Commissions Stocks

Disclosures

1. Volume tiers are applied based on monthly cumulative trade volume summed across all US and Canadian stock and ETF shares at the time of the trade. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institutions, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month. If for example, you execute 500,000 US shares in a month, your IB Tiered fees would be:
   • 300,000 shares at USD 0.0035
   • 200,000 shares at USD 0.002
2. Plus the applicable exchange, ECN and/or specialist fees based on execution venue.
3. Maximum USD 8.30 per trade. In the case of partial executions, each execution is considered one trade.
4. Maximum 0.5% of trade value.
5. Orders where the commission cap is applied do not count towards the monthly volume tiers.
6. In the event the calculated maximum per order is less than the minimum per order, the maximum per order will be assessed. For example, a purchase to buy 10 shares of a $0.20 stock will be charged $0.02 (10 shares x 0.005/share = 0.05 commission, minimum 1.00 per Order, capped at 10 shares x 0.20 x 1% = 0.02).
7. For orders that are immediately executed against an existing bid or offer on the exchange's order book, an exchange liquidity removing fee will be added. See the Tiered North America section for details of the exchange fees.
8. For TSX USD denominated stocks only.
9. The higher rate applies to venues where FINRA is the SRO which are all off exchange OTC venues.   The lower rate applies to listed exchanges who are currently absorbing a portion of the CAT fees; this is subject to change in the future as they have applied to the SEC for rate changes.  The venues with the lower rate are:  AMEX, ARCA, BATS, BEX, BYX, CBOE, CHX, DRCTEDGE, EDGEA, EDGX, IEX, IEXMID, ISE, ISLAND, LTSE, MEMX, NASDDARK, NYSE, NYSEDARK, NYSEFLOOR, NYSENAT, PEARL, PHLX, and PSX. Currently, the fees include Prospective CAT Fees (on-going fee) as well as Historical CAT Assessment Fee that will expire once the historical cost is collected.  Note that FINRA CAT will reevaluate the Prospective CAT Fees twice a year to reflect actual CAT costs.  

• Commissions apply to all order types.
• Tiered commissions will be capped at 0.5% of trade value
• When using IB SmartRouting^SM, clients should be aware that IB may route the order to an exchange with a better quoted price but with substantially higher fees. In particular, clients should understand the ECN charges for removing liquidity when sending marketable orders for low priced stocks (under USD 2.50).
• Our Tiered commission schedules (which cover commissions plus external venue fees/rebates) are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IBKR’s Tiered commission schedule may be greater than the costs paid to the relevant exchange or third party by the IBKR entity responsible for execution (Executing Broker), subject to applicable laws. For example, the Executing Broker may pay lower fees than the fees paid by clients to IBKR; likewise, rebates passed on to clients by IBKR may be less than the rebates the Executing Broker receives from the relevant exchange or third party. For example, if the Executing Broker receives higher rebates (or pays lower fees) for exceeding volume thresholds on a particular exchange / third party, it typically will not pass these volume-based incremental rebates/fee discounts directly to clients.
• Please note that directed API orders cannot use the Tiered fee structure. SmartRouted API orders can use either the Tiered or Fixed structure.
• Value-Added Tax (VAT), Goods and Service Tax (GST) or other consumption taxes will be separately applied to commissions and services, where applicable, based on the prevailing rates.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• If IBKR receives a rebate payment for a pink sheet or other OTC stock execution, this rebate is not passed to the client.
• A minimum commission of USD 0.01 per trade is assessed to non-recurring fractional share trades.
• IBKR may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of IBKR. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.

* Lower investment costs will increase your overall return on investment, but lower costs do not guarantee that your investment will be profitable.