| Feature | XM Trading | Questrade |
|---|---|---|
| Year Founded | 2009 | 1999 |
| Regulation | Regulated by multiple authorities, including ASIC (Australia), CySEC (Cyprus), and IFSC (Belize) | Regulated by the Canadian Investment Regulatory Organization (CIRO) |
| Minimum Deposit | $5 | $1,000 |
| Trading Platforms | MetaTrader 4 (MT4), MetaTrader 5 (MT5) | Proprietary platforms: Questrade Trading, Questrade IQ Edge, Questrade Global |
| Available Instruments | Forex, CFDs on commodities, indices, stocks, metals, energies | Stocks, ETFs, options, forex, CFDs, mutual funds, bonds, GICs, IPOs |
| Number of Forex Pairs | 55 | Over 110 |
| Leverage | Up to 1:888 (varies by entity and jurisdiction) | Up to 1:3.33 |
| Spreads | From 0.6 pips on major pairs | From 0.8 pips on major pairs |
| Commission Structure | Zero commissions on Standard accounts; commissions apply on Zero accounts | Stocks: $0.01 per share (min $4.95, max $9.95); ETFs: free to buy, standard commission to sell; Forex: spreads plus potential commissions |
| Account Types | Micro, Standard, XM Ultra Low, Shares | Margin, Registered (RRSP, TFSA, RESP), Forex & CFD, Questwealth Portfolios |
| Demo Account | Yes, unlimited duration | Yes, 90-day duration with virtual funds |
| Deposit Methods | Bank wire, credit/debit cards, electronic payment methods (e.g., Skrill, Neteller) | Online bank payment, wire transfer, cheque, money order |
| Withdrawal Methods | Same as deposit methods | Same as deposit methods; fees may apply for certain methods |
| Educational Resources | Webinars, tutorials, market research, trading tools | Blog articles, on-demand webinars, Market Intelligence tool powered by Morningstar |
| Customer Support | 24/5 via live chat, email, phone | Monday–Friday, 7:30 am to 8:00 pm EST via phone, email, live chat |
| Mobile Trading | Yes, via MT4 and MT5 mobile apps | Yes, via Questrade mobile app |
| Social/Copy Trading | Yes, supports copy trading | No |
| Islamic (Swap-Free) Accounts | Yes | No |
| Promotions/Bonuses | Periodic bonuses and promotions (subject to jurisdiction) | 5 commission-free trades for new accounts; transfer fee rebates up to $150 per account |
| Geographic Restrictions | Does not accept clients from certain jurisdictions, including the USA | Primarily serves Canadian residents; non-Canadian residents have limited access |
| Order Execution Type | Market execution, No Dealing Desk (NDD) | Direct Market Access (DMA), ECN-like execution for forex |
| Hedging Allowed | Yes | Yes |
| Scalping Allowed | Yes | Yes |
| Stop-Loss and Take-Profit Orders | Yes, available on all account types | Yes, available on all account types |
| Negative Balance Protection | Yes | No |
| Trailing Stops | Yes | Yes |
| One-Click Trading | Yes | Yes |
| Custom Indicators & Algorithmic Trading | Yes, via MetaTrader 4 and MetaTrader 5 | Yes, via API integration |
| API Trading | No | Yes, Questrade API available for advanced users |
| Trading Fees Transparency | Competitive spreads, transparent commission on Zero accounts | Transparent fee structure, commissions apply on stocks, options, and forex |
| Deposit Fees | None | None |
| Withdrawal Fees | Free for most methods (except bank wire in certain jurisdictions) | $50 per wire transfer, free for other methods within Canada |
| Inactivity Fees | None | $25 per quarter after 12 months of inactivity |
| Margin Trading | Yes, with high leverage | Yes, with lower leverage than XM Trading |
| Short Selling | No | Yes |
| Fractional Shares Trading | No | Yes, available on certain assets |
| Dividend Reinvestment Plan (DRIP) | No | Yes, available for stocks and ETFs |
| Mutual Funds Availability | No | Yes |
| Futures Trading | No | No |
| Cryptocurrency Trading | No | No |
| Auto Trading & Bots | Supports via MT4 Expert Advisors (EAs) | API-based automation allowed, but no built-in bots |
| News & Market Analysis | Daily market analysis, economic calendar, trading signals | Market Intelligence powered by Morningstar, real-time news feeds |
| Regulatory Protection for Client Funds | Segregated client funds under regulatory bodies | Canadian Investor Protection Fund (CIPF) coverage up to CAD 1 million |
| Tax Reporting Tools | No built-in tax reporting tools | Provides tax reports and slips for Canadian residents |
| Best For | High-leverage forex traders, scalpers, beginners, international traders | Canadian investors, stock and ETF traders, long-term portfolio management |
| Trade Execution Speed | Ultra-fast execution, 99.35% of trades executed in under 1 second | Fast execution, but may vary depending on market conditions |
| Depth of Market (DOM) | No | Yes, available for advanced traders |
| Tick Charts | Yes, available in MetaTrader platforms | Yes, available on Questrade platforms |
| Trading Signals | Yes, via MetaTrader 4/5, and Trading Central | No built-in signals, but third-party integrations available |
| Social Trading Integration | Yes, supports third-party social trading | No |
| Customizable Trading Interface | Limited customization on MT4/MT5 | Fully customizable with Questrade Trading and Questrade IQ Edge |
| Hotkeys for Trading | Yes, on MT4/MT5 | Yes, in Questrade IQ Edge |
| Multi-Monitor Support | Yes, via MetaTrader’s multi-window mode | Yes, on Questrade IQ Edge |
| Trading Alerts & Notifications | Yes, push notifications, email, SMS alerts | Yes, price alerts, notifications via email and platform |
| Trading Journal / History Tracking | Yes, built into MT4/MT5 | Yes, in Questrade platform with account performance tracking |
| Market Sentiment Indicators | No | Yes, available for stocks and options |
| Mobile Trading Customization | Standard features on MT4/MT5 mobile apps | More customization in Questrade mobile app |
| Dark Mode Support | Yes, in MetaTrader platforms | Yes, in Questrade platforms |
| Risk Management Tools | Stop loss, take profit, negative balance protection | Stop loss, take profit, margin monitoring |
| Trading Competitions | Yes, periodic trading contests | No |
| Multilingual Customer Support | Yes, supports over 30 languages | English and French |
| Server Locations | Global network of trading servers for fast execution | Primarily Canada-based servers |
| Automated Withdrawals | No, manual processing required | No, manual processing required |
| Weekend Trading | No (except for cryptocurrency trading, which is not available on XM) | No |
| Over-the-Counter (OTC) Trading | No | No |
| Advanced Order Types | Market, limit, stop, trailing stop, OCO orders | Market, limit, stop, trailing stop, OCO orders |
| Margin Call & Stop-Out Level | Margin call at 50%, stop-out at 20% (varies by account type) | Varies based on security and account type |
| Account Base Currencies | USD, EUR, GBP, AUD, JPY, CHF, and others | CAD, USD |
| Forex Lot Sizes | Micro (0.01), Mini (0.1), Standard (1.0) | Varies by trade size |
| Trading Hours | 24/5 (forex), follows market hours for other assets | Follows exchange trading hours for stocks, ETFs, and forex |
| Loyalty Programs / VIP Accounts | Yes, offers higher leverage, priority support, and better trading conditions for VIP clients | No formal VIP program |
| Partnership / Affiliate Programs | Yes, offers CPA and revenue-sharing programs | Yes, referral programs for existing clients |
| Regulatory Audits & Transparency | Regular audits by regulatory bodies | Regular audits by CIRO and financial authorities |
| Business Model | Market maker and ECN hybrid | ECN and direct market access broker |
| Best For | Active forex traders, CFD traders, beginners, traders seeking high leverage | Long-term investors, Canadian traders, ETF and stock investors |
XM Trading is ideal for high-leverage forex traders and scalpers, while Questrade is better suited for Canadian investors focused on stocks, ETFs, and long-term investments.