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 |
If you’re weighing commissions and fees, Saxo scores 5/5 stars and ranks #8 of 63 brokers at ForexBrokers.com, while Questrade earns 3.5/5 stars and ranks #33 of 63. Both fold most forex trading costs into the spread, but their typical pricing and extra charges differ in ways that can meaningfully affect your bottom line.
Saxo is commission-free for forex (it earns from the spread), with one exception: if you trade under 50,000 units in a month, there’s a $3 per side ticket fee. As of November 2023, average EUR/USD spreads were 1.1 pips (Classic), 1.0 (Platinum), and 0.9 (VIP), with minimums about 0.2 pips lower. Pricing tends to improve for high-volume traders and larger balances. The Classic account now has a $0 minimum deposit; Platinum requires $200,000 (AUD 300,000 for forex in Australia) or qualifying via loyalty points; VIP typically requires a $1,000,000 deposit or very high trading volume, and adds premium perks. For share trading, Saxo waives custody fees if you opt into securities lending.
Questrade is a spread-only model too. It advertises forex spreads as low as 0.8 pips under normal conditions, but observed averages on major pairs are closer to 2.1–2.5 pips—roughly $20 per round trip on a standard lot (100,000 units). For CFDs, Questrade adds a $9.95 USD fee per unit each way on top of a small spread; for example, one Tesla CFD unit could cost about $19.95 USD round trip in trading fees plus financing, meaning you’d need a gain of over 6% just to break even. Compared with Saxo’s typical 1.1–0.9 pip EUR/USD averages (account tier dependent), Questrade’s real-world forex spreads are generally higher, and its CFD fee per unit can make active trading more expensive.
| 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 vs Questrade: Saxo delivers a far wider range of markets, with about 71,000 tradeable symbols versus Questrade’s 675. Saxo also lists 190 forex pairs compared with Questrade’s 110, and both let you trade forex as CFDs or spot. Saxo provides access to exchange-traded securities on U.S. and international exchanges, while Questrade does not. Neither broker supports buying actual cryptocurrency, but Saxo offers crypto CFDs and Questrade does not. Copy trading isn’t available at either broker.
Both brokers earn 5 stars for Range of Investments, yet their category rankings differ: Saxo is ranked #3 out of 63 brokers by ForexBrokers.com, while Questrade is #12. If you want the most market choice and global exchange access, Saxo stands out; if you prefer a more limited lineup, Questrade may suit your needs.
| 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 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.
Comparing Saxo vs Questrade for mobile trading, both brokers offer full-featured iPhone and Android apps. Each app supports stock and forex price alerts and keeps your watchlists synced between mobile and your online account, so changes carry over wherever you make them.
For charts, Saxo and Questrade are evenly matched: both provide 64 technical studies, let you draw trendlines, and auto-save your annotations. The difference shows up in expert ratings: ForexBrokers.com gives Saxo 5 stars and ranks it #3 out of 63 brokers for Mobile Trading Apps, while Questrade earns 3.5 stars and ranks #28. If you want the highest-rated mobile trading app experience, Saxo has the edge; if you only need core features, Questrade covers the basics.
| 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 vs Questrade: for market research, Saxo delivers more in-platform insight. Saxo provides daily market commentary, forex news from top-tier outlets like Bloomberg, Reuters, and Dow Jones, a trader sentiment tool, and a full economic calendar. Both brokers include Autochartist for technical analysis. Questrade counters with Trading Central and TipRanks—two tools Saxo doesn’t offer—but it lacks daily commentary, premium forex news, a sentiment gauge, and an economic calendar.
Overall, Saxo earns 5 stars for Research and ranks #1 out of 63 brokers at ForexBrokers.com, while Questrade scores 3.5 stars and ranks #34. Choose Saxo if you want built-in commentary, live news, sentiment data, and a clear view of upcoming events; pick Questrade if Trading Central and TipRanks are must-haves alongside Autochartist.
| 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.
Comparing Saxo vs Questrade for beginner education, Saxo clearly offers more hands-on learning. Saxo runs monthly client webinars and provides at least 10 beginner videos plus at least 10 advanced videos, giving new traders plenty of step-by-step material and room to grow. Questrade, by contrast, does not offer monthly webinars and doesn’t reach the 10-video mark for either beginner or advanced topics, which may leave newcomers wanting more structured guidance.
Independent ratings back this up: Saxo earns 5 stars for Education and ranks #12 out of 63 brokers on ForexBrokers.com, while Questrade scores 3.5 stars and ranks #28. Note: the data here doesn’t confirm whether either broker has at least 10 dedicated pieces specifically on forex or CFDs. If you value frequent live sessions and a larger video library, Saxo is the stronger choice; if you prefer a simpler setup and occasional learning, Questrade may suffice.
| 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
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| 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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