Options levels

Questrade has separated options trading into various levels increasing in risk and equity requirements based on guidance from our regulators.

These options levels ranging from 1 to 4 are designed to assist you with managing your account and trading activities based on your risk tolerance, and trading knowledge.

Here’s a high-level table of the option levels and the minimum equity required in your account to trade these strategies:

When you first create your Questrade account, you have the option to enable Level 1 options trading by clicking “yes” to trading options in the account application online.

If you didn’t enable options trading, or if you’d like to increase your option level, please follow these easy steps:

1. Log in to your account
2. Go to the Management page, then click Account management.

3. Select the account that you’d like to modify
   • Please note: To enable options trading for multiple accounts, you will have to repeat this process for each account individually.

4. Click the Change button on the Options level bar.
5. On the next page, select the options level you wish to upgrade (or downgrade) to, and click the green Submit button
6. Download the Options Trading Agreement form
   • Fill out your account number at the top right
   • Enter your First and Last name (and joint account holder’s if applicable)
   • Check off the desired option level
   • Sign and date the bottom of the form (E-signatures accepted for non-joint accounts)
7. Upload the first page of the agreement from the Account Management menu under Upload documents

Processing time: 1-2 Business days. In most cases after you’ve submitted your request online, and uploaded your agreement, you will be able to trade options at the end of the next business day. You can check back on your Option level on the main Account Management page.

Check out the tables below to see how Option strategies are organized by level.

Certain strategies may be unavailable in registered accounts due to CRA rules preventing shorting or negative balances, and in Cash accounts, which which also do not allow shorting or borrowing money. These strategies are shown with an asterisk * in the table below.

Reminder: The following Level 3 and 4 strategies are only available in a Margin account that meets the equity requirements, and has upgraded the options level online.

Note: The information in this blog is for educational purposes only and should not be used or construed as financial or investment advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied, is made by Questrade, Inc., its affiliates or any other person to its accuracy.