Qtrade vs Woxa

Qtrade vs Woxa Comparison Table 2024
Qtrade Woxa
3.6
2.4
United States Flag Traders from US not accepted
United States Flag Traders from US not accepted

Qtrade is an award-winning Canadian financial services firm that offers a selection of investing accounts with $8.75 and $6.95 stocks, mutual fund trades and 100+ commission-free ETFs. This is a long-running brand that is well regarded in Canada, where many investors choose it to build their savings account or pension pot. QTrade is also highly trusted and authorized by the Canadian Investment Regulatory Organization (CIRO).

Woxa is an STP broker established in 2021 and regulated by the Financial Services Commission (FSC) in Mauritius. Over 2000 CFDs are available spanning popular asset classes, including forex, stocks, indices, commodities and crypto. Woxa offers an in-house web platform, alongside a mobile app and copy trading service.

Customer Reviews
3.3
Bonus Offer
$50 Sign up, and $2000 Cashback offer $50 Welcome Bonus
Comment by Reviewer
"Qtrade is a good match for Canadian traders who are looking for a reputable and regulated broker to make longer-term investments as well as leveraged trades." "Woxa is best for beginners looking for a low minimum deposit, easy-to-use platform and social investing features. However, it seriously trails alternatives in several key areas, including safety, trading fees and customer support."
Pros
  • One of the best investment platforms on offer in Canada
  • Easy to use and award winning platform and customer experience
  • Good range of US and Canadian stocks as well as funds, ETFs and other assets
  • Offers a range of accounts to suit standard investments or various types of pension
  • Simple investor/member login process
  • Trailing stop loss risk management tool
  • 100+ commission-free ETFs
  • No deposit or withdrawal fees
  • The trading platform is very easy to use thanks to its modern design and intuitive navigation
  • TradingView's charting package is excellent with 100+ indicators and drawing tools
  • The $25 minimum deposit is lower than most alternatives and accessible for beginners
  • It is really easy to open a Woxa account – taking less than 5 minutes
Cons
  • Transfer out fee
  • CAD to USD exchange charge
  • Commissions of $8.75 per equity can stack up
  • Limited funding options and no credit/debit card deposits
  • Only available to residents of Canada. So if you are residents of Dubai, the UK or Lebanon, you will not be eligible
  • Woxa is still relatively new with weak regulatory credentials and limited safeguards
  • Spreads came in above average during testing, especially on currency pairs
  • The Academy is good for learning the basics but offers little for experienced traders
  • Traders can't use the MetaTrader platforms and algo trading isn't supported
  • Woxa seriously lags behind top brokers when it comes to market research tools
  • Investors can only deposit with wire transfer and there is a fee for non-USD transfers
  • The copy trading service doesn’t compete with industry-front runners
  • Customer support was unreliable during testing
Awards
  • 30 industry awards across 15 years
Instruments
Stocks, ETFs, Bonds, Mutual Funds, Options, GICs CFDs on Forex, Commodities, Stocks, Indices, ETFs
Demo Account
Yes Yes
Minimum Deposit
$0 $25
Trading Platforms
  • TradingCentral
  • Woxa Platform
  • App
Payment Methods
Minimum Trade
Variable 0.01
Regulator
CIRO FSC
Margin Trading
Yes Yes
STP Account
No Yes
ECN Account
No No
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
Yes No
Negative Balance Protection
No Yes
Market Maker
No No
P2P Trading
No No
Spot Trading
Yes No
Mobile Apps
iOS & Android iOS & Android
App Review

Woxa offers a user-friendly mobile app where you can speculate on 29 currency pairs, including majors and minors. Charts have been optimized for mobile and tablet devices and you can manage your account and speak to customer support. The forex app is available on iOS and Android devices.

Copy Trading
No Yes
Copy Trading Platform
The CopyTrade service at Woxa allows you to copy the strategies of experienced investors. You can pick master traders based on various metrics, including total returns, risk ratings and trading timescales. However, it trailed best-in-class copy trading app eToro during testing.
Social Trading
No Yes
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Inactivity Fee
$0
Islamic Account
No No
Account Currencies
  • USD
  • CAD
  • USD
Stock Exchanges
Commodities
CFD Trading
CFD trading not offered Woxa offers a good breadth of CFDs covering popular asset classes, from stocks, indices and forex to commodities and cryptos. High leverage up to 1:400 is also available, which is more than most alternatives. You can trade CFDs on the web platform or investing app.
Leverage
1:400
FTSE Spread
5.38
GBPUSD Spread
5.5
Oil Spread
0.06
Stocks Spread
0.53 (Tesla)
Forex Trading
Forex trading not offered Woxa offers trading on 29 currency pairs including majors, minors and exotics. However during testing, spreads were higher than the industry average at 2.0 pips on the EUR/USD. Also while you can make use of the forex-specific educational resources in the Woxa Academy, materials are not as extensive as other brokers.
Forex App

Woxa offers a user-friendly mobile app where you can speculate on 29 currency pairs, including majors and minors. Charts have been optimized for mobile and tablet devices and you can manage your account and speak to customer support. The forex app is available on iOS and Android devices.

GBPUSD Spread
5.5
EURUSD Spread
2.0
EURGBP Spread
7.8
Assets
29
Cryptocurrency
Crypto trading not offered Woxa offers a slim selection of 10 cryptocurrencies, though major tokens like Bitcoin and Ethereum are available. Spreads on crypto are competitive based on comparisons with other brokers. You can trade digital currencies 24/7 with customizable watchlists.
Spread
28.2
Coins
  • ADA
  • BAT
  • BCH
  • BTC
  • DOT
  • ETH
  • LTC
  • SOL
  • UNI
  • XTZ
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
More Comparisons
Qtrade
vs
Woxa
vs