Options FAQ

Pricing

What is Questrade's options pricing?

At Questrade, US equity options have $0 contract fees for all customers. Questrade Plus members also earn $0.05 cashback on every US equity options contract they trade.

US index options and Canadian options are priced as listed below.

Does this pricing apply to multi-leg strategies?

Yes. If every leg of your strategy is a US equity option, you pay $0 in contract fees on the entire strategy.

If a strategy includes a US index option or a Canadian option leg, those legs are charged at their current contract fee.

Do I still get $0 commissions on stocks and ETFs?

Yes. Commission-free stock and ETF trading is unchanged.

Is there still a volume pricing grid for US options?

US equity options are now $0 for everyone, so a progressive pricing grid no longer applies. US index options are still under progressive pricing until September 28, 2026, when flat pricing of US$0.99 per contract takes effect at market open.

Volume milestones continue to earn benefits, like lower margin rates and Signature Service, which you can track as your volume grows in your Options Benefit Hub (opens in a new tab).

Questrade Plus cashback on options

How does the cashback on options work?

Active Questrade Plus subscribers earn $0.05 CAD cashback for every US equity options contract executed. You see an estimated cashback on your order confirmation when you place a qualifying trade, and your running monthly total in the Options Benefit Hub (opens in a new tab).

Do I need to be a Questrade Plus subscriber to get $0 contract fees?

No. $0 US equity contract fees apply to all customers. You can sign up for Questrade Plus to earn cashback on options.

What is Questrade Plus?

Questrade Plus is a monthly subscription designed to get customers to where they want to be, sooner. Subscribers get trading hacks like $0.05 CAD cashback on every US equity options contract executed, a smoother path to retirement with a 1% match on RRSP contributions, and a full suite of perks with brands like Masterclass, Wall Street Journal, and Othership. Questrade Plus is free to try until September 30, 2026.

Learn about Questrade Plus here.

Which of my trades earn cashback?

Every US equity options contract you trade on a day you have an active Questrade Plus subscription. The cashback applies to contracts traded across all your accounts under your User ID.

If you are an authorized trader for someone else, those trades apply to the primary account holder.

When and how is the cashback paid?

Cashback is paid monthly. Your cashback is processed by the third business day of the following month and deposited into the account where you placed the trades.

For example: Cashback for contracts traded in August 2026 will be deposited into your eligible account on or before September 4, 2026.

Where can I see my cashback?

You can see your running monthly total in the Options Benefit Hub (opens in a new tab). The cashback amount displayed resets on the 1st of each month. Past cashback payments appear in your Transaction History under Reports.

Are there terms and conditions on the cashback?

Yes. The cashback on options is governed by its Terms and Conditions and is intended for trading for legitimate investing purposes. Questrade may modify or revoke participation in its sole discretion.

If your options pricing is changing

What happens if I have open orders for US equity options?

Any eligible open orders for US equity options you have going into the market open on July 30, 2026 will automatically execute at the new $0 contract fee. You do not need to cancel and re-enter them.

What happens if I have a partial fill on an open order?

The portion of your order filled before July 30 is charged at the rate in effect when it is executed. The remaining contracts that fill on or after July 30 execute at $0 per contract.

For example: you have an open order for 1,000 US equity options contracts. 250 contracts fill on July 28 and are charged the contract fee rate in effect that day. The remaining 750 contracts fill on July 30 and execute with $0 contract fees.

Is my US index options pricing changing?

US index options are currently on volumetric pricing. On September 28, 2026, at market open, pricing moves to a flat US$0.99 per contract. Canadian options are priced at only CA$0.99 per contract.

Expiration and assignment

What happens to my long option on the expiration date?

Long option positions held at expiration that are "in the money" by $0.01 or more are automatically exercised by the relevant clearing corporation. "Out of the money" options automatically expire worthless.

If you hold a long call or put option contract that is at risk of being "in the money," you must take one of the following actions on the option's expiration date:

1. Make sure you have sufficient buying power or the required underlying equity position to afford the automatic exercise.

2. Sell-to-close (STC) the position by 2 pm ET on the expiration date.

If your option is at risk of being "in the money" on the expiration date, make sure to take one of the above actions. Otherwise, we may liquidate these options on your behalf after 2 pm ET on the expiration date without notice. This action has a $45 service fee attached to it in addition to regular commissions.

If we cannot liquidate your long "in the money" option contracts by market close, your options will automatically exercise, and you will be responsible for the securities bought or borrowed as a result. You also assume any market risks associated with these securities, and your account may enter a margin call or debit balance as a result.

For example: if you have a call option automatically exercised on a Friday, shares are purchased at the strike price, and by the next business day (Monday), the market price of the shares could fluctuate.

If you have insufficient buying power for automatic exercise, we reserve the right to prevent your "in the money" options from being automatically exercised. If your "in the money" options are not exercised, any closing value will be lost. That is why it is important to take action on your own on the expiration date.

What is the 'Self-managed options' setting?

The "Self-managed options" setting allows you to manage your expiring single-leg long options all the way to market close on expiration day. It is designed for active traders who prefer to handle their own expiration decisions based on price moves during the final hours of the regular trading session.

How to enable it

This is a one-time opt-in available on all Questrade Edge platforms.

1. Go to Settings > Expiring Options.

2. Toggle Self-managed options to ON.

The setting stays on until you turn it off. Changes made on an option's expiration day are processed on a best-efforts basis.

What positions does this setting apply to?

Single-leg long option positions only. It does not apply to short option positions or positions that are part of a strategy, because those carry unique risks on expiration day.

What accounts does this setting apply to?

Once accepted, this setting applies to all accounts where you are the primary account holder. It cannot be enabled by authorized traders or secondary joint account holders.

What is my responsibility when using this setting?

Regardless of this setting, you are always responsible for managing the risk of your expiring option positions.

The setting reduces the probability that Questrade will liquidate a single-leg long option in the last 2 hours of the trading day, even if you do not have sufficient buying power for automatic exercise. This gives you more control over when you close your expiring position.

If you do not close your option and it automatically exercises, you are responsible for the resulting position and any associated market risk. If you cannot afford the automatic exercise, we may choose to expire your option worthless, and you would lose the entire value of the option as a result.

Why did Questrade close my expiring option even though I had the self-managed options setting on?

We reserve the right to take action on any expiring option position at our discretion and may close a position regardless of this setting. If you do not manage the risk of your expiring positions, we may deactivate the setting permanently.

What happens to my short option on the expiration date?

If you hold a short call or put option contract that is at risk of being assigned on the expiration date, you must meet one of the following conditions:

1. Make sure you have sufficient buying power or the required underlying equity position to afford the assignment.

2. Buy-to-close (BTC) the position by 2 pm ET on the expiration date.

If your option is at risk of assignment on the expiration date, make sure to take action. Otherwise, we may liquidate (buy-to-close) any option contracts exposed to assignment at any time after 2 pm ET on the expiration date without notice. This action has a $45 service fee attached to it in addition to regular commissions.

If we cannot close all affected contracts by market close and your options are assigned, you are responsible for the securities bought or borrowed as a result. Your account may enter a margin call or debit balance as a result. You also assume any market risk associated with those securities.

Short call and put options can be assigned at any time, even if they are out of the money.

When should I use an expire worthless request?

Long options that are "out of the money" at market close on expiration day automatically expire worthless. You do not need to submit a request in this scenario.

If you cannot sell your long option position and want to make sure it does not automatically exercise if it becomes "in the money," you can submit a request to have your option expire worthless.

Expire worthless requests must be submitted before 2 pm ET on the expiration date.

1. Log in to myQuestrade.

2. Go to Requests > Exercise an option.

3. Under Action, select Expire worthless.

We reserve the right to liquidate your option even if you have already submitted an "expire worthless" request, especially if the option is part of a strategy.

Why was my put option sold on the expiration date in my registered account?

Exercising an in the money put option results in selling the underlying shares (typically 100 shares per contract).

If you do not own the underlying stock, exercising the put would create a short position at the strike price. Because the Canada Revenue Agency prohibits short selling in registered accounts, we may choose to sell the put option position or expire it worthless.

If you own a married put (long put option and the underlying shares), your shares will automatically sell at the strike price, as long as your put option is in the money on the expiration date.

Why did my "in the money" option expire worthless?

We reserve the right to prevent your in-the-money long call or put options from being automatically exercised.

For example: if you hold an in-the-money long put option in a registered account on the expiration date, exercise would require you to enter a short position. Because the Canada Revenue Agency prohibits short selling in registered accounts, we may prevent the exercise.

We may also expire an in-the-money option worthless if you do not have sufficient buying power to exercise it.

If we expire your option worthless, any closing value of the option is lost.

What are the unique risks of trading spreads on expiration day?

Option spread strategies involve trading long and short options of the same underlying security and expiration date, but at different strike prices.

If only one leg is "in the money" on expiration day, you could end up with an unhedged position in your account. We may take action to close one or more legs to prevent that.

Example: vertical call credit spread

Short: 3 DIS 15May20 C109.00

Long: 3 DIS 15May20 C114.00

Maximum loss if both legs are in the money at expiration (DIS closes above $114):

($114 - $109) x 3 x 100 = $1,500 USD

If DIS closes at $110 (between the two strike prices), the long option expires worthless and the short leg finishes in the money and may be assigned.

Margin required for assignment:

$109 x 3 x 30% x 100 = $9,810 USD

If your combined USD buying power is less than $9,810, we may close the option leg or the entire strategy to reduce the assignment risk.

A short option that closes out of the money can still be assigned. A post-market move in the underlying may increase the chances of assignment even though the underlying closed out of the money.

Why did Questrade liquidate my out of the money option positions?

We consider the potential automatic exercise or assignment risks. Although the option may have been out of the money when we liquidated it, market volatility can cause a position to move into the money at any time. This is especially important for short options, where assignment can happen even if the option is out of the money.

Why did my order to open a same-day expiring short option get rejected after 2 pm ET?

After 2 pm ET on the option's expiration day, orders to open any short option position require naked option permissions and buying power. This applies to any short option, even if it is part of a strategy, and is done to reduce risks associated with option assignment.

If you need to open a covered call after 2 pm ET on a same-day expiring option, contact the trade desk at 1-866-980-9590.

What is the processing fee to exercise an option?

The processing fee for exercising an option is $24.95 per option position. Assignments are free.

For current fee details, visit our pricing page.

When will I know if I have been assigned or exercised on my expiring option?

Your positions are updated the next business day on the trading platform.

For example: if your option is assigned or exercised on a Friday, the update appears on Saturday morning, typically before 10:00 a.m. ET (if not a holiday). The account activity page also shows any exercise or assignment. You can see the updates on your account activity page on Tuesday.

To review your account activity:

1. Log in to your Questrade account.

2. Go to Reports in the top navigation bar.

3. Click Go to transaction history.

What if the underlying stock for my option is halted on expiration day?

"In the money" options may not be automatically exercised on the expiration date if the CDCC or OCC excludes them due to a corporate action or when trading of the underlying security is halted.

If this happens, you need to tell us you want to exercise the option by submitting a request in the Questrade customer portal or by contacting us on the expiration date.

If you do not make an explicit request to exercise, your in-the-money option may expire worthless.

What happens if I enter a short position as a result of exercise or assignment?

If you enter a short position because of an option exercise or assignment, we may begin charging you daily borrow fees, depending on the security. You can view borrow fees from your trading platform.

US Index options variable pricing (active until September 28, 2026 at market open)

For your first 250 US index options contracts you will pay USD $0.99 per contract, the next 250 (251–500) you will pay USD $0.75 per contract, and so on. The more you trade the lower pricing you receive on incremental contracts traded.

Trade volume on US equity options still contribute to your milestone benefits for margin rates and Signature trade desk access.