Written by ForexBrokers.com
In this head to head comparison of Saxo 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.
When comparing online brokers Saxo and Questrade, Saxo stands out with its impressive trust credentials and bank status. Founded in 1992, Saxo is not publicly traded but operates as a bank and holds an impressive seven Tier-1 licenses, which reflect a high level of trust. Its ForexBrokers.com Trust Score is at a near-perfect 99 out of 99, indicating a high degree of reliability. Meanwhile, Questrade, established in 2000, is not a publicly listed company nor a bank. It holds two Tier-1 licenses, giving it a ForexBrokers.com Trust Score of 86, which places it within the 'trusted' category.
Saxo's foundation as a bank and its significant number of highly trusted licenses suggest a firm commitment to regulatory standards, while Questrade offers commendable trust in the market with its own Tier-1 accreditations. Both brokers are suitable for investors seeking trustworthy options, although Saxo may offer additional reassurance for those prioritizing top-tier regulatory approval.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Year Founded | 1992 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 2 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Saxo wins on commissions and fees. It earns 5 out of 5 stars and ranks #8 of 63 brokers for this category, while Questrade earns 3 out of 5 stars and ranks #33 of 63. For forex traders comparing costs, Saxo’s pricing structure favors active and high‑volume clients, whereas Questrade’s pricing is pricier on headline spreads.
As of November 2023, Saxo’s average EUR/USD spreads were 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP), with minimums about 0.2 pips lower in each tier. Forex trading is commission‑free at Saxo (spread‑only); the one exception is a $3 per‑side ticket fee if you trade under 50,000 units per month. The Classic account now has a $0 minimum deposit. Platinum requires $200,000 (AUD 300,000 in Australia for forex), or you can qualify via Loyalty points (e.g., roughly $40 million in forex volume for a 12‑month upgrade). VIP—winner of the 2024 #1 VIP Client Experience—requires a $1,000,000 deposit or about $167 million in forex volume for a one‑year upgrade, and includes access to exclusive events and Saxo analysts. Saxo also waives custody fees for share trading if you opt into securities lending.
Questrade’s target EUR/USD spread is 1.9 pips, which is steep versus the industry average and notably higher than Saxo’s typical spreads across its account tiers. If low forex costs matter—especially for frequent or high‑volume trading—Saxo is the more cost‑effective choice, while Questrade’s pricing is less competitive on spreads.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average spread (EUR/USD) - Standard account | 1.0 | N/A |
| All-in Cost EUR/USD - Active | 0.8 | N/A |
| Non-wire bank transfer | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Saxo wins on sheer choice: 71,000 tradeable symbols versus Questrade’s 641, plus 190 forex pairs against 110. Both let you trade forex either as spot or as CFDs (contracts for difference). Each also provides access to exchange-traded securities on U.S. and international exchanges, and both support cryptocurrency trading via CFDs only—not direct coin purchases. Copy trading isn’t available at either broker.
Despite the big gap in listings, both earn 5 stars for Range of Investments from ForexBrokers.com; Saxo ranks #3 of 63 brokers in this category, while Questrade ranks #12. If you want the broadest possible selection across markets and forex pairs, Saxo stands out. If you mainly need mainstream U.S. and global stocks with some forex and crypto CFD exposure, Questrade covers the essentials.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 641 |
| Forex Pairs (Total) | 190 | 110 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | No |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
Saxo and Questrade both check key boxes for everyday traders: each offers free paper trading (demo accounts), in-house platforms, a Windows desktop app, and a web-based platform. You can place orders straight from charts with either broker. Neither supports copy trading or MetaTrader (MT4/MT5). Exact counts for built-in technical indicators and watch list fields aren’t specified.
Where they differ is recognition and ratings. For Trading Platforms and Tools, Saxo earns 5 stars and ranks #3 out of 63 brokers at ForexBrokers.com, while Questrade holds 4 stars and ranks #28. In short, both deliver convenient chart trading and multi-platform access, but Saxo is the higher-rated choice for platform quality, and Questrade remains a solid alternative with paper trading and browser/desktop flexibility.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 61 | 64 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and Questrade both deliver full-featured mobile trading apps for iPhone and Android. Each app supports price alerts, watchlist syncing with your online account, and strong charting tools. You get 64 technical studies, the ability to draw trendlines, and drawings that auto-save—helpful for tracking stocks or forex across devices without losing your work.
Where they differ is in recognition and ratings. For Mobile Trading Apps, ForexBrokers.com rates Saxo at 5 stars and ranks it #3 out of 63 brokers, while Questrade earns 4 stars and ranks #28. If you want the highest-rated mobile experience, Saxo has the edge, though both apps cover the key features most traders need.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 64 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, Saxo stands out over Questrade. ForexBrokers.com rates Saxo 5 stars and ranks it #1 out of 63 brokers for Research, while Questrade earns 3.5 stars and ranks #34. If you want more in-platform insights and timely updates, Saxo is the stronger pick; Questrade covers the essentials but scores lower overall.
Saxo offers daily market commentary, an economic calendar, and a sentiment view that shows how many traders are long or short. It also streams forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones, and includes Autochartist. Questrade provides an economic calendar, Autochartist, Trading Central, and TipRanks, but it does not include daily commentary or a sentiment tool; availability of top-tier forex news feeds isn’t specified. Neither broker offers tools from Acuity Trading.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | No |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo stands out for beginner-friendly education. It runs client webinars at least once a month, offers 10+ beginner videos, and also provides 10+ advanced videos for when you’re ready to level up. Questrade matches Saxo with 10+ beginner videos, but it doesn’t host monthly client webinars and doesn’t reach the same depth for advanced video content. Note: this summary doesn’t confirm whether either broker offers at least ten pieces focused specifically on forex or CFDs.
Ratings back up the difference: Saxo earns 5 stars for Education and ranks #12 out of 63 brokers on ForexBrokers.com, while Questrade gets 3.5 stars and ranks #28. If you’re starting out and want ongoing live learning plus a clear path from beginner to advanced topics, Saxo is the stronger pick. Questrade still works for basic video learning but is lighter on live sessions and higher-level material.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Saxo is better than Questrade. Saxo finished with an overall rank of #3, while Questrade finished with an overall rank of #29.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 86 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Comparing online brokers Saxo vs Questrade, neither offers buying actual delivered cryptocurrency, but both provide access to cryptocurrency CFDs.
Both Saxo and Questrade support bank wire deposits and withdrawals but do not offer ACH or SEPA, PayPal, or Skrill funding options, and information on Visa/Mastercard availability was not provided.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Saxo | Questrade | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
| Broker Screenshots | Saxo | Questrade | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| Regulation | Saxo | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| Year Founded | 1992 | 2000 | |
| Publicly Traded (Listed) | No | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 2 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Saxo | Questrade | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | ||
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Saxo | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No |
| Investments | Saxo | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 71000 | 641 | |
| Forex Pairs (Total) | 190 | 110 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | No | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 | Saxo | Questrade | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.0 | N/A | |
| All-in Cost EUR/USD - Active | 0.8 | N/A | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | No |
| Funding | Saxo | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | No | No |
| Trading Platforms | Saxo | Questrade | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No |
| Trading Tools | Saxo | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 61 | 64 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | Questrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 64 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Saxo | Questrade | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | Questrade | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No |
| Major Forex Pairs | Saxo | Questrade | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Saxo Review | Questrade Review |
| Overall | Saxo | Questrade | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill