Photo: Jeangagnon / Wikimedia Commons, CC BY-SA 3.0, cropped
Best Options Trading Platforms in Canada (October 2026): 11 Brokers Ranked by Per-Contract Fees
As of October 9, 2026, Wealthsimple lists the lowest options fee in Canada at $0 commission and $0 per contract on US-listed options. Moomoo Canada charges US$0.65 a contract, Qtrade $0.75, BMO InvestorLine $0.90, Questrade and Webull Canada about $0.99, and National Bank $1.25 with a $6.25 minimum. The big bank brokerages still charge a commission of $6.95 to $9.99 plus $1.25 a contract. For serious options traders, Interactive Brokers offers the best tools and US contracts from US$0.15 to US$0.65. Canadian-listed options trade on the Montréal Exchange and not every low-cost app offers them.
How options fees work
An options trade usually has two charges:
- A base commission per order. Many brokers have cut this to $0.
- A per-contract fee. One contract covers 100 shares.
So a broker charging "$9.99 + $1.25" bills you $11.24 for one contract and $22.49 for ten. A broker charging "$0 + $0.99" bills you $0.99 and $9.90.
New to options? Start with stock options explained for beginners.
The ranking
Fees checked October 9, 2026. We ranked by the cost of a typical small trade.
| Rank | Broker | Base commission | Per contract | Notes |
|---|---|---|---|---|
| 1 | Wealthsimple | $0 | $0 | US-listed options only. Other fees may apply. |
| 2 | Moomoo Canada | $0 | US$0.65 | US$1 minimum per order. US options. |
| 3 | Qtrade | $0 | $0.75 | |
| 4 | BMO InvestorLine | $0 | $0.90 | No assignment or exercise fees since September 14, 2026 |
| 5 | Questrade | $0 | About $0.99 | Reports vary by product. Confirm on its fee page. |
| 6 | Webull Canada | $0 | US$0.99 | Free for the first 3 months for new options clients. US options. |
| 7 | Interactive Brokers | $0 | US$0.15 to US$0.65 on US options; about C$1.25 on Canadian | US$1 or C$1.50 minimum per order |
| 8 | National Bank Direct Brokerage | $0 | $1.25 | $6.25 minimum per order |
| 9 | CIBC Investor's Edge | $6.95 | $1.25 | $4.95 base for active traders |
| 10 | RBC Direct Investing | $9.95 | $1.25 | |
| 11 | TD Direct Investing | $9.99 | $1.25 | $7.00 base with 150+ trades a quarter |
Sources: broker pricing pages and published fee schedules, October 9, 2026. Exchange and regulatory fees may be added.
What a trade really costs
A round trip means opening the position and closing it later.
| Broker | 1 contract, round trip | 10 contracts, round trip |
|---|---|---|
| Wealthsimple | $0 | $0 |
| Moomoo Canada (US$) | $2.00 | $13.00 |
| Qtrade | $1.50 | $15.00 |
| BMO InvestorLine | $1.80 | $18.00 |
| Questrade | $1.98 | $19.80 |
| Interactive Brokers, US options (US$) | $2.00 | $13.00 or less |
| National Bank | $12.50 | $25.00 |
| CIBC Investor's Edge | $16.40 | $38.90 |
| TD Direct Investing | $22.48 | $44.98 |
Two things jump out.
Minimums matter on small trades. National Bank's per-contract fee looks close to the others, but its $6.25 minimum makes a one-contract round trip cost $12.50.
The bank commissions are heavy. If you buy one cheap option for $80 at TD and sell it later, $22.48 in fees is 28% of your money. The option has to rise by more than a quarter just to break even.
The brokers, one by one
1. Wealthsimple: cheapest for simple trades
Wealthsimple's pricing page lists $0 per options contract on every account tier. That's the lowest in Canada.
What to know:
- It offers US-listed options. If you fund the trade from Canadian dollars, the 1.5% currency conversion fee applies. A US-dollar account ($10 a month on the Core tier, included on higher tiers) avoids converting on every trade.
- The tools are basic. It suits buying calls and puts and selling covered calls, not complex multi-leg strategies.
Best for: beginners making simple, occasional trades.
2. Interactive Brokers: best for serious options traders
IBKR ranks seventh on our small-trade table and first on tools.
- US options: US$0.65 a contract on fixed pricing with a US$1 minimum. Tiered pricing drops as low as US$0.15 for high volume.
- Canadian options: about C$1.25 a contract with a C$1.50 minimum.
- Currency conversion: about 0.002%, so US options cost almost nothing extra.
- Tools: probability analysis, strategy builders, and every multi-leg order type.
Best for: anyone trading options regularly, trading spreads, or trading US options in size.
3. Qtrade, BMO and Questrade: the $0-base middle
All three charge no base commission and under a dollar a contract.
- Qtrade at $0.75 is the cheapest of the full-service brokers.
- BMO InvestorLine at $0.90 also removed assignment and exercise fees, which is unusual and valuable if you sell options.
- Questrade charges about $0.99 a contract, with a capable desktop platform for multi-leg orders. Published reports differ on its fee for some US options, so check its fee page.
Best for: covered call writers and regular traders who want both Canadian and US options.
4. Moomoo and Webull: US options on your phone
Both focus on US options with strong mobile charts. Moomoo charges US$0.65 a contract. Webull is free for three months for clients who activate options on or after August 1, 2026, then US$0.99.
Best for: mobile-first traders of US options.
5. National Bank, CIBC, RBC and TD
National Bank has no base commission but a $6.25 minimum. The other three still charge $6.95 to $9.99 on top of $1.25 a contract. Their platforms are good. TD's in particular is powerful. But on cost they're far behind.
Best for: larger, less frequent trades by people who want to stay at their bank.
Canadian options vs US options
| Canadian options | US options | |
|---|---|---|
| Underlying | TSX stocks and ETFs | US stocks and ETFs |
| Exchange | Montréal Exchange | US options exchanges |
| Currency | Canadian dollars | US dollars |
| Trading volume | Lower | Much higher |
| Typical bid-ask gap | Wider | Tighter |
If you want to sell covered calls on your Canadian bank or pipeline shares, you need a broker that offers Montréal Exchange options. Questrade, Qtrade, Interactive Brokers and the bank brokerages do. Several of the newer apps offer US options only.
Options in a TFSA or RRSP
You can trade options in registered accounts, within limits.
Generally allowed:
- Buying calls and puts
- Selling covered calls on shares you hold
Not allowed:
- Selling uncovered ("naked") options
- Anything that needs margin, since registered accounts can't borrow
Brokers differ on the details, so check before you plan a strategy.
One caution: the CRA can treat heavy trading inside a TFSA as a business and tax the profits. Occasional covered calls on long-term holdings are a different thing from daily speculation.
The costs that aren't on the fee page
- Currency conversion. At 1.5%, buying a US$500 option from Canadian dollars costs US$7.50 each way. That dwarfs a $0.99 contract fee. Hold US dollars if you trade US options.
- Assignment and exercise fees. National Bank charges $28.95. Questrade charges $24.95 to exercise. BMO charges nothing.
- The bid-ask spread. If an option is quoted at $1.00 to buy and $0.90 to sell, you're down 10% the moment you buy it. On thinly traded Canadian options, this is often the biggest cost of all. Use limit orders.
How to choose
- A few simple US option trades a year: Wealthsimple.
- Covered calls on Canadian stocks: Qtrade, BMO InvestorLine or Questrade.
- Active or multi-leg trading: Interactive Brokers.
- Staying at your bank: BMO or National Bank over the others.
If what you want is the income from covered calls without doing the trading, a covered call ETF does it for you, for a fee.
Frequently asked questions
What is the cheapest broker for options trading in Canada?
As of October 9, 2026, Wealthsimple lists $0 commission and $0 per contract for options, though its pricing page notes other fees may apply and it offers US-listed options only. Among brokers that charge per contract, Moomoo Canada is US$0.65, Qtrade is $0.75 and BMO InvestorLine is $0.90.
How much does it cost to trade options at the big Canadian banks?
TD Direct Investing charges $9.99 plus $1.25 per contract, or $7.00 plus $1.25 for clients who make 150 or more trades a quarter. RBC Direct Investing charges $9.95 plus $1.25 and CIBC Investor's Edge charges $6.95 plus $1.25. BMO InvestorLine and National Bank Direct Brokerage have dropped the base commission.
Can I trade options in a TFSA or RRSP?
Yes, with limits. In registered accounts you can generally buy calls and puts and sell covered calls on shares you own. You cannot sell uncovered options or use strategies that need margin, because registered accounts cannot borrow. Frequent options trading in a TFSA also risks being taxed as business income.
What is the difference between Canadian and US options?
Canadian options are on TSX-listed stocks and ETFs, trade on the Montréal Exchange and are priced in Canadian dollars. US options trade on US exchanges in US dollars and usually have more volume and tighter prices. Buying US options with Canadian dollars triggers a currency conversion fee at most brokers.
What other fees should options traders watch for?
Currency conversion of about 1.5% on US options if you fund the trade in Canadian dollars, exercise and assignment fees (for example $28.95 at National Bank and $24.95 to exercise at Questrade), and the bid-ask spread, which on thinly traded options can cost more than the commission.
Primary sources
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Oct 9, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
Comments