The Complete Guide to questrade options fees

Opening block

You trade options on Questrade or you are thinking about it. This guide is for you. It covers occasional buyers, frequent spread traders, and multi-leg strategists. You will get every fee that matters. Learn the exact per-contract charge, the exercise processing fee, and how assignment is handled. See how fees add up in real trades. Find two worked examples with numbers. Use the concise fee checklist to scan costs in 15 seconds. Use the decision tree to choose the least-cost route for your style. Expect clear action items: check currency impact, close positions before expiry when needed, and calculate round-trip costs before you press buy. Read this before you place your next options order.

Quick Answer / TL;DR

Per-contract cost: expect USD 0.99 per options contract (charged in USD). Exercise processing: USD 24.95 is charged per option position when you exercise. Assignment: Questrade states options assignments are free (USD 0). Cost control: close positions before exercise to avoid the USD 24.95 processing charge. Trade more contracts to reach progressive monthly refund tiers on the USD 0.99 fee. Confirm: always check Questrade’s Pricing page for live updates and for any data or exchange fees that can add to total cost.

Core fee components — 3 charges explained

List the three primary charges that affect options trades at Questrade:
– Per-contract fee (the fee billed per contract executed).
– Exercise processing fee (a flat handling charge when you exercise a long option).
– Assignment handling (fee or lack of fee when a short option is assigned).

Per-contract fee detail.
– Expect USD 0.99 per contract billed in US dollars.
– Calculate raw cost: USD 0.99 × N contracts.
– Example math: 1 contract = USD 0.99; 10 contracts = USD 9.90.
– Note: Questrade provides progressive refunds on that USD 0.99 fee based on monthly tiers.

Exercise processing detail.
– Expect USD 24.95 charged per option position when you exercise (exercise = you convert a long option into the underlying).
– This is a flat processing charge applied at exercise.
– Example: buy 1 call for USD 0.99, exercise it, and pay USD 24.95 extra. Total fees = USD 25.94.
– Example: buy 10 calls for USD 9.90, exercise that position, and pay USD 24.95 extra. Total fees = USD 34.85.

Assignment detail.
– Expect USD 0 for options assignments (assignment = you’re assigned on a short option).
– Assignment is free from Questrade’s stated fee schedule.
– Remember the difference: exercise = your action as a long holder; assignment = obligation on a short position.

Watch out for: Currency differences when trading US-listed options.
– Per-contract fees are charged in USD. Expect FX conversion if you hold a CAD account.
– Example conversion (illustrative): USD 0.99 at USD/CAD 1.35 equals CAD 1.3365 per contract.
– Check your account currency and FX spreads to avoid surprise CAD amounts.

Per-contract pricing and volume — how tiered refunds affect cost

Explain the base math.
– Base formula: USD 0.99 × number of contracts = raw options fee.
– Show two quick examples: 1 contract = USD 0.99; 10 contracts = USD 9.90.
– Compute round-trip: entry + exit doubles the contract fee.
– Example round-trip for 1 contract = USD 1.98.
– Example round-trip for 10 contracts = USD 19.80.
– Always double-check total contracts across legs and directions.

Describe progressive refunds.
– Questrade offers refunds on the USD 0.99 per-contract charge based on monthly volume tiers.
– You must reach higher tiers within the same calendar month to get a better net per-contract price.
– Refunds reduce the net per-contract cost; they do not remove the exercise fee.
– Example outcomes (illustrative): if refunds reduce net fee to USD 0.50, then 100 contracts would cost USD 50.00 instead of USD 99.00.

Compare against alternate fee structures (community context).
– Other brokers may charge a base + per-contract model. Example example: CAD 9.95 base + CAD 1.00 per contract.
– Compare for single trades:
– Questrade single-contract round-trip = USD 1.98 (raw).
– Alternative base model single trade = CAD 9.95 + CAD 1.00 = CAD 10.95 (single leg).
– For multi-contract trades, per-contract-only structures often scale better.
– Example: 50 contracts at USD 0.99 = USD 49.50.
– Example: 50 contracts at CAD 9.95 + CAD 1.00/contract = CAD 59.95 on one side, and double if round-trip.

Practical tip: calculate round-trip cost per contract.
– Steps to calculate:
1. Multiply USD 0.99 by the number of contracts for one side.
2. Double that for round-trip (entry + exit).
3. Add exercise processing if you expect to exercise (USD 24.95 per exercised position).
4. Convert to CAD using your FX rate if your account is CAD-denominated.
– Example scenarios:
– Single long position, 5 contracts: fees = 5 × USD 0.99 = USD 4.95 one side.
– Round-trip for 5 contracts = USD 9.90.
– Iron condor with 4 legs and 10 contracts per leg (10 contracts each way):
– Total executed contracts on entry = 40. Entry fee = 40 × USD 0.99 = USD 39.60.
– Exit same size = additional USD 39.60.
– Total round-trip = USD 79.20.
– Use the math to compare against margin costs and potential slippage.

Watch out for: assumptions about refunds.
– Do not count on refunds until you confirm your monthly tier level.
– Refunds apply retroactively within the month, but thresholds vary.
– Track contract counts daily if you aim for a tier.

Fee checklist: quick scan

• Per-contract fee: USD 0.99 per contract.
• Exercise processing: USD 24.95 per exercised option position.
• Assignment fee: USD 0 (assignments are free).
• Round-trip multiplier: 2× the per-contract fee for entry and exit.
• Multi-leg scaling: count all legs; e.g., 4 legs × 10 contracts = 40 contracts.
• Example one-leg values: 1 contract = USD 0.99; 5 contracts = USD 4.95; 10 contracts = USD 9.90.
• Example large trade values: 50 contracts = USD 49.50; 100 contracts = USD 99.00.
• Currency note: fees billed in USD create FX impact on CAD accounts.
• Data and exchange fees: may add extra charges beyond options fees. Check your account settings.

Worked example 1: single-leg buyer who might exercise

• Scenario:
• You buy 1 call contract for USD 0.99.
• You later exercise that contract.
• Fees:
• Buy fee = USD 0.99.
• Exercise processing = USD 24.95.
• Total fees paid = USD 25.94.
• If you had closed the position instead of exercising:
• Close fee = USD 0.99.
• Round-trip total = USD 1.98.
• Savings compared with exercise = USD 25.94 − USD 1.98 = USD 23.96.
• Action item: Close before expiry if exercise processing would wipe out expected profit.

Worked example 2: multi-leg iron condor with 10 contracts per leg

• Scenario:
• Iron condor with 4 legs.
• 10 contracts per leg on entry and exit.
• Entry fees:
• Contracts executed on entry = 4 legs × 10 contracts = 40 contracts.
• Entry fee = 40 × USD 0.99 = USD 39.60.
• Exit fees:
• Exit fee = additional USD 39.60.
• Round-trip fees = USD 79.20.
• Compare to a base-fee broker example:
• Base broker charges CAD 9.95 + CAD 1.00 per contract.
• Entry for 40 contracts = CAD 9.95 + CAD 40.00 = CAD 49.95.
• Exit same = CAD 49.95.
• Round-trip = CAD 99.90.
• Action item: For 40-contract trades, the per-contract-only model saved USD vs CAD base model in this example.

Comparison table of fee types

Decision tree: choose the least-cost approach

• Step 1 — Identify your style:
• If you trade ≤ 5 contracts per trade and rarely exercise, skip steps for exercises.
• If you trade ≥ 20 contracts per trade or use 4+ legs, proceed to Step 2.
• Step 2 — Calculate expected round-trip contract fees:
• Multiply USD 0.99 × contracts × 2 for round-trip.
• If round-trip fee ≥ USD 20, explore volume refund thresholds.
• Step 3 — Anticipate exercise risk:
• If exercise likely, add USD 24.95 per exercised position.
• If exercise cost exceeds expected profit, close instead.
• Step 4 — Decide action:
• If you want to minimize cash outlay and avoid USD 24.95, plan to close before expiry.
• If you need assignment protection as a short seller, know assignment fee is USD 0.
• Step 5 — Check currency and data:
• If your account is CAD, convert expected USD fees using your expected FX rate.
• Add any data or exchange fees before finalizing the trade.

Watch out for: rounding and FX spreads.
– Your broker may round the USD fee to the nearest cent in CAD.
– FX spreads can add 0.5%–1.5% or more to the converted fee.
– Build a 2% cushion for currency and small charges.

Final checklist before you trade (action list)
– Check the per-contract fee: USD 0.99.
– Estimate round-trip: multiply by 2.
– Add exercise cost: USD 24.95 if exercise is planned.
– Add data and exchange fees if you need market data.
– Convert to CAD if your account isn’t USD. Add FX cushion.
– For multi-leg trades, count every leg and contract.
– Review monthly contract tally to see if you qualify for refunds.

Summary numbers recapped (quick reference)
– Per-contract: USD 0.99.
– Exercise processing: USD 24.95 per option position.
– Assignment: USD 0.
– Round-trip per contract: USD 1.98.
– Iron condor 4 legs × 10 contracts round-trip: USD 79.20.
– Large single-side example: 100 contracts = USD 99.00.

Use this guide to reduce surprises. Check Questrade’s Pricing page before trading. Test your math with small trades when you change strategy.