Our transparent Tiered pricing for stocks, ETFs (Exchange Traded Products, or ETPs) and warrants includes our low broker commission, which decreases depending on volume, plus exchange, regulatory, and clearing fees. In cases where an exchange provides a rebate, we pass some or all of the savings directly back to you. 1

In the event that IB receives a rebate for executing a trade in a Regulation NMS stock at a market-maker, dark pool, or with a liquidity provider in the IB ATS, IB will pass the full amount of that rebate to Tiered-commission customers as a venue rebate.

Volume (per month) 2, 7, 8Commission per Share
US Stocks, ETFs, ETPs and WarrantsMinimum per OrderMaximum per Order
<= 300,000 SharesUSD 0.0035USD 0.351.0% of trade value
300,001 - 3,000,000 Shares USD 0.002USD 0.351.0% of trade value
3,000,001 - 20,000,000 SharesUSD 0.0015USD 0.351.0% of trade value
20,000,001 - 100,000,000 SharesUSD 0.001USD 0.351.0% of trade value
> 100,000,000 Shares USD 0.0005USD 0.351.0% of trade value

Commission-Free ETFs

Volume (per month) 2, 7, 8Volume (per month) 2Commission per Share
Aberdeen Standard ETFsAnyUSD 0.00 4
ACSI ETFsΩAnyUSD 0.00 4
AGF Investment ETFs
AnyUSD 0.00 4
Cambria ETFsAnyUSD 0.00 4
Eaton Vance NextShares Exchange-Traded Managed FundsAnyUSD 0.00 4
Global X FundsAnyUSD 0.00 4
Hull Tactical ETFsAnyUSD 0.00 4
Infrastructure ETFsAnyUSD 0.00 4
Legg Mason ETFsAnyUSD 0.00 4
O’Shares ETFsAnyUSD 0.00 4
Reality Shares ETFsAnyUSD 0.00 4
Salt Financial ETFsAnyUSD 0.00 4

Clearing Fees (per share)

NSCC, DTC Fees USD 0.00020 6

Transaction Fees

Transaction Fees 3Volume (per month) 2
Stocks, ETFs, ETPs, Warrants, Rights, Voting Trust CertificatesUSD 0.0000207*Value of Aggregate Sales
NYSE Pass-Through Fees IB Tiered Commissions *0.000175
FINRA Pass-Through Fees IB Tiered Commissions *0.00056
FINRA Trading Activity Fee USD 0.000119 * Quantity Sold 5

Trade Allocation Minimum Commissions

We charge a minimum fee for US stock trades allocated by Advisors to their clients. Advisors can choose to charge the allocation minimum fee to their master account or to the client account.

By default, the allocation minimum is charged to the client account unless there is a specific rate arrangement between the client and the master account.

Minimum Trade Allocation FeesMinimum (trade value * 0.0005, USD 0.35)
Example 1

100 Shares executed at a price of USD 10.00 allocated to two accounts (50/50):
Allocation Size = 50
Trade Value = USD 500
Minimum (500 * 0.0005, USD 0.35) = Minimum (0.25, 0.35)
New Tiered Commisions Per Allocation = 0.25

Example 2

50 Shares executed at a price of USD 100.55 allocated to two accounts (30/20):
30 Share Allocation Trade Value = USD 3016.50
Minimum (3016.50 * 0.0005, USD 0.35) = Minimum (1.50, 0.35)
New Tiered Commission for 30 Share Allocation = USD 0.35

20 Share Allocation Trade Value = USD 2011
Minimum (2011 * 0.0005, USD 0.35) = Minimum (1, 0.35)
New Tiered Commission for 20 Share Allocation = 0.35

Notes

  1. IBKR’s Tiered commission models 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 by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. Average per Share Rebate Amounts for Regulation NMS Stocks are reported on the Interactive Brokers Rule 606 Quarterly Order Routing Report. Click here to view copy of the Report.
  2. 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
  3. Transaction fees are only charged for sell orders.
  4. No exchange, clearing or transaction fees charged.
  5. Maximum USD 5.95 per trade. In the case of partial executions, each execution is considered one trade.
  6. Maximum 0.5% of trade value.
  7. Orders where the commission cap is applied do not count towards the monthly volume tiers.
  8. 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 0.0035/share = 0.035 commission, minimum 0.35 per Order, capped at 10 shares x 0.20 x 1% = 0.02). Note, external fees will be added to the IB commission for those on the Tiered commission structure.

  • Commissions apply to all order types.
  • IB’s Tiered fee will be capped at 0.5% of trade value.
  • When using SmartRouting, 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).
  • All exchange, special and other fees are charged on a per-share basis.
  • In the Tiered commission structure, clients may or may not be eligible to receive direct credit for rebates paid for certain types of orders executed at various market centers. For example, IB may receive enhanced rebate payments as a result of exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to customers. Likewise, IB does not pass to customers all of the rebates IB may receive for orders in pink sheet or OTCBB stocks.
  • Please note that directed API orders cannot use the Tiered fee structure. Smart-routed API orders can use either the Tiered or Fixed structure.
  • VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
  • 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 IB receives a rebate payment for a pink sheet or OTCBB execution, this rebate is not passed to the clients.
  • Accumulate/Distribute and Scale Orders will be subject to standard IB Order minimums for each new slice of the algorithm which is submitted.

Our Fixed pricing for stocks, ETFs (Exchange Traded Products, or ETPs) and warrants charges a fixed amount per share or a set percent of trade value, and includes all IB commissions, exchange and most regulatory fees with the exception of the transaction fees, which are passed through on all stock sales. In the event that IB receives a rebate for executing a trade in a Regulation NMS stock at a market-maker, dark pool, or with a liquidity provider in the IB ATS, IB will pass the full amount of that rebate to Fixed-commission customers as a commission discount.

FixedMinimum Per OrderMaximum Per Order
No Transaction Fees ETFsUSD 0.00USD 0.00
USD 0.005 per share USD 1.00
1.0% of trade value 1, 7
Example

x100 Shares @ USD 25 Share Price = USD 1.00
1,000 Shares @ USD 25 Share Price = USD 5.00
1,000 Shares @ USD 0.25 Share Price = USD 2.50

Transaction Fees5

(Stocks, ETF, Warrants, Rights, Voting Trust Certificates) USD 0.0000207 * Value of Aggregate Sales
FINRA Trading Activity Fee USD 0.000119 * Quantity Sold 8

Trade Allocation Minimum Commissions

We charge a minimum commission for US stock trades allocated by Advisors and Brokers to their clients. Advisors and Brokers can choose to charge the allocation minimum fee to their master account or to the client account. By default, the allocation minimum is charged to the client account unless there is a specific rate arrangement between the client and the master account.

US Stocks Minimum (trade value * 0.0005, USD 1)z
Example 1

100 Shares executed at a price of USD 100.00 allocated to two accounts (50/50):
Allocation Size = 50
Trade Value Per Allocation = USD 5,000
Minimum (5000 * 0.0005, USD 1) = Minimum (2.5, 1)
New Total Fixed Commission Per Allocation = 1.00

Example 2

100 Shares executed at a price of USD 24.00 allocated to two accounts (50/50):
Allocation Size = 50
Trade Value Per Allocation = USD 1200
Minimum (1200 * 0.0005, USD 1) = (0.6, 1)
New Total Fixed Commission Per Allocation = 0.60

Notes

  1. IBKR’s Tiered commission models 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 by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.
  2. The Options Regulatory Fee (“ORF”) is charged by the following exchanges: AMEX, BATS, BOX, CBOE, CBOE2, EDGX, EMERALD, ISE, GEMINI, MERCURY, MIAX, MERCURY, NOM, NASDAQBX, PSE, PHLX.
  3. Fee applies to executions which clear in the “Customer” account with OCC. This will generally include Public Customer and Professional Customer transactions.
  4. Transaction fees are only charged for sell orders.
  5. Volumes on both US and Canadian markets contribute to sliding scale.
  6. Access to IB SmartRouting for US Listed Securities is generally available only to IBKR Pro accounts.

  • Commissions apply to all order types.
  • Commissions are not charged for US exercise and assignment.
  • Commissions are not charged for US cabinet buy-to-close trades.
  • IBKR considers exchange fees and/or rebates in determining where to route an order. Under certain circumstances, IBKR may route a marketable order to an exchange that is not currently posting the national best bid or offer (NBBO) but which may be willing to “step up” and execute the order at the NBBO, in order to avoid or reduce the exchange fee for executing the order. If this routing method is used, the client generally will pay a lower execution fee than client would have otherwise paid. In those cases where IBKR routes to an exchange that is not currently posting the NBBO in order to reduce or avoid exchange fees, IBKR will guarantee the client a fill at the NBBO at the time that IBKR routed the order.
  • Volume breaks are applied based on monthly cumulative trade volume summed across all options contracts at the time of the trade. Contract volumes for advisor, separate trading limit, 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 12,000 US contracts in a month, your execution costs would be:
    10,000 contracts at USD 0.65
    2,000 contracts at USD 0.50
  • 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 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders.
  • Order minimums will be applied to the individual legs of a COMBO order.


Smart Routed 6 Tiered Commissions

Access to IB SmartRoutingSM for US listed securities is generally available only to IBKR Pro accounts.

Contract Volume (per month)6CommissionsMinimum Per Order
< = 10,000
Premium < USD 0.05 USD 0.25 per contract USD 1.00
Premium => USD 0.05 and Premium < USD 0.10 USD 0.50 per contract USD 1.00
Premium => USD 0.10 USD 0.65 per contract USD 1.00
10,001 - 50,000
Premium < USD 0.05 USD 0.25 per contract USD 1.00
Premium => USD 0.05 USD 0.50 per contract USD 1.00
50,001 - 100,000
All PremiumsUSD 0.25 per contractUSD 1.00
> 100,001
All PremiumsUSD 0.15 per contractUSD 1.00
Example

Contract Volume <= 10,000 per month:
1 Contract @ USD 2 Premium = USD 1.00
2 Contracts @ USD 5 Premium = USD 1.30
3 Contracts @ USD 0.075 Premium = USD 1.50
5 Contracts @ USD 0.03 Premium = USD 1.25

Contract Volume 10,001 – 50,000 per month:
1 Contract @ USD 2 Premium = USD 1.00
2 Contracts @ USD 5 Premium = USD 1.00
3 Contracts @ USD 0.075 Premium = USD 1.50
5 Contracts @ USD 0.03 Premium = USD 1.25

Direct Routed

 CommissionsMinimum Per Order
All Premiums USD 1.00 per contract USD 1.00

Regulatory Fees

 Commissions
Options Regulatory Fee ("ORF") 2, 3USD 0.0388 per contract

Transaction Fees

 Commissions
Transaction Fees 4USD 0.0000207 * Value of Aggregate Sales
FINRA Trading Activity Fee USD 0.002 * Quantity Sold

OCC Clearing Fees

Tier Fee
Trades of 1 - 999 contracts USD 0.055 per contract
Trades of > 999 contracts USD 55.00 per trade
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Notes

  1. IBKR’s Tiered commission models 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 by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.
  2. The Options Regulatory Fee (“ORF”) is charged by the following exchanges: AMEX, BATS, BOX, CBOE, CBOE2, EDGX, EMERALD, ISE, GEMINI, MERCURY, MIAX, MERCURY, NOM, NASDAQBX, PSE, PHLX.
  3. Fee applies to executions which clear in the “Customer” account with OCC. This will generally include Public Customer and Professional Customer transactions.
  4. Transaction fees are only charged for sell orders.
  5. Volumes on both US and Canadian markets contribute to sliding scale.
  6. Access to IB SmartRouting for US Listed Securities is generally available only to IBKR Pro accounts.

  • Commissions apply to all order types.
  • Commissions are not charged for US exercise and assignment.
  • Commissions are not charged for US cabinet buy-to-close trades.
  • IBKR considers exchange fees and/or rebates in determining where to route an order. Under certain circumstances, IBKR may route a marketable order to an exchange that is not currently posting the national best bid or offer (NBBO) but which may be willing to “step up” and execute the order at the NBBO, in order to avoid or reduce the exchange fee for executing the order. If this routing method is used, the client generally will pay a lower execution fee than client would have otherwise paid. In those cases where IBKR routes to an exchange that is not currently posting the NBBO in order to reduce or avoid exchange fees, IBKR will guarantee the client a fill at the NBBO at the time that IBKR routed the order.
  • Volume breaks are applied based on monthly cumulative trade volume summed across all options contracts at the time of the trade. Contract volumes for advisor, separate trading limit, 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 12,000 US contracts in a month, your execution costs would be:
    10,000 contracts at USD 0.65
    2,000 contracts at USD 0.50
  • 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 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders.
  • Order minimums will be applied to the individual legs of a COMBO order.