Written by ForexBrokers.com
In this head to head comparison of Questrade vs Octa, 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, established in 2000, is a reliable online broker with an impressive ForexBrokers.com Trust Score of 86, placing it in the 'trusted' category. With two Tier-1 licenses, it demonstrates a strong commitment to maintaining high regulatory standards. Although Questrade is not publicly traded and doesn't operate as a bank, its regulatory credentials offer traders confidence in its services.
Founded in 2011, Octa has a ForexBrokers.com Trust Score of 72, categorizing it as having an 'average risk'. While not publicly traded or a bank, Octa has secured one Tier-1 license and one Tier-2 license, showing a reasonable level of trustworthiness. Despite a lower trust score compared to Questrade, Octa provides a reliable trading platform for users looking for regulated brokerage services.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| Year Founded | 2000 | 2011 |
| Publicly Traded (Listed) | ||
| Bank | ||
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When it comes to commissions and fees, Questrade and Octa present distinct differences that may influence your choice between these online brokers. Questrade is known for its higher target spreads, particularly on the EUR/USD pair, where the spread is 1.9 pips. This rate is above the industry average, earning Questrade a modest 3-star rating and a #58 ranking out of 63 brokers by ForexBrokers.com. Such pricing highlights Questrade as a potentially less attractive option for those seeking competitive spreads.
On the other hand, Octa demonstrates significant improvements in its pricing structure, aiming to compete with the lowest-cost MetaTrader brokers. Octa offers an average spread of 0.5 pips for the EUR/USD pair under its EU entity, though international clients might experience slightly higher spreads at 0.9 pips. Despite the variations, Octa is praised for its 97.5% slippage-free executed orders and absence of overnight carry costs. With these benefits, Octa secures a 4-star rating and ranks #29 in the Commissions and Fees category, showcasing its efforts to provide cost-effective options for traders.
Both brokers have unique account structures; Octa offers different spreads and account types depending on the region. Always consider which entity regulates your account, as this will affect your trading costs with Octa. While Questrade's higher spreads may deter cost-conscious traders, Octa's transparent pricing strategy and improvement in cost efficiency make it a competitive choice for traders looking for more affordable trading conditions.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| Minimum Deposit | $250 | $25 |
| Average Spread EUR/USD - Standard | N/A | 0.9 |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | ||
| 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.
Questrade and Octa both offer a variety of investment opportunities, but there are notable differences in their offerings. Questrade provides access to 641 tradeable symbols, including 110 forex pairs, making it an attractive choice for those interested in a wide range of options. Octa, on the other hand, offers 300 tradeable symbols, with only 35 forex pairs available. Both platforms provide forex trading as CFDs or spot contracts, and allow investing in cryptocurrency derivatives. However, when it comes to traditional exchange-traded securities on U.S. exchanges, Questrade offers the advantage of buying shares directly, whereas Octa does not. Both brokers allow trading on international exchanges.
For investors interested in copy trading, Octa stands out as it includes this feature, while Questrade does not. In terms of ratings, Questrade receives a high rating of 5 stars for the range of investments, placing it at #11 out of 63 brokers, according to ForexBrokers.com. Octa is rated at 3.5 stars and ranked #52 in the same category. Therefore, Questrade might be the preferable choice for those seeking diverse investment options, while Octa could cater to traders interested in copy trading.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 300 |
| Forex Pairs (Total) | 110 | 35 |
| U.S. Stock Trading (Non CFD) | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | 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.
Questrade and Octa provide extensive options for traders looking to engage with their platforms. Both brokers offer virtual demo accounts, letting users practice trading without financial risk. Additionally, each provides a proprietary platform for those seeking a unique trading experience. Whether you're at a desk or on the go, their Windows-based and web-based platforms ensure accessibility. Notably, Octa extends its capabilities by supporting MetaTrader 4 and 5, offering a diverse trading experience for users preferring these well-regarded platforms, while Questrade integrates with DupliTrade to cater to traders interested in automated strategies.
When it comes to trading tools, differences become more apparent. Questrade stands out with the ability to customize watch lists with 52 fields, compared to Octa's seven. Charting tools vary too, as Questrade brings a slight edge with 20 drawing tools compared to Octa's 15. Both brokers let users trade directly from charts, providing a seamless experience. Rated similarly at four stars for trading platforms and tools, Questrade and Octa rank close on the ForexBrokers.com scale, with Questrade slightly ahead at number 34 and Octa at 37, illustrating that while both brokers provide a solid trading environment, small differences may influence trader preference.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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) | 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.
When comparing the mobile trading apps of Questrade and Octa, both platforms offer comprehensive experiences for iPhone and Android users. They provide crucial features like stock and forex price alerts and the ability to draw trendlines and view multiple time frames on charts. However, Questrade stands out with its ability to sync watchlist symbols between the app and the online account, a feature not mentioned for Octa. Additionally, Questrade offers more charting options, boasting 64 technical studies compared to Octa's 30.
Despite these differences, both apps allow users to create watchlists with real-time quotes and automatically save chart drawings. In user ratings, both received 4 stars out of 5 for their mobile trading platforms. According to ForexBrokers.com, Questrade ranks slightly higher at 34th place, with Octa following closely at 36th out of 63 brokers. This suggests that while both apps are well-regarded, Questrade may offer a few more features that could enhance the trading experience for those looking for comprehensive charting tools and seamless integration across devices.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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 Questrade and Octa, it's clear that both provide valuable tools for traders, yet their offerings differ in several respects. Octa shines with its daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters, making it ideal for traders seeking timely updates. On the other hand, Questrade does not offer daily commentaries or such high-level forex news. However, both platforms provide access to Autochartist tools, empowering users with advanced technical and fundamental analysis capabilities.
For those interested in additional resources, Questrade offers market research from TipRanks and tools from Trading Central, providing traders with diverse insights for making informed decisions. Although Octa lacks these specific resources, it compensates with a slightly higher overall research rating of 4 stars compared to Questrade's 3.5 stars. Additionally, both brokers equip users with economic calendars for global news tracking. Given these differences, Octa is ranked #27, while Questrade holds the #51 spot for research on ForexBrokers.com, indicating a stronger research emphasis from Octa.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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 comparing the educational resources for beginners between Questrade and Octa, both brokers offer a commendable range of materials to help new traders. Questrade provides more than ten educational pieces on forex and CFDs, including articles, videos, and archived webinars. While they do offer a searchable archive of client webinars, they don't conduct regular monthly webinars. Beginners can benefit from over ten videos tailored to their needs, though more advanced traders might find the lack of advanced content limiting. In contrast, Octa supports beginners with a similar collection of forex and CFDs materials, along with monthly online webinars. They also boast an archive of past webinars for further learning.
Octa stands out by offering both beginner and advanced educational videos, broadening its appeal to a wider audience. Additionally, Octa includes an investor dictionary with over 50 terms, which can be particularly useful for those new to investing. In terms of ratings, Questrade scores 3.5 stars for its educational offerings, while Octa edges slightly higher at 4 stars. Despite this, Questrade ranks 36th out of 63 brokers in the Education category on ForexBrokers.com, whereas Octa ranks 42nd. Both brokers provide valuable educational content, but Octa's comprehensive approach and regular webinars offer a slight edge for traders seeking a more diverse learning experience.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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 Octa. Questrade finished with an overall rank of #32, while Octa finished with an overall rank of #47.
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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Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 72 |
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While both Questrade and Octa provide options for purchasing cryptocurrency derivatives, neither offers the capability to buy actual delivered cryptocurrency.
When comparing online brokers, Questrade and Octa, neither offer ACH or SEPA transfers, both do not support PayPal, only Octa supports Skrill, while both provide the option of Visa or Mastercard and bank wire transfers 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 | Octa | |
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| Trust Score | 86 | 72 | |
| Winner | check_circle | ||
| Review | Questrade Review | Octa Review |
| Broker Screenshots | Questrade | Octa | |
|---|---|---|---|
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| Regulation | Questrade | Octa | |
|---|---|---|---|
| Trust Score | 86 | 72 | |
| Year Founded | 2000 | 2011 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Questrade | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | Questrade | Octa | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 300 | |
| Forex Pairs (Total) | 110 | 35 | |
| U.S. Stock Trading (Non CFD) | Yes | ||
| Int'l Stock Trading (Non CFD) | Yes | 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 | Octa | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | 0.9 | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | |||
| Inactivity Fee | |||
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes |
| Funding | Questrade | Octa | |
|---|---|---|---|
| Minimum Deposit | $250 | $25 | |
| 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 | Octa | |
|---|---|---|---|
| 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 | Questrade | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | Octa Review |
| Overall | Questrade | Octa | |
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| Trust Score | 86 | 72 | |
| Winner | check_circle | ||
| Review | Questrade Review | Octa Review |
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