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Questrade FX QuestradeFX Review

Questrade Review & Rating | Questrade Forex Broker | forex trading

RATING: 2 / 1 REVIEWS ForexBrokerz Questrade FX
Questrade FX is an offshore broker. Your money is not safe.


Trading Accounts


Account type  Minimum deposit  Minimum trade size Maximum leverage Spreads           
Margin FX&CFD $1 000 0.01 1:33 from 1.7 pips


Questrade offers a single commission-free forex trading account with margin rate of 3%, variable spreads and the option to use micro tradable lots for better risk management on both the robust MetaTrader 4 and the broker`s in-house platforms.


Managed account services are also available with this broker through its Questrade Portfolio IQprogram.


Another freebie you will get from Questrade is access to Online Trading Academy forex classes and the ForexCharts by eSignal service.  With eSignal service you will receive more than 20 analytical studies, advanced drawing tools, customizable toolbars, and much more. To get ForexCharts, you will simply need to have an equity of $1,000 or more. 


The Company. Security of Funds


Company Country Regulation
Questrade, Inc   Canada   IIROC&CIPF


Founded in 1999, Questrade is Canada’s largest independent online brokerage, with which private and institutional customers can trade forex, CFDs, precious metals, stocks, options, ETFs, mutual funds, bonds, and GICs.


Canada is not very popular forex brokers destination and probably one of the reasons for this is that Canadian residents are not mandated to trade with nationally-licensed brokers only (like US ones). 


Unlike the US, Canada does not restrict leverage, ban hedging, or apply FIFO (firs-in-first-out). Depending on the province of their registration, however, brokers in Canada may need to comply with different regulations.  


​Questrade, Inc., doing business as Questrade, is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) - the body which licenses all investment dealers and oversees the trading activity on debt and equity marketplaces in Canada. This national self-regulatory organization sets high-quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.


One of the biggest advantages of trading with a Canadian forex broker is the Canadian Investor Protection Fund (CIPF), which insures every trader's account for up to $1 million against suffering losses due to an insolvent broker. Questrade, of course, is also a member of CIPF.


Trading Conditions


Minimum Initial Deposit

In order to open an account with Questrade, traders have to invest a minimum of $1 000. Such minimum initial amount is comparatively high for the forex market, yet with a broker regulated in Canada it’s worth it – your funds are safe. Another brokerage regulated in Canada, requires just $50 from its clients as a start.


Spreads & Commissions

Questrade`s sole forex trading account provides variable spreads, starting from 1.7 pips on EUR/USD, which is above the average for the forex market. Most brokerages offer variable spreads within the range of 1.0 – 1.5 pips for this pair.


For purposes of comparison, provides a typical spread of 1.8 pips on EUR/USD on its commission-free accounts. For more information, you may look up real-time spreads of 15 leading brokers here.



When it comes to forex, the broker offers leverage but unlike other brokerages, where leverage or margin is fixed, Questrade requires a different margin for the different trading instruments. 


The maximum leverage level offered by Questrade is just 1:33, while a number of brokers, provide leverage equal to or exceeding 1:500. By comparison, offers leverage up to 1:200 (or 1:50 to US clients, as leverage in the US is capped by law).


Trading Platforms


Questrade offers its clients a choice of several trading platforms: the renown MetaTrader 4, its proprietary web-based QuestradeFX and QuestradeFX Pro – in-house customizable desktop platform.


QuestradeFX offers more than 30 major currencies and features one click dealing, real time pricing, a streamlined order entry screen and real-time reports available 7 days a week 24 hours a day.


The desktop QuestradeFX PRO platform enables users to customize the software’s design and charting to a specific market, set limit and stop orders by rate, pips or dollar P&L, test the suite of reporting tools, etc.


QuestradeFX PRO platform. Click to enlarge.


Questrade also supports the MetaTrader 4, which is equipped with real-time data, technical analysis tools, and an EA-optimized environment for customized or off-the-shelf automated strategies.


Methods of Payment


Questrade offers the following deposit and withdrawal methods: bank wire transfer, paper cheque and electronic fund transfers.




Questrade is a reputable Canadian broker that offers trading in a wide range of assets. Although its spreads are not among the tightest in the industry and maximum available leverage is just 1:33, we recommend this brokerage as it stands out in terms of safety and security of funds. To sum up the above, here are the advantages and drawbacks with regards to this broker:


Pros Cons
Strong regulation, safety of funds ensured Wide spreads
Choice of trading platforms, MT4 available Comparatively high initial deposit
Wide range of investment options offered Low leverage levels


Latest news about Questrade FX
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
$200 Review Website

Traders` reviews for Questrade FX


Variable spreads
Typical spreads:   EUR/USD  3 | GBP/USD  5 | USD/CHF  5 | USD/JPY  4



No Commissions 



Wide spreads

Spreads widen during volatile market and news releases

Poor platform






Slippage during news releases 

Slippage during normal market conditions






A lot of requotes even during quiet market

"Rate is changed" message - you gonna hate it 

Price feed



No stop hunting

No price manipulaton  






Desktop and Web Platforms

Simple platforms

One click dealing

No Auto trading 

Poor charts





Bank Тransfer


 Bank Тransfer


Customer service




Live Chat


Rude Customer service

No 24/7 trading desk  





Questrade account is insured for $1million through the CIPF

Decent price feed



Wide spreads

Lots of requotes

Slippage at non news time 

Rude customer service

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