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Questrade vs Interactive Brokers for options (Canada)

Questrade and Interactive Brokers both let Canadians sell covered calls, and both offer TFSAs and RRSPs. Questrade is a Canadian broker with simpler screens. Interactive Brokers is a global broker with deeper tools and more complex pricing. Neither is right for everyone.

Comparison · 6-minute read · Updated 2026-10-26

The short answer

For the wheel strategy in Canada, both brokers can handle the basics: covered calls on shares you own, and buying options. Whether you can sell cash-secured puts in a TFSA or RRSP is a broker rule, and it can change, so check each one's current help pages.

In general terms:

• Questrade is Canadian, built for Canadian accounts, with a simpler set of platforms.
• Interactive Brokers (IBKR) is a global broker with a large toolset, many markets, and pricing plans that take time to understand.

This page isn't an endorsement of either. Fees and features change. Check the broker's current help pages before you decide.

Side by side

The US-dollar question

Most option trading is on US stocks and ETFs. Their options trade in US dollars. So a Canadian seller has to think about currency:

• Converting back and forth each time you trade can cost more than every commission put together.
• Holding US dollars inside the account avoids that, if your broker offers a USD side to the account.
• Assignment on a US stock means paying for 100 shares in US dollars. The cash has to be there, in the right currency.

Ask both brokers how they handle USD in a TFSA and an RRSP, and what conversion costs. That number can matter more than the per-contract fee.

A worked example (an illustration, not a trade idea)

To show how costs stack up, use made-up numbers. Say each broker charges $1 per contract and currency conversion costs a small amount each way. Check real pricing; these are illustrations only.

You sell one $45 put on a made-up US stock, XYZ, for $1.00 and collect $100 USD.

The fees are small next to the stock move. A $1,000 drop dwarfs every cost on the page. But over many small trades, fees and conversion add up, so they're worth knowing.

Platforms, tools and what to check

Questrade's platforms cover what most wheel sellers need: an options chain with Greeks, limit orders, and multi-leg tickets for rolls. The screens are simpler to learn.

IBKR's platforms go much further: option strategy builders, risk views, scanners and many order types. The trade-off is the learning curve. New sellers can find the main platform hard at first. IBKR also has simpler mobile and web versions.

Either way, check that you can see the bid, ask, Delta and Open interest for each strike on one screen. See how to read an options chain.

What to check before you choose

1. Registered accounts: which option strategies does each allow in a TFSA and an RRSP, today? Covered calls are widely allowed; cash-secured puts depend on the broker. See TFSA vs RRSP for options.
2. Fees: the per-contract rate, any minimums, exercise and assignment fees, and market data costs.
3. Currency: USD accounts, and the cost to convert.
4. Support: how fast can you reach someone on expiry Friday?

Which fits you?

• New to options, mostly Canadian or a few US names, want simple screens: a Canadian-first broker with gentler platforms may suit you.
• Trade many US options, want deep tools, fine with a learning curve: a global broker's tools and currency handling may suit you.
• Either way: start with one contract and learn the screens before you size up.

Wealthsimple is another Canadian option some sellers compare; its options rules differ again. Options permissions differ by broker.

Questions