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*Clients will start at the lowest tier. Discounted rates are not automatically applied to any account and do not automatically adjust based on monthly volume. You must contact us to request any rate changes for future trading activity. No rebates will be issued for past activity. All rates subject to ongoing review and may be increased if the monthly trade/share tier thresholds are not met.
*Routing, Software, Account and other fees may apply.
*Premium short locate and overnight borrow fees may apply to short positions and will be charged to the client daily. These fees will vary.
*A SEC Section 31 regulatory fee of $0.0000229 of the total dollar amount of equity securities sold is assessed and is added to total commissions charged.
*A FINRA TAF Fee $0.000119 per share of equity securities sold is assessed with a maximum of $5.95 per trade and is added to the total commission charged.
*An Options Regulatory Fee (ORF) fee is assessed on all options sell orders at $0.00347 per option contract and is added to the total commission charged. Rate of $0.00330 effective August 2, 2021.
*A FINRA TAF Fee $0.0020 per options contract sold is assessed and is added to the total commission charged.
Premium short locate fees may apply. These fees will vary.
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 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.
An inactivity fee of $30.00 per quarter will be charged unless 15 trades per calendar quarter are executed.
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.
Foreign institutional accounts may not qualify for the listed rates.