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 | 1.61 | N/A |
| All-in Cost EUR/USD - Active | 1.61 | 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.
When comparing OANDA to Questrade in terms of investment options, both brokers offer forex trading as CFDs or spot contracts, indicating some common ground. However, OANDA provides a greater selection of tradable symbols with 3,928 options, compared to Questrade's 641. Yet, Questrade leads in the number of available forex pairs, offering 110 compared to OANDA's 68. While OANDA gives traders the ability to dive into copy trading and invest in both actual cryptocurrencies and their derivatives, it lacks access to exchange-traded securities on both U.S. and international markets. This is an area where Questrade excels, providing investors the chance to buy stocks like Apple and shares on international exchanges such as Vodafone.
Despite OANDA's impressive range of cryptocurrency offerings, Questrade outshines it with a broader selection of investment types. While OANDA is rated 4 stars for its range of investments, Questrade receives a higher rating of 5 stars, highlighting its wider reach in investment choices, particularly with access to more conventional stock markets. Rankings by ForexBrokers.com support this, placing Questrade at #11 in the Range of Investments category compared to OANDA's #27, showcasing Questrade's stronger standing in providing an extensive array of investment opportunities.
| 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) | No | Yes |
| Int'l Stock Trading (Non CFD) | No | 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.
OANDA and Questrade both offer a range of features through their proprietary trading platforms, catering to diverse trader needs. Both brokers provide web-based and Windows desktop platforms, making trading accessible and convenient for a wide user base. Simulated trading is also available with both brokers, allowing users to practice without risk. When it comes to popular third-party platforms, OANDA stands out by offering both MetaTrader 4 and MetaTrader 5, which Questrade does not support. Additionally, OANDA provides copy trading capabilities, giving users the opportunity to follow and mimic the trades of successful investors, a feature not available on Questrade. On the other hand, Questrade offers DupliTrade for automated trading, which OANDA does not support.
Charting tools and watchlist customization vary significantly between the two brokers. OANDA excels in the number of drawing tools for charting, offering 431 options compared to Questrade's 20. However, Questrade takes the lead in the watchlist department, with 52 customizable fields against OANDA's 6. Both brokers enable traders to execute trades directly from stock charts, adding an extra layer of convenience. With both receiving a four-star platform rating, OANDA is ranked higher at number 15 by ForexBrokers.com among 63 brokers, while Questrade is positioned at number 34. This comparison highlights each broker's strengths, allowing traders to choose the platform that best fits their trading style and needs.
| 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) | 81 | 64 |
| Charting - Drawing Tools (Total) | 431 | 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 market research offerings, OANDA clearly stands out against Questrade. OANDA provides daily market commentary and forex news from top-tier sources such as Bloomberg and Reuters. In terms of technical analysis and research tools, OANDA utilizes Autochartist, paired with a sentiment-based trading tool for comprehensive market insights. Additionally, OANDA provides an economic calendar displaying significant global events, helping traders stay updated. On the other hand, Questrade lacks daily market commentary and top-tier forex news, but includes tools from companies like Autochartist and Trading Central. While it offers market research from TipRanks, Questrade does not include a sentiment-based trading tool.
OANDA's focus on comprehensive market intelligence is reflected in its research rating of 5 stars, ranking 5th out of 63 brokers on ForexBrokers.com. Conversely, Questrade earns a lower research rating of 3.5 stars and ranks 51st on the same platform. This disparity highlights OANDA's superior ability to equip traders with valuable insights and tools, fostering an informed trading experience.
| Feature |
OANDA
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| 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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|---|---|---|
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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 | No | |
| 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 | 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 | 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 | 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) | No | Yes | |
| Int'l Stock Trading (Non CFD) | No | 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 | 1.61 | N/A | |
| All-in Cost EUR/USD - Active | 1.61 | 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) | 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 | 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 | No | |
| 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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