Tastyworks, now TastyTrade is a US-based privately owned brokerage and one of the world’s best platforms for trading options.
Founded in 2017, TastyTrade allows users to trade options on stocks and futures with a $0 commission to close.
In addition, the brokerage allows users to start trading with as low as $1 because it doesn’t require a minimum balance.
With these and lots of other benefits, it is understandable that many Canadians are wondering whether TastyTrade is available in Canada. If not, what are the best TastyTrade Canada alternatives?
Let’s find out!
Is there TastyTrade (Tastyworks) in Canada?
Unfortunately, TastyTrade (formerly Tastyworks) is not available in Canada at the moment. The brokerage is currently available only in the US and the following countries.
|Isle of Man
Since the brokerage is working towards expanding its supported countries, it’s likely to have it launched in Canada in the future.
In the meantime, Canadians have to rely on the available Tastyworks alternatives in the country.
When Will TastyTrade (Tastyworks) Come to Canada?
Tastyworks has not provided any information on when it will expand to Canada. But since Canada is not among its restricted countries, Tastyworks is more than likely to expand to Canada in the future.
If you want to stay updated on when Tastyworks will expand to Canada, you can bookmark this page or join the waiting list by contacting Tastyworks at [email protected].
As you wait for the arrival of Tastyworks in Canada, there are different alternatives to consider in Canada. To this, we now turn.
TastyTrade (Tastyworks) Canada Alternatives
While we don’t have the perfect match for Tastyworks in Canada, the following are some of the few Canadian brokerages that serve as worthy alternatives.
Questrade has been in the Canadian brokerage industry for over two decades, boasting $30 billion in assets under administration.
Like Tastyworks, Questrade also supports options trading. However, Questrade charges $9.95 + $0.75 / per option contract. Or $6.95 + 0.75 per contract if you qualify for active traders pricing.
In addition to options, Questrade also supports stocks, ETFs, bonds FX & CFDs trading. Except for buying ETFs, the brokerage charges a commission on all other trades.
While Tastyworks doesn’t require a minimum investment, Questrade requires a $1,000 minimum balance on all accounts.
However, the strength of Questrade lies in its relatively lower fees compared to other full-service brokerages and multiple collections of accounts and assets.
In addition, WalletBliss readers who sign-up on Questrade through this referral link and deposit a minimum of $1,000 will get a $50 bonus.
Learn more: Questrade Review
Qtrade is synonymous with excellent customer service in the Canadian self-directed brokerage. Like Tastyworks, Qtrade also supports options trading alongside stocks and ETFs trading.
Options and stocks trading on Qtrade cost $6.95 to $8.75 plus $1.25 per share/contract. While the brokerage waives commission on 100+ ETFs, it charges $6.95/$8.75 on other ETFs.
In addition to low trading fees, Qtrade also stands out from the competition with its comprehensive collections of trading tools, assets and trading accounts.
That said, the major drawback of the brokerage lie in its $25 quarterly account maintenance fee, though it can waived if you meet certain conditions. Nevertheless, this may not be a problem if you’re more concerned about customer support and trading tools.
Learn more: Qtrade Review
3. National Bank Brokerage
National Bank Direct Brokerage is another Tastyworks alternative in Canada offered by National Bank.
This brokerage is the first Canadian-bank broker to offer 100% commission-free access to Canadian and US stocks, ETFs and options trading.
However, the brokerage charges $1.25 per every option contract and a $100 annual fee. Depending on your trading volume, the brokerage may be costly or cost-saving for you.
With no minimum balance, multiple trading tools, and multiple trading accounts, the National Bank Direct Brokerage is worth checking out.
Honourable Mention: Wealthsimple Trade
While Wealthsimple Trade doesn’t support options trading at the moment, it’s worthy of mention here considering its multiple similarities with Tastyworks.
Wealthsimple Trade is one of Canada’s best discount self-directed brokerages in Canada that’s based in Toronto. The brokerage is popular for offering 100% commission-free access to stocks and ETFs trading.
Like Tastyworks, Wealthsimple Trade doesn’t require a minimum balance. It also supports crypto and fractional shares trading.
The major drawbacks of Wealthsimple Trade lie in its limited asset types (it supports only stocks and ETFs) and limited trading tools.
If these mean nothing to you, Wealthsimple Trade could be your best self-directed brokerage in Canada.
Currently, WalletBliss readers that sign-up on the brokerage with this referral link will receive 2 free stocks upon trading a minimum of $150 within their first 30 days of account approval.
How to Choose the Best TastyTrade (Tastyworks Canada Alternative
The following are the major factors you need to consider when choosing the best Tastyworks alternative in Canada.
- Trading commissions: Consider the applicable commission per option contact as well as on other securities. As usual, the lower the commission, the lower your trading costs per trade and over time.
- Supported securities and accounts: Besides options, you may also be interested in trading other securities such as stocks, ETFs, bonds, crypto mutual funds, FX, etc. You should also consider the supported registered and non-registered accounts you can invest in (e.g personal account, TFSA, RRSP, RESP).
- Minimum balance: The minimum balance could make a difference in your trading volume. Choose a brokerage whose minimum balance suits your budget.
- Customer support and trading tools: Whether you’re a beginner or a seasoned trader, customer support and trading tools will help make everything easier for you.
Final Thoughts On TastyTrade (Tastyworks) Canada Alternatives
Even though Tastyworks is not yet available in Canada, Canadians have several alternatives to contend with.
While you can’t go wrong with any of the above Tastyworks alternatives in Canada, you need to evaluate your needs and consider the above factors when narrowing your selection.
Which of the average Tastyworks alternatives suit your needs? I will be pleased to know in the comment section.
For more information about the best investment products and services in Canada, check out our existing blog posts including: