The Complete Guide to Questrade Options Fees

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You trade options. You want clear numbers. You need to know what you will pay at Questrade. Read this to get exact math for common trades. Learn which fees matter for 1 contract, 10 contracts, and 100 contracts. See when a $45 service charge can wipe out profit. Understand the 99¢ USD contract refund program and how volume changes your effective cost. Use the step-by-step calculations here to estimate fees for any order.

Break down the headline numbers now: Questrade charges a base commission of $9.95 per options order (commission = flat fee per order) plus $1.00 per contract (contract fee = per option contract). Example math: 1 contract = $9.95 + $1.00 = $10.95. Ten contracts = $9.95 + $10.00 = $19.95. If Questrade forces an exercise or liquidation, add a $45 service fee. If you trade many contracts in USD, you may receive a refund of up to $0.99 per USD-denominated contract based on monthly tiers.

Use this quick decision tree to pick if Questrade fits your strategy:
– Trade 1–10 contracts occasionally: expect effective cost of $10.95–$19.95 per order. This is fine for occasional traders.
– Trade 50–200 contracts monthly: calculate refunds and amortized $9.95; you likely save per-contract cost.
– Trade 1,000+ contracts monthly: expect meaningful refunds that push per-contract cost toward $0.01–$0.50.
– Hold at expiry with ITM risk: avoid automatic exercise or accept a $45 service fee.

Quick Answer / TL;DR

• Base cost: $9.95 per options trade + $1.00 per contract. One contract costs $10.95. Ten contracts cost $19.95.
• Exercise / forced liquidation: add a $45 service fee when Questrade liquidates or handles expiration actions.
• Volume effect: 10 contracts → $19.95 total (≈ $2.00 per contract). 100 contracts → $109.95 total (≈ $1.10 per contract).
• Other costs: exchange fees ($0.10–$2.00), market-data subscriptions ($5–$25 per month or small per-day fees), deferred withdrawal charges up to $195, and FX conversion costs of roughly 0.5%–1.0% on USD↔CAD moves.

Fee components and the $9.95 base commission

Explain what Questrade calls “options fees.” You pay two parts. First, a commission. A commission is a flat fee charged per order. Second, a contract fee. A contract fee is charged for each option contract in the order.

Know the core numbers. Questrade charges $9.95 per order plus $1.00 per contract. Do the math: buy 1 contract = $9.95 + $1.00 = $10.95. Buy 5 contracts = $9.95 + $5.00 = $14.95. Buy 12 contracts = $9.95 + $12.00 = $21.95.

Understand when $9.95 applies. Charge it once per order. Put two legs in one multi-leg order and you still pay $9.95 once. For a 4-leg spread executed as a single order with a total of 4 contracts, pay $9.95 + $4.00 = $13.95. Execute the same legs as two separate orders and pay twice: $19.90 plus contract fees.

Compare to stock trades. Stock trades can be $0 commission for many listings. So trading a $0 stock order costs $0. For options, expect $9.95 minimum per order. Note the currency. Fees are charged in the currency of your account, CAD or USD. Convert if needed and factor FX costs.

Watch out for this: the $9.95 is per executed order, not per strategy. Bundle legs when permissible to save repeated $9.95 fees.

Per-contract charges and sample scenarios (1 vs 10 vs 100 contracts)

Focus on the per-contract impact. Each contract adds $1.00. One contract costs an extra $1. Ten contracts cost an extra $10. One hundred contracts cost an extra $100.

Work through three concrete scenarios.

• Conservative retail example:
• Buy 1 contract for a total premium of $150.
• Fees = $9.95 + $1.00 = $10.95.
• Fee as percentage of premium = $10.95 / $150 = 7.30%.

• Fee per share = $10.95 / 100 shares = $0.1095 per share.

• Active trader example:

• Buy 10 contracts at $2.00 per share premium = $200 per contract.
• Total premium = $200 × 10 = $2,000.
• Fees = $9.95 + $10.00 = $19.95.
• Fee as percentage of premium = $19.95 / $2,000 = 1.00%.

• Fee per contract = $19.95 / 10 = $1.995 per contract.

• Portfolio-scale example:

• Buy 100 contracts at $50 per contract.
• Total premium = $50 × 100 = $5,000.
• Fees = $9.95 + $100.00 = $109.95.
• Fee as percentage of premium = $109.95 / $5,000 = 2.20%.
• Effective cost per contract = $109.95 / 100 = $1.0995 per contract.

Calculate effective per-contract cost formula. Use this formula:
– Effective cost per contract = ($9.95 + $1.00 × N) / N, where N = number of contracts.
– Apply numbers: N=1 → ($9.95 + $1) / 1 = $10.95 per contract.
– N=10 → ($9.95 + $10) / 10 = $1.995 per contract.
– N=100 → ($9.95 + $100) / 100 = $1.0995 per contract.
– N=1,000 → ($9.95 + $1,000) / 1,000 ≈ $1.00995 per contract.

Use this tip. Run the math for multi-leg strategies with many contracts. Check whether the premium and probability still justify the per-contract cost. For small premium trades, the fixed $9.95 can be a big percentage of cost. For large lots it becomes less relevant.

Watch out for: counting contracts. Remember one standard option contract = 100 shares. Multiply premiums and fees by 100 for per-share calculations.

Additional charges and the $45 exercise/liquidation fee

Expect a $45 service fee in certain expiry or forced actions. Questrade may charge $45 in addition to regular commissions when they liquidate or handle certain options actions. This applies if your long option is in the money at expiry and Questrade liquidates or exercises for you after 2 pm EST on expiry. It also applies when they force close positions under specific account or margin rules.

See two examples.

• Example A — single contract liquidated:
• You hold 1 long contract ITM at expiry.
• Commission + contract fee = $9.95 + $1.00 = $10.95.
• Add service fee = $45.00.

• Total = $55.95.

• Example B — 5 contracts liquidated:

• Commission + contracts = $9.95 + $5.00 = $14.95.
• Add $45.00 fee.
• Total = $59.95.

List other potential extra charges.

• Exchange and regulatory fees: typically $0.01 to $2.00 per trade, depending on exchange and size.
• Market-data subscriptions: level 1 US options data may cost roughly $5–$25 per month or a small per-day fee. Obtain exact pricing from your account menu.
• Deferred sales or early withdrawal fees: some products carry a deferred charge of $195.00 plus applicable exchange or stamp fees if withdrawn early. Read product terms.
• FX conversion costs: expect 0.5%–1.0% effective spread on USD↔CAD conversions, depending on method and time.

Check settlement currency. Confirm whether the option and underlying settle in USD or CAD. Use a USD account to avoid conversion if you trade US options frequently. Factor in FX when calculating breakeven and profit.

Watch out for margin and exercise consequences. If an ITM option is exercised automatically, you may end up owning 100 shares per contract. That can create a large cash requirement or a margin call. Factor in $45 and the capital needed to cover the exercised shares.

Progressive pricing, 99¢ USD contract refunds, and when you save (tiers)

Understand the refund program. Questrade provides a progressive refund on the 99¢ USD options contract fees that are charged in USD. That means Questrade can refund up to $0.99 per USD-denominated contract once you hit certain monthly tiers. The refund is applied retroactively based on your monthly contract volume.

Explain how refunds change the math. Suppose your per-contract charge is $1.00. A refund of $0.20 reduces that to $0.80 effective per contract. A refund of $0.99 reduces it toward $0.01 effective per contract. The $9.95 commission remains.

Use hypothetical tier examples (illustrative numbers). Assume these example tier refunds for explanation only:
– Tier 1: 0–99 contracts → $0.00 refund per contract.
– Tier 2: 100–499 contracts → $0.20 refund per contract.
– Tier 3: 500–1,999 contracts → $0.50 refund per contract.
– Tier 4: 2,000+ contracts → $0.99 refund per contract.

Calculate impact with numbers.

• Example: 100 contracts in a month, refund $0.20.
• Raw fees on a 100-contract trade = $9.95 + $100 = $109.95.
• Refund applied = $0.20 × 100 = $20.00.
• Net fees = $109.95 − $20.00 = $89.95.

• Effective per-contract = $89.95 / 100 = $0.8995.

• Example: 1,000 contracts in a month, refund $0.50.

• Raw fees = $9.95 + $1,000 = $1,009.95.
• Refund = $0.50 × 1,000 = $500.00.
• Net fees = $509.95.
• Effective per-contract = $0.50995.

Show two trader profiles that benefit.

• Frequent active trader:
• Trades 1,000+ contracts per month.
• Sees refunds of $0.50–$0.99 per contract.

• Cuts effective per-contract cost from $1.00 to $0.01–$0.50.

• Occasional trader:

• Trades 1–10 contracts per month.
• Gets little or no refund.
• Pays close to $10.95–$19.95 per order.

Actionable step. Track month-to-date contracts. Estimate effective fee per contract using this formula:
– Effective fee per contract = ($9.95 / N) + ($1.00 − refund).
– Example: N = 50 contracts in a single order; refund = $0.20.
– Effective per-contract = ($9.95 / 50) + ($0.80) = $0.199 + $0.80 = $0.999 per contract.
– Use this to decide whether to consolidate orders or spread them across days.

Watch out for: refunds typically apply to USD-denominated contract fees. If your account is CAD, check how refunds are applied and converted.

How to calculate breakeven on options trades including fees (examples with $200 and $2,000 premiums)

Follow a simple 3-step formula for breakeven that includes fees.

1. Calculate total fees:
2. Total fees = $9.95 + $1.00 × N + any service or exchange fees + FX costs.

3. Example add-ons: $45 service fee, $0.50 exchange fee, 0.5% FX on the premium.

4. Calculate total premium:

5. Total premium = premium per share × 100 × N, since 1 contract = 100 shares.

6. Breakeven as percentage = Total fees / Total premium.

7. Breakeven per-share = Total fees / (100 × N).

Work two examples.

• Example 1 — small trade (matches outline $200 premium):
• Buy 1 contract at $2.00 per share = $200 total premium.
• Fees = $9.95 + $1.00 = $10.95.
• Breakeven = $10.95 / $200 = 0.05475 = 5.48%.
• Breakeven per share = $10.95 / 100 = $0.1095 per share.

• Price move required to recover fees = $0.1095.

• Example 2 — larger trade ($2,000 premium):

• Buy 10 contracts at $2.00 per share = $200 per contract = $2,000 total premium.
• Fees = $9.95 + $10.00 = $19.95.
• Breakeven = $19.95 / $2,000 = 0.009975 = 1.00%.
• Breakeven per share = $19.95 / 1,000 = $0.01995 per share.

Add $45 service fee impact.

• Modify Example 1 with forced liquidation:
• Fees = $10.95 + $45.00 = $55.95 total.
• New breakeven = $55.95 / $200 = 0.27975 = 27.98%.
• Per-share breakeven = $0.5595 per share.

Note multi-leg trading costs.

• Include commission on closing legs.
• If you open and close a position, double the $9.95 component.
• Open 1 contract: $10.95. Close 1 contract: $10.95. Round-trip fees = $21.90.
• Breakeven per share for round trip on $200 premium = $21.90 / $200 = 10.95%.

Use this rule of thumb. For small-ticket premiums under $250, fixed commission and service fees can be the largest share of cost. For larger trades above $2,000, the per-contract charge and percentage of premium shrink.

Watch out for assignment/exercise. If assigned on a short option and you are assigned 100 shares per contract, include the capital requirement and any broker exercise fee in your breakeven math.

Comparison table section — compare common trade types and fees

Quick fee comparison for typical options actions.

Pattern: $9.95 is the fixed per-order cost. $1.00 scales by contract. $45 or other service charges can dominate when service actions occur.

Common pitfalls and 3 actions to avoid costly surprises ($45, $10.95, and FX)

List common pitfalls. Call them out: automatic exercise with a $45 service fee, paying multiple $9.95 commissions for split orders, and ignoring FX conversion costs on USD options. Each can inflate cost by a large percentage.

Take these three actions.

• Action 1: Close or roll ITM positions before 2 pm EST on expiry.
• Save $45 on small trades where $45 exceeds the premium.
• Example: a $150 premium trade loses 30% to a $45 service fee on top of $10.95.

• If you close before 2 pm EST, you avoid Questrade forcing a liquidation and the extra $45.

• Action 2: Bundle legs into one multi-leg order when possible.

• Pay $9.95 once instead of multiple times.
• Example: two separate 1-contract orders cost $10.95 + $10.95 = $21.90.
• One 2-contract order costs $9.95 + $2.00 = $11.95.

• Save $9.95 per avoided extra order.

• Action 3: Use a USD account for USD options or pre-fund your USD balance.

• Avoid FX conversion costs of roughly 0.5%–1.0%.
• Example: $2,000 premium with 1.0% FX adds $20.
• Larger trades of $10,000 suffer $50–$100 in FX at 0.5%–1.0%.
• Keep a USD balance to save recurring conversion costs.

Add three more practical checks to avoid surprises.

• Check expiration time rules.
• Questrade may act after 2 pm EST on expiry.

• Act before 2 pm to control outcomes.

• Avoid tiny premium trades without evaluating fees.

• For a $50 premium, a $10.95 fee equals 21.9% of premium.

• Monitor monthly volume if you chase refunds.

• Track month-to-date contracts to estimate refunds.
• Example thresholds: 100, 500, 2,000 contracts change effective cost materially.

Watch out for: hidden costs such as exchange fees ($0.10–$2.00), data fees ($5–$25 per month), or product-specific deferred charges of $195.00. These can make an apparently cheap trade expensive.

Closing

You now have the exact numbers to model Questrade options fees. Use the formulas and examples here to calculate total fees for any trade. Track monthly contract volume to estimate refunds. Close ITM positions before 2 pm EST on expiry when you can. Bundle legs into single orders to avoid repeated $9.95 charges. Keep USD balances if you trade US options often to avoid 0.5%–1.0% FX costs. Run the numbers before you trade: $9.95 plus $1.00 per contract is the baseline. A $45 service fee or FX costs can change the math fast.