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.
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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 |
When comparing Saxo and Questrade on commissions and fees, Saxo stands out with a stellar reputation for cost-effectiveness, especially for large and active traders. Saxo offers competitive pricing with average EUR/USD spreads of 1.1, 1.0, and 0.9 pips for Classic, Platinum, and VIP accounts, respectively. With notable benefits such as waived custody fees for securities lending and commission-free forex trading, Saxo offers significant savings for high-volume traders. Saxo has reduced the minimum deposit for the Classic account to $0 and provides a Loyalty Program to help traders upgrade to more cost-effective account tiers.
Questrade, on the other hand, presents a more straightforward but costly price structure, with a target spread of 1.9 pips on EUR/USD, above the industry average. The higher spread may present a significant disadvantage for cost-conscious traders, particularly those trading high volume. While both brokers offer diverse trading opportunities, Saxo's structure clearly incentivizes active trading through its loyalty program, providing value for high-rolling clients.
In terms of ratings, Saxo receives a perfect 5-star rating for commissions and fees and ranks 9th out of 63 brokers in this category according to ForexBrokers.com. Meanwhile, Questrade is rated with 3 stars and ranks 58th, highlighting the significant difference in perceived value and cost efficiency between these platforms.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| 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 on Saxo and Questrade, each broker presents unique features for traders to consider. Saxo extends a comprehensive selection with 70,000 tradeable symbols, including 190 forex pairs, making it a top choice for those seeking significant variety in their trading options. In contrast, Questrade offers 641 tradeable symbols and 110 forex pairs, which may appeal to traders with a more focused approach. Both platforms allow users to trade exchange-traded securities in the U.S and international markets, enabling investors to access popular stocks such as Apple and Vodafone. However, Saxo holds the edge with its additional copy trading feature, catering to traders interested in following successful strategies from other investors.
In the realm of cryptocurrency trading, Saxo and Questrade provide opportunities to trade cryptocurrency derivatives rather than the actual digital coins. This option is suitable for traders interested in the market's movement without directly holding cryptocurrencies. Despite their differences, both Saxo and Questrade receive five-star ratings for their range of investments. However, Saxo's broader offering has earned it the #3 spot in the Range of Investments category by ForexBrokers.com, compared to Questrade's #11 ranking, indicating a slight advantage in providing diverse trading opportunities.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 641 |
| Forex Pairs (Total) | 190 | 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) | 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 the trading platforms and tools offered by Saxo and Questrade, both brokers offer free virtual demo accounts, giving traders a risk-free opportunity to practice and refine their strategies. Both companies have developed their own in-house trading platforms which are available both as downloadable desktop applications for Windows and web-based platforms accessible via any browser. However, while Saxo supports copy trading, allowing users to mimic the trades of successful investors, Questrade does not yet offer this feature. In terms of third-party platforms like MetaTrader 4 or MetaTrader 5, neither broker provides support, but Questrade does stand out by offering DupliTrade, a system some traders find beneficial.
Charting capabilities are strong with both platforms: Saxo and Questrade each provide 20 drawing tools and the functionality to trade directly from a stock chart, making it easier for users to make informed decisions quickly. Saxo offers more options for customizing watch lists with 60 columns available, compared to Questrade's 52. When evaluated by ForexBrokers.com, Saxo emerges as the frontrunner with a perfect 5-star rating and holds the premier spot out of 63 brokers in the Trading Platforms and Tools category. While Questrade also offers a compelling experience, it earns 4 stars, ranking 34th, which may suggest solid offerings but perhaps with room for improvement relative to Saxo's highly rated tools.
| Feature |
Saxo
|
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) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | Yes |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 64 |
| Charting - Drawing Tools (Total) | 20 | 20 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 52 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading platforms of Saxo and Questrade, both brokers offer apps for iPhone and Android devices, stock and forex price alerts, and the ability to sync watchlists with their online accounts. Each platform provides 64 technical studies for charting and allows users to draw trendlines or view various time frames, such as daily or intraday charts. Additionally, both Saxo and Questrade enable the automatic saving of chart drawings and the creation of watchlists featuring real-time quotes, ensuring a seamless and comprehensive trading experience on the go.
Despite these similarities, Saxo edges ahead in user rating and industry ranking. Saxo's mobile app boasts a perfect five-star rating, whereas Questrade holds a respectable four-star rating. Furthermore, Saxo is ranked as the second-best out of 63 brokers by ForexBrokers.com in the Mobile Trading Apps category, significantly surpassing Questrade, which stands at 34th place. This indicates a generally higher user satisfaction and industry acknowledgment for Saxo's mobile trading capabilities.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 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 it comes to market research, Saxo and Questrade offer different tools and features to help traders. Saxo provides daily market commentary and access to forex news from reputable sources such as Bloomberg and Reuters. It supports technical analysis tools like Autochartist and offers unique sentiment-based trading tools to monitor market moves. Additionally, Saxo features a comprehensive economic calendar to track global news events. In contrast, Questrade does not provide daily market commentary or forex news from top-tier sources. However, it offers technical analysis tools from Autochartist and Trading Central, as well as market research from TipRanks, complementing its economic calendar offering.
Despite some overlaps, Saxo holds a distinct edge in research, earning a 5-star rating compared to Questrade's 3.5 stars. Ranked as the number one broker for research by ForexBrokers.com, Saxo clearly excels with its extensive tools and resources. Questrade, placed at rank 51 out of 63 brokers, may appeal to traders who benefit from specific research sources like TipRanks and Trading Central tools but are not seeking the breadth of resources that Saxo provides.
| Feature |
Saxo
|
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 it comes to educational resources for beginner traders, Saxo and Questrade offer different strengths. Both platforms provide a wealth of materials focused on forex or CFDs, including over ten educational pieces comprising articles, videos, and archived webinars. Saxo, however, stands out by hosting online educational webinars every month, while Questrade does not offer these live learning sessions. For those who may miss a live webinar, both platforms ensure you can catch up with a searchable archive of past webinars.
For beginner-focused video content, both Saxo and Questrade present at least ten tutorials, yet Saxo goes a step further by also catering to more experienced traders with ten advanced videos. Additionally, Saxo provides an investor dictionary with over fifty defined terms, a feature not available through Questrade. Reflecting these differences, Saxo boasts a higher education rating of five stars, compared to Questrade's 3.5 stars. Consequently, Saxo ranks 13th in the Education category among 63 brokers, whereas Questrade is ranked 36th, highlighting Saxo's commitment to offering a comprehensive learning experience for new traders.
| Feature |
Saxo
|
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 Saxo is better than Questrade. Saxo finished with an overall rank of #3, while Questrade finished with an overall rank of #32.
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 |
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| Trust Score | 99 | 86 |
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While both Saxo and Questrade do not offer the option to purchase actual delivered cryptocurrency, they do provide the ability to buy cryptocurrency derivatives, but not the actual cryptocurrency itself.
Both Saxo and Questrade do not offer ACH, SEPA, PayPal, or Skrill for depositing or withdrawing funds, but they both support Visa, Mastercard, and bank wire transfers.
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 | Saxo | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
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| 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 | No | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC 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 | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | Questrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 641 | |
| Forex Pairs (Total) | 190 | 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) | 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 | Saxo | Questrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | Saxo | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Saxo | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | Yes | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | Questrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 52 | |
| Charting - Indicators / Studies (Total) | 64 | 64 | |
| Charting - Drawing Tools (Total) | 20 | 20 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 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 | Saxo | 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 | Saxo | 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 | Saxo | 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 | Saxo Review | Questrade Review |
| Overall | Saxo | Questrade | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
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