Questrade Logo

Options trading conditions at Questrade explained

Your expert
Adam N.
Fact checked by
Updated
3w ago
Personally tested
Data-driven
Independent

Can you trade options at Questrade?

Options trading is increasingly popular, but it's still something of a niche product aimed at more experienced traders, so not all brokers offer it and trading conditions can differ widely.

Questrade offers options trading, but there are better alternatives when it comes to trading fees, market access or platform quality. See the best choices or read on for detailed comparisons.

Questrade offers options but conditions are so-so
Adam
Adam Nasli
Regulation • Fighting Scams • Market Analysis

I've tested dozens of brokers in recent years, including their options trading features. Questrade left me with mixed feelings; here's why:

  • It has a below-average options trading score based on fees, products and UX.
  • Questrade offers access to 6 options markets.
  • Options trading fees at Questrade are high.
  • Trading platform and research quality make a difference.
  • Consider the best options brokers as an alternative to Questrade.

Before we begin, let's see if Questrade is available in your country

No, you can't open an account at Questrade if you live in the United States!
the United States

Visit broker

BrokerChooser score
4.5 4.5 /5
Visit broker

Questrade has a below-average options trading score

To assess whether Questrade is a great place to trade options, we calculated a comprehensive options score that takes into account options trading fees, the potential number of options products available, and the quality of the broker's trading platform (including charting and other research tools).

Questrade's overall options score of 3.5 stars is considered below average among the brokers we cover that offer options trading. Here's how Questrade scored against some close rivals:

Broker
Options score
Questrade
3.5
/5
Qtrade Direct Investing
2.1
/5
RBC Direct Investing
2.2
/5
Questrade options score vs selected competitors
Need a refresher course on options trading? Here's a high-level overview of all you need to know about trading options. If you're already familiar with the basics, you can dive right into options trading strategies or the niceties of options pricing.
Still lacking options trading mileage? We suggest you start with our introduction to options trading for beginners.

Questrade has access to 6 options markets

The number of available options markets at Questrade is below average compared with most brokers, but relatively competitive compared with other Canadian brokers.
In Canada, you can buy and sell options on the Toronto Stock Exchange. In the US, the following options markets are available: BATS, NASDAQ, NYSE AM (AMEX) and NYSE ARCA (ARCA). It's also possible to trade OTC options in the US.

Broker
Options markets (#)
Questrade
6
Qtrade Direct Investing
2
RBC Direct Investing
2
Number of options markets available at Questrade vs selected competitors

Visit broker

Options fees at Questrade are high

Options fees are $9.95 per option, plus $1 per contract.

In the table below, we listed options trading fees (calculated in USD terms) at Questrade and some of its competitors for trading 10 options contracts.

Broker
US stock options
US stock index options
Questrade
$20.0
$20.0
Qtrade Direct Investing
$21.3
$21.3
RBC Direct Investing
$16.6
$16.6
Options trading fees and scores at Questrade vs selected competitors. Data updated on May 20, 2024.

Please note that some brokers don't charge a separate fee for closing an options trade. In these cases, in order to represent this discount properly, we calculated with just half of the opening fee, because most other brokers charge for both the opening and closing transactions.

So what's all the fuss about fees? Aren't they just a tiny fraction of the value of a typical trade? Well, they may be, but differences in fees among brokers can still be substantial. Of the 100+ brokers we cover, the cheapest one charges $5 for trading 10 US stock index options contracts, while the most expensive one charges $35. Even if you're just a casual trader who does one or two options deals a month, the difference in trading fees can add up to hundreds of dollars a year. Just think of all the goodies you can buy with that money!

Trading platform and research quality make a difference

Trading fees and product selection are only part of the story when it comes to options trading.

  • A great trading interface (especially on desktop) with user-friendly search and order functions, good charting capabilities and quality research material is an option trader's best friend.
  • Costs don't stop at trading fees; if you trade often and want access to your trading profits, withdrawal fees can sting.

In the table below, you can check how Questrade compares to some close competitors in trading platform quality and other features.

Broker
Research score
Questrade
4.8
/5
Qtrade Direct Investing
3.0
/5
RBC Direct Investing
4.0
/5
Trading platform quality and other conditions at Questrade vs selected competitors
BrokerChooser score
4.5 4.5 /5
Visit broker

See some great alternatives to Questrade

As we have seen, Questrade is not ideal for options trading; to find a better alternative, we suggest you check out our top ten list of the best options brokers in your country.

Alternatively, if you want a broader comparison or have some specific other brokers in mind, you can use our broker comparison tool to size up options brokers along many different criteria.

Visit broker

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

Got questions?
Engage with our growing community of traders and investors like you to find your answers.
Join now

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.

author image
Adam Nasli
Author of this article
I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.
Media mentions
×
I'd like to trade with...