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, founded in 2000, and Octa, established in 2011, are both online brokers that are not publicly traded or classified as banks. In terms of regulatory credentials, Questrade holds two Tier-1 licenses which are highly trusted according to ForexBrokers.com standards. On the other hand, Octa has one Tier-1 license and one Tier-2 license, indicating a mix of high and moderate trust levels.
When considering trust scores provided by ForexBrokers.com, Questrade boasts a solid rating of 86 out of 99, placing it in the trusted category. Octa, however, receives a lower trust score of 72, which classifies it as an average risk broker. These ratings can help potential users evaluate the regulatory safety of these platforms while deciding which broker suits their investment needs best.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| Year Founded | 2000 | 2011 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| 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 | No | No |
| 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 Octa, it's clear that Questrade provides more extensive options. Questrade offers a wide array of 641 tradeable symbols, including 110 forex pairs, and allows investors to trade exchange-traded securities on both U.S. and international markets, including big names like Apple and Vodafone. On the other hand, Octa presents 300 tradeable symbols and 35 forex pairs, but does not offer the option to trade U.S. listed securities. Both platforms enable trading of cryptocurrency derivatives and forex through CFDs or spot contracts; however, they do not support the purchase of actual cryptocurrencies.
Questrade shines with a 5-star rating and an impressive #11 ranking for investment range among 63 brokers, according to ForexBrokers.com. Meanwhile, Octa holds a 3.5-star rating with a #52 ranking, reflecting more limited options. While Octa does offer unique features like copy trading, its narrower range of investment opportunities might restrict traders seeking broader market exposure. In contrast, Questrade's diverse offerings make it a strong choice for investors looking for variety in their trading options across multiple markets.
| 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 | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| 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 online brokers, Questrade and Octa both offer simulated trading accounts, making them accessible for traders wanting to practice without risks. They each provide a proprietary platform and support Windows-based desktop platforms as well as web-based trading options. While both brokers have impressive offerings, Octa stands out with support for popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as the addition of copy trading features. On the other hand, Questrade supports DupliTrade, appealing to users interested in automated strategy options, but does not support MT4 or MT5.
Questrade and Octa are well-equipped with tools for technical analysis. Octa offers 15 drawing tools, whereas Questrade goes slightly further with 20 for a richer charting experience. Both platforms allow trading directly from stock charts. In terms of watchlist customization, Questrade excels with 52 fields available compared to Octa's 7, providing a more comprehensive monitoring experience for traders. Ultimately, both brokers rate well with 4-star ratings for their trading platforms and tools, though Questrade is ranked slightly higher at #34 out of 63 brokers according to ForexBrokers.com, while Octa comes in at #37.
| 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 | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| 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.
When comparing the mobile trading apps of Questrade and Octa, both platforms cater to iPhone and Android users, ensuring easy access across devices. They offer essential features such as stock and forex price alerts, trendline drawing tools, and the ability to view multiple time frames on charts, accommodating the needs of active traders. Users can create customized watchlists with real-time quotes, but a significant difference lies in watchlist symbol syncing. Questrade provides seamless syncing of watchlists between the mobile app and online accounts, while Octa lacks this functionality.
Questrade's app shines by offering 64 technical studies for charting compared to Octa's 30. Both apps have features to auto-save drawings on charts and boast equal ratings of four stars for the mobile trading experience. When it comes to rankings by ForexBrokers.com, Questrade secures the #34 spot, narrowly edging out Octa at #36. This detailed comparison underlines Questrade's slightly advanced charting tools and syncing capabilities, offering an enhanced user experience for investors managing portfolios on the go.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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 online brokers for market research capabilities, Questrade and Octa present distinct differences. Questrade provides access to valuable tools, including Autochartist for technical or fundamental analysis, and market research from TipRanks. It also features technical analysis tools from Trading Central and offers an economic calendar highlighting global news events. However, Questrade lacks daily market commentary and forex news from leading sources like Bloomberg or Reuters. It is noteworthy that Questrade does not offer sentiment-based trading tools, bringing its research rating to 3.5 out of 5 stars and an overall rank of #51 out of 63 brokers reviewed by ForexBrokers.com.
In comparison, Octa shines with its access to daily market commentary and forex news from prestigious sources like Bloomberg and Reuters, enhancing its appeal for those seeking timely and reliable information. Octa also provides technical analysis tools from Autochartist and an economic calendar to keep traders informed of global events. While it lacks tools from Trading Central and sentiment-based trading insights, its research features have earned it a 4-star rating. Octa is ranked higher than Questrade, at #27 among 63 brokers according to ForexBrokers.com, reflecting its comparative strength in market research offerings.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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.
When comparing the educational resources for beginners between Questrade and Octa, both online brokers provide plenty of materials to aid learning in forex and CFDs trading. Each offers a wealth of educational pieces, including articles and videos. For those who enjoy interactive webinars, Octa stands out by hosting regular online educational webinars monthly, something Questrade does not offer. However, both Questrade and Octa provide a searchable archive of past recorded webinars, giving users flexibility in choosing when to learn.
Both brokers cater to newcomers with at least 10 educational videos dedicated to beginners. While Octa also extends its video offerings to advanced traders, Questrade does not. Octa further enriches its educational materials with a comprehensive investor dictionary, which is not available from Questrade. Despite these differences, Questrade and Octa both have positive ratings for their educational services, with Questrade earning 3.5 stars and Octa slightly ahead at 4 stars. Interestingly, when ranked among 63 brokers by ForexBrokers.com for education, Questrade holds a higher position at #36, contrary to its higher rating, compared to Octa's #42.
| Feature |
Questrade
|
Octa
|
|---|---|---|
| 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 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
|
Octa
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 72 |
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Both Questrade and Octa do not offer the ability to buy actual, delivered cryptocurrency, but they do provide the option to invest in cryptocurrency derivatives.
When comparing online brokers Questrade and Octa, both do not support ACH or SEPA transactions or PayPal for deposits and withdrawals, while Questrade lacks support for Skrill that Octa does offer; however, both facilitate transactions using Visa, Mastercard, and bank wires.
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 |
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| Regulation | Questrade | Octa | |
|---|---|---|---|
| Trust Score | 86 | 72 | |
| Year Founded | 2000 | 2011 | |
| 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 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Questrade | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| 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 | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| 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 | 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 | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | Octa | |
|---|---|---|---|
| Minimum Deposit | $250 | $25 | |
| 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 | Octa | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| 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 | 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 | Octa | |
|---|---|---|---|
| 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 | Octa | |
|---|---|---|---|
| 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 | 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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