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Commissions Fixed Income

Bonds Commissions

  • Transparent and low commissions which decrease as trade volume increases.
  • Any external fees are added on.
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United States

United States - Corporate & CDs

Commissions Minimum
10 basis points × Face Value USD 1.00 per Order First USD 10,000 in Face Value
2.5 basis points × Face Value None Additional Face Value > USD 10,000

Maximum per order: The smaller of USD 250 or 1% of Trade Value.
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%.

United States - Municipal Bonds

Commissions Minimum per Order
5 basis points × Face Value USD 1.00 First USD 10,000 in Face Value
1.25 basis points × Face Value None Additional Face Value > USD 10,000

Maximum per order: The smaller of USD 125 or 1% of Trade Value.
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%.

United States - Treasuries (Bills, Notes, Bonds)

Commissions
0.2 basis point × Face Value First USD 1,000,000 in Face Value
0.01 basis point × Face Value Additional Face Value > USD 1,000,000

Minimum per order: USD 5.00, Maximum per order: None.

Fees & Expenses

United States - External Fees

External fees are passed through at cost.

United States - Transaction Fees

Fees
USD 0.00075 × Quantity Sold FINRA Trading Activity Fee

Maximum USD 0.75 per trade.

Disclosures

  • 1 basis point=$0.0001
  • 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 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.
  • 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.