDA ranks 15th out of 63 brokers, well ahead of Questrade's 34th rank, suggesting a slightly more favorable reception within 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 | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 89 | 64 |
| Charting - Drawing Tools (Total) | 74 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 6 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of OANDA and Questrade, both platforms offer apps for iPhone and Android devices, and they provide essential features like stock or forex price alerts and the ability to draw trendlines on charts. Users will find that both apps also allow viewing charts in multiple time frames and auto-save any drawings. OANDA, however, stands out with a higher rating of 5 stars for its mobile trading experience, ranking #7 out of 63 brokers. In contrast, Questrade received a 4-star rating, placing it at #34.
One of the key differences between the two is that Questrade offers watchlist symbol syncing, allowing any changes on the mobile app to reflect on the online account, which is not available with OANDA. Furthermore, Questrade provides an extensive selection of 64 technical studies for chart analysis, while OANDA offers 30. Both apps support creating watchlists with real-time quotes, ensuring traders have the tools they need to stay informed. While OANDA excels in overall user satisfaction, Questrade offers more comprehensive charting analysis features, catering to those who prioritize detailed technical tools.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | 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.
When comparing the market research offerings of OANDA and Questrade, there are distinct differences in their services. OANDA provides daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters, while Questrade does not. Both brokers offer technical analysis tools from Autochartist, but OANDA further enhances its research with sentiment-based trading tools, giving insights into market positions. Although neither offers tools from Acuity Trading, both platforms include an economic calendar for global events. Questrade, however, stands out by offering market research from TipRanks and tools from Trading Central, unlike OANDA.
In terms of rankings and ratings, OANDA excels with a 5-star research rating, placing it fifth out of 63 brokers according to ForexBrokers.com. Meanwhile, Questrade, with a 3.5-star research rating, ranks at 51. This data highlights OANDA's stronger research offerings overall, though Questrade provides distinct features for those seeking more in-depth stock analysis. Whether prioritizing extensive forex insights or diversified stock research, traders have clear choices depending on their needs.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When diving into the educational resources offered to beginners in online trading, both OANDA and Questrade provide a solid foundation with a wealth of forex and CFDs educational materials. Beginners can find over ten articles, videos, and recorded webinars on each platform. OANDA excels by offering monthly online educational webinars, in contrast to Questrade, which does not provide regular live sessions. Both platforms do, however, maintain a searchable archive of previous webinars to meet educational needs at any time. For those at the start of their trading journey, both brokers offer at least ten beginner-focused educational videos.
For more advanced traders, OANDA leads with over ten videos tailored to experienced traders, whereas Questrade does not meet this advanced video criterion. Supplementing the educational experience, OANDA also provides an investor dictionary with over 50 terms, a feature absent in Questrade's offerings. These educational differences are reflected in the ratings, with OANDA scoring 5 stars and Questrade at 3.5 stars. On ForexBrokers.com, OANDA is ranked 22nd out of 63 in the education category, surpassing Questrade, which holds the 36th position. Whether a beginner or a seasoned trader, OANDA's educational offerings appear to cater to a broader range of learning needs.
| Feature |
OANDA
|
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 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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| Trust Score | 93 | 86 |
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OANDA provides the capability to purchase both actual delivered cryptocurrency and cryptocurrency derivatives, whereas Questrade only allows the trading of cryptocurrency derivatives without the option to buy actual delivered cryptocurrency.
OANDA and Questrade can be compared based on their deposit and withdrawal methods, with OANDA offering a wider range of options including ACH or SEPA transfers, PayPal, Skrill, Visa or Mastercard, and bank wires, whereas Questrade supports only Visa or Mastercard and bank wires, excluding ACH or SEPA transfers, PayPal, and Skrill.
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 |
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| Regulation | OANDA | Questrade | |
|---|---|---|---|
| Trust Score | 93 | 86 | |
| Year Founded | 1996 | 2000 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| 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) | No | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | 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) | OANDA | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | 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 |
| Investments | OANDA | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 4172 | 641 | |
| Forex Pairs (Total) | 69 | 110 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | 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 | OANDA | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.69 | N/A | |
| All-in Cost EUR/USD - Active | 1.69 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | OANDA | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | No | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | OANDA | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | OANDA | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 6 | 52 | |
| Charting - Indicators / Studies (Total) | 89 | 64 | |
| Charting - Drawing Tools (Total) | 74 | 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 | No | 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 | No | |
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | OANDA | 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 | 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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