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 of Questrade on commissions and fees, especially for active, high-volume, and larger-balance traders. Saxo earns a 5-star rating and ranks #8 out of 36 brokers for commissions and fees. Its forex trading is generally commission-free, with costs built into the spread, and its pricing gets better at higher account tiers. 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, with the best pricing reserved for traders who qualify for the higher tiers. The Classic account now has a $0 minimum deposit for new customers, while Platinum requires $200,000 and VIP requires $1,000,000 or qualification through Saxo’s loyalty program.
Questrade, by comparison, also uses a spread-based pricing model, but its trading costs are typically higher. Questrade is rated 3.5 stars and ranked #35 out of 36 brokers for commissions and fees. While the broker says spreads can be as low as 0.8 pips under normal market conditions, actual average spreads for major forex pairs were found to be closer to 2.1 to 2.5 pips, which can make trades more expensive in practice. For CFDs, Questrade adds a $9.95 USD trading fee per unit on top of the spread, and overnight financing charges can further raise the total cost.
In simple terms, Saxo offers better value for most traders, while Questrade’s pricing may feel costly unless you are trading very small or occasional positions. Saxo also waives custody fees on share trading for clients who opt into securities lending, and its higher account levels can bring lower spreads and added perks. If low trading costs are a priority, Saxo is the stronger choice on fees.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | 1.0 | 0.8 or higher |
| All-in Cost EUR/USD - Raw spread account | N/A | N/A |
| Non-wire bank transfer (Deposit/Withdraw) | 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 offers a much wider range of investments than Questrade, with 71,000 tradeable symbols compared with 675 at Questrade. That difference is especially clear in forex: Saxo lists 192 currency pairs, while Questrade offers 110. Both brokers support forex trading, but Saxo also stands out for its access to exchange-traded securities on both U.S. and international markets, giving clients the ability to buy real shares such as Apple in the U.S. or Vodafone in London.
For crypto, neither broker lets you buy actual cryptocurrency, and neither offers copy trading. Saxo does, however, provide cryptocurrency CFDs, while Questrade does not. Even with these differences, both brokers receive 5 out of 5 stars for range of investments, but 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) | 192 | 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 plenty of ways to get started, including a free demo account for paper trading, plus both a browser-based platform and a Windows desktop download. Each broker also offers its own in-house platform, and both let users place trades directly from a stock chart. Neither broker supports copy trading, MetaTrader 4, or MetaTrader 5, so traders looking for those third-party options will need to look elsewhere.
Where Saxo stands out is in its higher ratings for trading platforms and tools. Saxo earns 5 out of 5 stars and ranks #3 out of 36 brokers in the ForexBrokers.com Trading Platforms and Tools category, while Questrade scores 4 out of 5 stars and ranks #30 out of 36. In plain terms, both brokers cover the basics well, but Saxo offers a more highly rated platform experience overall.
| 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) | 64 | 64 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Saxo and Questrade both give mobile traders a strong set of features, and their iPhone and Android apps are available on each platform. In both apps, users can set stock or forex price alerts, sync watchlists with their online account, and use 64 technical studies for charting. Each app also supports drawing trendlines on charts and automatically saving those drawings, which makes it easier to pick up where you left off.
Where the two brokers differ is in overall mobile app quality and third-party rankings. Saxo is rated 5 out of 5 stars for mobile trading apps and is ranked #3 out of 36 brokers by ForexBrokers.com, while Questrade is rated 3.5 out of 5 stars and ranked #30. For traders who want a more highly rated mobile experience, Saxo stands out, even though both brokers offer the same key app features.
| 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 offers more market research tools than Questrade, making it a stronger choice for traders who want regular insights and news. Saxo provides daily market commentary, forex news from top sources such as Bloomberg and Reuters, Autochartist tools, and an economic calendar for tracking global events. It is rated 5 out of 5 stars for Research and ranks #1 out of 36 brokers in the ForexBrokers.com Research category.
Questrade also includes some useful research features, such as Autochartist, Trading Central, and TipRanks, but it does not offer daily market commentary, top-tier forex news, or an economic calendar. In the same ForexBrokers.com review, Questrade is rated 3.5 out of 5 stars for Research and ranks #36 out of 36 brokers, so Saxo clearly has the edge for market research overall.
| 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 | No | No |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | No |
Dive deeper: Best Brokers for Forex Research.
For beginners looking to learn the basics of trading, Saxo has a clear edge over Questrade. Saxo offers forex and CFD education with at least 10 learning pieces focused on those markets, plus monthly online client webinars and a large set of beginner-friendly videos. It also provides at least 10 advanced videos for traders who want to keep learning as they gain experience. That depth shows in its 5-star Education rating and its #12 ranking out of 36 brokers by ForexBrokers.com.
Questrade does offer some educational content, but it is lighter overall and does not match Saxo’s range for forex, CFDs, or video-based learning. It does not meet the same level for monthly webinars or the minimum number of beginner and advanced trading videos, and its Education score is 3.5 stars with a #30 ranking out of 36. For a new trader who wants more guided learning options, Saxo is the stronger choice.
| 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) | No | 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) | 192 | 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) - Spread-only account | 1.0 | 0.8 or higher | |
| All-in Cost EUR/USD - Raw spread account | N/A | N/A | |
| Inactivity Fee | No | 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 (Deposit/Withdraw) | 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) | 64 | 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 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 | No | 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 | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| Review | Saxo Review | Questrade Review |
| Overall | Saxo | Questrade | |
|---|---|---|---|
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| Range of Investments |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
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