Questrade vs Saxo Bank compared

Online brokers compared for fees, trading platforms, safety and more. See how Questrade stacks up against Saxo Bank!

Questrade
Saxo Bank

Last update of dataDec 2022

Questrade

Questrade is a Canadian online brokerage firm. Questrade is a member of Canadian self-regulatory industry body IIROC and the Canadian Investor Protection Fund (CIPF).

Recommended for traders and investors focusing on the Canadian and US markets.

Saxo Bank

Saxo Bank is a Danish investment bank. It is regulated by several top-tier financial authorities globally, including the UK regulator called FCA (Financial Conduct Authority).

Recommended for investors and traders looking for a great trading platform and solid research.

Questrade's service is on par with Saxo Bank's and a comparison of their fees shows that Questrade's fees are similar to Saxo Bank's.

Account opening takes somewhat more effort at Questrade compared to Saxo Bank, deposit and withdrawal processes are more complicated at Questrade, while customer service quality is somewhat better than Saxo Bank's.

Our experts rated the trading platform of Questrade as somewhat worse than the platform of Saxo Bank, found that clients have access to slightly less markets and products with Questrade, while Saxo Bank provides just about the same quality of research and education.

*Data marked with an asterisk contain additional info, expand the relevant sections below to see details.

Basic data of broker

Overall Score
4.5

Recommended for Traders and investors focusing on the Canadian and US markets

Overall Score
4.8

Recommended for Investors and traders looking for a great trading platform and solid research

Best forex broker

Country of origin

Canada

Country of origin

Denmark

Fees

Fees score
3.4
Fees score
3.0
Fees summary

Low trading and non-trading fees, low stock and ETF fees

Fees summary

Average trading and non-trading fees, low forex fees

Stock and ETF fees

Forex fees

Fund fees

Bond fees

Options fees

Futures fees

Crypto fees

CFD fees

Non-trading fees

Deposit and withdrawal

Deposit and withdrawal score
2.7
Deposit and withdrawal score
4.8
Number of base currencies

2

Number of base currencies

26

Deposit type

Withdrawal type

Account opening

Account opening score
3.5
Account opening score
4.3
Account opening fully online
Account opening fully online
Minimum deposit
*

$1000

*
Minimum deposit
*

$2000

*
Time to open account

1 day

Time to open account

1 day

Required documents

Proof of identity: national ID / driver's licence plus social insurance number for Canadians / tax identifier number for internationals

Required documents

Proof of identity: personal ID / passport / driver's licence Proof of residence: ID card / insurance card / utility bill / bank statement

Trading platform

Web platform score
3.8
Web platform score
5.0
Mobile platform score
4.8
Mobile platform score
5.0
Desktop platform score
4.3
Desktop platform score
5.0

Markets and products

Markets and products score
4.5
Markets and products score
5.0
Stocks
Stocks
Fractional shares
Fractional shares
ETFs
ETFs
Forex
Forex
Funds
Funds
Bonds
Bonds
Options
Options
Futures
Futures
Crypto
Crypto
*
*
CFDs
CFDs
CFD disclaimer

Disclaimer: 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

CFD disclaimer

Disclaimer: 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Research, education

Research score
4.8
Research score
5.0
Charting quality

Great

Charting quality

Great

Education score
4.0
Education score
4.5
Demo account
Demo account

Customer service

Customer service score
5.0
Customer service score
4.5
Phone
Phone
Live chat
Live chat
Email
Email
24/7 availability
24/7 availability

Security

Investor protection amount

CAD 1 million

Investor protection amount

€100,000 for cash and €20,000 for securities for most European clients; £85,000 for UK clients; CHF 100,000 for Swiss clients; HKD 500,000 for securities at Hong Kong entity; no protection for clients from Singapore, Japan and Australia

Banking background
Banking background
Listed on stock exchange
Listed on stock exchange
Foundation date

1999

Foundation date

1992

Country of regulation

Canada

Country of regulation

Denmark, UK, France, Italy, Switzerland, Singapore, Japan, Hong Kong, Australia

Questrade

For detailed information and hands-on experience, read our review of this broker.

Saxo Bank

For detailed information and hands-on experience, read our review of this broker.

*Data marked with an asterisk contain additional info, expand the relevant sections below to see details.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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