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.
When choosing an online broker, understanding their trust and regulatory status is crucial. Questrade, founded in 2000, is a well-regarded option with a Trust Score of 86, indicating a trusted status according to ForexBrokers.com. The company holds two Tier-1 licenses, showcasing its commitment to adhering to top-level financial safety practices. While not listed on a stock exchange, and not operating as a bank, Questrade still offers a secure environment for its users.
TopFX, on the other hand, started its operations in 2010 and has a Trust Score of 67, suggesting a high risk as per ForexBrokers.com's rating. Holding one Tier-1 license, TopFX has a foundational level of regulatory security, but investors might consider exploring how these factors align with their priorities. Similar to Questrade, TopFX is neither publicly traded nor a banking institution, which affects how both brokers are viewed in terms of corporate structure and oversight.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Year Founded | 2000 | 2010 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| 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 | No | No |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the investment offerings of Questrade and TopFX, both platforms provide forex trading options as CFDs or spot contracts. However, Questrade boasts a larger selection of tradeable symbols, offering 641 in total compared to TopFX's 655. Notably, Questrade provides a significant advantage in forex trading, with 110 tradeable forex pairs versus TopFX's 60. Furthermore, Questrade stands out with its access to exchange-traded securities on both U.S. and international exchanges, which TopFX does not offer.
TopFX, on the other hand, offers features like copy trading, which appeals to those looking to mimic successful traders, while Questrade does not offer this service. Both platforms allow trading in cryptocurrency derivatives, but neither offers the option to buy actual cryptocurrencies. Looking at their overall range of investments, Questrade earns a solid 5-star rating, ranking 11th among 63 brokers according to ForexBrokers.com. In contrast, TopFX receives a 3.5-star rating and ranks 46th, indicating that Questrade may be a more comprehensive choice for investors seeking diverse options.
| 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 | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | No |
| 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.
Questrade and TopFX both cater to traders looking for versatile platforms and tools, although there are some distinct differences between the two. Both brokers provide simulated trading accounts for users to practice without financial risk. Questrade shines with its proprietary platform and a downloadable Windows-based platform, alongside web-based trading capabilities. On the other hand, TopFX does not offer a proprietary platform, but it supports MetaTrader 4 (MT4), which is absent in Questrade’s offerings. Both brokers allow trading directly from stock charts, but Questrade stands out with 20 drawing tools and extensive customization options, offering 52 columns for watch lists compared to TopFX’s 7.
For traders interested in social or copy trading, TopFX enables copy trading, while Questrade does not. However, Questrade supports DupliTrade, expanding its toolset for users, whereas TopFX does not. Both brokers are well-regarded, each earning four stars for their trading platforms and tools. Despite this equal standing in ratings, ForexBrokers.com ranks Questrade higher at 34th place out of 63 brokers, compared to TopFX's 45th spot. These subtle differences highlight the importance of evaluating your trading needs when choosing between Questrade and TopFX.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | Yes | No |
| ZuluTrade | No | No |
| 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.
When comparing the mobile trading apps of Questrade and TopFX, both provide apps compatible with iPhone and Android devices, making them accessible to a wide range of users. They each offer essential features such as stock and forex price alerts, as well as the capability to draw trendlines and view various time frames on charts. While both platforms allow you to create watchlists with real-time quotes, Questrade stands out by enabling watchlist symbol syncing across devices. This feature is missing in TopFX, meaning updates to your list on one device won't automatically reflect on another.
For those who rely heavily on technical analysis, Questrade provides a more comprehensive charting experience with 64 technical studies compared to TopFX's 30. Both apps ensure that any chart drawings you make are automatically saved. Despite their differences, both platforms receive solid reviews, with a rating of 4 out of 5 stars. However, Questrade takes a higher position in industry rankings, being placed at #34, while TopFX is at #51, indicating a generally stronger preference towards Questrade in the market.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| 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.
In the realm of market research, Questrade and TopFX present distinct offerings to their users. Questrade excels in providing comprehensive tools through Autochartist, Trading Central, and market research from TipRanks. It also offers an economic calendar to keep traders informed about global events. However, it lacks daily market commentary and forex news from top-tier sources. On the other hand, TopFX stands out by providing forex news from renowned sources like Bloomberg and Reuters, along with sentiment-based trading tools that give insights into market positions. Similar to Questrade, TopFX offers resources from Autochartist and Trading Central, and an economic calendar, but it does not integrate with TipRanks.
Rating and rankings further differentiate these brokers, with Questrade earning a slightly higher research rating of 3.5 stars compared to TopFX's 3 stars. According to ForexBrokers.com, Questrade is positioned at #51 out of 63 brokers for research capabilities, showcasing a more favorable standing than TopFX, which is ranked #60. These differences highlight the varied strengths each broker holds in supporting traders with their research needs.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Daily Market Commentary | No | No |
| Forex News (Top-Tier Sources) | No | Yes |
| Autochartist | Yes | Yes |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners in forex and CFDs, Questrade has an edge over TopFX. Questrade offers more than ten educational pieces focusing on forex and CFDs, providing valuable material for those looking to deepen their financial market understanding. In addition to this, Questrade makes it easy to learn at your own pace with a searchable archive of recorded client webinars and more than ten beginner-friendly educational videos. These resources make it a more accessible platform for newcomers eager to learn the basics of trading. Meanwhile, TopFX does not meet these offerings. Their lack of beginner-centric content may leave new traders wanting more.
Neither platform excels in providing advanced educational videos or monthly live webinars, showing room for improvement in catering to experienced traders. Neither offers an investor dictionary with a broad range of investing term definitions, which could be beneficial for learners of all levels. In ratings, Questrade garners a 3.5-star rating for its educational efforts, standing at #36 out of 63 brokers, indicating it provides a reasonable foundation for beginners. On the other hand, TopFX receives a 3-star rating and ranks much lower at #61, suggesting it may not be the first choice for those seeking educational advancement in forex trading.
| Feature |
Questrade
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | No | No |
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 |
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In comparing online brokers Questrade and TopFX, both platforms do not provide the option to buy actual delivered cryptocurrencies, but they do offer the ability to purchase cryptocurrency derivatives.
Questrade and TopFX both support Visa and Mastercard, as well as bank wire transfers for depositing or withdrawing funds, but TopFX also offers additional flexibility by accepting PayPal and Skrill, unlike Questrade, which does not provide these options, and neither broker supports 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 | |
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| Regulation | Questrade | TopFX | |
|---|---|---|---|
| Trust Score | 86 | 67 | |
| Year Founded | 2000 | 2010 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | 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) | No | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | No | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Questrade | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| 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 | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | No | |
| 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 | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Questrade | TopFX | |
|---|---|---|---|
| Minimum Deposit | $250 | Depends on payment method | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | Questrade | TopFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | Yes | |
| DupliTrade | Yes | No | |
| ZuluTrade | No | No |
| 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 | No | |
| 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 | No | No | |
| Forex News (Top-Tier Sources) | No | Yes | |
| Autochartist | Yes | Yes | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Questrade | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | No | No |
| 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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