View all pricing and rates. Add options trading to an existing brokerage account. Our knowledge section has info to get you up to speed and keep you there. Have platform questions? Want to discuss complex trading strategies? Our dedicated Trader Service Team includes many former floor traders and Futures Specialists who share your passion for options trading.

Open an account. Invest commission-free with Kiplinger's 1 rated Mobile app. See how soon you can trade. Award winning options trading tools 4 Whether you're in-the-money, or out-of-the-money, we'll help you keep on top of your money with intuitive tools for trading options on stocks, indexes, and futures. Customize option chain views by spread strategies, width, strikes and dollar value. Select a strategy and enter your earnings move order directly from the tool. Spot opportunities with Live Action real time scans for unusual activity, volatility and technical indicators.

Online Broker vs. An online broker lets you buy and sell stocks online within your trading account. Online brokers operate on the same principle of investing for growth as mutual fund managers and robo advisors. Online brokers offer investment options that are both higher risk and higher return than savings accounts or GICs, and these higher returns help you save for retirement over the long term.

9 Best Options Trading Platforms & Brokers of 2021

Where online brokers differ from mutual fund managers and robo advisors is how they deliver that service. Mutual fund salespeople and robo advisors rely on a questionnaire and sometimes an in-person meeting to help them determine your ideal asset allocation, and then build a portfolio for you.

Online brokers leave asset allocation and portfolio building to you, and instead of offering oversight and advice, they offer a low-fee environment for you to invest your money. Online brokers are ideal for investors who follow the Couch Potato Portfolio strategy because it lets them build their ideal portfolios easily with a handful of low-cost ETFs. You can use your online broker as little as four times per year to build your portfolio and rebalance your asset allocations. Questrade is one of the lowest cost online brokerages in Canada.

Questrade offers a variety of platforms to help you trade, along with a mobile app that is responsive and easy to use.

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Read our full Questrade review. Its unique selling proposition is commission-free stock and ETF trading.

This is ideal for new investors who want to make smaller, frequent contributions without getting hit with trading fees for each transaction. Limited time only until April 8th. Read our full Wealthsimple Trade review. Qtrade is a good alternative to Questrade and has a reputation for amazing customer service. To better understand what you get with Qtrade we suggest to read and compare Qtrade vs Questrade in our review.

Virtual Brokers is one of the most competitive discount brokerages in Canada, with offerings on par with Questrade and Qtrade. Virtual Brokers has several trading platforms to choose from and a huge research center to help you stay ahead of the curve when making trades.

Buy Options | Online Options Trading | E*TRADE

Read full review. BMO InvestorLine is an excellent choice for anyone looking to get started with an online discount brokerage but wants an intuitive and informative online and mobile platform. Scotia iTrade is the online brokerage arm of the Bank of Nova Scotia and is a good choice for investors who want to keep money with an institution with name recognition.

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The bank has a long history in Canada dating back to and has hundreds of brick-and-mortar branches. Scotia iTrade recently re-structured its fee system, making it way more affordable than it used to be. This platform offers an excellent way to build a low-cost passive investing portfolio also offers trading fees that are in line with the smaller online brokerages. Also, their customer support has gotten rave reviews. While you can purchase individual stocks and bonds through your online broker, most DIY investors opt to build their portfolios out of ETFs.

This strategy lets you build a highly diversified portfolio without having to go to the trouble of purchasing dozens of individual stocks. These Canadian couch potato model portfolios can help you get started. If you invest your money through an online broker in these three ETFs, you will have a globally diversified balanced portfolio. As passive investors, we learn to accept that earning market returns, minus a small fee, is the best way to grow your portfolio over the long-term.

Current investors are getting a real-time look at their risk tolerance as they watch their portfolios drop in value. As a long-term investor, learn to tune out the noise and stick to your investing plan. What is the benefit of purchasing your own investments directly and rebalancing manually when your investments slip out of their ideal asset allocation? There is one thing that draws in DIY investors: low fees. The reason that most DIY investors choose to work with an online broker is to minimize the management expense ratio MER they pay on their investments.

MERs are the management fees associated with individual funds. MERs are expressed as a percentage of your assets and vary depending on the style of investing you choose. Mutual funds in Canada have some of the highest MERs in the world, at an average of 2.

The portfolio above has a MER of 0. The differences in these fees may not seem like much, but they can erode thousands, or even hundreds of thousands of dollars from your portfolio, given a long enough time horizon. Here are some examples of factors to consider:.

Personal Finance

If you plan to build a passive index investing portfolio using only ETFs, choose an online broker that offers commission-free trades or free ETF purchases and low overall fees. In contrast, if you are planning to be a high-volume trader, making up to the minute decisions on which stocks to purchase, a discount brokerage with high-quality software platforms and access to third-party research should be a priority. Consider your account size when choosing an online broker. Seasoned investors may be able to forgo good customer service in favour of excellent research and trading platforms.

Keeping your per trade fees low is key to minimizing your overall fees, especially if your portfolio is small. If you have a modest nest egg, you should choose an online broker that does not charge these fees, because they will significantly erode your annual returns. When you transfer an investment account from another financial institution to an online broker, the original institution will often charge a transfer fee to move your money.

Some online brokers will pay these fees. For instance, you can transfer almost any type of investment account over to Questrade—for any amount and for as many accounts as you like. ECN fees are fees that you pay when you place an order with an online broker for either stocks or ETFs, and that order is fulfilled immediately instead of waiting for the price of the stock or ETF to reach a certain point.

The fees originate from the exchange networks that fulfill the orders and are usually a fraction of a cent per share. ECN fees vary from broker to broker and could add a few cents to a few dollars on your purchases. All of the online brokers listed above are good choices, but each has strengths and areas for improvement. You will not be charged a fee for this referral and Wealthsimple and Young and Thrifty are not related entities.

It is a requirement to disclose that we earn these fees and also provide you with the latest Wealthsimple ADV brochure so you can learn more about them before opening an account. I super appreciate this well organized and simple article! How do you not mention Interactive Brokers.

They have the cheapest margin rates, cheapest fees on stocks and options. They should be best overall. Hi Matril, this review is for best overall broker — not best broker for margin and option trading. I was hoping WS will an excellent alternative to Questrade and others brokerage that charges high fees. Hi Rody, WS Trade is a no frills and zero commission platform. Robinhood North it is not. If you want to day trade with US stocks and options, there are much better platforms out there.

What are options?

Such as??? Even for Canadian accounts…. The fees there add up, fast! Hi Max, the currency exchange fee is 1. I have waited for over 30 minutes each and every time I have attempted to contact Qtrade. The online registration process never worked smoothly for me and I waited several weeks to transfer my portfolio because nobody at Qtrade was aware that the initial transfer request had been lost. I have not experienced that. Only after I get really pissed off when I reach them does anything happen.

Now I am getting the runaround about transferring another account to them. I followed all their directions, actually went to First Ontario to get the correct form and still the transfer was declines. No explanation, no phone call, nothing. I have been at this game a few years and I have yet to find a professionally run online trading organization in Canada.