Head to head
Baraka vs Questrade — which broker is better?
Baraka or Questrade? Fees, regulation, platform and product range compared side by side — with a verdict drawn from the data.
Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.
Baraka
A DFSA-licensed investing app for residents of five Gulf states: US and UAE shares, options and gold, with an Islamic Window under its own Shariah board.
- Stocks (per order)
- US$1
- Minimum deposit
- None
- 5,000 order
- €0.92
Risk warning: investing in securities involves risk. You may lose some or all of the capital you invest.
Questrade
Canada's biggest independent broker, now genuinely commission-free — with a 1.5% currency spread as the sting in the tail.
- Stocks (per order)
- Free
- Minimum deposit
- None
- 5,000 order
- €0
Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
The verdict in numbers
Four decision axes, each derived from the recorded data.
Overall Questrade takes it, 4.2 against 3.6 out of 5. Questrade is the cheaper of the two: a reference EUR 5,000 stock order costs €0.00 there against €0.92. Questrade scores 76 against 44 out of 100 on the group index. Your account's protection depends on its legal entity. Questrade covers more ground with 10 of 14 asset classes against 5. On platform and app Questrade is ahead, 4.5 against 3.8 out of 5. Which one is right depends on which of these axes matters for your trading profile.
- Baraka
- 3.6
- Questrade
- 4.2 — Better
- Baraka
- €0.92
- Questrade
- €0.00 — Better
- Baraka
- 44 of 100
- Questrade
- 76 of 100
- Baraka
- 5/14
- Questrade
- 10/14 — Better
- Baraka
- 3.8
- Questrade
- 4.5 — Better
Compare brokers side by side
Up to four brokers at once — every row a decision point.
Data as of: 02 Nov 2026
| Criterion | Baraka 3.6 Risk warning: investing in securities involves risk. You may lose some or all of the capital you invest. | Questrade 4.2 Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. |
|---|---|---|
| Overall score | 3.6 | 4.2 — Better |
| Group index | 44 of 100 | 76 of 100 |
| Best for | Residents of the UAE, Oman, Qatar, Bahrain and Kuwait buying US sharesInvestors who want Sharia screeningArabic-speaking beginnersSmall monthly purchases within the plan's free trades | Canadian self-directed investorsRegistered account investing (TFSA, RRSP, FHSA, RESP)US options tradersActive traders who want a free professional platformInvestors combining ETFs, bonds and mutual funds in one account |
| Regulation | DFSA | CIROOSC |
| Top-tier licences | 0 | 2 — Better |
| Investor protection | n/a | CA$1,000,000 |
| Listed group | No | No |
| Banking licence | No | No |
| Segregated client accounts | Yes | Yes |
| Negative balance protection | No | No |
| Audited financials | No | Yes |
| Disclosed regulatory actions | None | None |
| Founded | 2020 | 1999 |
| Headquarters | Dubai, AE | Toronto, CA |
| Fees | 3.7 | 4.4 — Better |
| Safety & regulation | 3.5 | 4.2 — Better |
| Trading platform | 3.4 | 4.4 — Better |
| Product range | 3.5 | 4.0 — Better |
| Mobile app | 4.1 | 4.5 — Better |
| Research | 3.4 | 3.9 — Better |
| Customer support | 3.2 | 3.6 — Better |
| Deposit & withdrawal | 3.5 | 3.9 — Better |
| Account opening | 4.2 | 4.4 — Better |
| Education | 3.0 | 3.8 — Better |
| Reference order EUR 5,000 | €0.92 | €0.00 — Better |
| Minimum deposit | None | None |
| Stocks (per order) | US$1 | Free |
| US stocks | US$1 | Free |
| ETFs | US$1 | Free |
| Options | US$1 | Free — Better |
| Futures | Not offered | Not offered |
| Crypto | n/a | Not offered |
| Bonds (order) | n/a | CA$24.95 |
| Funds (order) | n/a | CA$9.95 |
| EUR/USD spread | n/a | 1.9 pips |
| Index CFD spread | n/a | n/a |
| FX conversion | n/a | 1.5 % |
| Inactivity fee | US$1 · after 1 months | None — Better |
| Custody fee | None | None |
| Withdrawal fee | free | free |
| Deposit fee | 0.75 % | free — Better |
| Overnight financing | n/a | n/a |
| Other fees |
|
|
| Asset classes (of 14) | 5 | 10 — Better |
| Exchanges | n/a | n/a |
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | No |
| Forex | No | Yes |
| CFDs | No | Yes |
| Crypto | No | No |
| Bonds | Yes | Yes |
| Funds | No | Yes |
| Commodities | Yes | Yes |
| Indices | No | Yes |
| Warrants | No | Yes |
| Spread betting | No | No |
| Social trading | No | No |
| Crypto access | no crypto | no crypto |
| Platforms | baraka app (iOS and Android) | Questrade web and appQuestrade ProQuestrade EdgeQuestrade mobileQuestrade MCP |
| Demo account | No | No |
| Fractional shares | Yes | Yes |
| Maximum leverage | n/a | 1:3 |
| Account opening | Fully digital in the app: phone verification, personal details, an ID (passport, identity card or driving licence) and a GCC home address; UAE Pass sign-in is supported. Applicants must be 18 or older, resident in one of five GCC states and not US residents, and, according to Baraka's terms (clauses 2.6 and 2.9), also open an account with DriveWealth | Fully online, typically minutes to open with no minimum balance; funding by electronic transfer takes 1–3 business days |
| Account types | StandardPremiumPremium+Islamic Windowbaraka Access (private markets) | TFSARRSPFHSARESPMarginCashFX & CFD |
| Payment methods | Debit cardApple PayGoogle PayBank transfer | Bank transferCheque |
| Account currencies | USDAED | CADUSD |
| Deposit time | Debit card, Apple Pay and Google Pay are credited at once and settle in 2–3 days; Connect UAE Bank (open banking via Lean) and bank transfers take 2–5 business days | Electronic funds transfer 1–3 business days; wire same or next business day |
| Withdrawal time | 1–3 business days to UAE banks, up to 5 business days to banks outside the UAE; US-wallet withdrawals are paid in USD | 1–3 business days by electronic funds transfer |
| Free withdrawals | n/a | n/a |
| Languages | EnglishArabic | EnglishFrench |
| Channels | Live chatEmail | PhoneEmailLive chatBranch |
| Availability | In-app chat and email; one help-centre answer gives 11:00–23:00 UAE time, another advertises 24/7 support | Monday–Friday 07:30–20:00 ET, Saturday and Sunday 10:00–16:00 ET |
Strengths and weaknesses side by side
Editorial assessment based on the recorded data.
Baraka
A DFSA-licensed investing app for residents of five Gulf states: US and UAE shares, options and gold, with an Islamic Window under its own Shariah board.
Pros
- Licensed by the DFSA in the DIFC since 2 June 2021 (F006586), with retail-client, client-assets and Islamic Window endorsements on the public register
- One free US stock or ETF trade a month on the free Standard plan, then USD 1 per order; Premium includes 12 and Premium+ 25 free trades
- US options at USD 1 per contract on 500+ US stocks, with Baraka saying it absorbs regulatory and exchange fees
- UAE shares on ADX and DFM and physical gold in the same app for UAE residents, with silver listed on Baraka's metals page
- Fractional US shares from USD 1, Auto-Invest, a free dividend reinvestment plan and no custody or account maintenance fee
- Arabic website and app, plus a Sharia Screener based on Musaffa data
- An Islamic Window that, according to a certificate of 7 August 2026 (valid until 6 August 2027), Baraka's own Shariah Supervisory Board certified; the board was constituted by Amanah Advisors
Cons
- Only for residents of the UAE, Oman, Qatar, Bahrain and Kuwait; Saudi Arabia is not on Baraka's list, and US residents are excluded
- Funding from a UAE bank costs 0.75% on the Standard plan (0.65% on Premium, 0.60% on Premium+), and non-UAE cards attract a third-party fee
- Cash earns no interest: the terms forfeit it and Baraka and DriveWealth share it evenly; Baraka may also receive payment for order flow
- Conflicting withdrawal information: USD 0 per the fee schedule, a flat USD 25 from the broker's bank per the terms
- We found no web or desktop trading platform, only the app, and Premium+ is available on iOS only
- US execution and custody sit with DriveWealth, whose systems an unauthorised party accessed on 4 and 5 September 2026, according to Baraka
Best for
Questrade
Canada's biggest independent broker, now genuinely commission-free — with a 1.5% currency spread as the sting in the tail.
Pros
- CAD 0 commission on every Canadian and US stock and ETF trade, on both the buy and the sell side, with no ECN fees at all on Canadian orders
- CAD 0 contract fee on US-listed equity options and free assignment — one of only two Canadian brokers offering this
- Questrade Pro is free to all clients and includes Level 2 depth, time and sales, chart trading, hot keys and a multi-leg options strategy builder
- No inactivity fee, no annual account fee and no minimum balance on any registered or non-registered account
- Dual-currency registered accounts let you hold USD inside a TFSA or RRSP, removing forced conversion on every US dividend and sale
- Fractional shares, pre-IPO access, private credit, bonds, GICs, mutual funds and a separate FX & CFD account under one brand
- CIRO-regulated with CIPF coverage of CAD 1,000,000 per account category, and a record as Canada's largest independent broker going back to 1999
Cons
- The 1.5% CAD/USD conversion charge is high and unavoidable unless you deliberately manage currency; on a CAD 20,000 US-stock purchase it costs CAD 300, dwarfing any commission saving
- Cash earns effectively 0% below a CAD 250,000 balance — the published formula is prime minus 8.50%, floored at zero — while Wealthsimple pays 1.25% or more on chequing balances
- CAD 150 to transfer an account out, full or partial, and CAD 9.95 per journalling request unless you pay CAD 19.99 a month for Questrade Plus
- The 'margin rates as low as prime minus 2.5%' headline applies only to USD borrowing for clients trading 5,001+ US options contracts a month; the standard CAD non-registered rate is prime plus 4.25%, and registered accounts pay prime plus 8.10%
- No spot crypto, no exchange-traded futures, and no meaningful international equity access — non-US foreign shares cost 1% of trade value with a USD 195 minimum per side
- Questrade advertises no practice or paper-trading account for self-directed clients, so there is nowhere to learn Questrade Pro without real money at risk
Best for
Open an account with either
A demo account costs nothing and answers the platform question in ten minutes.
Risk warning: CFDs and other leveraged products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.
Risk warning: investing in securities involves risk. You may lose some or all of the capital you invest.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
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