Commissions

Stocks, ETFs and Warrants / Overview

IB offers two pricing structures for stocks and ETFs in the US, Canada, Europe and Hong Kong: bundled which is a fixed rate per contract, and unbundled which is cost plus based pricing. Unbundled pricing adds a fixed IB fee (which varies by volume) to the fees charged by the exchanges and regulators.

For a schedule of bundled and unbundled fees, see the tables listed under the region sub-menus above. All accounts use the bundled pricing structure by default. To change to the unbundled structure, log into Account Management/Account Administration. You may switch your pricing structure at any time, and it will take effect as of the next statement date (cutoff is 16:00 ET).

For comparison examples of US stock and ETF bundled vs. unbundled fees, click here; for European stock bundled vs. unbundled fees click here and for Hong Kong stock bundled vs. unbundled fees click here.

Notes:

Scale orders are subject to the minimum commission at each price level increment on any given day. Leftover partial orders executed on the subsequent day will only be subject to the minimum commission once.
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.

Stocks, ETFs and Warrants / Bundled North America

Tier	Commissions	Minimum per Order	Maximum per Order	Examples
United States
All products not listed below	USD 0.005⁽¹⁾ per share	USD 1.00	0.5% of trade value plus exchange, ECN, and specialist fees	100 Shares @ USD 50 Share Price= USD 1.00 1,000 Shares @ USD 50 Share Price = USD 5.00 1,000 Shares @ USD 0.50 Share Price = USD 2.50
Non-Smart Routed API orders:
<=500 Shares	USD 0.013⁽¹⁾ per share	USD 1.30	0.5% of trade value plus exchange, ECN, and specialist fees	100 Shares @ USD 50 Share Price = USD 1.30
>500 Shares	USD 0.008⁽¹⁾ per share	USD 1.30	0.5% of trade value plus exchange, ECN, and specialist fees	700 Shares @ USD 50 Share Price = USD 8.10
VWAP orders	USD 0.01 per share	USD 1.00	0.5% of trade value plus exchange, ECN, and specialist fees	100 Shares @ USD 50 Share Price = USD 1.00
Canada
All	CAD 0.01 per share	CAD 1.00	0.5% of Trade Value plus exchange fees⁽²⁾	100 Shares @ CAD 50 Share Price = CAD 1.00
Mexico
All	MXN 0.1% of trade value	MXN 60.00		700 Shares @ MXN 100 Share Price = MXN 70.00

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.
For customers who send an extraordinary number of non-marketable limit orders to the NYSE, and who route such orders directly to NYSE, rather than using IB Smart routing, IB reserves the right to impose a surcharge in order to defray specialist order handling charges. In this event, IB will provide notice to affected customers.

¹For CSFB ALGO and JEFFALGO IB will charge an additional USD 0.0010 per share.
²For 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 Unbundled North America section for the details of the exchange fees.

Stocks, ETFs and Warrants / Unbundled

Your total unbundled commission will include IB unbundled, exchange, clearing, and transaction fees. Click here for examples of US unbundled pricing.

IB Unbundled Fees

Volume (per month)⁽¹⁾:	IB Commission per Share
	US Stocks, ETFs, and Warrants⁽²⁾	Canadian Stocks⁽³⁾
<=300,000 Shares	USD 0.0035	CAD 0.008
300,001-3,000,000 Shares	USD 0.002	CAD 0.005
3,000,001-20,000,000 Shares	USD 0.0015	CAD 0.004
>20,000,000 Shares	USD 0.001	CAD 0.003

Exchange Fees

Clearing Fees (Per Share)

United States
NSCC, DTC Fees	USD 0.00020
Canada
TSE, PURE, Omega ECN, CHI-X ECN	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

Transaction Fees

United States
Transaction Fees⁽⁴⁾ (Stocks, ETF, Warrants, Rights, Voting Trust Certificates)	USD 0.0000169 *Value of Aggregate Sales⁽⁵⁾
NYSE Pass-Through Fees	IB Unbundled Commissions *0.00042
FINRA Pass-Through Fees	IB Unbundled Commissions *0.00046
Canada
Regulatory Fee	CAD 0.00011 per share/capped at CAD 3.30 per trade (not per order)

Notes:

Commissions apply to all order types.
IB's unbundled fee will be capped at 0.5% of trade value.
When using SMART routing, clients should be aware that the routing may deliver 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 prices stocks (under USD 2.50).
All exchange, special and other fees are charged on a per-share basis.
Please note that direct-routed API orders cannot use the unbundled fee structure. Smart-routed API orders can use either the unbundled or bundled fee structure.
¹Volume 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 unbundled 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 unbundled fees would be:
- 300,000 shares at USD 0.0035
- 200,000 shares at USD 0.002
²USD 0.7 minimum per order.
³CAD 1.00 minimum per order.
⁴Transaction fees are only charged for sell orders.
⁵Transaction fee is changing from USD 0.0000127 to USD 0.0000169 beginning with trades settling on April 1, 2010.

Stocks, ETFs and Warrants / Europe

Tier	Commissions	Minimum per Order	Maximum per Order	Examples
Austria
All	0.1% of trade value	EUR 4.00	EUR 120.00	100 Shares @ EUR 50 Share Price = EUR 5.00
Belgium
All	0.1% of trade value	EUR 4.00	EUR 29.00	100 Shares @ EUR 50 Share Price = EUR 5.00 1,000 Shares @ EUR 50 Share Price = EUR 29.00
France
Euro-denominated	0.1 % of trade value	EUR 4.00	EUR 29.00	100 Shares @ EUR 50 Share Price = EUR 5.00 1,000 Shares @ EUR 50 Share Price = EUR 29.00
USD-denominated	0.1 % of trade value	USD 5.00	USD 42.00	100 Shares @ USD 75 Share Price = USD 7.50
Germany
SWB	0.12% of trade value	EUR 6.00	None	100 Shares @ EUR 50 Share Price = EUR 6.00
FWB⁽³⁾	0.1% of trade value	EUR 4.00	EUR 39.00	100 Shares @ EUR 50 Share Price = EUR 5.00 1,000 Shares @ EUR 50 Share Price = EUR 39.00
Chi-X/NURO/Turqoise DE	0.1% of trade value	EUR 4.00	EUR 29.00	100 Shares @ EUR 50 Share Price = EUR 5.00 1,000 Shares @ EUR 50 Share Price = EUR 29.00
Xetra - ETFs	0.1% of trade value	EUR 4.00	EUR 29.00	100 Shares @ EUR 50 Share Price = EUR 5.00 1,000 Shares @ EUR 50 Share Price = EUR 29.00
Xetra - Stocks	0.1% of trade value	EUR 4.00	EUR 99.00	100 Shares @ EUR 50 Share Price = EUR 5.00 1,000 Shares @ EUR 50 Share Price = EUR 50.00
Italy
All	0.1% of trade value	EUR 4.00	EUR 29.00	100 Shares @ EUR 50 Share Price = EUR 5.00 1,000 Shares @ EUR 50 Share Price = EUR 29.00
Netherlands
Euro-denominated	0.1 % of trade value	EUR 4.00	EUR 29.00	100 Shares @ EUR 50 Share Price = EUR 5.00 1,000 Shares @ EUR 50 Share Price = EUR 29.00
USD-denominated	0.1 % of trade value	USD 5.00	USD 42.00	100 Shares @ USD 75 Share Price = USD 7.50
Spain
All	0.1% of trade value	EUR 4.00	None	100 Shares @ EUR 50 Share Price = EUR 5.00
Sweden
All	0.1% of trade value	SEK 30.00	SEK 300 .00	100 Shares @ SEK 50 Share Price = SEK 30.00 10,000 Shares @ SEK 50 Share Price = SEK 300.00
Switzerland
All	0.1% of trade value	CHF 10.00	None	100 Shares @ CHF 50 Share Price = CHF 10.00
United Kingdom ^{(1), (2)}
Up to GBP 50,000 Trade Value	GBP 6.00	GBP 6.00	GBP 6.00	100 Shares @ GBP 50 Share Price= GBP 6.00
> GBP 50,000 Trade Value	GBP 6.00+ 0.05% of incremental trade value>GBP 50,000	GBP 6.00	GBP 29.00	30,000 Shares @ GBP 2 Share Price= GBP 11.00

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.

¹Stamp taxes (UK=0.5%, Ireland=1%) are directly passed through to the customer.
²Products denominated in USD on UK exchanges will be charged at the US rates.
³Plus specialist fees.

Stocks and ETFs / Unbundled Europe

Your total unbundled commission will include IB unbundled fees, plus exchange/ECN, clearing, and regulatory fees. Click here for an example.

IB Unbundled Fees

Monthly Trade Value (EUR)	Fee Per Trade Value	EUR-Denominated Products		CHF-Denominated Products
Monthly Trade Value (EUR)	Fee Per Trade Value	Minimum per Order	Maximum per Order	Minimum per Order	Maximum per Order
<=1,000,000	0.080%	EUR 1.25	EUR 29.00	CHF 1.90	CHF 49.00
1,000,001 – 10,000,000	0.060%	EUR 1.25	EUR 29.00	CHF 1.90	CHF 49.00
10,000,001 – 50,000,000	0.050%	EUR 1.25	EUR 29.00	CHF 1.90	CHF 49.00
50,000,001 – 100,000,000	0.030%	EUR 1.25	EUR 29.00	CHF 1.90	CHF 49.00
100,000,001 – 500,000,000	0.020%	EUR 1.25	EUR 29.00	CHF 1.90	CHF 49.00
> 500,000,000	0.015%	EUR 1.25	EUR 29.00	CHF 1.90	CHF 49.00

Exchange / ECN, Clearing and Regulatory Fees (per exchange)

Exchange

CHIX (CHIXDE, CHIXEN, CHIXCH)

Nasdaq OMX Europe (NURODE, NUROEN, NUROCH)

Turquoise (TRQXDE, TRQXEN, TRQXCH)

VIRTX

Notes:

Value tiers are applied based on monthly cumulative trade volume summed across all stock 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 unbundled 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.

Stocks, ETFs and Warrants / Asia Pacific

Tier	Commissions	Minimum per Order	Maximum per Order	Examples
Australia
All	0.08% of trade value	AUD 6		400 shares@ AUD 50 Share Price= AUD 16
India (plus Securities Transaction Tax, Exchange Charges, Statutory Tax and Service Tax)
All	0.05% of trade value⁽⁴⁾	INR 50⁽³⁾		400 shares@ INR 400 Share Price= INR 80 100 shares@ INR 1,000 Share Price= INR 50 100 shares@ INR 20 Share Price= INR 50 100 shares@ INR 18 Share Price= INR 45⁽³⁾
Hong Kong ^{(1), (2)}
All	0.088% of trade value	HKD 18		400 shares@ HKD 70 Share Price= HKD 24.64
Japan
All	0.08% of trade value	JPY 450		100 Shares @ JPY 10,000 Share Price= JPY 800

Notes:

Commissions apply to all order types.

¹All exchange and regulatory fees included except in Hong Kong.
²For Hong Kong, exchange trading fees, exchange trading tariff, CCASS settlement fees, and CCASS custody fees are included. Government stamp duty (0.1% rounded up to the nearest 1.00, applies to stocks only) and SFC transaction levy (0.004%, applies to stocks and warrants) are directly passed through to the customer.
³In the cases where the IB minimum of INR 50 exceeds the 2.5% of trade value maximum permitted by the Securities Exchange Board of India (SEBI) and the National Stock Exchange (NSE) as shown in the examples, the minimum will be 2.5% of trade value.
⁴In the case of intra-day trades on the NSE, in which a position is opened and closed on the same day, IB commissions will only be charged on the opening leg. Other charges such as STT, reg fees, exchange fees, etc. will apply to both legs.

Stocks and Warrants / Unbundled Asia-Pacific

Your total unbundled commission will include IB unbundled fees, plus exchange, clearing, and pass-through fees. Click here for examples.

IB Unbundled Fees

Monthly Trade Value (HKD)	Fee Per Trade Value	Minimum per Order	Maximum per Order
<=15,000,000	0.090%	$18 HKD	N/A
15,000,001 – 300,000,000	0.050%	$18 HKD	N/A
300,000,001 – 900,000,000	0.030%	$18 HKD	N/A
900,000,001 – 2,000,000,000	0.020%	$18 HKD	N/A
>2,000,000,000	0.015%	$18 HKD	N/A

Exchange, Clearing and Pass-through Fees (per exchange)

Exchange

Hong Kong Stock Exchange (SEHK)

Notes:

Value tiers are applied based on monthly cumulative trade volume summed across all stock 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 unbundled 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.

Options / North America

Your total US options commissions include IB fees, that are tiered based on volume, plus exchange and regulatory fees.

IB Execution and Clearing Fees

United States
Tier	Commissions	Minimum per Order	Example
Smart Routed: <=10,000 Monthly Contracts
Premium => USD 0.10	USD 0.70 per contract	USD 1.00	1 Contract @ USD 2 Premium = USD 1.00 2 Contracts @ USD 5 Premium = USD 1.40
USD 0.05 =< Premium < USD 0.10	USD 0.50 per contract	USD 1.00	3 Contracts @ USD 0.075 Premium = USD 1.50
Premium < USD 0.05	USD 0.25 per contract	USD 1.00	5 Contracts @ USD 0.03 Premium = USD 1.25
Smart Routed: 10,001-50,000 Monthly Contracts
Premium => USD 0.05	USD 0.50 per contract	USD 1.00	1 Contract @ USD 2 Premium = USD 1.00 2 Contracts @ USD 5 Premium = USD 1.00
Premium < USD 0.05	USD 0.25 per contract	USD 1.00	5 Contracts @ USD 0.03 Premium = USD 1.25
Smart Routed: 50,001-100,000 Monthly Contracts
All Premiums	USD 0.25 per contract	USD 1.00	1 Contract @ USD 2 Premium = USD 1.00 2 Contracts @ USD 5 Premium = USD 1.00
Smart Routed: > 100,000 Monthly Contracts
All Premiums	USD 0.15 per contract	USD 1.00	1 Contract @ USD 2 Premium = USD 1.00 2 Contracts @ USD 5 Premium = USD 1.00
Direct Routed
All Premiums	USD 1.75 per contract	USD 1.75	1 Contract = USD 1.75

Canada
Tier	Commissions	Minimum per Order	Example
All	CAD 1.50 per contract	CAD 1.50	1 Contract = CAD 1.50

Mexico
Tier	Commissions	Minimum per Order	Example
AMXL	MXN 25 per contract	MXN 25	1 Contract = MXN 25
NAFTRAC	MXN 20 per contract	MXN 20	1 Contract = MXN 20
QQQQ	MXN 30 per contract	MXN 30	1 Contract = MXN 30

Exchange Fees

United States
AMEX
BATS
BOX
CBOE
ISE
NASDAQOM
PCX
PHLX

Regulatory Fees

United States
Options Regulatory Fee ("ORF") ^{(1), (2)}	$0.0135 per contract

Notes:

Commissions apply to all order types.
Commissions are not charged for US exercise and assignment.
Because of Reg NMS regulations, we may not fill at an inferior price so exchange fees will not be part of our order routing decision except in cases where exchange quotes are equal.
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 0.70
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.

¹The Options Regulatory Fee ("ORF") is charged by the following exchanges: CBOE, ISE, PHLX, BOX.
²Fee applies to the "Public Customer" Category only.

Options / Europe

Tier	Commissions	Minimum per Order	Example
Belgium
All	EUR 3.00 per contract	EUR 3.00	1 Contract = EUR 3.00
France
All not listed below	EUR 0.30 per contract	EUR 0.30	1 Contract = EUR 0.30
CAC40	EUR 0.50 per contract	EUR 0.50	1 Contract = EUR 0.50
Germany
Stock Options	EUR 1.10 per contract	EUR 1.10	1 Contract = EUR 1.10
All Index Options not listed below	EUR 1.50 per contract	EUR 1.50	1 Contract = EUR 1.50
DAX	EUR 1.70 per contract	EUR 1.70	1 Contract = EUR 1.70
Netherlands
All	EUR 2.00 per contract	EUR 2.00	1 Contract = EUR 2.00
Spain
Stock Options	EUR 0.90 per contract	EUR 4.50	1 Contract = EUR 0.90
Sweden
Stock Options	SEK 15.00 per contract	SEK 15.00	1 Contract = SEK 15.00
Index Options	SEK 20.00 per contract	SEK 20.00	1 Contract = SEK 20.00
Switzerland
Stock Options	CHF 1.70 per contract	CHF 1.70	1 Contract = CHF 1.70
Index Options	CHF 2.80 per contract	CHF 2.80	1 Contract = CHF 2.80
United Kingdom
All	GBP 1.70 per contract⁽¹⁾	GBP 1.70	1 Contract = GBP 1.70

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.
Commissions are charged for exercise and assignment.
Unbundled pricing available for index options. See futures commissions for more information.

¹Stamp duty on option exercise (UK=0.5%) is directly passed through to the customer.

Options / Asia-Pacific

	Tier	Commissions	Minimum per Order	Example
Australia
	All	AUD 3.00⁽¹⁾ per contract	AUD 3.00	1 Contract = AUD 3.00
India⁽²⁾ (plus Securities Transaction Tax, Exchange Charges, and Service Tax)
	=< 10 Crores⁽³⁾	INR 60 per contract⁽⁵⁾	None	100 Contracts = INR 6,000
	10 =< 30 Crores⁽³⁾	INR 50 per contract⁽⁵⁾	None	100 Contracts = INR 5 ,000
	>= 30 Crores⁽³⁾	INR 40 per contract⁽⁵⁾	None	100 Contracts = INR 4,000
Hong-Kong
Index Options		HKD 30.00 per contract	HKD 30.00	1 Contract = HKD 30.00
Stock Options⁽⁴⁾:
	1, 2, 4, 5, 12, 13, 16, 17, 19, 267, 293, 388, 494, 688, 941, 1038, 1211, 2038	0.2% of option value + exchange fee of HKD 3.00 per contract	HKD 18.00	1 Contract @ HKD 0.23 Premium (500 Multiplier) = HKD 21
	3, 6, 11, 23, 66, 179, 203, 330, 358, 386, 390, 700, 728, 762, 857, 883, 902, 939, 998, 1088, 1186, 1398, 1800, 1898, 1919, 2318, 2328, 2388, 2600, 2628, 2777, 2800, 2899, 3328, 3968, 3988	0.2% of option value + exchange fee of HKD 1.00 per contract	HKD 18.00	2 Contracts @ HKD 0.14 Premium (1,000 Multiplier) = HKD 20
Japan
All		YEN 500 per contract	YEN 500	1 Contract = YEN 500
South Korea
All		0.2% of option value	KRW 1,000	10 Contracts @ KRW 0.75 Premium (100,000 Multiplier) = KRW 1,500

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included except for Hong Kong stock options.
Commissions are not charged for exercise and assignment, except in Australia.
Unbundled pricing available for index options. See futures commissions for more information.

¹Australia commission includes AUD 1.88 commission + AUD 1.12 Australian Clearing House (ACH) fee. Also, AUD 2.75 will be added for exercise/assignment (includes ACH fee of AUD 0.55).
²The sliding scale for Indian commissions is incremental per tier per month.
³1 lac = approx. INR 100,000.
1 crore = approx. INR 10,000,000.
⁴For all exercise and assignments standard stock commissions apply plus Stock Exchange Options Clearing House (SEOCH) fee of HKD 2.00 per contract.
⁵In the case of intra-day trades on the NSE, in which a position is opened and closed on the same day, IB commissions will only be charged on the opening leg. Other charges such as STT, reg fees, exchange fees, etc. will apply to both legs.

Futures and Futures Options / Overview

IB offers two pricing structures for futures and futures options. For US, we offer two cost-plus pricing structures: Flat Rate, which charges a flat IB rate per contract exclusive of exchange and regulatory fees, and Volume Tiered, which uses volume-tiered pricing. For all other (non-US) futures and futures options, we offer the choice between an all-in Bundled structure and the Unbundled structure. The Volume Tiered adds a fixed IB fee (which varies by volume) to the fees charged by the exchanges and regulators. In addition, institutions and members (or participants in a member program) of a US or Canadian Futures exchange may qualify for discounted exchange fees. Click the Exchange Incentive Program tab for more information.

For a schedule of pricing structures, see the links along the top of the page under the tabset. Customers select their pricing structure during the registration process, and can switch at any time through Account Management/Account Administration. Changes will take effect as of the next statement date (cutoff is 16:00 ET).

For a comparison of futures and futures options rates for customers who are not members of an exchange click here.

Note:

Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may result in modified orders being charged commission minimums as if they were new orders. For example, if you submit an order for 200 contracts 100 contracts fill, then you modify an order parameter, resubmit the order and the other 100 contracts fill, a commission minimum could be applied to both 100 contract orders.

Futures and Futures Options / US

IB Flat Rate per Currency

Your total flat rate comprises the IB Flat Rate (which includes IB Execution, Clearing, and Carrying Fees) plus applicable exchange and regulatory fees.

		US	EUR	GBP	CAD	CHF	HKD	AUD	SEK	SGD	JPY
	All	0.85	0.65	0.60	0.85	0.95	7.00	0.95	6.50	1.20	85.00

IB Volume Tiered Fees per Currency

Your total Volume Tiered commission will include IB Execution, IB Clearing, IB Carrying, and exchange and regulatory fees.

		US	EUR	GBP	CAD	CHF	HKD	AUD	SEK	SGD	JPY
IB Execution fee/contract
Volume (per month)⁽¹⁾:
	<=1,000 Contracts	0.60	0.45	0.40	0.60	0.65	5.00	0.65	4.50	0.85	60.00
	1,001-10,000 Contracts	0.45	0.35	0.30	0.45	0.50	4.00	0.50	3.50	0.70	45.00
	10,001-20,000 Contracts	0.35	0.30	0.20	0.35	0.40	3.00	0.40	3.00	0.50	35.00
	>20,000 Contracts	0.25	0.20	0.15	0.25	0.30	2.00	0.30	2.00	0.35	25.00
IB Clearing fee price/contract
Volume (per month)⁽¹⁾:
	<=1,000 Contracts	0.25	0.20	0.20	0.25	0.30	2.00	0.30	2.00	0.35	25.00
	1,001 - 10,000 Contracts	0.20	0.15	0.15	0.20	0.25	1.50	0.25	1.50	0.30	20.00
	10,001 - 20,000 Contracts	0.10	0.10	0.10	0.10	0.15	1.00	0.15	0.75	0.15	10.00
	>20,000 Contracts	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IB Carrying fee price/contract⁽²⁾
		0.10	0.08	0.07	0.10	0.10	0.80	0.15	0.80	0.20	10.00

Exchange and Regulatory Fees⁽³⁾

CBOT

CBOT (Floor-Based)

CFE

CME (Electronic-Globex)

Notes:

Commissions apply to all order types.
All fees are charged in the currency of the traded product.
The standard commission will be charged for the exercise or assignment of any Futures or Future Options Contract. Click here for details.
Single Stock Futures are not available for Volume Tiered pricing.

¹Volume tiers are applied based on monthly cumulative trade volume summed across all futures and futures options contracts at the time of the trade. Only contracts that are traded while under the Volume Tiered pricing structure will count towards the monthly volume. Contract 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 1,500 US contracts in a month, your IB execution costs would be:
1,000 contracts at USD 0.60
500 contracts at USD 0.45
²Carrying charges are applied for each net futures contract, net short call futures options, or net short put futures options on a single underlying for each business day the net futures position is held overnight.
³Non-member exchange and regulatory fees are applied, unless a customer is pre-qualified by IB. Contact your sales person for more information.

Futures and Futures Options / Bundled Canada and Mexico

Tier	Commissions per Contract	Minimum per Order	Example 1 Roundturn =
Canada
All	CAD 2.40	CAD 2.40	CAD 4.80
Mexico
Forex Futures (USD)	MXN 20.00	MXN 20.00	MXN 40.00
AMXL, CEMEXCPO, FEMSAUBD, GCARSOA1, TELMEXL, Forex Futures (EUR)	MXN 25.00	MXN 25.00	MXN 50.00
BONO3, IPC Options	MXN 40.00	MXN 40.00	MXN 80.00
IPC, BONO10	MXN 50.00	MXN 50.00	MXN 100.00

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.
The standard commission will be charged for the exercise or assignment of any Futures or Future Options Contract. Click here for details.

Futures and Futures Options / Bundled Europe

Tier	Commissions per Contract	Minimum per Order	Example 1 Roundturn =
Belgium
All	EUR 4.50	EUR 4.50	EUR 9.00
France
All	EUR 2.00	EUR 2.00	EUR 4.00
Germany
All	EUR 2.00	EUR 2.00	EUR 4.00
Italy
SPMIB30 MFIB	EUR 3.00	EUR 3.00	EUR 6.00
Mini MFIB30	EUR 2.00	EUR 2.00	EUR 4.00
Netherlands
All	EUR 3.00	EUR 3.00	EUR 6.00
Spain
IBEX35	EUR 3.00	EUR 3.00	EUR 6.00
Mini IBEX35 Futures	EUR 1.25	EUR 1.25	EUR 2.50
Mini IBEX35 Options	EUR 0.80	EUR 0.80	EUR 1.60
Sweden
All	SEK 20.00	SEK 20.00	SEK 40.00
Switzerland
All	CHF 4.00	CHF 4.00	CHF 8.00
United Kingdom
All not listed below	GBP 1.70	GBP 1.70	GBP 3.40
LIFFE Coffee and Sugar	USD 3.10	USD 3.10	USD 6.20
Intercontinental Exchange (USD Denominated Contracts)	USD 2.40	USD 2.40	USD 4.80

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.
The standard commission will be charged for the exercise or assignment of any Futures or Future Options Contract. Click here for details.

Futures and Futures Options / Bundled Asia-Pacific

Tier	Commissions per Contract	Minimum per Order	Example 1 Roundturn =
Australia
All	AUD 5.00	AUD 5.00	AUD 10.00
Hong Kong (includes all exchange fees)
HSI	HKD 30.00	HKD 30.00	HKD 60.00
MHI	HKD 17.00	HKD 17.00	HKD 34.00
HFI.HK, HHI, MCH	HKD 20.00	HKD 20.00	HKD 40.00
Single Stock Futures	HKD 28.50	HKD 28.50	HKD 57.00
India⁽¹⁾ (plus Securities Transaction Tax, Exchange Charges, and Service Tax)
=< 10 Crores⁽²⁾	0.035%⁽⁴⁾	INR 50	500 contracts x 50⁽³⁾ x 3,365 = 84,125,000 x 0.035% = INR 29,400
10 =< 20 Crores⁽²⁾	0.025%⁽⁴⁾	INR 50	900 contracts x 50⁽³⁾ x 3,365 = 151,425,000 x 0.025% = INR 37,856
=> 20 Crores⁽²⁾	0.015%⁽⁴⁾	INR 50	1,200 contracts x 50⁽³⁾ x 3,365 = 201,900,000 x 0.015% = INR 30,285
Japan
All products not listed below	JPY 500	JPY 500	JPY 1,000
JGB	JPY 750	JPY 750	JPY 1,500
N225 Mini , MNTPX	JPY 150	JPY 150	JPY 300
Singapore
SSG	SGD 5.00	SGD 5.00	SGD 10.00
SEY, SJB, SGXNK, SGXNKM	JPY 300	JPY 300	JPY 600
APEX50, N225U, STW, XINA50, NIFTY	USD 2.85	USD 2.85	USD 5.70
South Korea
Futures	0.004% of Trade Value	N/A	2 Contracts @ KRW 200 (500,000 Multiplier) = 200,000,0000 x 0.004% = KRW 8,000

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.
The standard commission will be charged for the exercise or assignment of any Futures or Future Options Contract. Click here for details.

¹The sliding scale for Indian commissions is incremental per tier per month.
²1 lac = approx. INR 100,000.
1 crore = approx. INR 10,000,000.
³50 = NIFTY contract multiplier.
⁴IB 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).

Futures and Futures Options / Unbundled - Canada, Europe, Asia-Pacific

Your total unbundled commission will include IB execution and IB clearing fees (which vary by volume), IB carrying fee, and external costs (exchange+clearing+regulatory fees).

IB Execution, IB Clearing, and IB Carrying Fees

Product Currency		US	EUR	GBP	CAD	CHF	HKD	AUD	SEK	SGD	JPY
											All except N225M FUT	N225M FUT
IB Execution fee/contract
Volume (per month)⁽¹⁾:
	<=1,000 Contracts	0.75	0.65	0.45	0.90	1.00	6.00	2.65	6.00	1.60	130	60
	1,001-10,000 Contracts	0.45	0.40	0.30	0.55	0.60	3.50	2.00	3.50	1.00	90	30
	10,001-20,000 Contracts	0.35	0.30	0.20	0.45	0.45	2.75	1.50	2.75	0.75	70	25
	>20,000 Contracts	0.25	0.25	0.15	0.30	0.35	2.00	1.00	2.00	0.65	60	20
IB Clearing fee price/contract
Volume (per month)⁽¹⁾:
	<=1,000 Contracts	0.30	0.25	0.20	0.35	0.40	2.50	0.90	2.50	0.65	100	20
	1,001 - 10,000 Contracts	0.20	0.20	0.15	0.25	0.30	1.50	0.60	1.50	0.50	70	10
	10,001 - 20,000 Contracts	0.10	0.10	0.10	0.15	0.15	0.75	0.30	0.75	0.25	45	10
	>20,000 Contracts	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0	0
IB Carrying fee price/contract⁽²⁾
		0.10	0.08	0.07	0.10	0.10	0.80	0.15	0.80	0.20	10	10

Exchange and Regulatory Fees⁽³⁾

North America

Canada

Montreal Exchange

Europe

Belgium

Euronext.Liffe

France

Euronext.Liffe (Matif)

Euronext.Liffe (Monep)

Germany

Italy

Netherlands

Spain

Switzerland

United Kingdom

Intercontinental Exchange IPE

Asia-Pacific

Australia

Hong Kong

Japan

Singapore

Notes:

Commissions apply to all order types.
All fees are charged in the currency of the traded product.
The standard commission will be charged for the exercise or assignment of any Futures or Future Options Contract. Click here for details.
Single Stock Futures are not available for unbundled pricing.
European and Asian Index Options are available for unbundled pricing.

¹Volume tiers are applied based on monthly cumulative trade volume summed across all futures and futures options contracts at the time of the trade. Only contracts that are traded while under the unbundled pricing structure will count towards the monthly volume. Contract 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 1,500 EUR contracts in a month, your IB execution costs would be:
1,000 contracts at EUR 0.65
500 contracts at EUR 0.40
²Carrying charges are applied for each net futures contract, net short call futures options, or net short put futures options on a single underlying for each business day the net futures position is held overnight.
³Non-member regulatory fees are applied, unless a customer is pre-qualified by IB. Contact your sales person for more information.

Exchange Incentive Program

Members, arcades, and proprietary traders operating under a special exchange program are entitled to special pricing. In order to participate, you must choose IB unbundled futures pricing and complete the required exchange documentation. Please see the table below for applications and information.

Exchange	Program	Qualifications	Type
CME	Electronic Corporate Membership Program (ECMP)	Electronic proprietary trading groups and trading arcades that are not eligible for other CME membership categories and fee incentives.
	Asian Incentive Program (AIP)	Hedge funds and banks located in the Pacific Rim
	International Incentive Program⁽¹⁾	Proprietary trading firms and trading arcades located outside of North America.
	Latin American Fund Manager Incentive Program	Registered Latin American-based funds.
Montreal Exchange	Frequent Trader Program	All individual clients actively engaged in trading Montreal Exchange’s (MX) products may qualify for the frequent trader program.
NYMEX	NYMEX Programs	IB will honor NYMEX Members and Lessee Participants, and Incentive Program Participants. For details, please visit the NYMEX.	N/A

All applications may be submitted to:

Kevin Keller
Attn: Incentive Programs
Interactive Brokers LLC
2 Pickwick Plaza
Greenwich, CT 06830

Please allow two weeks from submission for IB to fully process your application with the applicable exchange. Questions may be directed to memberpricing@interactivebrokers.com.

Notes:

¹ The European Incentive Program was replaced by the International Incentive Program in the beginning of 2009.

Single Stock Futures

US SSFs

US Single Stock Futures are only offered on an unbundled or "Cost Plus" basis with discounts for volume. Your total unbundled commission will include IB unbundled, exchange, and regulatory fees.

IB Fees:	SSFs	ETFs with 1K Multiplier
Volume (per month)⁽¹⁾
<=20,000 Contracts	USD 0.30	USD 1.50
20,001-100,000 Contracts	USD 0.20	USD 1.00
100,001-200,000 Contracts	USD 0.15	USD 0.75
>200,000 Contracts	USD 0.10	USD 0.50
Exchange Fees:
OneChicago	USD 0.14	USD 0.50
Regulatory Fees:
FINRA	USD 0.02 per contract	USD 0.02 per contract

Notes:

Commissions apply to all order types.

¹Volume tiers are applied based on monthly cumulative trade volume summed across all SSF contracts at the time of the trade. These fees are applied on a marginal basis for a given calendar month. If, for example, you execute 300,000 contracts in a month, your IB unbundled fee would be:

20,000 contracts at USD 0.30
80,000 contracts at USD 0.20
100,000 contracts at USD 0.15
100,000 contracts at USD 0.10

EFPs

IB offers bundled or all-in pricing for EFPs which includes the cost of the stock and SSF legs. ⁽¹⁾

Bundled Fee per EFP Contract⁽²⁾
<100 Contracts	USD 0.50 per EFP Contract
100-499 Contracts	USD 0.30 per EFP Contract
500-1,999 Contracts	USD 0.25 per EFP Contract
2,000+ Contracts	USD 0.20 per EFP Contract

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.

¹In order to receive bundled EFP rates, it is recommended that orders are executed through the main trading window using IBEFP as the market destination. Orders entered as spreads/combos may or may not receive the bundled rate depending on the availability of native EFPs. For more information on trading EFPs from the spread/combo window, see the TWS Users' Guide.
²Rates are not tiered on cumulative contracts or execution size, but rather order size. A 250 contract order, executing 50 contracts would be charged USD 0.30 per EFP contract.

Forex

IB provides the best bid/offer from multiple large banks and charges a separate low commission. We do this in the interest of transparent pricing instead of marking up our quotes and charging nothing in commissions as is the practice with many forex brokers. Because quote markups at other brokers are generally much larger than our explicit low commissions, our forex customers benefit from lower forex trading costs.

Trading Currency	Monthly Trade Amount	Commissions	Minimum per Order	Examples
IDEALPRO (Trading, trades > USD 25,000)
	<=USD 1,000,000,000	0.2 basis point⁽¹⁾ *Trade Value⁽²⁾	USD 2.50⁽³⁾	USD 50,000 daily volume for EUR = USD 2.50 USD 1,000,000,000 monthly volume for EUR = USD 20,000
	USD 1,000,000,001 - 2,000,000,000	0.15 basis point⁽¹⁾*Trade Value⁽²⁾	USD 2.50⁽³⁾	USD 1,250,000,000 monthly volume for EUR = USD 23,750
	>USD 2,000,000,000	0.10 basis point⁽¹⁾*Trade Value⁽²⁾	USD 2.50⁽³⁾	USD 2,500,000,000 monthly volume for EUR = USD 40,000
IDEAL (Conversions, trades < USD 25,000)
	All	1 basis point⁽¹⁾ *Trade Value⁽²⁾	USD 2.50⁽³⁾	USD 10,000 for EUR = USD 2.50

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.
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.

¹1 basis point=0.0001.
²Commissions for forex trades are calculated off the trade value and then converted and charged to the base currency of the account.
³Order minimums are quoted in USD with USD equivalent being utilized for other currencies.

Bonds

Country	Tier	Commissions	Minimum per Order	Maximum per Order	Examples
North America
United States	Corporate and Municipal Bonds
	<= USD 10,000 Face Value	0.1% * Trade Value (10 bps)⁽¹⁾	USD 5.00	USD 10.00	USD 5,000 Face Value = USD 5.00
	> USD 10,000 Face Value	0.025% * Trade Value (2.5 bps)⁽¹⁾	USD 5.00	None	USD 20,000 Face Value = (0.1% * 10,000) + (0.025% * 10,000) = USD 10.00 + USD 2.50 = USD 12.50
	Treasuries (Bills, Notes, Bonds)
	<= USD 1,000,000 Face Value	0.025% * Trade Value (2.5 bps)⁽¹⁾	USD 5.00	None	USD 1,000,000 Face Value = (0.025% * 1,000,000) = USD 250.00
	> USD 1,000,000 Face Value	0.005% * Trade Value (0.5 bps)⁽¹⁾	USD 5.00	None	USD 2,000,000 Face Value = (0.025% * 1,000,000) + (0.005% * 1,000,000) = USD 250.00 + USD 50.00 = USD 300.00

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.

¹1 basis point=$0.0001.

CFDs (Contract for Difference)

Tier	Trading Currency	Commissions per Contract	Minimum per Order
Australia
All CFDs	AUD	0.05% of trade value + 1.5% per annum open interest charge	AUD 6.00
All CFDs	USD	0.05% of trade value + 1.5% per annum open interest charge	USD 4.00

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.

Mutual Funds

Fees	Price
IB Transaction Fee	USD 14.95 Per Transaction

Notes:

Commissions apply to all order types.
All exchange and regulatory fees included.
Only no-load funds with no early redemption fee are offered.
Minimum size on initial fund order is USD 3,000, subsequent minimum order size is USD 100.

Trade Desk

Broker assisted trading is available for US stocks, options, futures, and futures options with minimum order size of 10,000 shares or 100 contracts. Use IB’s trade desk when you are away from your computer, or if you just want another set of eyes watching your orders and updating you on market changes. Enjoy direct access to the trade desk with no phone queue or hold time.

Product	Commissions	Minimum per Order
United States
Stocks and ETFs	USD 0.01 per share	USD 100
Options	USD 0.95 per contract	USD 95
Futures	USD 3.00 per contract	USD 300
Futures Options	USD 3.00 per contract	USD 300

Notes:

Flat rate commissions include all regulatory and exchange fees, and no ticket charges apply. Unbundled rates +/- fees are also available. To discuss how IB can help with your trading needs, please contact our trading desk at 203-618-4030, or via email at kfischer@interactivebrokers.com.

AQS Borrow/Loan

		Commissions	Minimum	Maximum
United States	IB Daily Carry Charge⁽¹⁾	10% * Borrow/Lend Fee⁽²⁾	0.1% * Collateral Amount/ 360	1% * Collateral Amount/ 360
United States	IB Ticket Charge⁽³⁾	USD 5.00

Examples

Example 1 - The Carry Charge is Capped at the Calculated Maximum

Collateral Amount = $50,000; Borrow Fee Rate = 100%; Borrow Fee⁽²⁾ = $138.90.

Minimum Fee Calculation = 0.001 x $50,000 / 360 = $0.14
Maximum Fee Calculation = 0.01 x $50,000 / 360 = $1.39
IB Carry Charge Calculation = 10% x $138.90 = $13.89.

Total Initial Commissions = $1.39 + $5.00 = $6.39
Daily Cost = $1.39

Example 2 - The Carry Charge is Rounded Up to the Calculated Minimum

Collateral Amount = $50,000; Borrow Fee Rate = .5%; Borrow Lend Fee⁽²⁾ = $0.69.

Minimum Fee Calculation = 0.001 x $50,000 / 360 = $0.14
Maximum Fee Calculation = 0.01 x $50,000 / 360 = $1.39
IB Carry Charge Calculation = 10% x $0.69 = $0.07

Total Initial Commissions = $0.14 + $5.00 = $5.14
Daily Cost = $0.14

Notes:

[1] Fees are accrued daily through the end of the month on a 360 day/year basis, and are charged at the beginning of next month. IB Carry Charge includes the AQS fee.
[2] The Borrow/Lend Fee is similar to the bid/ask on a stock contract, and is calculated as follows: Collateral Amount * Borrow/Lend Rate / 360.
[3] The $5.00 IB Ticket Charge is a one-time fee, and is only charged on the first day that the contract is opened. The IB Ticket Charge includes the AQS ticket charge.

Commissions

IB Flat Rate per Currency

IB Volume Tiered Fees per Currency

Exchange and Regulatory Fees(3)

Examples

Exchange and Regulatory Fees⁽³⁾