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.
Saxo vs Questrade: For regulation and safety, Saxo (founded 1992) and Questrade (founded 2000) are both privately held. Saxo is a bank, while Questrade is not. According to ForexBrokers.com, Saxo’s Trust Score is 99/99 (highly trusted, as 90–99 falls in that range), whereas Questrade scores 85/99 (trusted, within the 80–89 range).
Saxo holds 7 Tier-1 licenses and 1 Tier-2 license, compared with Questrade’s 1 Tier-1 license and no Tier-2 licenses. Tier-1 regulators are considered highly trusted by ForexBrokers.com, and Tier-2 regulators are trusted, signaling broader oversight for Saxo and solid but more limited coverage for Questrade.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Year Founded | 1992 | 2000 |
| Publicly Traded (Listed) | No | No |
| Bank | Yes | No |
| Tier-1 Licenses | 7 | 1 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Saxo comes out ahead on commissions and fees, especially for active traders and larger accounts. Its forex pricing is commission-free and, as of November 2023, average EUR/USD spreads were 1.1 pips for Classic, 1.0 pips for Platinum, and 0.9 pips for VIP. Saxo also waives custody fees on share trading for customers who opt into securities lending, and its entry-level Classic account now has a $0 minimum deposit. Saxo is rated 5 out of 5 stars for commissions and fees and ranks #8 out of 36 brokers at ForexBrokers.com.
Questrade Global uses a spread-only model, so your cost is built into the bid-ask spread rather than a separate commission. Questrade says spreads can start at 0.8 pips under normal market conditions, but real-world pricing can be closer to 2.1 to 2.5 pips on major forex pairs, which can make trades more expensive. CFDs can also become costly because Questrade adds a $9.95 USD trading fee per unit, plus overnight financing charges if you hold positions open. Questrade is rated 3.5 out of 5 stars for commissions and fees and ranks #34 out of 36 brokers.
Overall, Saxo offers stronger value on fees than Questrade, especially for traders who want tighter pricing or trade more often. Questrade may still appeal to some traders who prefer a simple spread-based setup, but its wider forex spreads and added CFD fees can push total trading costs higher. If commissions and fees are a top priority, Saxo is the more competitive choice.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.0 | 0.8 or higher |
| 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 and Questrade both let clients trade forex, and both offer access to a wide range of currency pairs. Saxo stands out for variety, with about 71,000 tradeable symbols and 190 forex pairs, compared with Questrade’s 675 symbols and 110 forex pairs. Saxo also gives investors access to exchange-traded securities on U.S. and international exchanges, so clients can buy shares such as Apple or Vodafone directly, while Questrade does not offer this same level of access.
When it comes to other investment choices, neither broker offers copy trading or the ability to buy actual cryptocurrency. Saxo does allow cryptocurrency CFDs, while Questrade does not. Even so, both brokers are rated 5 stars for range of investments, though Saxo is ranked higher by ForexBrokers.com in this category, placing #3 out of 36 brokers versus Questrade’s #12.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 675 |
| Forex Pairs (Total) | 190 | 110 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | No |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | No |
| 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 give traders a solid range of platform choices, including a proprietary trading platform, a Windows desktop download, a web-based platform, and free simulated trading through a demo account. Each broker also lets users place trades directly from a stock chart, which can be helpful for active traders. Neither broker supports copy trading, MetaTrader 4, or MetaTrader 5, so traders looking for those third-party tools will need to look elsewhere.
When it comes to trading platforms and tools, Saxo stands out more than Questrade in independent ratings and rankings. Saxo earns 5 out of 5 stars and ranks #3 out of 36 brokers for this category, while Questrade is rated 4 out of 5 stars and ranks #29. For traders comparing online broker platforms, Saxo appears to offer a stronger overall experience, though both brokers cover the core needs of web, desktop, and paper trading users.
| 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 offer mobile trading apps for iPhone and Android, and each app includes price alerts, watchlist syncing with the online account, and the ability to draw trendlines on charts. Traders on either platform also get 64 technical studies for mobile charting, plus auto-saving for chart drawings. In day-to-day use, that means both apps cover the core tools most mobile investors look for when checking prices, tracking markets, and making trades on the go.
The main difference is in overall app quality and industry ranking. Saxo is rated 5 out of 5 stars for mobile trading apps and ranks #3 out of 36 brokers at ForexBrokers.com, while Questrade is rated 3.5 out of 5 stars and ranks #29 out of 36. If you want the stronger mobile trading experience based on expert reviews, Saxo comes out ahead, even though both brokers offer very similar feature sets.
| 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.
Saxo has a clear edge over Questrade for market research. It offers daily market commentary, forex news from major sources like Bloomberg and Reuters, a sentiment tool showing long and short positioning, and an economic calendar with global events. Saxo also includes Autochartist, which can help traders spot technical and fundamental setups. These features help make Saxo a stronger choice for traders who want frequent updates and a wide range of market insights.
Questrade still provides useful research tools, including Autochartist, Trading Central, and TipRanks, but it does not offer daily market commentary, top-tier forex news, sentiment data, or an economic calendar. In overall research quality, Saxo is rated 5 stars and ranked #1 out of 36 brokers by ForexBrokers.com, while Questrade is rated 3.5 stars and ranked #35. For market research, Saxo is the more complete option.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | No |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | No |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to learn before they trade, Saxo offers a much wider range of educational content than Questrade. Saxo provides forex and CFD education with at least 10 dedicated learning pieces, along with monthly online client webinars and a large library of beginner-friendly videos. It also goes beyond the basics with at least 10 advanced videos for more experienced traders, which helps make it a stronger choice for users who want to keep learning as their skills grow.
Questrade, while still offering some education, does not match Saxo’s depth in this area. It does not appear to offer the same level of forex or CFD-focused learning, monthly webinars, or large sets of beginner and advanced trading videos. That difference shows up in its overall education rating too: Saxo earns 5 out of 5 stars and ranks #12 out of 36 brokers for education, while Questrade is rated 3.5 out of 5 stars and ranks #28, making Saxo the better fit for beginners seeking more guided support.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| 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 a 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
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Questrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 85 |
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Saxo vs Questrade: neither broker lets you buy actual (delivered) cryptocurrency, but Saxo supports cryptocurrency CFD trading whereas Questrade does not.
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.
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0 of 5| Overall Rating | Saxo | Questrade | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
| Broker Screenshots | Saxo | Questrade | |
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| Regulation | Saxo | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 85 | |
| 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 | 1 | |
| 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 CMA 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 | 675 | |
| Forex Pairs (Total) | 190 | 110 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | No | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | No | |
| 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 | 0.8 or higher | |
| 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 | $0 | |
| 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 | No | |
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | No |
| Education | Saxo | Questrade | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| 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 | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
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