Oanda Vs Questrade

Category: Broker Guides | Author: Trading Brokers | Date: June 7, 2024

Searching for the perfect online broker to dive into the thrilling world of forex or crypto trading? You’ve likely encountered two big names: Oanda and Questrade. These reputable brokers offer a range of features and services to their clients, but the question remains: which one is the ideal fit for you? In this article, we will compare Oanda and Questrade based on their regulation, trading platforms, pricing and fees, leverage, asset selection, social trading, minimum deposit, withdrawal, and deposit methods. We will also help you decide which broker suits your trading style and goals better.

Overview of Oanda



Oanda is a renowned online broker specializing in forex and CFD trading, as well as currency conversion. Founded in 1996 by Dr. Michael Stumm and Dr. Richard Olsen, Oanda aims to provide transparent access to global currency markets. The broker is regulated by multiple authorities across the US, UK, Canada, Japan, and Australia. Oanda offers a range of trading platforms to suit different needs. Their web-based platform, OANDA Trade, powered by TradingView, provides advanced charting, technical analysis tools, market news, an economic calendar, and algorithmic trading.

Oanda also supports integration with popular platforms like MetaTrader 4 and TradingView. Traders benefit from low spreads, fast execution, and no minimum deposit requirements. In addition to forex and CFD trading, Oanda offers currency conversion services. While their product portfolio includes forex, CFDs, indices, metals, commodities, and bonds, they do not provide stocks, ETFs, mutual funds, or cryptocurrencies. Oanda has offices in key locations worldwide, including Singapore, London, Toronto, Tokyo, and Sydney.

Pros of Oanda

  • Reliable broker with a strong establishment and excellent reputation.
  • High-quality trading platforms with powerful research tools.
  • Low forex fees and no minimum deposit requirement.
  • Offers a variety of financial instruments.

Cons of Oanda

  • Limited product portfolio, excluding stocks, ETFs, mutual funds, and cryptocurrencies.
  • Average CFD fees and some non-trading fees.
  • Not listed on a stock exchange or backed by a banking background.
  • Customer support is not available 24/7 with potential long response times.
Oanda Logo

Oanda is a multi-regulated and established online broker offering an excellent range of financial instruments via powerful and user-friendly trading platforms with industry leading trading conditions and a superb selection of premium trading tools for comprehensive market analysis.

Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone.

Overview of Questrade



Questrade is a Canadian online brokerage firm that was founded in 1999 and is headquartered in Toronto. Questrade is regulated by the IIROC and is a member of the Canadian Investor Protection Fund (CIPF). Questrade offers self-directed investing and managed investing options to its clients. With self-directed investing, you can trade stocks, ETFs, options, mutual funds, bonds, and precious metals on the Canadian and US markets. You can also trade forex and CFDs on over 40 currency pairs, indices, commodities, and crypto through Questrade FX & CFD.

With managed investing, you can choose from Questwealth Portfolios or ETF Portfolios which are designed by experts and rebalanced automatically. Questrade also offers a new registered savings account called Tax-Free First Home Savings Account (FHSA) that lets you contribute up to $40,000 toward your first home tax-free. Questrade has its own web-based trading platform called Questrade Trading, as well as a desktop platform called Questrade IQ Edge. Questrade also has a mobile app that allows you to trade on the go. Questrade provides various tools and research features, such as market data packages, watchlists, alerts, screeners, news feeds and reports.

Pros of Questrade

  • Low commissions on stocks and ETFs
  • No annual fees for RRSP or TFSA accounts
  • Free ETF purchases
  • Free account transfers
  • Access to managed investing options
  • Innovative products such as FHSA and QuestMortgage

Cons of Questrade

  • High spreads on forex and CFDs
  • Inactivity fee of $24.95 per quarter if your account balance is below $5,000
  • No social trading or copy trading features
  • Limited customer service hours
Questrade Logo

Questrade serves Canadian investors with a good range of financial products alongside flexible platforms and account types. You can choose between self-directed investing or get a pre-built portfolio to help you achieve your financial goals.

Trading involves financial risk and may not be appropriate for all investors.

Comparison between Oanda and Questrade

In this section, we will compare Oanda and Questrade based on the following features:


Both Oanda and Questrade are regulated and licensed by reputable authorities in various jurisdictions. Oanda is authorized by the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Securities Commission of The Bahamas (SCB), and the US Financial Industry Regulatory Authority (FINRA). Questrade is also authorized by the FCA, ASIC, SCB, and FINRA.

Trading Platform

Both Oanda and Questrade offer the MT4 platform and have their own web-based trading platforms that are user-friendly and customizable. Oanda’s platform is called OANDA Trade, while Questrade’s platform is called Questrade Trading. Both platforms allow you to trade forex, CFDs, and crypto, as well as access various analysis tools and market data. However, Oanda’s platform has some features that Questrade’s platform lacks, such as advanced charts powered by TradingView, technical analysis from Autochartist, and an economic overlay. Questrade’s platform, on the other hand, has some features that Oanda’s platform lacks, such as watchlists, alerts, screeners, and news feeds.

Pricing and Fees

Oanda has competitive fees for forex and CFD trading, as it charges only the spread cost and no commissions. The spreads vary depending on the market conditions and the account type, but they are generally low compared to other brokers. Oanda also does not charge any inactivity fees, deposit fees, or withdrawal fees for most methods.

Questrade has low fees for stocks and ETFs, as it charges $0.01 per share with a minimum of $4.95 and a maximum of $9.95 per trade. Buying ETFs is free while selling them costs $0.01 per share as well. Questrade also offers commission-free trading on some mutual funds and bonds. However, Questrade charges fees for forex and CFD trading, as well as margin rates, data subscriptions, wire withdrawals, and currency conversions.

Broker Type

Oanda is a market maker broker, which means it executes trades internally and acts as a counterparty to its clients. This may create a conflict of interest and affect the quality of execution. Questrade is an agency broker, which means it routes trades to third-party liquidity providers and does not trade against its clients. This may result in better execution quality and lower slippage.


Oanda and Questrade have different leverage options depending on the type of instrument and the region of the trader. Oanda offers leverage up to 50:1 for major currency pairs and up to 20:1 for minor currency pairs, commodities, indices, and stocks. Questrade offers margin trading, which means you can leverage your stock trading, short stocks, trade complex options strategies and leverage your precious metals trading.

Asset Selection

Oanda offers over 68 forex pairs, as well as CFDs on indices, commodities, metals, bonds, and crypto through its partnership with Paxos. Questrade offers self-directed investing options that allow you to trade stocks, ETFs, options, mutual funds, bonds, and precious metals on the Canadian and US markets. You can also trade forex and CFDs on over 40 currency pairs, indices, commodities, and crypto through Questrade FX & CFD. However, Questrade has more asset classes than Oanda, such as stocks, ETFs, options, and mutual funds.

Social Trading

Oanda does not offer any social trading features on its platform, such as copy trading or trading signals. However, Oanda does provide an API that allows its clients to connect with third-party platforms or services that offer social trading functionalities.

Questrade offers a social trading feature called Questwealth Portfolios, which is a robo-advisor service that creates and manages diversified portfolios for its clients based on their risk profiles and goals. Questwealth Portfolios charge a low annual management fee of 0.25% or 0.20% depending on the account balance.

Minimum Deposit

Oanda has no minimum deposit requirement for opening an account with them. You can start trading with any amount of money you want. Questrade has a minimum deposit requirement of $1,000 for opening an account with them. However, you can waive this requirement if you set up a pre-authorized deposit of at least $100 per month.

Withdrawal and Deposit Methods

Both Oanda and Questrade offer various withdrawal and deposit methods for their clients. Oanda accepts credit cards (Visa or Mastercard), debit cards (Visa or Mastercard), bank wire transfers (CAD or USD), PayPal (CAD or USD) and checks (CAD or USD). Questrade accepts online banking (CAD or USD), pre-authorized deposits (CAD or USD), bank wire transfers (CAD or USD), checks (CAD or USD), money orders (CAD or USD) and stock certificates (CAD or USD). Both brokers do not charge any fees for deposits, but they may charge fees for withdrawals depending on the method and the amount.

Which Should You Choose: Oanda or Questrade?

The answer to this question depends on your trading preferences and goals. If you prioritize a global and regulated broker that offers low spreads on forex pairs and access to cryptocurrency trading, Oanda might be the better choice for you. Oanda is known for its global presence and regulatory compliance, providing traders with competitive spreads on forex pairs and the ability to trade cryptocurrencies. On the other hand, if you prefer a Canadian and innovative broker that offers low commissions on stocks and ETFs and access to managed investing options, Questrade may be more suitable. Questrade is a popular choice among Canadian traders, offering low-cost trading on stocks and ETFs and providing options for managed investing portfolios.


When it comes to reputable and widely known online brokers, Oanda and Questrade stand out for their distinct features and services offered to clients. Each broker possesses its own set of advantages and disadvantages, catering to various types of traders. Consequently, it becomes crucial to assess them based on your individual trading preferences and goals before arriving at a decision. Our intention with this article has been to assist you in comprehending the disparities between Oanda and Questrade, ultimately enabling you to select the broker that best suits your needs. May your trading endeavors be filled with success and fulfillment. Happy trading!

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