Written by ForexBrokers.com
In this head to head comparison of Questrade vs TMGM, 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.
Questrade, established in 2000, and TMGM, founded in 2013, are both prominent players in the online brokerage industry. Neither company is publicly traded or operates as a bank, but both have secured crucial regulatory credentials that may instill confidence among users. Questrade boasts two Tier-1 licenses, which are highly regarded by ForexBrokers.com, showcasing its solid place within the trusted category with a Trust Score rating of 86. This positions Questrade as a reliable choice for investors seeking a secure trading platform.
Meanwhile, TMGM also holds two Tier-1 licenses, affirming its trusted status in the market. With a Trust Score rating of 83 from ForexBrokers.com, TMGM provides a dependable option for users looking for a credible online broker. Although both brokers share similarities in terms of regulation, Questrade edges slightly ahead in trust perception, making it a potentially favored choice for those prioritizing regulatory assurance in their online trading ventures.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Year Founded | 2000 | 2013 |
| Publicly Traded (Listed) | ||
| Bank | ||
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Questrade is rated 3 out of 5 stars for its commissions and fees, placing it at rank #58 out of 63 brokers by ForexBrokers.com. The broker's commission structure is less competitive when compared to industry standards, particularly with a target spread of 1.9 pips on the EUR/USD pair, which is considered on the steeper side. While Questrade may provide various services, its fees might not be optimal for cost-conscious traders.
On the other hand, TMGM scores a higher rating of 4 out of 5 stars for its commissions and fees, earning a rank of #36 out of 63 brokers. TMGM offers enticing commission rates, especially with its Edge account, which charges a minimal commission of $3.50 per side alongside low spreads. Although specific average spread data for the EUR/USD is not readily available, the Edge account’s pricing structure is a favored choice for many traders looking for affordability and value. TMGM's offering includes the choice between a spread-only Classic account and the more cost-effective commission-based Edge account, reflecting its versatility and competitive edge.
For those seeking Islamic finance options, TMGM is more accommodating, as only the Edge account supports Sharia-compliant, interest-free trading. In conclusion, while both brokers have their benefits, TMGM edges out Questrade in terms of overall commission and fee structure, making it a more appealing option for budget-conscious investors.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Minimum Deposit | $250 | $100 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | ||
| ACH or SEPA Transfers | ||
| PayPal (Deposit/Withdraw) | Yes | |
| Skrill (Deposit/Withdraw) | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When choosing between Questrade and TMGM for investment options, it's essential to consider the variety each offers. Questrade provides a broad selection with 641 tradeable symbols, including 110 forex pairs. It stands out by allowing clients to invest in U.S. exchange-traded securities, such as popular stocks like Apple, as well as international shares from markets like the London Stock Exchange. Questrade also facilitates trading cryptocurrency derivatives but does not offer copy trading or the purchase of actual cryptocurrencies. With a top rating of 5 stars for its range of investments, Questrade secures the 11th spot out of 63 brokers on ForexBrokers.com.
On the other hand, TMGM presents a sweeping range of investment opportunities, boasting an impressive 12,000 tradeable symbols. Though it offers 62 forex pairs, fewer than Questrade, it excels in copy trading, benefiting those looking to follow the strategies of seasoned traders. Like Questrade, TMGM supports trading in cryptocurrency derivatives but doesn't provide direct purchase options for cryptocurrencies or U.S. and international exchange-traded securities. TMGM is rated 4.5 stars and ranks 17th in the Range of Investments category by ForexBrokers.com, showcasing its strength as a comprehensive choice for diverse trading needs.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 12000 |
| Forex Pairs (Total) | 110 | 62 |
| U.S. Stock Trading (Non CFD) | Yes | |
| Int'l Stock Trading (Non CFD) | 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 comparing Questrade and TMGM in terms of their trading platforms and tools, both offer traders the ability to test strategies with free virtual demo accounts. However, Questrade develops its own proprietary platform while TMGM does not. Both brokers provide a Windows-based desktop platform and a web-based trading option, ensuring flexibility for users. TMGM stands out by offering popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), along with copy trading features. On the other hand, Questrade provides access to DupliTrade for streamlined strategy copying.
For charting, Questrade offers a slightly broader range of drawing tools with 20 options compared to TMGM's 15. Both platforms allow traders to execute trades directly from stock charts. When it comes to organizing watch lists, Questrade gives users more depth with 52 columns, whereas TMGM offers 7 columns. Both brokers receive a rating of 4 out of 5 stars for trading platforms and tools. According to ForexBrokers.com, Questrade is ranked 34th out of 63 brokers, ahead of TMGM, which holds the 48th position.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | |
| MetaTrader 4 (MT4) | Yes | |
| MetaTrader 5 (MT5) | Yes | |
| DupliTrade | Yes | |
| ZuluTrade | ||
| Charting - Indicators / Studies (Total) | 64 | 30 |
| Charting - Drawing Tools (Total) | 20 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 52 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Questrade and TMGM offer mobile apps for iPhone and Android, catering to users who want to trade on the go. Both platforms provide essential features like price alerts and the ability to draw trendlines on charts. They also allow users to view multiple time frames such as daily, weekly, or intraday, making it easier to analyze market trends. What's more, both ensure that any chart drawings made are auto-saved, preventing data loss. Importantly, users can create watchlists that include real-time quotes, a critical feature for keeping tabs on market movements promptly.
While both Questrade and TMGM synchronize watchlists across devices, Questrade holds a slight edge by offering symbol syncing. Additionally, Questrade provides a more extensive range of technical studies, with 64 compared to TMGM's 30, enhancing technical analysis on mobile. The mobile trading apps of both brokers are rated 4 out of 5 stars, indicating a strong user experience. However, in rankings by ForexBrokers.com, Questrade sits at #34, outpacing TMGM, which ranks at #47 among 63 brokers, implying Questrade may offer a more favorable mobile trading experience.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 30 |
| 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 it comes to market research, Questrade and TMGM both offer unique advantages for traders. TMGM provides daily market commentary and delivers forex news updates from top-tier sources like Bloomberg, Reuters, and Dow Jones. It also offers a sentiment-based trading tool, showing long or short positions across currency pairs, and includes research tools from Acuity Trading. On the other hand, Questrade does not feature daily market commentaries or top-tier forex news but stands out in other areas. Questrade excels with tools from Autochartist and offers the same technical analytics tools from Trading Central as TMGM. Furthermore, Questrade provides market research from TipRanks and a comprehensive economic calendar, helping traders track global news events.
While both platforms offer various resources, their research ratings are tied at 3.5 stars out of 5, indicating a comparable performance level. However, their rankings by ForexBrokers.com show slight differences in perception; Questrade holds the 51st place, whereas TMGM is ranked 53rd out of 63 brokers for the Research category. This comparison highlights that both brokers have their strengths, with TMGM being more news-oriented and Questrade offering a greater variety of research tools. Therefore, trader preference may depend on whether they prioritize daily news and sentiment analysis or a broader range of analytical tools and insights.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Daily Market Commentary | Yes | |
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | |
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | Yes | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners at Questrade and TMGM, both brokers have their strengths. Questrade excels by providing a rich set of resources, offering over 10 educational pieces focused on forex and CFDs. They also feature more than 10 beginner videos directed at new traders. Additionally, Questrade supports learning through a searchable archive of previously recorded client webinars and ranks higher in education according to ForexBrokers.com.
TMGM, on the other hand, stands out for offering an investor dictionary with definitions of over 50 investing terms, making it easier for beginners to get familiar with trading jargon. Like Questrade, TMGM provides a searchable archive of client webinars. Both brokers received a 3.5-star rating for education. However, Questrade offers more extensive beginner education material, whereas TMGM provides a helpful dictionary for those just starting in the trading world.
| Feature |
Questrade
|
TMGM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | |
| Client Webinars | ||
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | |
| Videos - Advanced Trading Videos | ||
| 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 Questrade is better than TMGM. Questrade finished with an overall rank of #32, while TMGM finished with an overall rank of #37.
Regulated in both the U.S. and Canada, Questrade is a trusted full-service multi-asset broker now offering forex and CFDs alongside its stock trading services for active and passive investors. While its scope of educational resources and in-house research is limited, Questrade has an impressive platform lineup.
| Feature |
Questrade
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TMGM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 83 |
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Questrade does not provide the option to purchase actual delivered cryptocurrency but does allow trading in cryptocurrency derivatives, similar to TMGM, which also does not offer actual delivered cryptocurrency but supports trading in cryptocurrency derivatives.
While both Questrade and TMGM support deposits and withdrawals via Visa, Mastercard, and bank wires, TMGM additionally provides options for PayPal and Skrill transactions, whereas Questrade does not specify offerings for ACH, SEPA, PayPal, or Skrill transfers.
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 | Questrade | TMGM | |
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| Trust Score | 86 | 83 | |
| Winner | check_circle | ||
| Review | Questrade Review | TMGM Review |
| Broker Screenshots | Questrade | TMGM | |
|---|---|---|---|
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| Regulation | Questrade | TMGM | |
|---|---|---|---|
| Trust Score | 86 | 83 | |
| Year Founded | 2000 | 2013 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | |||
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Questrade | TMGM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | ||
| Canada (CIRO Authorised) | Yes | ||
| Hong Kong (SFC Authorised) | |||
| Japan (SFC Authorised) | |||
| Singapore (MAS Authorised) | |||
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | |||
| USA (CFTC Authorized) | |||
| New Zealand (FMA Authorised) | Yes | ||
| Regulated in one or more EU or EEA countries (MiFID). |
| Tier-2 Licenses (Trusted) | Questrade | TMGM | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | Questrade | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 12000 | |
| Forex Pairs (Total) | 110 | 62 | |
| U.S. Stock Trading (Non CFD) | Yes | ||
| Int'l Stock Trading (Non CFD) | 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 | Questrade | TMGM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | |||
| Inactivity Fee | Yes | ||
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes |
| Funding | Questrade | TMGM | |
|---|---|---|---|
| Minimum Deposit | $250 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | ||
| Skrill (Deposit/Withdraw) | Yes | ||
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers |
| Trading Platforms | Questrade | TMGM | |
|---|---|---|---|
| Proprietary Platform | Yes | ||
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | |||
| DupliTrade | Yes | ||
| ZuluTrade |
| Trading Tools | Questrade | TMGM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 52 | 7 | |
| Charting - Indicators / Studies (Total) | 64 | 30 | |
| Charting - Drawing Tools (Total) | 20 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Questrade | TMGM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | ||
| Mobile Charting - Indicators / Studies | 64 | 30 | |
| 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 | Questrade | TMGM | |
|---|---|---|---|
| Daily Market Commentary | Yes | ||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | ||
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | ||
| Economic Calendar | Yes | Yes |
| Education | Questrade | TMGM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | ||
| Client Webinars | |||
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | ||
| Videos - Advanced Trading Videos | |||
| Investor Dictionary (Glossary) | Yes |
| Major Forex Pairs | Questrade | TMGM | |
|---|---|---|---|
| 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 | Questrade Review | TMGM Review |
| Overall | Questrade | TMGM | |
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| Trust Score | 86 | 83 | |
| Winner | check_circle | ||
| Review | Questrade Review | TMGM Review |
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