QuestradeFX Review

QuestradeFX Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this QuestradeFX Review.

QuestradeFX Review

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, Forex.com 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, Forex.com 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.

Leverage

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, Forex.com 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.

The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.

QuestradeFX Review Conclusion

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