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.
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 |
Comparing commissions and fees, Saxo is the clear winner: it earns 5 stars and ranks #9 of 63 brokers at ForexBrokers.com, while Questrade earns 3 stars and ranks #59. As of November 2023, Saxo’s average EUR/USD spreads were about 1.1 pips (Classic), 1.0 pips (Platinum), and 0.9 pips (VIP), with minimums roughly 0.2 pips lower; Questrade targets 1.9 pips on EUR/USD, which is high versus the industry average and typically means higher trading costs.
Saxo is commission-free for forex and makes money on the spread; the main exception is a $3-per-side ticket fee if you trade under 50,000 units per month. Account tiers can lower your costs: Classic now has a $0 minimum deposit; Platinum requires $200,000 (AUD 300,000 for Australian forex traders) or a Loyalty upgrade (for example, about $40 million in forex volume for a 12‑month upgrade); VIP requires a $1,000,000 deposit or roughly $167 million in forex volume and adds perks like access to Saxo analysts. Saxo also waives custody fees on share trading if you opt into securities lending. Note: Platinum and VIP pricing is closer to the industry average, while Classic is slightly higher.
Questrade’s stated 1.9‑pip target spread on EUR/USD is steep, helping explain its lower 3‑star, #59 ranking for commissions and fees. If your priority is keeping spreads and overall trading costs down—especially as an active or high‑balance client—Saxo generally offers better value.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average spread (EUR/USD) - Standard account | 1.1 | N/A |
| All-in Cost EUR/USD - Active | 0.9 | 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 wins on sheer choice: 71,000 tradeable symbols versus Questrade’s 641, plus 190 forex pairs against 110. Both let you trade forex either as spot or as CFDs (contracts for difference). Each also provides access to exchange-traded securities on U.S. and international exchanges, and both support cryptocurrency trading via CFDs only—not direct coin purchases. Copy trading isn’t available at either broker.
Despite the big gap in listings, both earn 5 stars for Range of Investments from ForexBrokers.com; Saxo ranks #3 of 63 brokers in this category, while Questrade ranks #12. If you want the broadest possible selection across markets and forex pairs, Saxo stands out. If you mainly need mainstream U.S. and global stocks with some forex and crypto CFD exposure, Questrade covers the essentials.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 71000 | 641 |
| Forex Pairs (Total) | 190 | 110 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | No |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
Saxo and Questrade both tick the key boxes for trading platforms and tools: each offers a free paper trading (demo) account, proprietary platforms built in-house, a Windows desktop download, and a web-based platform you can use in your browser. Both let you place orders straight from stock charts, which can speed up execution. Neither broker supports copy trading, and neither offers MetaTrader 4 (MT4) or MetaTrader 5 (MT5).
When it comes to third-party ratings, Saxo stands out. ForexBrokers.com rates Saxo 5 stars and ranks it #1 out of 63 brokers for Trading Platforms and Tools, while Questrade earns 4 stars and ranks #35 out of 63. If you want top-tier platform capabilities and recognition, Saxo has the edge; if you’re looking for a straightforward alternative that still covers the essentials, Questrade is a viable choice.
| 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 deliver fully featured mobile trading apps for iPhone and Android. Each app supports stock and forex price alerts, watchlist syncing between mobile and the web, and rich charting with 64 technical studies. You can draw trendlines on charts in both apps, and those drawings auto-save, so your analysis is there the next time you open the chart.
Where they differ is in industry appraisal. ForexBrokers.com rates Saxo’s mobile app 5 stars and ranks it #2 out of 63 brokers, while Questrade earns 4 stars and a #35 ranking. If top-tier mobile charting and overall app experience are your priority, Saxo has the edge; if you’re looking for a capable app for everyday trading, Questrade still checks the key boxes.
| 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.
For market research, Saxo stands out over Questrade. Saxo provides daily market commentary, top‑tier forex news from major sources, an investor sentiment tool, Autochartist, and an economic calendar. Questrade offers Autochartist, Trading Central, TipRanks, and an economic calendar, but it lacks daily market commentary and a sentiment tool. Coverage of top‑tier forex news for Questrade isn’t specified here.
Ratings back this up: Saxo earns 5 stars and ranks #1 out of 63 brokers for Research at ForexBrokers.com, while Questrade scores 3.5 stars and ranks #52. Choose Saxo if you want frequent insights and news built into the platform; pick Questrade if you value third‑party tools like Trading Central and TipRanks alongside basic research features.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | No |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central | No | Yes |
| Client sentiment data | Yes | No |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Saxo vs Questrade for beginners: both brokers offer at least 10 beginner-friendly trading videos, but Saxo adds monthly live webinars while Questrade does not. In independent reviews, Saxo earns 5 stars for Education and ranks 13th out of 63 brokers at ForexBrokers.com; Questrade scores 3.5 stars and ranks 36th. If you want live classes plus a strong video library, Saxo is the more complete pick; if you’re fine with self-paced videos, Questrade can still get you started.
For growing your skills, Saxo also provides 10+ advanced trading videos, whereas Questrade doesn’t meet that mark. Details on whether either broker offers 10 or more forex/CFD-specific lessons were not provided here. Overall, beginners looking for ongoing events and deeper paths may prefer Saxo, while Questrade covers the essentials with fewer live and advanced options.
| Feature |
Saxo
|
Questrade
|
|---|---|---|
| Webinars | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| 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 #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
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Questrade
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|---|---|---|
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| Trust Score | 99 | 86 |
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Comparing online brokers Saxo vs Questrade, neither offers buying actual delivered cryptocurrency, but both provide access to cryptocurrency CFDs.
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 | 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) | 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 | ||
| 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 | ||
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA, FSRA, or SCA 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 | 641 | |
| Forex Pairs (Total) | 190 | 110 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | No | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 account | 1.1 | N/A | |
| All-in Cost EUR/USD - Active | 0.9 | N/A | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | Yes | No |
| Funding | Saxo | Questrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| 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) | 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 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 | ||
| Autochartist | Yes | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | Questrade | |
|---|---|---|---|
| Webinars | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| 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 | 86 | |
| Winner | check_circle | ||
| Review | Saxo Review | Questrade Review |
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