Pricing

Equity Tiered Pricing

Venom by Cobra Trading Commission per Share

Volume (per month)2,7 US Stocks, ETFs, ETPs and Warrants Minimum per Order Maximum Per Order
< = 300,000 Shares USD 0.004 USD 1.00 0.5% of trade value
300,000 - 3,000,000 Shares USD 0.0035 USD 1.00 0.5% of trade value
3,000,001 - 20,000,000 Shares USD 0.003 USD 1.00 0.5% of trade value
20,000,001 - 100,000,000 Shares USD 0.0025 USD 1.00 0.5% of trade value
> 100,000,000 Shares USD 0.0005 USD 1.00 0.5% of trade value

Options Pricing

$0.75 per contract* *Routing and/or exchange fees may apply

Futures Pricing

$1.25/contract per side* *Routing and/or exchange fees may apply

Exchange Fees

AMEX Exchange Fees

Remove Liquidity 1 Add Liquidity 2
All Other >= $1.00 USD 0.0028 (USD 0.0016)
Market-on-open USD 0.001 USD 0.001
Limit-on-open USD 0.001 USD 0.001
Market-on-open < $1.00 Trade Value * 0.003 Trade Value * 0.003
Limit-on-open < $1.00 Trade Value * 0.003 Trade Value * 0.003
All >= $0.34 AND Market-at-the-close USD 0.00085 USD 0.00085
All >= $0.34 AND Limit-at-the-close USD 0.00085 USD 0.00085
Cross Orders USD 0.0000 USD 0.0000
All Other < $1.00 Trade Value * 0.0025 USD 0.0000
All < $0.34 AND Market-at-the-close Trade Value * 0.0025 Trade Value * 0.0025
All < $0.34 AND Limit-at-the-close Trade Value * 0.0025 Trade Value * 0.0025

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

ARCA Exchange Fees

Remove Liquidity 1 Add Liquidity 2
NASDAQ >= $1.00 per share USD 0.0030 (USD 0.0021)
NASDAQ < $1.00 per share Trade Value * 0.003 USD 0.0000
NYSE >= $1.00 per share USD 0.0030 (USD 0.0021)
NYSE < $1.00 per share Trade Value * 0.003 USD 0.0000
AMEX >= $1.00 per share USD 0.0030 (USD 0.0021)
AMEX < $1.00 per share Trade Value * 0.003 USD 0.0000
Cross Orders USD 0.0000 USD 0.0000
At the Close >= $1 USD 0.0010 USD 0.0010
At the Close < $1 Trade Value * .001 Trade Value * .001
At the Open >= $1 USD 0.0015 USD 0.0015
At the Open < $1 Trade Value * .001 Trade Value * .001
Auction Orders USD 0.0006 USD 0.0006

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

ARCAEDGE Exchange Fees

Remove Liquidity 1 Add Liquidity 2
Price < $1.00 USD 0.000030 USD 0.00
Price >= $1.00 USD 0.0030 USD 0.00

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

B-Trade Exchange Fees

Remove Liquidity 1 Add Liquidity 2
NASDAQ >= $1.00 USD 0.0030 USD 0.0000
NASDAQ < $1.00 USD 0.0010 USD 0.0000
NYSE >= $1.00 USD 0.0030 USD 0.0000
NYSE < $1.00 USD 0.0010 USD 0.0000
AMEX >= $1.00 USD 0.0030 USD 0.0000
AMEX < $1.00 USD 0.0010 USD 0.0000

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

BATS Exchange Fees

Remove Liquidity 1 Add Liquidity 2
NASDAQ >= $1.00 per share USD 0.0030 (USD 0.0020)
NASDAQ >= $1.00 per share, Hidden Liquidity USD 0.0030 USD 0.0000
NASDAQ < $1.00 per share Trade Value *.0030 USD 0.0000
NYSE >= $1.00 per share USD 0.0030 (USD 0.0020)
NYSE >= $1.00 per share, Hidden Liquidity USD 0.0030 USD 0.0000
NYSE < $1.00 per share Trade Value *.0030 USD 0.0000
AMEX >= $1.00 per share USD 0.0030 (USD 0.0025)
AMEX >= $1.00 per share, Hidden Liquidity USD 0.0030 USD 0.0000
AMEX < $1.00 per share Trade Value *.0030 USD 0.0000
Opening Auction, IPO Auction, or Halt Auction USD 0.0005 USD 0.0010
Closing Auction USD 0.0005 USD 0.0010

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

BYX Exchange Fees

Remove Liquidity 1 Add Liquidity 2
NASDAQ = $1.00 per share (USD 0.0015) USD 0.0018
NASDAQ >= $1.00 per share, Hidden Liquidity (USD 0.0015) USD 0.0024
NASDAQ < $1.00 per share Trade Value *.0010 USD 0.0000
NYSE >= $1.00 per share (USD 0.0015) USD 0.0018
NYSE >= $1.00 per share, Hidden Liquidity (USD 0.0015) USD 0.0024
NYSE < $1.00 per share Trade Value *.0010 USD 0.0000
AMEX >= $1.00 per share (USD 0.0015) USD 0.0018
AMEX >= $1.00 per share, Hidden Liquidity (USD 0.0015) USD 0.0024
AMEX < $1.00 per share Trade Value *.0010 USD 0.0000

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

CBOE Options Fees

Public Customer Broker-Dealer Firm Away MM Joint Back Office Professional
Remove Liquidity Add Liquidity Remove Liquidity Add Liquidity Remove Liquidity Add Liquidity Remove Liquidity Add Liquidity Remove Liquidity Add Liquidity Remove Liquidity Add Liquidity
Mini-Options USD
0.00
USD
0.00
USD
0.04
USD
0.04
USD
0.03
USD
0.03
USD
0.04
USD
0.04
USD
0.03
USD
0.03
USD
0.03
USD
0.03
Equity
All - Penny Pilot USD
0.001
USD
0.00
USD
0.47
USD
0.47
USD
0.38
USD
0.38
USD
0.47
USD
0.47
USD
0.47
USD
0.47
USD
0.47
USD
0.47
All - Non-Penny Pilot USD
0.001
USD
0.00
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
ETF/HOLDRs
Penny Pilot >= 250 contracts USD
0.18
USD
0.18
USD
0.47
USD
0.47
USD
0.38
USD
0.38
USD
0.47
USD
0.47
USD
0.47
USD
0.47
USD
0.47
USD
0.47
Penny Pilot < 250 contract USD
0.001
USD
0.00
USD
0.47
USD
0.47
USD
0.38
USD
0.38
USD
0.47
USD
0.47
USD
0.47
USD
0.47
USD
0.47
USD
0.47
Non Penny Pilot >= 250 contracts USD
0.18
USD
0.18
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
Non Penny Pilot < 250 contract USD
0.001
USD
0.00
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
USD
0.65
Index
SPX, Premium >=$1.00 USD
0.44
USD
0.44
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
SPX, Premium < $1.00 USD
0.35
USD
0.35
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
SPXPM, Premium >=$1.00 USD
0.35
USD
0.35
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
SPXPM, Premium < $1.00 USD
0.35
USD
0.35
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
SPXW, Premium >=$1.00 USD
0.44
USD
0.44
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
SPXW, Premium < $1.00 USD
0.35
USD
0.35
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
OEX USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
OEX - Weekly USD
0.30
USD
0.30
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
XEO USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
XEO - Weekly USD
0.30
USD
0.30
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
DIVD, DVS USD
0.40
USD
0.40
USD
0.60
USD
0.60
USD
0.25
USD
0.25
USD
0.60
USD
0.60
USD
0.60
USD
0.60
USD
0.60
USD
0.60
VIX, Premium > 0.00 USD
0.10
USD
0.10
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
VIX, Premium > $0.10 USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
VIX, Premium >= $1.00 USD
0.45
USD
0.45
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
Volatility Premium > 0.00 USD
0.10
USD
0.10
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
Volatility Premium > $0.10 USD
0.27
USD
0.27
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
Volatility Premium >= $1.00 USD
0.48
USD
0.48
USD
0.40
USD
0.40
USD
0.25
USD
0.25
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
USD
0.40
SRO USD
0.80
USD
0.80
USD
0.80
USD
0.80
USD
0.50
USD
0.50
USD
0.80
USD
0.80
USD
0.80
USD
0.80
USD
0.80
USD
0.80
XSP USD
0.00
USD
0.00
USD
0.45
USD
0.45
USD
0.25
USD
0.25
USD
0.45
USD
0.45
USD
0.30
USD
0.30
USD
0.30
USD
0.30
RUI,RLV and RLG 3 USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
UKXM and FXTM 3 USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
All Other - Penny Pilot USD
0.18
USD
0.18
USD
0.47
USD
0.47
USD
0.38
USD
0.38
USD
0.47
USD
0.47
USD
0.47
USD
0.47
USD
0.47
USD
0.47
All Other - Non- Penny Pilot USD
0.18
USD
0.18
USD
0.75
USD
0.75
USD
0.65
USD
0.65
USD
0.75
USD
0.75
USD
0.75
USD
0.75
USD
0.75
USD
0.75
MXEA, MXEF USD
0.00
USD
0.00
USD
0.75
USD
0.75
USD
0.65
USD
0.65
USD
0.75
USD
0.75
USD
0.75
USD
0.75
USD
0.75
USD
0.75
Index/ETF Surcharge
Surcharge - Volatility USD
0.00
USD
0.00
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
Surcharge - OEX, XEO, DVS, DIVD, DJX, DXL, MXEA, MXEF USD
0.00
USD
0.00
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
USD
0.10
Surcharge - SPX, SPXPM USD
0.00
USD
0.00
USD
0.14
USD
0.14
USD
0.14
USD
0.14
USD
0.14
USD
0.14
USD
0.14
USD
0.14
USD
0.14
USD
0.14
Surcharge - SRO USD
0.00
USD
0.00
USD
0.26
USD
0.26
USD
0.26
USD
0.26
USD
0.26
USD
0.26
USD
0.26
USD
0.26
USD
0.26
USD
0.26
Surcharge - MNX, NDX USD
0.00
USD
0.00
USD
0.25
USD
0.25
USD
0.25
USD
0.25
USD
0.25
USD
0.25
USD
0.25
USD
0.25
USD
0.25
USD
0.25
Surcharge - RUT USD
0.00
USD
0.00
USD
0.45
USD
0.45
USD
0.45
USD
0.45
USD
0.45
USD
0.45
USD
0.45
USD
0.45
USD
0.45
USD
0.45
Surcharge - VXST (maker non-turner) USD
0.05
USD
0.05
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
Surcharge - VIX (maker non-turner), premium > 0.10 USD
0.20
USD
0.20
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
Surcharge - SPXW (electronic only) USD
0.10
USD
0.10
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00
USD
0.00

Notes:
1. In certain circumstances for public customer orders that remove liquidity, IB will route an order to CBOE when CBOE is not currently posting the NBBO but may be willing to “step up” and execute the order at NBBO. In these cases, in addition to its base commission, IB will charge customer an amount equal to one half of the fee that would have been charged had IB routed to an exchange posting at NBBO rather than CBOE. In these cases, IB will guarantee the customer a fill at the NBBO at the time that IB routed the order.
2. Stock legs on CBOE buy/writes charged USD 0.001/share.
3. Transaction fees on UKXM, FXTM, RUI, RLV and RLG options will be waived through June 2017.

CHX Exchange Fees

Remove Liquidity 1 Add Liquidity 2
All Securities > = 1.00 USD 0.0030 (USD 0.0020)
All Securities < $1.00 Trade Value * 0.003 (USD 0.00009)
Cross - two sided (all securities) USD 0.0000 USD 0.0000
Odd Lot (all securities) USD 0.0040 USD 0.0040

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

CSFB Algo Fees

Remove Liquidity 1 Add Liquidity 2
All USD 0.0030 USD 0.0030

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

CSFB Path Fees

Remove Liquidity 1 Add Liquidity 2
All USD 0.0025 USD 0.0025

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

Direct Edge Exchange Fees

Remove Liquidity 1 Add Liquidity 2
NASDAQ >= $1.00 per share USD 0.0029 (USD 0.0020)
NASDAQ < $1.00 per share Trade Value * 0.003 (USD 0.00003)
AMEX >= $1.00 per share USD 0.0029 (USD 0.0020)
AMEX < $1.00 per share Trade Value * 0.003 (USD 0.00003)
NYSE >= $1.00 per share USD 0.0029 (USD 0.0020)
NYSE < $1.00 per share Trade Value * 0.003 (USD 0.00003)
Non-Displayed Orders >= $1.00 per share USD 0.0029 (USD 0.0015)
Midpoint Match Cross USD 0.0000 USD 0.0000
Midpoint Match, Add Liquidity >= $1.00 per share (USD 0.0015) (USD 0.0015)
Midpoint Match, Add Liquidity < $1.00 per share (USD 0.00003) (USD 0.00003)
At-the-Open USD 0.0010 USD 0.0010

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

DARK Fees

Remove Liquidity 1 Add Liquidity 2
Directed orders N/A N/A
Smart-routed orders
AMEX, NYSE USD -0.0011 per share 1,2 N/A
Arca, Nasdaq USD -0.0011 per share 1,2 N/A

Notes:
1. Negative numbers are rebates.
2. Applies to all RegNMS listings. No fees or rebates are assessed on PINK and OTCBB securities.

EDGEA Exchange Fees

Remove Liquidity 1 Add Liquidity 2
All Securities >=$1 USD 0.003 USD 0.0005
All Securities < $1.00 Trade Value * 0.002 USD 0.0000
At-the-Open USD 0.0000 USD 0.0000

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

Venom DARK Fees and Rebates

Remove Liquidity 1 Add Liquidity 2
Directed orders N/A1 USD 0.00
Smart-routed orders
AMEX, NYSE USD 0.00 per share N/A
Arca, Nasdaq USD 0.00 per share N/A

Notes:
1. Directed orders to IBDARK that are marketable will generally be rejected.
2. Negative numbers are rebates.

Venom KRATS Fees and Rebates

Remove Liquidity 1 Add Liquidity 2
Directed orders N/A1 USD 0.00
Smart-routed orders
AMEX, NYSE USD -0.0011 per share 1,2 N/A
Arca, Nasdaq USD -0.0011 per share 1,2 N/A

Notes:
1. Directed orders to IBKRATS that are marketable will generally be rejected.
2. Negative numbers are rebates.
3. In the event an order is eligible for execution on a different venue but is instead routed to IBKRATS, IB will charge/rebate to costs applicable to the exchange the order could have been routed to.

IEX External Fees

Remove Liquidity 1 Add Liquidity 2
Trades >=$1.00 USD 0.0009 USD 0.0009
Trades < $1.00 Trade Value * 0.003 Trade Value * 0.003
All Routed Out Fee is the applicable fee on the execution exchange + 0.0001 per share Fee is the applicable fee on the execution exchange + 0.0001 per share

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

ISE Options Fees

Public Customer Broker-Dealer Firm/JBO Away MM Professional
Remove Liquidity Add Liquidity Remove Liquidity Add Liquidity Remove Liquidity Add Liquidity Remove Liquidity Add Liquidity Remove Liquidity Add Liquidity
Mini-Options
Select Symbols USD 0.030 USD 0.00 USD 0.045 USD 0.01 USD 0.045 USD 0.01 USD 0.045 USD 0.01 USD 0.045 USD 0.01
Non-Select Symbols USD 0.001 USD 0.00 USD 0.03 USD 0.03 USD 0.03 USD 0.03 USD 0.045 USD 0.045 USD 0.030 USD 0.030
All Other 3
Singly Listed Options 1 USD 0.20 USD 0.20 USD 0.030 USD 0.030 USD 0.030 USD 0.030 USD 0.045 USD 0.045 USD 0.030 USD 0.030
NZD, PZO, SKA, BRB, AUX, BPX, CDD, EUI, YUK, SFC USD 0.40 USD 0.40 USD 0.030 USD 0.030 USD 0.030 USD 0.030 USD 0.045 USD 0.045 USD 0.030 USD 0.030
BRB, NZD, PZO, SKA USD 0.40 USD 0.40 USD 0.030 USD 0.030 USD 0.030 USD 0.030 USD 0.045 USD 0.045 USD 0.030 USD 0.030
Select Symbols 2 USD 0.31 USD 0.00 USD 0.45 USD 0.10 USD 0.45 USD 0.10 USD 0.45 USD 0.10 USD 0.45 USD 0.10
Crossing Orders 4 USD 0.00 USD 0.00 USD 0.20 USD 0.20 USD 0.20 USD 0.20 USD 0.20 USD 0.20 USD 0.20 USD 0.20
All other USD 0.00 USD 0.00 USD 0.72 USD 0.72 USD 0.72 USD 0.72 USD 0.72 USD 0.72 USD 0.72 USD 0.72
Index/ETF Surcharge
Surcharge - BKX, MFX, MID, MSH, SML USD 0.00 USD 0.00 USD 0.10 USD 0.10 USD 0.10 USD 0.10 USD 0.10 USD 0.10 USD 0.10 USD 0.10
Surcharge - RMN, RUI, RUT, MVR USD 0.00 USD 0.00 USD 0.15 USD 0.15 USD 0.15 USD 0.15 USD 0.15 USD 0.15 USD 0.15 USD 0.15
Surcharge - NDX, MNX USD 0.00 USD 0.00 USD 0.22 USD 0.22 USD 0.22 USD 0.22 USD 0.22 USD 0.22 USD 0.22 USD 0.22

Notes:
1. ISE Singly Listed Options can be found on ISE's website www.ise.com.
2. Select Symbols list can be found on ISE's website www.ise.com.
3. Stock legs on ISE buy/writes charged USD 0.001/share.
4. Responses to crossing orders will be charged 0.50 per contract for all Option Account types.

JEFFALGO Fees

Remove Liquidity 1 Add Liquidity 2
All USD 0.0030 USD 0.0030

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

MM Fees

Remove Liquidity Add Liquidity
Smart-routed orders USD 0.001 USD 0.00

Notes:
1. This is available for Smart-routed PINK and OTCBB stocks only.

NASDAQ/Island Exchange Fees

Remove Liquidity 1 Add Liquidity 2
ETF >= $1.00 per share USD 0.0030 (USD 0.0021)
ETF >= $1.00 per share, Non-Displayed USD 0.0030 USD 0.00
ETF < $1.00 per share Trade Value * 0.0030 USD 0.00
NASDAQ >= $1.00 per share USD 0.0030 (USD 0.0021)
NASDAQ >= $1.00 per share, Non-Displayed USD 0.0030 USD 0.00
NASDAQ < $1.00 per share Trade Value * 0.0030 USD 0.00
AMEX >= $1.00 per share USD 0.0030 (USD 0.0021)
AMEX >= $1.00 per share, Non-Displayed USD 0.0030 USD 0.00
AMEX < $1.00 per share Trade Value * 0.0030 USD 0.00
NYSE >= $1.00 per share USD 0.0030 (USD 0.0021)
NYSE >= $1.00 per share, Non-Displayed USD 0.0030 (USD 0.0000)
NYSE < $1.00 per share Trade Value * 0.0030 (USD 0.0000)
Market-on-open USD 0.0015 USD 0.0015
Market-on-open < $1.00 Trade Value * 0.0030 Trade Value * 0.0030
Market-on-close USD 0.00145 USD 0.00145
Market-on-close < $1.00 Trade Value * 0.0030 Trade Value * 0.0030
Limit-on-open USD 0.0015 USD 0.0015
Limit-on-open < $1.00 Trade Value * 0.0030 Trade Value * 0.0030
Limit-on-close USD 0.00145 USD 0.00145
Limit-on-close < $1.00 Trade Value * 0.0030 Trade Value * 0.0030
Cross USD 0.0010 USD 0.0010
Cross < $1.00 Trade Value * 0.0030 Trade Value * 0.0030

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.
3. The rebate to add non-displayed midpoint liquidity will be (0.001) for Nasdaq securities and (0.0014) for NYSE and AMEX securities.

NASDAQ BX Exchange Fees

Remove Liquidity 1 Add Liquidity 2
ETF >= $1.00 (USD 0.0006) 4 USD 0.0020 3
ETF < $1.00 Trade Value * 0.0030 USD 0.00
NASDAQ >= $1.00 (USD 0.0006) 4 USD 0.0020 3
NASDAQ < $1.00 Trade Value * 0.0010 USD 0.00
AMEX >= $1.00 (USD 0.0006) 4 USD 0.0020 3
AMEX < $1.00 Trade Value * 0.0010 USD 0.00
NYSE >= $1.00 (USD 0.0006) 4 USD 0.0020 3
NYSE < $1.00 per share Trade Value * 0.0010 USD 0.0000
Retail Order / removes RPI liquidity 5 (USD 0.0025) N/A
Retail Order / removes liquidity on NASDAQ BX book 4 (USD 0.0017) 4 N/A
RPI Order 5 N/A USD 0.0025

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.
3. Orders that add non-displayed liquidity will be charged 0.0030 per share.
4. Orders which remove liquidity and execute against a midpoint will not receive a rebate and not be charged a fee.
5. RPI orders and retail orders removing RPI liquidity will appear on the statement under the exchange name NASDAQRLP.

NASDAQ PSX Exchange Fees

Remove Liquidity 1 Add Liquidity 2
NYSE >= $1.00 per share USD 0.0030 (USD 0.0023) 3
NYSE < $1.00 per share Trade Value * 0.0020 USD 0.0000
AMEX >= $1.00 per share USD 0.0030 (USD 0.0023) 3
AMEX < $1.00 per share Trade Value * 0.0020 USD 0.0000
NASDAQ >= $1.00 per share USD 0.0030 (USD 0.0023) 3
NASDAQ < $1.00 per share Trade Value * 0.0020 USD 0.0000

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.
3. The rebate for orders originally entered as non-display is ($0.00) unless the order adds liquidity via a midpoint order in which case the rebate is (0.002).

NASDAQRLP Fees

For RPL fees for NASDAQ BX please see "Retail Order / removes RPI liquidity" and "RPI Order" entries see NASDAQ BX.

NSX Exchange Fees

Remove Liquidity Add Liquidity
Trades > = $1.00 USD 0.0003 USD 0.0000
Trades < $1.00 Trade Value * 0.003 (Trade Value * 0.0025)

Notes:
1. This is available for Smart-routed PINK and OTCBB stocks only.

NYSE Exchange Fees

Remove Liquidity Add Liquidity
Hidden >= $1.00 per share USD 0.00275 (USD 0.0000)
All Other >= $1.00 per share USD 0.00275 (USD 0.0014)
Cross Orders USD 0.0000 USD 0.0000
All < $1.00 Trade Value * .003 USD 0.0000
All >= $1.00 Market-on-open OR Limit-on-open USD 0.0011 USD 0.0011
All < $1.00 Market-on-open OR Limit-on-open Trade Value * .003 Trade Value * .003
All >= $1.00 Market-on-close OR Limit-on-close USD 0.0011 USD 0.0011
All < $1.00 Market-on-close OR Limit-on-close Trade Value * .003 Trade Value * .003
Retail Order / removes RPI liquidity 3 (USD 0.00) N/A
RPI (Retail Price Improvement) Orders 3 N/A USD 0.0003

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.
3. RPI orders and retail orders removing RPI liquidity will appear on the statement under the exchange name NYSERLP.

NYSERLP Fees

For RPL fees for NYSE please see "Retail Order / removes RPI liquidity" and "RPI Order" entries see NYSE.

VWAP Fees

Remove Liquidity Add Liquidity
All USD 0.0171 USD 0.017

Notes:
1. Orders that are immediately executed against an existing bid or offer on an exchange's or ECN's order book.
2. Adding an order to an exchange or ECN's order book before being executed.

Clearing Fees (per share)

NSCC, DTC Fees USD 0.00020 6

Transaction Fees

Transaction Fees 3 (Stocks, ETFs, ETPs, Warrants, Rights, Voting Trust Certificates USD 0.0000218*Value of Aggregate Sales
NYSE Pass-Through Fees Venom by Cobra Trading Tiered Commissions*0.000175
FINRA Pass-Through Fees Venom by Cobra Trading Tiered Commissions*0.00056
FINRA Trading Activity Fee USD 0.000119 * Quantity Sold 5

Notes:

  1. Venom by Cobra Trading's Tiered commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in Venom by Cobra Trading’s Tiered commission schedule may be greater than the costs paid by Venom by Cobra Trading to the relevant exchange, regulator, clearinghouse or third party. For example, Venom by Cobra Trading may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Venom by Cobra Trading may be less than the rebates Venom by Cobra Trading receives from the relevant market. For example, Venom by Cobra Trading may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.
  2. Volume 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 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 Venom by Cobra Trading Tiered fees would be:
    • 300,000 shares at USD 0.0035
    • 200,000 shares at USD 0.002
  3. Transaction fees are only charged for sell orders.
  4. No exchange, clearing or transaction fees charged.
  5. Maximum 0.5% of trade value.
  6. Orders where the commission cap is applied do not count towards the monthly volume tiers.
  • Commissions apply to all order types.
  • Venom by Cobra Trading's Tiered fee will be capped at 0.5% of trade value.
  • When using SmartRouting, clients should be aware that Venom by Cobra Trading 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).
  • All exchange, special and other fees are charged on a per-share basis.
  • In the Tiered commission structure, clients may or may not be eligible to receive direct credit for rebates paid for certain types of orders by various market centers. For example, Venom by Cobra Trading may receive payments from "dark pools" for routing orders to those dark pools. Venom by Cobra Trading passes roughly 50% of the blended average rebates it receives from dark pools to clients in the Tiered commission structure. Please consult our fee page for each market center for more information.
  • Please note that directed API orders cannot use the Tiered fee structure. Smart-routed 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 Venom by Cobra Trading receives a rebate payment for a pink sheet or OTCBB execution, this rebate is not passed to the clients.
  • Accumulate/Distribute and Scale Orders will be subject to standard Venom by Cobra Trading Order minimums for each new slice of the algorithm which is submitted.

Interest Schedule

Venom by Cobra Trading uses internationally recognized 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 an effective rate.

Benchmark Rates

The current day benchmarks are as follows:

Benchmark Rates as of 12/09/2016

Currency Benchmark (BM) Rate
USD Fed Funds Effective (Overnight Rate) 0.410%
USD 11 am GMT USD LIBOR (used only for USD-CFDs, Gold and Silver Borrow Fees) 0.434%
FINRA Pass-Through Fees Venom by Cobra Trading Tiered Commissions*0.00056

Venom by Cobra Trading accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month. For detailed examples on how we calculate interest, open the Interest Paid to You and Interest Rates Charged to You on Margin Loan Balances sections on this page.

Interest Benchmark Definitions
Fed Funds Effective (USD only) is the volume weighted average of the transactions processed through the Federal Reserve between member banks. It is intended to reflect the best estimate of interbank financing activity for Reserve Bank members and is the reference for many short term money market transactions in the broader market.
LIBOR (multiple currencies) stands for London Inter-Bank Offered Rate. It is a daily fixing for deposits with durations from overnight to 1 year and is determined by a group of large London banks. It is the most widely used measurement for interest rates on most currencies outside the domestic market(s).
Overnight (O/N) rate is the most widely used short term benchmark and represents the rate for balances held from today until the next business day.
Spot-Next (S/N) refers to the rate on balances from the next business day to the business day thereafter. Due to time zone and other criteria, Spot-Next rates are sometimes used as the short-term reference.
Disclosures

  1. The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further.
    • Costs for position borrowing of stocks with special considerations (for example hard to borrow instruments) are usually higher than for normal availability stocks. These additional costs will be passed on in the form of lower short stock credit interest. Please note that this may lead to a net debit short stock credit interest in the event that the costs to borrow exceed the interest earned. In order to view the indicative short stock interest rates for a specific stock, Venom by Cobra Trading recommends that clients use the Short Stock (SLB) Availability Tool in the Support > Tools menu in Account Management.
Interest Paid to You or By You

When calculating rates, Venom by Cobra Trading uses a blended rate based on the tiers below. Interest accrues and is payable on a daily basis, and Venom by Cobra Trading posts actual interest monthly on the 3rd business day of the following month. The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates. For the purposes of crediting interest on either long settled cash balances or short stock collateral values, only accounts with Net Asset Value (NAV) exceeding USD 100,000 will be eligible to receive credit interest on long settled cash balances.

Interest Paid to You on Positive (Credit) Cash Balances
BM = Benchmark Rate
Currency Tier Rate Paid
USD 0 - 10,000 0%
10,000.01 + 0% (BM - 0.5%)
Interest Paid to You on Short Sale Proceeds Cash Balances

For the purposes of crediting interest on either long settled cash balances or short stock collateral values, only accounts with Net Asset Value (NAV) exceeding USD 100,000 will be eligible to receive credit interest on long settled cash balances.

BM = Benchmark Rate
Currency Tier Rate Paid
USD 0 - 100,000 0%
100,000.01 - 1,000,000 0% (BM - 1.25%)
Disclosures

  1. The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further.
    • Costs for position borrowing of stocks with special considerations (for example hard to borrow instruments) are usually higher than for normal availability stocks. These additional costs will be passed on in the form of lower short stock credit interest. Please note that this may lead to a net debit short stock credit interest in the event that the costs to borrow exceed the interest earned. In order to view the indicative short stock interest rates for a specific stock, Venom by Cobra Trading recommends that clients use the Short Stock (SLB) Availability Tool in the Support > Tools menu in Account Management.

Interest Rates Charged to You on Margin Loan Balances

When calculating rates, keep in mind that Venom by Cobra Trading uses a blended rate based on the tiers below. For example, for a balance over 1,000,000 USD, the first 100,000 is charged at the Tier I rate, the next 900,000 at the Tier II rate, etc. When determining the quoted spread, Venom by Cobra Trading will use the set benchmark rate or a benchmark rate of 0 for all benchmark rates less than 0. Venom by Cobra Trading accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month. The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.

Currency Loan Amount Rate Charged
USD 0 - 100,000 1.91% (BM + 1.5%)
100,000.01 - 1,000,000 1.41% (BM + 1%)
3,000,000.01 - 200,000,000 0.66% (BM + 0.25%)
200,000,000.01 + 0.66% (BM + 0.25%) See note below
Note: May be subject to a 1% surcharge applied to the spread if financing is not pre-arranged. Disclosures

  1. The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further.
    • Costs for position borrowing of stocks with special considerations (for example hard to borrow instruments) are usually higher than for normal availability stocks. These additional costs will be passed on in the form of lower short stock credit interest. Please note that this may lead to a net debit short stock credit interest in the event that the costs to borrow exceed the interest earned. In order to view the indicative short stock interest rates for a specific stock, Venom by Cobra Trading recommends that clients use the Short Stock (SLB) Availability Tool in the Support > Tools menu in Account Management.

Corporate Actions/Dividends

The following represents fees charged by Venom by Cobra Trading for the processing of Corporate Actions affecting securities in your portfolio.

Universal
Type Fees
Requests to exercise Dissenter or Appraisal Rights $100 + external costs
All Other (Mandatory, Voluntary, With Options, etc) Free

Exercise and Assignment 1

Universal
Product Fees
Stock Options No fees
Non-US Index Options Charged standard option commissions on exercise or assignment. No charges on lapsed/expired contracts.
Futures / Futures Options Charged the standard futures or futures options commission at expiration of the contract.
Notes:
  1. Venom by Cobra Trading does not charge an option exercise or assignment fee. Certain transactions are subject to the standard commissions for the applicable product.

ADR / GDR (American or Global Depository Receipt) Fees

Various Central Securities Depositories such as the Depository Trust Company (DTC), Euroclear or Clearstream collect custody fees on behalf of ADR/GDR agents for DRs which do not pay periodic dividends. The fees are deducted by the applicable depository in standard billing and will be passed to accounts which held the ADR/GDR on the record date.

For additional information on the fee Venom by Cobra Trading recommends that you consult the ADR/GDR prospectus.

Universal
Type Pass-Thru Fee
ADR/GDR Fee Typical Range of 0.01 to 0.03 per share
Pre-Borrows
Product Fees
Stock USD 20.00 Ticket Fee

IRA Accounts

IRA customers will be responsible for the $7.50 quarterly fee charged by our trustee. This fee is charged to the account quarterly at the beginning of each calendar quarter. For new accounts, billing commences on the next calendar quarter billing date following the funding of the account for the coming calendar quarter.

DTC Position Transfers

Transfer Method Type Fee
ACATS Deposit or Withdrawal None 1
DWAC Deposit or Withdrawal USD 100 per settled transaction
DRS Deposit USD 25 per settled transaction; USD 100 per rejected transaction
DRS Withdrawal USD 5 per settled transaction; no fee for rejected transaction
Notes:
  1. While Venom by Cobra Trading does not charge for incoming or outgoing ACATS transfers, customers should consult with their sending or receiving firm to determine if there will be any applicable fees for the transfers.

Exposure Fee for High Risk Accounts

Venom by Cobra Trading imposes a daily "Exposure Fee" on a small minority of Venom by Cobra Trading customer accounts that have a very high worst-case loss risk exposure. This is to attempt to partially protect Venom by Cobra Trading and its customers from those accounts that have very risky positions that currently satisfy exchange margin requirements, but nonetheless could suffer excessive losses in the event of a significant market move (for example, accounts with high exposure to short option positions).

Exposure Fees only apply to a small minority of Venom by Cobra Trading customer accounts with unusually risky positions. Most Venom by Cobra Trading accounts are not subject to the fees. The fee is not a higher margin requirement. It is a fee to be deducted from affected accounts to compensate Venom by Cobra Trading for the risk in servicing such accounts. Please note that the exposure fee is not insurance against losses in your account and you will remain liable to Venom by Cobra Trading for any debt or deficit in your account even if you have paid exposure fees.

Each day, as part of its risk management policy, Venom by Cobra Trading simulates profit-loss scenarios for client portfolios based on hypothetical market movements of certain magnitudes ("Exposure Analysis"). The scenarios examined may exceed the parameters used by various exchanges for determination of minimum margin requirements.

As part of this daily process, Venom by Cobra Trading will calculate an Exposure Fee to be charged to high-risk accounts based on the potential exposure the account represents to Venom by Cobra Trading in the event of a major loss. Under the Exposure Analysis conducted by Venom by Cobra Trading, if an account would lose so much value that its equity would be eliminated and it would then additionally have an unsecured debt to Venom by Cobra Trading (i.e., negative equity), this would represent an Exposure to the firm (since Venom by Cobra Trading is legally obligated to guarantee its customers' performance to the clearinghouse even if the customer has no remaining equity).

The Exposure Fee will be calculated for all calendar days and charged to the account at the end of the following trading day. Example, the exposure fee charge on Monday’s activity statement will reflect the charges for Friday, Saturday and Sunday. The results of the Exposure Analysis relating to the Exposure Fee will be made available for each account via the Account Management section of Venom by Cobra Trading's website.

Please note the following:

  • Venom by Cobra Trading will calculate the Exposure Fee in its own discretion and using its own proprietary algorithms (which are subject to change without notice) to determine the exposure that an account poses to the firm.
  • The Exposure Fee may change each day based on market movements, changes in the account's portfolio, or changes in the formulas and algorithms Venom by Cobra Trading utilizes to determine the riskiness of the account.
  • The Exposure Fee will be deducted from affected accounts on a daily basis. You should keep excess capital in your account to cover the fee if your account will be affected. If deduction of the fee causes a margin deficiency, the account will be subject to liquidation of positions as specified in the Venom by Cobra Trading Customer Agreement.
  • The Exposure Fee is judged separately account by account. If you have multiple accounts with offsetting risk exposures, you should combine them in order to reduce or avoid the Exposure Fee.
  • Accounts that are subject to both the overnight position fee and the exposure fee will be charged the greater of the two fees.
  • The Exposure Fee is not a form of insurance for your account. If your account incurs a debt or deficit to Venom by Cobra Trading you are still liable to Venom by Cobra Trading to satisfy that debt or deficit and the fact that your account may have paid exposure fees does not relieve you of that liability. Nor will your debt or deficit to Venom by Cobra Trading be offset or reduced by the amount of any exposure fees your account may have paid.

If you wish to avoid being charged an Exposure Fee, please consider the following:

  • Adding additional capital will improve the risk profile of your account and may reduce or eliminate the Exposure Fee;
  • Reducing the exposure in your account by repurchasing short positions in options may also reduce or eliminate the Exposure Fee. Venom by Cobra Trading has found that short positions in low-priced options generate the largest exposures relative to capital. You can use the Venom by Cobra Trading Risk Navigator to simulate the effects of changes in your portfolio.

Exposure fee is calculated for the following products
  • Equity with coordinated volatility change
  • Crude Oil and Refined Oil
  • Volatility

Cancel/Modify Stock Orders

Asset/Order Origin Routing Venue Fee per Order 1 Execution Credit 2
API/CTCI Smart N/A None N/A
TWS Directed and Smart All None N/A
API/CTCI Directed All USD 0.01 USD 0.25 per API/CTCI Directed execution

Orders with a time in force that specifies an expiration time, such as GTC, will be assessed cancel fees according to the above schedule.

Notes:
  1. Unless otherwise specified, the per-order fee applies to both order cancellations and modifications.
  2. Execution credits are applied against cancel or modify fees for the day. Execution credits cannot exceed cancel/modify fees.

Trade Bust/Adjustments

If an exchange or other market center charges Venom by Cobra Trading a trade bust, trade cancel fee or trade adjust fee because of an order placed by an Venom by Cobra Trading customer, or because of a customer bust or adjust request, the customer is fully responsible for the fee and the fee will be deducted from the customer's account.

In addition to fees charged by exchanges (and in cases where exchanges do not charge a fee), Venom by Cobra Trading will charge the following fees for requests to have trades busted:

  • $50 for the first bust request in a calendar month.
  • $100 per incident for subsequent bust requests in the same calendar month.
The above fees are subject to change.

Exchange Fee Additional Info
CME Group (ECBOT, Globex, NYMEX) USD 500.00 When GCC 1 busts a trade, the party responsible for entering the order into the electronic trading system that gave rise to the trade bust/adjustment shall pay an administrative fee to the Exchange in the amount of $500 for each occurrence. If a non-member customer responsible for entering an order that results in a trade bust fails to pay the fee in accordance with this section, the clearing member carrying the customer's account shall be responsible for payment of the fee.

For additional information click the following links: CME Group Rulebooks, Rule 588, Rule 622.
NASDAQ USD 250.00 If an appeal is requested on a ruling that was previously made and that appeal upholds the original decision, Nasdaq will assess a fine for the appeal.

Additional information regarding this policy can be found on this page. Clearly Erroneous Rule changes effective October 5, 2009, can be found here. For a list of fees, click here.
Notes:
  1. GCC is the group at the CME that is responsible for reviewing ECBOT, Globex, and NYMEX executions.

Corporate Actions/Dividends

The following represents fees charged by Venom by Cobra Trading for the processing of Corporate Actions affecting securities in your portfolio.

Type Fees
Requests to exercise warrants External costs
United States - Stocks, Corporate Bonds and Munis
Trade Value (in USD) Fee Minimum
<=1,000,000 0.05 bps of trade value USD 1.00 per trade
>1,000,000 0.01 bps of trade value N/A
United States - Options
Product Fee Minimum
All USD 0.03 per contract + External Clearing Fees + Regulatory Fees1 USD 1.00 per trade
United States - Futures, FOPs and SSFs
Product Fee Minimum
CME, CBOT, ECBOT, GLOBEX, ICEUS, NYBOT, NYMEX, ONE2,3 USD 0.10 per contract + Exchange Fees + Regulatory Fees USD 1.00 per trade
Notes:
  1. External clearing fees + regulatory fees are USD 0.10/contract.
  2. Unsupported exchanges: CFE, and IPE.
  3. ICEUS FUT only.

Withdrawals

Venom by Cobra Trading allows one free withdrawal request per calendar month. After the first withdrawal (of any kind), Venom by Cobra Trading will charge the fees listed below for any subsequent withdrawal:

Currency Wires Checks ACH/EFT SEPA
USD 10.00 4.00 1.00 N/A
Notes:
  • Venom by Cobra Trading withdrawal fees do not cover third-party fees. The account holder will be solely responsible for any fees assessed by a beneficiary or correspondent bank. In addition, processing fees charged by your bank or its correspondent bank, which are not included in Venom by Cobra Trading withdrawal fees, may be deducted from wire proceeds.

Exercise and Assignment 1

Product Transaction Fees
Stock Options 2 USD 0.000119 * Quantity Stock Sold, max 5.95 per Trade and USD 0.0000218 * Aggregate sales proceeds on stock
US Index Options No fees
Futures / Futures Options Charged the standard futures or futures options commission at expiration of the contract.
Notes:
  1. Venom by Cobra Trading does not charge an option exercise or assignment fee. Certain transactions are subject to the standard commissions for the applicable product.
  2. The transaction fees listed represent allocations of costs charged to Venom by Cobra Trading by third-parties. Venom by Cobra Trading does not assess a separate option exercise/assignment fee.

Misc Fees - North America

Currency Telephone Orders Check Stop Payment Bounced Check Fee Archived Statements 1 Fee Cash Deposits 2 Minimum Charge
USD 30.00 per order 50.00 25.00 USD 25.00/first statement, USD 5.00/each additional statement. 1% 50.00
Notes:
  1. The prior 7 years of statements are available.
    For additional information on availability of Daily and Monthly statements click here.
  2. Please be aware that it is against Venom by Cobra Trading policy to accept physical currency (cash) deposits. Please make all deposits to your Venom by Cobra Trading account by wire transfer, check, direct bank transfer (ACH), or via one of the other methods described in the Funding Reference page. Venom by Cobra Trading will charge a special handling fee of 1% of the deposit amount (minimum $50 fee) for any physical currency deposits.

Balance

The following minimums are required to open an account 1:

Category Required Deposit
Individual Accounts (unless listed below) USD 5,000 (or non-USD equivalent)
IRAs 3 USD 5,000 (or non-USD equivalent)
Individuals age 25 or younger USD 3,000 (or non-USD equivalent)
Notes:
  • To trade a margin account you must maintain at least USD 2,000 or non-USD equivalent.
    For details on margin requirements, see the Margin page.
  • Pattern Day Traders have higher minimum requirements, which are defined in the Day Trading section of margin requirements.

Monthly Activity

As Venom by Cobra Trading caters to active professional traders and investors, we require that each account generate a minimum of commissions per month. Accounts generating commissions less than the minimum as stated below in any given month will be assessed the difference as a monthly activity fee (Activity Fee = Minimum Required Monthly Commission – Actual Monthly Commission). Please note that the monthly activity fee is based on commissions only, and does not include fees related to third-party assessments such as market data subscriptions or order modification/cancellation fees.

In addition to monthly fee minimums, we pass through market data fees from the exchanges for any real-time market data service in which a client subscribes. Clients choosing to subscribe to US non-professional real-time market data will have the USD 10 (or non-USD equivalent) monthly market data subscription fee waived if they spend USD 30 (or USD equivalent) or more in commission for the month.

Account Structure Monthly Activity Fee 4 Waiver
Single Accounts, Individuals and Small Businesses

unless any of the following criteria exist:
Monthly Activity Fee = 0 if monthly commissions are equal to at least USD 10.

If monthly commissions are less than USD 10, Standard Activity Fee = USD 10 – commissions.

Example:
Monthly commissions = USD 6
Standard Activity Fee = USD 10 – USD 6
Standard Activity Fee = USD 4
The first three full calendar months 10

or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)
Average Equity Balance is less than USD 2,000 5

or

A balance is maintained in a closed account
Monthly Activity Fee = 0 if monthly commissions are equal to at least USD 20.

If monthly commissions are less than USD 20, Activity Fee = USD 20 – commissions.

Example: Monthly commissions = USD 11 Activity Fee = USD 20 – USD 11 Activity Fee = USD 9
Not applicable.
UGMA/UTMA Accounts Monthly Activity Fee = 0 if monthly commissions are equal to at least USD 10.

If monthly commissions are less than USD 10, Standard Activity Fee= USD 3
The first three full calendar months 10

or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)
Disclosures:
  1. Accounts that show no balance will be closed. To reactivate an account that has been closed for having no balance, a new account deposit of USD 10,000 or non-USD equivalent is required.
  2. Because of contribution limits, IRA accounts will only be required to deposit USD 5,000 in order to open a new account. In addition, US Regulators require USD 25,000 (or non-USD equivalent) to Day Trade stocks and options.
  3. The non-USD equivalent for all USD values is also acceptable.