How do I open an options trading account?

To add options trading to your account at Qtrade, you need to login to your Qtrade account and follow these steps:

1. Under Accounts click on Open New Account and select the accounts you want to add options to.
2. Select the option level(s) for each selected account.
3. Registered accounts (RRSP, TFSA, etc.) can only have Option level 1 or 2
4. Margin accounts can have up to Option level 4
5. Contact us when you’ve completed the application and our new accounts team to add the option features to your existing accounts (rather than actually opening a new account).

All options trading comes with some level of risk, and thus, different types of options trades are allowed on different types of accounts. There are four levels of options trading available:

1. Level 1 – Long Calls and Puts
2. Level 2 – Covered Writing
3. Level 3 – Spreads
4. Level 4 – Uncovered Writing

Please note:

• Options trading is only available for Registered accounts (i.e. RRSP, TFSA, FHSA) and Margin accounts. If you have an existing cash account, you’ll need to open up a margin account with options.
• If you only have a Cash account, you’ll need to open a “Margin Account,” which can have up to Option level 4.