Small question regarding Questrade and the option level

[fb132]

I just created my account with Questrade in order to start investing in ETF's for the first time (I used be a mutual funds lover, glad I found this website, the fees on them were horrible). While setting up my TFSA account, it asked me which three levels I wanted to select (1-Long Calls and Puts, 2- Spreaded covers, 3-None). Like an idiot, I selected "3-None" which I think would mean I needed a minimum of 25K$ in equities, basically it was a mistake simply because I didn't understand what those terms meant so I figured none was my choice. Now I am trying to modify my option level, it tells me to select Level 1, Level 2 or None...for tfsa, am I better off chosing level 1 and why, cause I don't get it.

I have read it from their website, but I still don't have a clue what those level means other than the fact that level 1 and 2 don't need a minimum balance while the "None" option requires 25K$ in equities if I read it right.

[smilla]

fb, you might get a better response if you move this to the investing thread.

I think none is the right choice and that you don't need 25k in the account but I'm not positive.

[rocketpj]

Pretty sure you don't need $25K, but I can't be certain as my transfer was more than that.  Unless you plan to get into options etc. then 'None' is just fine for regular investing.