Commissions

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 6.49 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.

• 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).
• 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. SmartRouted 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 IBKR receives a rebate payment for a pink sheet or OTCBB execution, this rebate is not passed to the client.
• A minimum commission of USD 0.01 per trade is assessed to fractional share trades.

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