Commissions

Stocks, ETFs and Warrants - Tiered Pricing Structure




North America


Europe


Asia-Pacific

North America

Our transparent Tiered pricing for stocks, ETFs 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 Click here for some examples.



Tiered
Volume (per month) 2, 9 IB Commission per Share Maximum per Order
US Stocks, ETFs, and Warrants 3 Canadian Stocks 4
<= 300,000 Shares USD 0.0035 CAD 0.008 0.5% of trade value
300,001 - 3,000,000 Shares USD 0.002 CAD 0.005 0.5% of trade value
3,000,001 - 20,000,000 Shares USD 0.0015 CAD 0.004 0.5% of trade value
20,000,001 - 100,000,000 Shares USD 0.001 CAD 0.003 0.5% of trade value
> 100,000,000 Shares USD 0.0005 CAD 0.003 0.5% of trade value


United States - Commission-Free ETFs

Global X ETFs

Volume (per month) 2 IB Commission per Share
All USD 0.00 6

Infrastructure ETFs

Volume (per month) 2 IB Commission per Share
All USD 0.00 6

O'Shares ETFs

Volume (per month) 2 IB Commission per Share
All USD 0.00 6


United States - Exchange Fees
AMEX ARCA ARCAEDGE B-Trade BATS
BYX CBOE CHX CSFB Algo CSFB Path
Direct Edge DARK EDGEA IBDARK IBKRATS
IEX ISE JEFFALGO MM NASDAQ/Island
NASDAQ BX NASDAQ PSX NASDAQRLP NSX NYSE
NYSERLP VWAP


United States - Clearing Fees (per share)
NSCC, DTC Fees USD 0.00020 8


United States - Transaction Fees
Transaction Fees 5
(Stocks, ETF, Warrants, Rights, Voting Trust Certificates)		 USD 0.0000218*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 7


United States - Trade Allocation Minimum Commissions

We charge a minimum fee 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.

Minimum Trade Allocation Fees Minimum (trade value * 0.0005, USD 0.35)

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 Commision Per Allocation = 0.25

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 (3016.50 * 0.0005, USD 0.35) = Minimum (1, 0.35)
New Tiered Commission for 20 Share Allocation = 0.35


Canada - Exchange Fees
ALPHA CHI-X ECN CHI-X2 ECN LYNX Omega ECN
PURE TSX and TXS Venture Match Now Aequitas NEO Lit Aequitas NEO


Canada - Clearing Fees (per Share)
All not listed below CAD 0.00017 per share/capped at CAD 2.00 per order
VENTURE CAD 0.00010 per share/capped at CAD 2.00 per order


Canada - Transaction Fees
Regulatory Fee CAD 0.00011 per share/capped at CAD 3.30 per trade (not per order)


Notes:

  1. IB'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 IB’s Tiered commission schedule may be greater than the costs paid by IB to the relevant exchange, regulator, clearinghouse or third party. For example, IB may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IB may be less than the rebates IB receives from the relevant market. For example, IB may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.
  2. Volume tiers are applied based on monthly cumulative trade volume summed across all 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. USD 0.35 minimum per order for all monthly volumes.
  4. CAD 1.00 minimum per order.
  5. Transaction fees are only charged for sell orders.
  6. No exchange, clearing or transaction fees charged.
  7. Maximum USD 5.95 per trade.
  8. Maximum 0.5% of trade value.
  9. Orders falling under the 0.5% of value maximum will not be counted toward the accumulation of monthly volume tiers.
  • 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 by various market centers. For example, IB may receive payments from "dark pools" for routing orders to those dark pools. IB passes roughly 50% of the blended average rebates it receives from dark pools to clients in the Tiered commission structure. Please consult our fee page for each market center for more information.
  • 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.

Europe

Our transparent Tiered pricing for stocks, ETFs 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. Click here for an example.

Tiered pricing is not available for all exchanges. Please review the list of exchanges below.



EUR, CHF and USD-Denominated Products Tiered 3
Monthly Trade Value (EUR) Fee per Trade Value EUR-Denominated Products 2 CHF-Denominated Products USD-Denominated Products 2
Minimum per Order Maximum per Order Minimum per Order Maximum per Order Minimum per Order Maximum per Order
<= 1,000,000 0.080% EUR 1.25 EUR 29.00 CHF 1.50 CHF 49.00 USD 1.70 USD 39.00
1,000,001 – 10,000,000 0.060% EUR 1.25 EUR 29.00 CHF 1.50 CHF 49.00 USD 1.70 USD 39.00
10,000,001 – 50,000,000 0.050% EUR 1.25 EUR 29.00 CHF 1.50 CHF 49.00 USD 1.70 USD 39.00
50,000,001 – 100,000,000 0.030% EUR 1.25 EUR 29.00 CHF 1.50 CHF 49.00 USD 1.70 USD 39.00
100,000,001 – 500,000,000 0.020% EUR 1.25 EUR 29.00 CHF 1.50 CHF 49.00 USD 1.70 USD 39.00
> 500,000,000 0.015% EUR 1.25 EUR 29.00 CHF 1.50 CHF 49.00 USD 1.70 USD 39.00


Austria - EUR Denominated Products External Fees
VSE


Belgium - EUR, GBP and CHF Denominated Products External Fees
BATS Europe (BATEEN) CHIX (CHIXEN) ENEXT.BE Turquoise (TRQXEN)


France - EUR, GBP and CHF Denominated Products External Fees
BATS Europe (BATEEN) CHIX (CHIXEN) SBF Turquoise (TRQXEN)


Germany - EUR, GBP and CHF Denominated Products External Fees
BATS Europe (BATEDE) CHIX (CHIXCH) FWB IBIS SWB
Turquoise (TRQXDE) TradeLink (TLINK)


Italy - EUR and CHF Denominated Products External Fees
BVME


Netherlands - EUR, GBP and CHF Denominated Products External Fees
AEB BATS Europe (BATEEN) CHIX (CHIXEN) Turquoise (TRQXEN)


Portugal - EUR-Denominated Products External Fees
BVL


Switzerland - EUR, GBP and CHF Denominated Products External Fees
BATS Europe (BATECH) CHIX (CHIXCH) EBS Turquoise TRQXCH VIRTX


Norway Tiered 3
Monthly Trade Value (NOK) Fee per Trade Value NOK-Denominated Products
Minimum per Order Maximum per Order
>= 400,000,000 0.050% NOK 10.00 N/A
400,000,001 – 800,000,000 0.030% NOK 10.00 N/A
800,000,001 – 4,000,000,000 0.020% NOK 10.00 N/A
> 4,000,000,000 0.015% NOK 10.00 N/A


Norway - External Fees
OMXNO


Sweden Tiered 3
Monthly Trade Value (SEK) Fee per Trade Value SEK-Denominated Products
Minimum per Order Maximum per Order
<= 400,000,000 0.050% SEK 10.00 N/A
400,000,001 – 800,000,000 0.030% SEK 10.00 N/A
800,000,001 – 4,000,000,000 0.020% SEK 10.00 N/A
> 4,000,000,000 0.015% SEK 10.00 N/A


Sweden - External Fees
Swedish Stock Exchange


United Kingdom - EUR, GBP and CHF Denominated Products External Fees
London Stock Exchange (LSE and LSEIOB1) 3 Turquoise TRQXUK


United Kingdom - Tiered 3, 4
Monthly Trade Value (GBP) Fee per Trade Value GBP-Denominated Products 2
Minimum per Order Maximum per Order
<= 800,000 0.080% GBP 1.00 N/A
800,001 – 8,000,000 0.060% GBP 1.00 N/A
8,000,001 – 40,000,000 0.050% GBP 1.00 N/A
40,000,001 – 80,000,000 0.030% GBP 1.00 N/A
80,000,001 – 400,000,000 0.020% GBP 1.00 N/A
> 400,000,000 0.015% GBP 1.00 N/A


United Kingdom - External Fees
BATS Europe (BATEUK) CHIX (CHIXUK) Stock Exchange (LSE)


Notes:

  1. IB’s Tiered commission models are not guaranteed to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IB’s Tiered commission schedule may be greater than the costs paid by IB to the relevant exchange, regulator, clearinghouse or third party. For example, IB may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IB may be less than the rebates IB receives from the relevant market.
  2. Tiered pricing is not available for all European exchanges. Please review the list of exchanges above.
  3. For more information on how the monthly tiers are calculated, please click here.
  4. Stamp taxes (UK=0.5%, Ireland=1%) are directly passed through to the clients.
  • Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institution, 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.
  • 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.
  • Effective August 1, 2012, securities issued by French companies with a market capitalization of 1 billion EUR as of January 1, 2012 will be subject to a transaction tax. For additional details regarding the calculation of the tax, please refer here.
  • Please note that directed API orders cannot use the Tiered fee structure. Smart-routed API orders can use either the Tiered or Fixed structure.

  • Effective March 1, 2013, certain Italian stocks will be subject to a transaction tax. For additional details regarding the calculation of the tax, please refer here.
    Effective September 1, 2013, derivatives on those Italian securities subject to the transaction tax will similarly become subject to a transaction tax. For additional details regarding the derivative transaction tax, please refer here.

  • For European stock Algo orders, IB will apply the commission cap as follows:

    For EUR-denominated stocks every EUR 75,000 of executed value a new per order cap will be applied
    For CHF-denominated stocks every CHF 100,000 of executed value a new per order cap will be applied
    For GBP-denominated stocks every GBP 65,000 of executed value a new per order cap will be applied

Asia-Pacific

Our transparent Tiered pricing for stocks, ETFs 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. Click here for examples.

Tiered pricing is not available for all exchanges. Please review the list of exchanges offered below.



Australia - Tiered Fees
Monthly Trade Value (AUD) 5 Execution Fee 8 Minimum per Order
First 3,000,000 0.08% of trade value AUD 5
3,000,000 - 30,000,000 0.05% of trade value AUD 4
30,000,000 - 100,000,000 0.03% of trade value AUD 3
100,000,000 - 300,000,000 0.025% of trade value AUD 2
> 300,000,000 0.015% of trade value AUD 1


Australia - Exchange and Clearing Fees (per exchange)
CHIX (CHIXAU) ASX


Hong Kong- Tiered Fees
Monthly Trade Value (HKD) 5 Fee per Trade Value Minimum per Order
Hong Kong Warrants,
Structured Products		 CNH-Denominated All Other
<= 15,000,000 0.080% HKD 12.00 CNH 15.00 HKD 18.00
15,000,001 – 300,000,000 0.050% HKD 10.00 CNH 10.00 HKD 12.00
300,000,001 – 900,000,000 0.030% HKD 8.00 CNH 7.00 HKD 8.00
900,000,001 – 2,000,000,000 0.020% HKD 6.00 CNH 5.00 HKD 6.00
> 2,000,000,000 0.015% HKD 4.00 CNH 3.00 HKD 4.00


Hong Kong - Exchange, Clearing and Pass-through Fees (per exchange)
Hong Kong Stock Exchange (SEHK) Shanghai-Hong Kong Stock Connect Northbound Trading Link (SEHK NTL)


India 2 - Tiered Fees (plus Securities Transaction Tax, Exchange Charges, and Service Tax)
Monthly Trade Value (INR) 4 Fee per Trade Value Minimum per Order
=< 30 crore (300,000,000) 0.05% 3, 7 INR 30.00 4
30 =< 100 crore (1,000,000,000) 0.04% 3, 7 INR 30.00 4
=> 100 crore (1,000,000,000) 0.03% 3, 7 INR 30.00 4


Japan - Tiered Fees
Monthly Trade Value (JPY) 6 Fee per Trade Value Minimum per Order
<= 150,000,000 0.050% JPY 80
150,000,001 – 3,000,000,000 0.040% JPY 70
3,000,000,001 – 9,000,000,000 0.030% JPY 60
9,000,000,001 – 20,000,000,000 0.020% JPY 40
20,000,000,001 - 100,000,000,000 0.015% JPY 30
> 100,000,000,000 0.010% JPY 20


Japan - Exchange and Clearing Fees (per exchange)
Chi-X Japan JapanNext Tokyo Stock Exchange


Singapore - Tiered Fees
Monthly Trade Value (SGD) 5 Fee per Trade Value Minimum per Order
SGD-Denominated Products USD-Denominated Products
<= 2,500,000 0.080% SGD 2.50 USD 2.00
2,500,001 – 50,000,000 0.050% SGD 1.60 USD 1.30
50,000,001 – 150,000,000 0.030% SGD 1.20 USD 1.00
> 150,000,000 0.020% SGD 0.90 USD 0.70


Singapore - External Fees (per exchange)
Singapore Exchange


Notes:

  1. IB’s Tiered commission models are not guaranteed to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IB’s Tiered commission schedule may be greater than the costs paid by IB to the relevant exchange, regulator, clearinghouse or third party. For example, IB may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IB may be less than the rebates IB receives from the relevant market.
  2. Stocks on the NSE are only available to Indian residents.
  3. IB commissions will be charged only on the opening leg in case of intra-day trades on the NSE (positions opened and closed on the same day). No commissions will be charged on the closing leg, other charges apply on both legs (such as STT, reg fees, exchange fees and etc).
  4. In cases where the IB minimum exceeds the 2.5% of trade value maximum permitted by the Securities Exchange Board of India (SEBI) and the National Stock Exchange (NSE) the minimum will be 2.5% of trade value.
  5. Volumes considered for tiers will include only those trades for which commissions are charged.
  6. Tiers are based on the combined Monthly Trade Value expressed in JPY of CFD and Share trades of Japanese underlyings. For more information on how the monthly tiers are calculated, please click here.
  7. Trading in LIQUIDBEES is capped at INR 50 per order. This special pricing will remain in effect until June 30, 2015.
  8. In addition, IB will pass through external exchange and clearing costs.
  • Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institution, 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.
  • 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.