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Costs and Charges Disclosure

Guide to Our Costs and Charges

The Customer Agreement we have entered with you makes provision about our fees and charges and refers you to the Pricing section of our website for a detailed explanation of the costs and charges applicable to your account.

This Costs and Charges Document provides an explanatory guide to our pricing structure. For each of the Costs and Charges listed below, you are referred to the Pricing section of our website. That section hosts a dedicated page for each of the Costs and Charges types, organised by relevant product and market. IBKR will charge you for each transaction in accordance with our applicable rates for the relevant service or transaction on the relevant markets, financial instruments or assets. Our charges can be identified as Commissions, Interest and Financing, Subscription to Research, News and Market Data, Required Minimums and Other Fees. An overview of each of these charges is provided below and further details, including applicable examples, are contained in our website.

If you are a client of an advisor or introducing broker, you will have separately agreed with your advisor or broker the costs and charges applicable to their services. The Pricing section of the IBKR website contains further information on how IBKR collects from your account the costs and charges applied by your advisor and broker. Those costs and charges are separate from the commissions, interests, subscription fees and other fees applied by IBKR in relation to the provision of its services.

1. Commissions

We apply commissions on all products, including stocks, ETFs, warrants, options, futures and futures options, single-stock futures, EFPs, forex, fixed income, funds and CFDs around the world.

Fixed Rate Pricing

Fixed rate plans typically charge a single flat rate per share or contract that includes all commissions and all exchange, regulatory and other third-party fees. Not all fees are included in the flat rate. Some US regulatory fees as well as stamp tax and financial transaction tax are passed through to all clients.

Volume-Tiered Pricing

Tiered plans typically charge our low broker commissions, which decrease based 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.

Details, including examples, on how the Fixed and Tiered Plans apply to individual asset classes in different geographic markets are illustrated in our website under Pricing, “Commissions”, within the individual product tab.

2. Interest and Financing

We will charge interest on any amounts due to us, at such rate as it is reasonably determined by us and calculated as further explained below.

We use internationally recognised benchmarks on overnight deposits as a basis for determining interest rates. We then apply a spread around the benchmark interest rate ("BM") in tiers, where larger cash balances receive increasingly better rates, to determine effective rates on:

  • Interest Paid to You on Positive (Credit) Cash Balances
  • Interest Charged to You on Negative (Debit) Cash Balances
  • Contract Interest on Open CFD Positions
  • Interest Paid/Charged on Securities Financing.

3. Please consult the “Interest Schedule” included in our website under Pricing, “Interest and Financing”. Research, News and Market Data

We generally charge a monthly subscription fee for research, news and market data available through the Interactive Brokers Information System (“IBIS”), our comprehensive news and fundamentals research platform add-on to the Trader Work Station (“TWS”). The monthly fee varies depending on the type of services (research, research and news, market data) subscribed for. The fees applicable to each of the subscriptions are listed on our website. We retain around 5% to 10% of the monthly fee quoted on the website to cover our administrative and other costs related to the provision of these services. The remainder of the fee is paid to the vendor.

The IBIS Research Platform includes subscription to some research services that are available free of charge. The free services are available to clients but also to non-clients who have opened a demo account and do not require the demo account to be converted in a real account or the account to be funded.

Market Data and Research subscription fees are calculated starting from the day of the subscription and applied on the first business day of each subsequent month as long as the services are active.

The services are subject to the payment of the monthly fee, where applicable, and the maintenance on minimum equity level on the account. Subscription Minimum and Maintenance Equity Balance Requirements are listed on our website under Pricing, “Market Data Fees”.

Please review the “Research and News” listing under the Pricing section of the IBKR website for a detailed explanation of the charging structure applicable to the research and news services available on the IBIS Research Platform.

Please consult the “Market Data” listing under the Pricing section of the IBKR website for a detailed explanation of the charging structure applicable to Market Data.

4. Additional Pricing Information

Account Minimums

We will charge a monthly activity fee if the level of commissions applied to your account doesn’t reach a prescribed minimum amount. The monthly activity fee varies mainly depending on your account type

and the account average equity balance.

Monthly activity fees per account type are listed on our website under “Account Minimums” in the Pricing section.

Other Fees

In addition to the Commissions, Interests and Activity Fees described above we apply other fees related to:

  • the processing of dividends and corporate actions;
  • trading related fees for exercise and assignment of futures, options and other financial instruments;
  • if we have to cancel or modify an order at your request, in case we need to bust or adjust a transaction for causes that are not imputable to us; if we accept an order to close a position over the phone;
  • if we facilitate cash movements or process account’s withdrawals;
  • when your exposure in a margin account is considered as high risk.

We also apply other fees to reflect account maintenance and reporting related activities for clients subject to the European Markets and Infrastructure Regulations (EMIR) or Markets in Financial Instruments Regulation (MiFIR), that requested us to apply for a Legal Entity Identifier (LEI).

The fees related to each of the items listed above are explained in detail on our website under “Other Fees” in the Pricing section.

5. Collection of Costs and Charges

Transaction commissions, fees and other charges are charged to the account upon each order's transmission and/or execution. Credit interest is payable and debit interest is charged at such frequency, rates and on such credit or debit balances as set forth above under "Interest and Financing".

Account Activity Fees, where applicable, are charged to the account during the first week of each month. Similarly, subscriptions to research and market data or special connections are collected monthly on the first week of the following month.

Other Fees, where applicable, are charged to the account in the manner described in the “Other Fees” section of the IBKR website. Further details are provided on each of the dedicated pages of the IBKR website.

6. Multi-Currency Account

The IBKR Multi-Currency Account function gives the ability to trade in products and also make deposits and withdrawals in different currencies using a single account that is denominated in a base currency of the client's choosing. Transaction costs and interest charged or accrued by the client are paid in the currency in which they are incurred. More information on "Converting Currency Balances" can be found on the IBKR Knowledge Base. This is not the case for Forex executions where the commission is charged in the base currency of the account, not the denomination of the currency pair traded.

7. Costs and charges illustrations

The following examples show on a hypothetical and best efforts basis what impact the costs you may pay will have on the investment return you might get. The total costs take into account one-time, ongoing and incidental costs. The amounts shown assume cumulative costs related to the products traded and services that might be provided to your account. Actual costs might vary.

Costs and Charges Examples