Our transparent pricing for stocks, ETFs (Exchange Traded Products, or ETPs) and warrants includes our low broker commission, 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.¹

In the event that IUR receives a rebate for executing a trade in a Regulation NMS stock at a market-maker, dark pool, or with a liquidity provider in the IUR ATS, IUR will pass the full amount of that rebate to customers as a venue rebate.

Commission-Free ETFs

Clearing Fees (per share)

Transaction Fees

Trade Allocation Minimum Commissions

We charge a minimum fee for US stock trades allocated by Advisors to their clients. Advisors can choose to charge the allocation minimum fee to their master account or to the client account.

By default, the allocation minimum is charged to the client account unless there is a specific rate arrangement between the client and the master account.

Example 1

100 Shares executed at a price of USD 10.00 allocated to two accounts (50/50):
Allocation Size = 50
Trade Value = USD 500
Minimum (500 * 0.0005, USD 0.35) = Minimum (0.25, 0.35)
New Tiered Commisions Per Allocation = 0.25

Example 2

50 Shares executed at a price of USD 100.55 allocated to two accounts (30/20):
30 Share Allocation Trade Value = USD 3016.50
Minimum (3016.50 * 0.0005, USD 0.35) = Minimum (1.50, 0.35)
New Tiered Commission for 30 Share Allocation = USD 0.35

20 Share Allocation Trade Value = USD 2011
Minimum (2011 * 0.0005, USD 0.35) = Minimum (1, 0.35)
New Tiered Commission for 20 Share Allocation = 0.35

Notes

1. IUR’s 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 IUR’s Tiered commission schedule may be greater than the costs paid by IUR to the relevant exchange, regulator, clearinghouse or third party. For example, IUR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IUR may be less than the rebates IUR receives from the relevant market. For example, IUR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. Average per Share Rebate Amounts for Regulation NMS Stocks are reported on the Rule 606 Quarterly Order Routing Report of the executing broker. To obtain a copy please contact IUR.
2. Transaction fees are only charged for sell orders.
3. No exchange, clearing or transaction fees charged.
4. Maximum USD 5.95 per trade. In the case of partial executions, each execution is considered one trade.
5. Maximum 0.5% of trade value.
6. Orders where the commission cap is applied do not count towards the monthly volume tiers.
7. In the event the calculated maximum per order is less than the minimum per order, the maximum per order will be assessed. For example, a purchase to buy 10 shares of a $0.20 stock will be charged $0.02 (10 shares x 0.0035/share = 0.035 commission, minimum 0.35 per Order, capped at 10 shares x 0.20 x 1% = 0.02). Note, external fees will be added to the IUR commission.

• Commissions apply to all order types.
• When using SmartRouting, clients should be aware that IUR 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 our commission structure, clients may or may not be eligiblble to receive direct credit for rebates paid for certain types of orders executed at various market centers. For example, IUR may receive enhanced rebate payments as a result of exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to customers. Likewise, IUR does not pass to customers all of the rebates IUR may receive for orders in pink sheet or OTCBB stocks.
• 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 IUR 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 IUR Order minimums for each new slice of the algorithm which is submitted.