The best brokerage for options trading in Canada depends on what you trade: two brokerages now charge nothing per US equity options contract, while others charge per contract or add a base fee to every order. This guide compares the published options pricing of eight Canadian brokerages so you can see which one fits your trading volume and markets. It is general education, not financial advice.
Canadian options brokers at a glance
| Broker | US equity options | Canadian-listed options / notes |
|---|---|---|
| Wealthsimple | US$0 per contract | Equity and ETF options; approval required |
| Questrade | $0 commissions on US equity options contracts | CA$0.99 per contract |
| Interactive Brokers | US$0.65 per contract, with a US$1.00 minimum per order | 170 markets in 40 countries |
| Moomoo Canada | US$0.65 per contract, with a US$1.00 minimum per order | US options focus |
| Qtrade | $0 plus $0.75 per contract | No base fee per order |
| National Bank Direct Brokerage | $1.25 per contract, with a $6.25 minimum per trade (capped at $19.95 on trades worth less than $2,000) | Same schedule for Canadian contracts |
| TD Direct Investing | $9.99 plus $1.25 per contract ($7.00 plus $1.25 per contract with 150+ trades a quarter) | Base fee on every order |
| RBC Direct Investing | $9.95 plus $1.25 per contract ($6.95 plus $1.25 per contract with 150+ trades a quarter) | Base fee on every order |
Sources: each broker’s published pricing page, checked by YieldMaple in September 2026 and re-checked on October 7, 2026.
Which Canadian broker has the cheapest options trading?
Wealthsimple and Questrade have the cheapest US equity options in Canada, at US$0 per contract and $0 commissions on US equity options contracts respectively. Interactive Brokers and Moomoo Canada both charge US$0.65 per contract, Qtrade charges $0 plus $0.75 per contract, and National Bank Direct Brokerage charges $1.25 per contract, with a $6.25 minimum per trade (capped at $19.95 on trades worth less than $2,000). TD and RBC add a base fee to every order on top of their per-contract charge.
Take one order of 10 US equity options contracts as a worked example:
- Wealthsimple and Questrade: no commission, per their published pricing.
- Interactive Brokers or Moomoo: US$6.50.
- Qtrade: $7.50.
- National Bank Direct Brokerage: $12.50.
- RBC Direct Investing: $22.45.
- TD Direct Investing: $22.49.
A trader placing 10 such orders a month would pay about US$65 a month at Interactive Brokers and $224.90 a month at TD, against no commission at Wealthsimple or Questrade. Per-contract price is not the whole cost: Questrade charges $24.95 to exercise an option (assignment is free), and a wide bid-ask spread on an illiquid contract can cost more than any commission.
Which broker suits each type of options trader?
The cheapest broker is not automatically the best fit, because market access, tools and account types differ.
- Low-cost US options on a simple app: Wealthsimple, at US$0 per contract, trades equity and ETF options in the same app as its stock trading. The complete Wealthsimple guide covers its other fees and account types.
- US and Canadian options at one broker: Questrade charges $0 commissions on US equity options contracts on US contracts and CA$0.99 per contract on Canadian-listed ones. The Wealthsimple vs Questrade comparison sets the two side by side.
- Multi-market and advanced orders: Interactive Brokers charges US$0.65 per contract, with a US$1.00 minimum per order and offers 170 markets in 40 countries with 100+ order types, from limit orders to algorithmic orders.
- Charting-heavy US traders: Moomoo Canada charges US$0.65 per contract, with a US$1.00 minimum per order; the Moomoo Canada review covers its tools and fees.
- Existing big-bank clients: TD charges $9.99 plus $1.25 per contract ($7.00 plus $1.25 per contract with 150+ trades a quarter), and RBC charges $9.95 plus $1.25 per contract ($6.95 plus $1.25 per contract with 150+ trades a quarter). Keeping everything at one bank has convenience value, but the base fee on every order adds up for active traders.
How are options taxed in Canada?
Options gains are usually taxed as capital gains, with the CRA’s general inclusion rate at 1/2 (generally, for 2025), unless the CRA considers the trading a business.
Capital gains treatment is the usual starting point for retail investors: gains and losses on buying and selling options, and premiums from writing them, generally land on Schedule 3.
Business income treatment can apply when trading is frequent, short-term and run like a business. Business income is fully taxable at your marginal rate. The CRA decides case by case, so a tax professional is the right source when options are a large share of your income.
TFSA risk: the CRA says a TFSA that is used to carry on a business may have the account deregistered and the income taxed as business income. Frequent options trading is one of the patterns that draws that scrutiny. The TFSA tax trap guide explains the test in more detail.
How do you get approved to trade options in Canada?
You apply separately for options trading after opening a brokerage account, and the broker grants a permission tier based on your answers.
- Open a brokerage account. A margin account is usually required for spreads and uncovered writing; covered calls and buying calls or puts can often be done in a cash account.
- Complete the options application. Expect questions about investing experience, options knowledge, income, net worth and risk tolerance.
- Receive an approval tier. Covered calls and long calls or puts sit at the lowest tiers; spreads and uncovered writing need higher tiers.
- Place a first trade within that tier. Orders outside your approved strategies are rejected, and you can apply for a higher tier later.
Each broker sets its own tiers and timelines, so approval at one firm does not carry over to another.
The verdict
On published pricing checked in September 2026, Wealthsimple and Questrade are the cheapest Canadian brokerages for US equity options, with no per-contract commission at either. Questrade also covers Canadian-listed options at CA$0.99 per contract. Interactive Brokers costs US$0.65 per contract, with a US$1.00 minimum per order but offers the widest market access and order types, and Moomoo Canada matches that per-contract price in a charting-focused app. TD and RBC cost the most for active traders because of the base fee on every order.
Read next
- Best online brokerage in Canada
- Best brokerage for day trading in Canada
- Moomoo Canada review
- TFSA tax trap: why frequent trading in a TFSA is risky