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.
Founded in 1992, Saxo stands out as a seasoned online broker with a ForexBrokers.com Trust Score of 99, the highest level of trust. Saxo operates as a bank and is backed by 7 Tier-1 licenses, reflecting its status as a highly trusted entity. It also holds 1 Tier-2 license, adding further credibility. In comparison, Questrade, established in 2000, holds a Trust Score of 86, placing it in the trusted category. It has earned 2 Tier-1 licenses. However, unlike Saxo, Questrade does not have any Tier-2 licenses, which differentiate the levels of regulatory oversight each broker adheres to.
While Saxo offers the reassurance of a bank status, the transparency associated with public trading is not applicable to either broker, as neither is publicly traded. Saxo's extended history in the financial market and its Tier-1 licensing dominance align with its maximal trust score, offering a stark contrast to Questrade's respectable but lower level of regulatory endorsements. This comparison highlights the variations in regulatory assurance and trust levels between these two brokers, aiding potential investors in making more informed decisions.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Year Founded | 1992 | 2000 |
| Publicly Traded (Listed) | ||
| Bank | Yes | |
| 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 | |
| ACH or SEPA Transfers | ||
| PayPal (Deposit/Withdraw) | ||
| Skrill (Deposit/Withdraw) | ||
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investment options, both Saxo and Questrade offer a broad selection, making them compelling choices for online trading. Saxo boasts an impressive 70,000 tradeable symbols, significantly outpacing Questrade's offering of 641. Both platforms allow traders to explore forex, providing 190 forex pairs on Saxo and 110 on Questrade, enabling investors to engage in the dynamic world of foreign exchange trading as contracts for difference (CFD) or spot contracts. Furthermore, both brokers offer the opportunity to trade U.S. exchange-traded securities, making it possible to invest in popular stocks like Apple. International investors aren’t left out either, as Saxo and Questrade allow trading of international securities such as Vodafone shares on the London Stock Exchange.
For those interested in advanced trading options, Saxo supports copy trading, a feature Questrade currently lacks, and both platforms offer access to cryptocurrency derivatives, although neither allows the purchase of actual digital currencies. Despite these offerings, Saxo holds an edge with a flawless 5-star rating in range and ranks third out of 63 brokers by ForexBrokers.com for its comprehensive range of investments, whereas Questrade, despite also receiving a 5-star rating in the same category, ranks eleventh. This differentiation underscores Saxo's expansive offerings, making it particularly attractive for investors seeking a wide scope of investment opportunities across global markets.
| 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 | |
| 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.
When it comes to trading platforms and tools, Saxo and Questrade both offer a wide array of features, but Saxo holds a slight edge in several areas. Both brokers provide a free virtual demo account for practicing trades, and they each have developed their own proprietary platforms. Additionally, Saxo and Questrade support Windows-based desktop platforms and web-based trading for flexible access. However, Saxo goes beyond with copy trading support while Questrade does not offer this feature. Both brokers are well-equipped with 20 drawing tools for charting, and they enable users to trade directly from stock charts, enhancing the trading experience.
Saxo excels with a top-notch rating of 5 stars for its trading platforms and tools compared to Questrade’s 4-star rating. This distinction is validated by ForexBrokers.com, where Saxo ranks as the number one broker out of 63 globally, while Questrade ranks at number 34. In terms of customizing watch lists, Saxo provides 60 columns, outpacing Questrade’s 52 columns. While both platforms deliver robust trading experiences, these differences in features and rankings showcase Saxo as a more comprehensive choice for traders seeking powerful tools and an extensive range of options.
| 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 | |
| MetaTrader 4 (MT4) | ||
| MetaTrader 5 (MT5) | ||
| DupliTrade | Yes | |
| ZuluTrade | ||
| 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 choosing between Saxo and Questrade for market research, there are notable differences in the resources they offer. Saxo provides daily market commentary and access to forex news from top-tier sources like Bloomberg and Reuters, which Questrade does not. Both platforms offer tools from Autochartist for technical analysis, but Questrade enhances its offerings with tools from Trading Central, while Saxo does not. For those interested in sentiment-based trading tools, Saxo delivers insights into the ratio of long or short positions across various instruments, a feature absent in Questrade. Additionally, Questrade offers market insights from TipRanks, a service not available with Saxo.
Both brokers provide an economic calendar to keep traders informed of global news events. In terms of overall research quality, Saxo is highly rated with a 5-star rating and holds the top spot out of 63 brokers on ForexBrokers.com, showcasing their comprehensive research offerings. In contrast, Questrade earns a 3.5-star rating and ranks 51st, indicating room for improvement in its research services. These distinctions can help traders decide which platform aligns better with their need for market research and insight tools.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | |
| Social Sentiment - Currency Pairs | Yes | |
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners between Saxo and Questrade, both brokers offer a range of materials designed to educate new traders. Saxo excels with a broad selection of educational content, including over 10 educational pieces focused on forex and CFDs, granting ample information through articles, videos, and archived webinars. Additionally, Saxo hosts monthly educational webinars and provides a searchable archive for these sessions. For those just starting, Saxo offers a wide collection of beginner-focused educational videos, alongside a comprehensive investor dictionary that explains over 50 investing terms, making it a strong choice for beginners eager to deepen their trading knowledge.
On the other hand, Questrade provides several educational resources, like Saxo, offering over 10 educational pieces related to forex and CFDs and a searchable archive of recorded webinars. However, it does not conduct monthly educational webinars nor offers advanced educational videos suited for seasoned traders. Furthermore, Questrade lacks an extensive investor dictionary, which limits reference options for beginners. Overall, while both platforms offer essential learning materials, Saxo distinguishes itself with more comprehensive resources and a higher educational ranking, earning a 5-star rating compared to Questrade’s 3.5 stars and placing 13th out of 63 brokers on ForexBrokers.com, versus Questrade's 36th position.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| 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 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 provide the option to trade cryptocurrency derivatives, neither offers the ability to purchase actual, delivered cryptocurrency.
When comparing online brokers Saxo and Questrade, it's notable that both offer Visa or Mastercard and bank wires as options for depositing or withdrawing account funds, while neither provides options for ACH, SEPA, PayPal, or Skrill transactions.
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 |
| Broker Screenshots | Saxo | Questrade | |
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| Regulation | Saxo | Questrade | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| Year Founded | 1992 | 2000 | |
| Publicly Traded (Listed) | |||
| Bank | Yes | ||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| 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) | Yes | ||
| Hong Kong (SFC Authorised) | Yes | ||
| Japan (SFC Authorised) | Yes | ||
| Singapore (MAS Authorised) | Yes | ||
| Switzerland (FINMA Authorised) | Yes | ||
| United Kingdom (U.K.) (FCA Authorised) | Yes | ||
| USA (CFTC Authorized) | |||
| New Zealand (FMA Authorised) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes |
| Tier-2 Licenses (Trusted) | Saxo | Questrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | Yes | ||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| 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 | ||
| 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 | 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 | ||
| Inactivity Fee | Yes | ||
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes |
| Funding | Saxo | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| PayPal (Deposit/Withdraw) | |||
| Skrill (Deposit/Withdraw) | |||
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers |
| Trading Platforms | Saxo | Questrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | |||
| MetaTrader 5 (MT5) | |||
| cTrader | |||
| DupliTrade | Yes | ||
| ZuluTrade |
| 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 | ||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | ||
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | ||
| Economic Calendar | Yes | Yes |
| Education | Saxo | Questrade | |
|---|---|---|---|
| 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 | 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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