Written by ForexBrokers.com
In this head to head comparison of Questrade vs TopFX, 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, founded in 2000, is a well-established online broker that has earned a Trust Score of 86 from ForexBrokers.com, placing it in the 'trusted' category. This broker holds two Tier-1 licenses, indicating a high level of regulatory trust, but it is neither a publicly traded company nor a bank. In comparison, TopFX, which started in 2010, has a ForexBrokers.com Trust Score of 67, suggesting a higher risk than Questrade. TopFX holds one Tier-1 license, but like Questrade, it is not publicly traded nor a bank.
Both brokers come with their own unique regulatory credentials. Questrade's higher Trust Score and the number of Tier-1 licenses signal its strong regulatory standing. While TopFX holds fewer licenses and has a lower score, it still maintains a presence in the market with its own set of regulated credentials. Using this information, traders may weigh their options based on trust and regulatory backing when selecting between these two brokers.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Year Founded | 2000 | 2010 |
| Publicly Traded (Listed) | ||
| Bank | ||
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When assessing online brokers based on commissions and fees, Questrade and TopFX present distinct offerings. Questrade's target spreads on the EUR/USD pair stand at 1.9 pips, which is noticeably higher than the industry average. This results in a less competitive pricing structure that could impact cost-conscious traders. Rated 3 out of 5 stars by ForexBrokers.com in the Commissions and Fees category, Questrade ranks 58th out of 63 brokers.
TopFX provides two main account types, both available on the MetaTrader and cTrader platforms. The spread-only ZERO account does not charge a commission but offers higher average spreads of 1.03 pips for the EUR/USD. Meanwhile, the RAW account incurs a commission of 2.75 EUR per side along with an average spread of 0.33 pips, leading to an all-in cost of roughly 0.88 pips for the EUR/USD. This positions TopFX's pricing close to the industry average. With a favorable rating of 4 out of 5 stars, TopFX holds the 40th position among 63 brokers in the Commissions and Fees category as evaluated by ForexBrokers.com.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Minimum Deposit | $250 | Depends on payment method |
| Average Spread EUR/USD - Standard | N/A | 1.03 |
| All-in Cost EUR/USD - Active | N/A | 0.88 |
| 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 comparing the range of investments available on Questrade and TopFX, both platforms cater to forex traders but with some differences. Questrade offers forex trading either as a CFD or spot contract, similar to TopFX. However, Questrade provides a more extensive selection of 641 tradeable symbols, including 110 forex pairs, compared to TopFX's 655 symbols but only 60 forex pairs. Notably, Questrade also allows users to invest in exchange-traded securities on both U.S. and international exchanges, whereas TopFX lacks this feature.
For those interested in cryptocurrency, both Questrade and TopFX enable trading in cryptocurrency derivatives, but neither allow the purchase of actual cryptocurrencies. While Questrade does not support copy trading, TopFX offers this option for clients looking to mirror the trades of others. In terms of ratings, Questrade excels with a five-star rating and is ranked #11 in Range of Investments by ForexBrokers.com, whereas TopFX holds a 3.5-star rating and is positioned at #46. These differences highlight Questrade's broader reach and flexibility in investment options compared to TopFX.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 641 | 655 |
| Forex Pairs (Total) | 110 | 60 |
| 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.
Both Questrade and TopFX offer traders a variety of platforms and tools to enhance the trading experience. Questrade provides a proprietary platform, giving it a unique edge in providing custom solutions for users, while TopFX lacks a platform developed in-house. Both brokers offer Windows-based desktop and web-based platforms, ensuring flexibility in accessing trading systems. Notably, Questrade and TopFX both support simulated trading through free virtual demo accounts, allowing users the chance to practice their skills before diving into real markets. However, the copy trading feature is available exclusively on TopFX, which also offers the popular MetaTrader 4 platform for advanced trading capabilities. Meanwhile, Questrade supports DupliTrade for those interested in automated strategies.
When it comes to charting tools, Questrade stands out with 20 drawing tools compared to TopFX’s 15. Additionally, Questrade allows users to organize their watch lists with up to 52 different fields, in contrast to TopFX's 7 columns. Both platforms let traders execute trades directly from stock charts, adding to their ease of use. In terms of overall ratings for trading platforms and tools, both Questrade and TopFX score four out of five stars, reflecting their strong offerings in this area. According to ForexBrokers.com, Questrade is ranked 34th out of 63 brokers for its trading platforms and tools, while TopFX is ranked 45th, indicating Questrade's slight edge in this category.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| 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) | ||
| 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 TopFX offer mobile trading apps suitable for iPhone and Android users, featuring essential capabilities like stock and forex price alerts. They also provide tools for charting, such as the ability to draw trendlines and view multiple time frames. However, Questrade stands out with its syncing feature, allowing watchlists created on the mobile app to sync seamlessly with the user's online account. Additionally, Questrade's app offers a more extensive range of charting tools, boasting 64 technical studies compared to TopFX's 30. Both apps allow for real-time quotes in watchlists and automatically save chart drawings, ensuring a user-friendly trading experience.
Despite both platforms receiving a respectable four-star rating for their mobile trading apps, Questrade is ranked higher by ForexBrokers.com, holding the 34th position out of 63 brokers, while TopFX is ranked 51st. This higher ranking may reflect Questrade's more comprehensive charting capabilities and the convenience of its syncing feature, making it a potentially better choice for traders who value detailed analysis and integration between their mobile and online trading activities.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| 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 comparing the market research offerings of Questrade and TopFX, both brokers present several noteworthy features. Questrade shines by providing market research from TipRanks and offering tools like Autochartist and Trading Central for technical and fundamental analysis. However, it does not provide daily market commentary or access to top-tier forex news from sources such as Bloomberg or Reuters, which may limit the depth of insight for some traders. Despite this, Questrade does include an economic calendar, making it easier for users to track global news events. With a research rating of 3.5 stars out of five, it ranks #51 in research according to ForexBrokers.com.
TopFX, on the other hand, excels in specific areas where Questrade does not. It offers forex news from reputed sources and a sentiment-based trading tool, providing insights into the ratio of long and short positions. Like Questrade, TopFX also features tools from Autochartist and Trading Central and provides an economic calendar. However, it lacks research from TipRanks and doesn't offer daily market commentary. This combination results in a slightly lower research rating of 3 stars, placing it at rank #60 out of 63 brokers on ForexBrokers.com. While each broker has its strengths, the choice between them will depend on individual research needs and priorities.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Daily Market Commentary | ||
| Forex News (Top-Tier Sources) | Yes | |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | |
| TipRanks | Yes | |
| Signal Centre (Acuity Trading) | ||
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When evaluating educational resources for beginners, Questrade steps ahead of TopFX by offering a more comprehensive suite of learning materials. Questrade provides a robust selection of forex and CFDs educational pieces, including more than ten articles, videos, or archived webinars dedicated to these topics. Additionally, they cater to beginners with over ten beginner-friendly educational videos on trading. Although they lack regular monthly webinars and an investor dictionary, they compensate with a searchable archive of recorded webinars to aid learners at their own pace. With a rating of 3.5 stars for education and ranking 36 out of 63 brokers, Questrade presents a solid option for traders seeking foundational knowledge.
On the other hand, TopFX falls short in comparison, especially for novices. Their educational offerings do not meet the minimum of ten forex or CFDs-focused resources nor do they provide beginner-specific video tutorials. The absence of regular webinars, a searchable archive of recorded webinars, and an investor dictionary further limit their appeal to new traders. Rated 3 stars for education and positioned at 61 out of 63 brokers, TopFX is less suited for those who prioritize educational resources in their trading journey.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | |
| Client Webinars | ||
| Client Webinars (Archived) | Yes | |
| Videos - Beginner Trading Videos | Yes | |
| Videos - Advanced Trading Videos | ||
| Investor Dictionary (Glossary) |
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 TopFX. Questrade finished with an overall rank of #32, while TopFX finished with an overall rank of #62.
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
|
TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 86 | 67 |
| Range of Investments |
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When comparing Questrade and TopFX, it's important to note that while both platforms offer the ability to buy cryptocurrency derivatives, neither allows for the purchase of actual, delivered cryptocurrency tokens themselves.
When comparing the online brokers Questrade and TopFX, it's notable that both platforms support Visa, Mastercard, and bank wire transactions for depositing and withdrawing funds; however, while TopFX additionally provides PayPal and Skrill as options, Questrade does not offer these payment methods, nor does either broker facilitate ACH or SEPA 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 | TopFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | Questrade Review | TopFX Review |
| Broker Screenshots | Questrade | TopFX | |
|---|---|---|---|
| Broker Gallery (click to expand) |
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| Regulation | Questrade | TopFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2000 | 2010 | |
| Publicly Traded (Listed) | |||
| Bank | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Questrade | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | |||
| 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) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes |
| Tier-2 Licenses (Trusted) | Questrade | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | |||
| India (SEBI Authorised) | |||
| Jordan (JSC Authorised) |
| Investments | Questrade | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 641 | 655 | |
| Forex Pairs (Total) | 110 | 60 | |
| 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 | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | 1.03 | |
| All-in Cost EUR/USD - Active | N/A | 0.88 | |
| Active Trader or VIP Discounts | |||
| Inactivity Fee | |||
| Execution: Agency Broker | Yes | ||
| Execution: Market Maker | Yes |
| Funding | Questrade | TopFX | |
|---|---|---|---|
| Minimum Deposit | $250 | Depends on payment method | |
| 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 | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | ||
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | ||
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | |||
| cTrader | Yes | ||
| DupliTrade | Yes | ||
| ZuluTrade |
| Trading Tools | Questrade | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary | |||
| Forex News (Top-Tier Sources) | Yes | ||
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | ||
| Social Sentiment - Currency Pairs | Yes | ||
| Economic Calendar | Yes | Yes |
| Education | Questrade | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | ||
| Client Webinars | |||
| Client Webinars (Archived) | Yes | ||
| Videos - Beginner Trading Videos | Yes | ||
| Videos - Advanced Trading Videos | |||
| Investor Dictionary (Glossary) |
| Major Forex Pairs | Questrade | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | Questrade | TopFX | |
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| Trust Score | 86 | 67 | |
| Winner | check_circle | ||
| Review | Questrade Review | TopFX Review |
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