Account Fees

US and Foreign accounts can liquidate their account in its entirety and/or transfer (ACAT) to another broker/dealer to avoid inactivity fees fee.

To avoid postage, a $4.00 per paper confirmation, and $10.00 paper statement fee we encourage clients to sign up for electronic document delivery.

There is also Section 31 regulatory fee of $0.00002180 of the total dollar amount of securities sold. This fee is assessed for all SELL orders and is added to any total commissions charged. (as of February 10,2016)

There is a FINRA TAF fee $0.000119 per share of securities sold with a maximum of $5.95 per trade and $0.002 per contract for each sale of an option.

This fee is assessed for all SELL orders and is added to any total commissions charged.

Any premium locate fees will be passed onto the client. These fees will vary. In addition, the client will incur a daily short borrow fee on all short positions held overnight. This fee is determined by the clearing firm, and is not known until the day after at the earliest. This fee can vary day to day, and will be applied every day through settlement of the closing transaction. The firm applies a 20% markup on this daily charge.

Certificate and DWAC deposits and transfers may incur substantially higher fees based on various factors that are not listed on this page.

Clients who do not elect to receive their confirmations and statements electronically will be charged $4 per confirmation and $10 per statement that is physically mailed. If clients request these documents to be sent electronically by email, then there is no fee for that delivery.

Clients cannot trade any foreign stocks trading is U.S. dollars. These stocks are generally 5 letter stock symbols ending in F. If a client does trade a foreign stock ending in F, there will be a foreign stock charge, as incurred per symbol per day. There will also be interest of 6 basis points annualized on these stocks based on the total position dollar value.

Trading non-DTC eligible securities will incur additional settlement fees including; a DTC Physical Trade fee of $150 and a shipping fee $40 (when necessary). There may also be a NYW fee and a TRF AGENT fee, which will vary and may be substantial.

Illiquid Securities Policy – All clients of our firm in aggregate cannot trade in excess of 10% of the previous 20 business day average trading volume of any stock on any day regardless of the stock’s price. In addition, for stocks trading below $1 per share, clients cannot ever trade more than 25% of the current day’s trading volume. There also cannot at anytime ever be more than 5,000,000 shares of any one stock settling during any 3 business day settlement period for our entire firm. If a client trades in excess of these restrictions, then their accounts will be subject to fees and interest charges and possible buy in or sell out of the violating position during the 3-day settlement period of those trades. There will be a $300 fee for any trade that is in violation of this policy. The interest charges will then be assessed on an illiquidity requirement imposed on the clearing firm, which could be many times the value of the trade. The interest rates charged to clients who violate these restrictions will be a minimum overnight rate of 15% of the illiquidity requirement. These are only guideline amounts and lower trading volumes can also trigger illiquid charges, which will be passed through as well. Repeated violations of this policy will result in the account being closed.

The fee information listed here is for informational purposes only. These fees are subject to change at anytime and those changes may not be accurately reflected on this page. This is only a partial list of additional fees.