Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user guides, offers market insights, and ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavors.
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Options are one of my favourite financial instruments. I trade them frequently because of their potential for high returns. Plus, they often help me diversify my portfolio and maximize returns. That said, if you’re interested in options trading, you have to note this. There are countless brokers that support this activity, but not all of them care about your success.
Many brokers out there are only interested in milking you dry by all means necessary. You should avoid them and only trade with service providers that want to see you succeed. I tested the options trading platforms available in Canada and picked 3 that are more likely to fuel your success. I’ve listed and reviewed them here.
My goal is to make the process of finding the best broker for option trading as easy as possible. That is why I’ve kicked off with a comparison table. In it, I’ve compared the top 5 service providers based on a variety of crucial factors, from license and regulation to money insurance. Use this table to identify a potential partner as early as possible. Then, read the mini-reviews to get a clearer picture before signing up.
Here is a detailed breakdown of each options trading platforms in Canada. I’ve covered every crucial aspect I discovered while evaluating and testing each service provider, both positive and negative. This is to ensure you have all the information you need to make decisions that will drive your options trading career to greater heights.
1. AvaTrade – Best Options Trading Platform for Canadian Newbies
Is this your first time trading options? I strongly recommend signing up with AvaTrade. The broker’s platform is simple and intuitive, so opening your account should be easy and hassle-free. If you encounter any challenges, seek professional assistance from the company’s exceptional support team.
After registering, visit the official AvaTrade homepage, go to the Education section, and search for materials related to options trading. You’ll find everything you need to get started, from a video tutorial on how to use AvaOptions, which is AvaTrade’s proprietary platform for options traders, to guides about the best options trading strategies.
Learning the basics of options trading is just the beginning. Since you’ll need to diversify your portfolio with other financial instruments while trading options on AvaTrade, I also urge you to visit Ava Academy. Here, you’ll find materials that will introduce you to the fundamentals of trading everything from stocks and forex to ETFs and bonds.
My last piece of advice is, after educating yourself, practice in demo mode. As an AvaTrade client, you can open a demo account with CA$10,000 virtual money. It’s meant to help you test your skills in a risk-free environment where you can’t lose your hard-earned cash.
AvaTrade
✔Regulated by FCA
✔The platform supports algorithmic trading
Higher spreads and commissions compared to its peers
Our experts investigated the AvaTrade broker’s fees and charges. We first noticed that the platform has a modest minimum deposit requirement of $100. What’s more, its users pay no additional costs while depositing funds or cashing out. That makes AvaTrade an ideal broker for both cost-conscious and newbie traders who want to test their waters with small capital before going all in.
That said, AvaTrade requires dormant account holders to pay $50 after every 3 consecutive months of inactivity. Moreover, if you let your account remain inactive for over successive months of inactivity, the broker will charge you a $100 administration fee. Not to forget, AvaTrade requires traders who hold positions overnight to cover a premium.
Here’s a breakdown of the fees you should expect to encounter while trading with this service provider:
Fees and Charges
Amount
Spreads
From 0.9 pips
Administration fee
$100
Inactivity fee
$50
Overnight premium
Yes
The AvaTrade trading platform’s users have access to over 1,250 financial instruments, from forex pairs and indices to commodities, options, ETFs, and more. Below is an overview of some of this service provider’s product offerings:
Forex: As an AvaTrade user, you can trade diverse popular currency pairs, like EUR/USD, CAD/JPY, and USD/TRY. You can also boost potential returns with leverage of up to 400:1.
Commodities: From crude oil to silver, corn, and platinum, countless commodities are available on the Ava trading platform. They have competitive spreads and juicy leverages for individuals who want to access larger positions with small capital.
Cryptocurrencies: With an AvaTrade account, you can trade crypto CFDs like BTC/USD, Ripple, and Bitcoin Gold. These assets have reasonable spreads starting from 0.10% over-market.
Stocks: Over 90 stocks are accessible on the AvaTrade platform, including popular products like Groupon, Apple, and Microsoft. You can trade such instruments and enjoy reasonable spreads starting from 0.13%.
ETFs: If you want to trade ETFs, AvaTrade has you covered. You’ll find numerous outstanding assets, such as the MSCI EAFE Index Fund, S&P 500 VIX Short-Term Futures ETN-Series B, and Energy Select Sector SPDR.
Indices: After opening an AvaTrade account, you’ll get uncapped access to US500, UK100, CHINA A50. The broker also allows index traders to enhance potential returns with up to 100:1.
Options: AvaTrade’s AvaOptions trading platform allows users to trade options. It’s also equipped with 13 strategies, including call spread, put spread, and straddle.
2. Interactive Brokers – Best for Advanced, Low-Cost Trading
Interactive Brokers (IBKR) is the best broker for advanced traders searching for a low-cost trading platform. IBKR has no set minimum deposit requirement, meaning you can open your account and fund it with whatever you are comfortable with at that moment. What’s more, this broker doesn’t charge internal deposit fees, so you don’t have to worry about high transaction fees.
After funding your account, you can dive into options trading and enjoy the lowest commissions, starting from CA$0.15 per US option contract. You will get ample opportunity to trade options on over 30 market centers. Plus, you’ll have a beaver of robust trading tools at your disposal, from Writer/ Rollover to Options Analytics and Options Strategy Builder.
I also recommend this broker because it has an army of powerful proprietary platforms ideal for advanced traders. The best I found is Trader Workstation (TWS), which is tailored specifically for seasoned traders. It has an arsenal of advanced trading, charting, and order management tools. Plus, TWS gives you uncapped access to real-time news, research, and market data.
When trading options with IBKR, you can minimize risk exposure by diversifying with stocks, ETFs, US spot gold, and other instruments. This broker also gives you the opportunity to learn and grow your knowledge base through IBKR Campus, Traders’ Academy, IBKR Podcasts, and many other educational resources available on its official site.
After conducting thorough research and extensive assesments, we can confidently categorize Interactive Brokers as one of the most affordable service providers out here. As we’ve already mentioned, this company has no minimum deposit requirement. Plus, it allows traders to fund their accounts with payment methods like ACH and wire transfer at no additional cost. We also highly recommend IBKR because, unlike other brokers, it doesn’t require traders to pay inactivity fees for dormant accounts.
Here’s an overview of the Interactive Brokers fees and charges our team unearthed during our evaluation and exploration:
Type
Fee
Account opening and maintenance
$0
Deposit
$0
Withdrawal
Yes
Inactivity
$0
Overnight charges
Yes
Currency conversion
0,5%
Tens of thousands of instruments are available on Interactive Brokers, which is one of the reasons we highly recommend this service provider. You should have an easy time finding your favorite assets and diversifying your portfolio on IBKR. Here’s a brief rundown of the assets we discovered while researching and assessing this terrific broker:
Stocks: IBKR offers thousands of stocks, and they come with juicy commissions starting from $0.
ETFs: With an IBKR account, you can trade different ETFs around the clock and enjoy low commissions starting from $0.
Options: Many options are available on the IBKR trading platform, and the best part is they come with commissions as low as $0.15 per contract.
Futures: IBKR offers its users access to futures on a broad selection of asset classes, from cryptocurrencies and metals to agriculture, energy, and interest rates. The contracts come with tight commissions starting at $0.25 per contract.
Currencies: While trading with IBKR, you can access over 100 currency pairs with spreads as sharp as 0.1 pips. Popular pairs range from GBP/USD and EUR/USD to USD/JPY and USD/CAD.
US spot gold: IBKR allows US spot gold enthusiasts to trade their favorite asset and enjoy low, transparent commissions. The best part is that with this broker, you can leverage efficient pricing in low quantities starting from 1 ounce.
Bonds: This broker gives traders unmatched access to a humongous selection of 1 million+ global bonds. These products have low commissions and zero built-in spreads or mark-ups.
3. Saxo – Best for Active, High-Net-Worth Traders
If you are a high-net-worth Canadian searching for the best Platform for options trading in Canada, I recommend checking out Saxo. With this broker, you’ll get access to options from over 20 exchanges across Europe, Asia-Pacific, and the US. Start trading your favorite assets today and enjoy competitive commissions from CA$0.75 on European contracts.
Options are not the only instruments you’ll have access to after opening a Saxo account. You can trade many other products, from forex pairs and commodities to CFDs on stocks and ETFs. I’ve yet to meet an options broker with more tradable financial assets than Saxo. The platform has over 8,500 stock and ETF CFDs alone!
Saxo doesn’t focus on trading alone. After registering with this broker, you’ll also get the opportunity to use SaxoInvestor. This platform allows you to invest in tens of thousands of stocks, ETFs, bonds, and mutual funds.
As a high-net-worth trader and investor, you can apply for a professional account if you are a seasoned pro and avoid unnecessary protections that may restrict your activities. You can also open a VIP account, which comes with diverse, unique benefits, including priority support, access to exclusive events, and the lowest commissions and spreads.
Pros & Cons
Pros
Super tight commissions and spreads for high-net-worth traders
No minimum deposit requirement
VIP clients get priority support and other unique boons
Tens of thousands of tradable instruments
Investment products like stocks are available
No inactivity fees
Cons
Steep requirements for professional and VIP accounts
Might be overwhelming to novices
How to Start with an Options Trading Platform
Choose the best service provider from our list of reputable options trading platforms in Canada. Remember to factor in crucial aspects like your experience level and trading goals while doing so. Then, follow these steps:
Step 1: Visit the service provider’s official site
Step 2: Register a new account
Step 3: Verify your details
Step 4: Deposit money
Step 5: Trade
I always visit every broker’s official homepage and look around before doing anything else. This has saved me countless headaches over the years. Please do the same. Go to your chosen options broker’s official site and do some investigating. You might come across crucial information that will help you make better decisions now and in the future.
If you are a newbie, check out the educational materials offered on the website. Also, try trading in virtual mode before going any further; it should be easy since all of the brokers I’ve recommended support demo trading.
After confirming everything, educating yourself, and practicing, look for the registration button on the official site. Click and fill out all subsequent forms. You will need to share personal information such as your email address, full name, and phone number. Be accurate and factual; otherwise, incorrect or mismatched details will prevent you from registering your account.
While registering your account, you also have to set a username and password. Your username should be something you can remember easily. But your account password should be as complex as possible. Don’t set something simple because someone might guess it, open your account, and steal funds.
The platforms I have listed here have strict KYC requirements. In other words, they won’t allow you to trade options before verifying you are who you say you are. This important step enables these brokers to ascertain you are a legitimate user, prevent fraudulent activities, and protect other traders.
To verify your account, you must share clear copies of the required documents. Your service provider will guide you on what to submit and how to do it.
After successful verification, you can now fund your options trading account. Check the deposit methods supported by your broker and pick an option that suits you best. If you intend to trade immediately, avoid funding methods like bank transfers, which can take a few days to process. Go with alternatives that offer instant transactions, like debit and credit cards.
Pay close attention to deposit limits while funding your trading account. That includes the broker’s minimum requirement for first deposits and the thresholds for each funding method.
Wait for your deposit to be processed. Once the funds are in your account, choose your assets to start trading. Most platforms have an intuitive search bar, so finding the right financial instruments should be relatively easy.
Financial markets are very unpredictable. After executing your trade, monitor it closely. Don’t forget to protect yourself against unforetold losses with stop-loss orders. Additionally, reduce your risk exposure by opening positions related to other assets besides options, like forex pairs.
How We Test
At BrokerRaters, testing every platform before making recommendations is paramount. We don’t just research service providers; our experts test each platform with demo and live accounts. This enables us to cover all essential angles and provide factual information. While researching and testing service providers, we focus on every crucial element, from licensing and ease of use to fees and trading tools.
Our job is done; we’ve acquainted you with the best options trading platforms in Canada. The ball’s now in your court. Your commitment to responsible trading will eventually determine your success. Otherwise, if you don’t trade responsibly, not even the best options trading platform Canada will save you from making detrimental mistakes and losing money.
Let me repeat this: trading is risky. That is why most traders lose money and quit within less than a year. I don’t want you to incur hefty losses and suffer consequences like depleted savings, accumulated debt, and unpaid bills. That is why I urge you to budget carefully before opening and funding an options trading account.
First, assess your financial situation, including your income, savings, and expenses. Then, determine how much you can risk in options trading without undermining your daily life and short-term/long-term financial goals. I also recommend setting up an emergency fund that can support you for a few months. If things go south, this kitty will help you sort out crucial expenses without using your savings.
Have you been privileged to get trading insider information? But who doesn’t want that unfair advantage? Meet your insider source, Thadeus Geodfrey. He provides insider information on anything trading. But the information he shares is not the kind that would get you in trouble with regulators. Thadeus writes on trade and investment.
With more than a decade of experience, Thadeus has an eagle eye for spotting opportunities and risks. If he tells you a specific broker isn’t to be trusted, you better believe him. He has been swimming in these trading waters long enough to spot scam brokers from afar. Thadeus’s priority is your safety as an investor or trader.
One Reply to “Best Options Trading Platforms in Canada 2025”
Callahan says:
One thing I’d add is that customer service is really important. Even if a platform has great tools, it’s hard to use them if support isn't helpful when you need it. Overall, nice job on the review!
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One thing I’d add is that customer service is really important. Even if a platform has great tools, it’s hard to use them if support isn't helpful when you need it. Overall, nice job on the review!