Commissions Fixed Income
Commissions
Bonds
Minimize Your Costs to Maximize Your Returns*. Low commissions with no added spreads, ticket charges, platform fees, or account minimums.
United States
United States - Corporate & CDs
| Trade Value | Commissions | Minimum | Maximum |
|---|---|---|---|
| First USD 10,000 in Face Value | 0.1%* Face Value (10 bps) 1, 2 | USD 1.00 | The smaller of $250 or 1% of Trade Value |
| Additional Face Value > USD 10,000 | 0.025%* Face Value (2.5 bps) 1, 2 | None | The smaller of $250 or 1% of Trade Value |
United States - Municipal Bonds
| Trade Value | Commissions | Minimum | Maximum |
|---|---|---|---|
| First USD 10,000 in Face Value | 0.05% * Face Value (5 bps) 1, 2 | USD 1.00 | The smaller of $125 or 1% of Trade Value |
| Additional Face Value > USD 10,000 | 0.0125% * Face Value (1.25 bps) 1, 2 | None | The smaller of $125 or 1% of Trade Value |
United States - Treasuries (Bills, Notes, Bonds)
| Trade Value | Commissions | Minimum | Maximum |
|---|---|---|---|
| First USD 1,000,000 in Face Value | 0.002%* Face Value (0.2 bps) 1 | USD 5.00 | None |
| Additional Face Value > USD 1,000,000 | 0.0001%* Face Value (0.01 bps) 1 | USD 5.00 | None |
United States - External Fees
External fees are passed through at cost.
BondDeskIBKRATS
MuniCenter
NYSE Bonds
VALUBOND
| Fees | |
|---|---|
| FINRA Trading Activity Fee | USD 0.00092 * Quantity Sold 3 |
Maximum USD 0.92 per trade.
Tiered
Corporate and CDs Example:
USD 5,000 Face Value Order:
USD 5,000 Face Value = USD 5.00
USD 20,000 Face Value Order:
USD 20,000 Face Value = (0.01% × 10,000) + (0.025% × 10,000)
= USD 10.00 + USD 2.50
= USD 12.50
Municipal Bonds Example:
USD 5,000 Face Value Order:
USD 5,000 Face Value = USD 2.50
USD 20,000 Face Value Order:
USD 20,000 Face Value = (0.05% × 10,000) + (0.0125% × 10,000)
= USD 5.00 + USD 1.25
= USD 6.25
Treasuries (Bills, Notes, Bonds) Example:
USD 1,000,000 Face Value Order:
USD 1,000,000 Face Value = (0.002% × 1,000,000)
= USD 20.00
USD 2,000,000 Face Value Order:
USD 2,000,000 Face Value = (0.002% × 1,000,000) + (0.0001% × 1,000,000)
= USD 20.00 + USD 1.00
= USD 21.00
Canada
Canada
| Trade Value (CAD) | Commissions | Minimum | Maximum |
|---|---|---|---|
| Trade Value ≤ 13,000 | 0.1%* Trade Value (10 bps) 1, 2 | None | None |
| Trade Value > 13,000 | 0.025%* Trade Value (2.5 bps) 1, 2 | None | None |
Disclosures
- 1 basis point=$0.0001
- Commissions are tiered. For example, for US corporate and muni bonds, the first 10K in face value is charged @ 0.1% and any remaining principal over 10K is charged at 0.025%.
- Maximum USD 0.92 per trade.
- Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Cost Plus pricing structure will count towards the monthly volume. Share volumes for advisor, institution, 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.
- VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
- IBKR's Tiered (i.e., commission plus external venue fees/rebates) 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 IBKR’s Tiered commission schedule may be greater than the costs paid by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. In certain circumstances, IBKR may receive discounts with respect to third party fees, including exchange and/or clearing fees, that may not pass-through to clients.
- 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 bonds with USD 20,000 Face Value is submitted and 10,000 face value executes, then you modify the order and another 10,000 face value executes, a commission minimum where applicable would be applied to both 10,000 face value executions. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
* Lower investment costs will increase your overall return on investment, but lower costs do not guarantee that your investment will be profitable.
