Our transparent pricing for stocks, ETFs (Exchange Traded Products, or ETPs) and warrants includes our low broker commission, 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 IUR 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 IUR ATS, IUR will pass the full amount of that rebate to customers as a venue rebate.

Commission per Share
US Stocks, ETFs, ETPs and WarrantsMinimum per OrderMaximum per Order
Broker-Assisted Trades
USD 0.0050USD 1.001.0% of trade value
Online Pricing +$25.00 service charge

Commission-Free ETFs

ProductVolumeCommission per Share
Aberdeen Standard ETFsAnyUSD 0.00 4
ACSI ETFsAnyUSD 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)
Stocks, ETFs, ETPs, Warrants, Rights, Voting Trust CertificatesUSD 0.0000207*Value of Aggregate Sales
NYSE Pass-Through Fees IUR Commissions *0.000175
FINRA Pass-Through Fees IUR 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. IUR’s 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 IUR’s Tiered commission schedule may be greater than the costs paid by IUR to the relevant exchange, regulator, clearinghouse or third party. For example, IUR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IUR may be less than the rebates IUR receives from the relevant market. For example, IUR 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 Rule 606 Quarterly Order Routing Report of the executing broker. To obtain a copy please contact IUR.
  2. Transaction fees are only charged for sell orders.
  3. No exchange, clearing or transaction fees charged.
  4. Maximum USD 5.95 per trade. In the case of partial executions, each execution is considered one trade.
  5. Maximum 0.5% of trade value.
  6. Orders where the commission cap is applied do not count towards the monthly volume tiers.
  7. 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 IUR commission.

  • Commissions apply to all order types.
  • When using SmartRouting, clients should be aware that IUR 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 our commission structure, clients may or may not be eligiblble to receive direct credit for rebates paid for certain types of orders executed at various market centers. For example, IUR 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, IUR does not pass to customers all of the rebates IUR may receive for orders in pink sheet or OTCBB stocks.
  • 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 IUR 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 IUR Order minimums for each new slice of the algorithm which is submitted.

Online TradesMinimum Per Order
Broker-Assisted Trades
$0 + $0.65 per contractUSD $1.00Online pricing + $25.00 service charge

Notes

  1. Our commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients may be greater than the costs paid by IUR or the executing broker to the relevant exchange, regulator, clearinghouse or third party. For example, IUR or the executing broker may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IUR or the executing broker may be less than the rebates received from the relevant market. For example, IUR or the executing broker 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. Only customers who transmit orders through IUR will have access to SmartRouting for US Listed Securities.
  • 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.
  • IUR and the executing broker considers exchange fees and/or rebates in determining where to route an order. Under certain circumstances, IUR and the executing broker 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 the order is routed to an exchange that is not currently posting the NBBO in order to reduce or avoid exchange fees, the executing broker will guarantee the client a fill at the NBBO at the time that order was routed.
  • 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.
  • Service charges apply for trades placed through a broker ($25) by phone. Please note calls are recorded for monitoring purposes.
  • Access to Electronic Services may be limited or unavailable during periods of peak demand, market volatility, systems upgrade, maintenance, or for other reasons.

Corporate & CDs

 COMMISSIONSMINIMUMMAXIMUM
First USD 10,000 in Face Value0.005%* Face Value (50 bps) 1, 2USD 5.00 per OrderNone
Additional Face Value > USD 10,0000.025%* Face Value (2.5 bps) 1, 2NoneThe smaller of $250 or 1% of Trade Value

Treasuries (Bills, Notes, Bonds)

 COMMISSIONSMINIMUM PER ORDERMAXIMUM PER ORDER
First USD 1,000,000 in Face Value0.005%* Face Value (50 bps) 1USD 5.00 per orderNone
Additional Face Value > USD 1,000,0000.0001%* Face Value (0.01 bps) 1USD 5.00NoneÛÛÛÛÛÛÛÛ

External Fees

External fees are passed through at cost. View External Fees

Notes

    1. 1 basis point=$0.0001
      • Any tiered commission models operated by our executing broker-dealer or clearing firm are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients of any applicable tiered commission schedule may be greater than the costs paid by the executing broker-dealer or clearing firm to the relevant exchange, regulator, clearinghouse or third party. For example, the executing broker-dealer or clearing firm may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by the executing broker-dealer or clearing firm may be less than the rebates received from the relevant market.
      • 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 bonds with USD 20,000 Face Value is submitted and 10,000 face value executes, then you modify the order and another 10,000 face value executes, a commission minimum where applicable would be applied to both 10,000 face value executions. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.