Products and prices

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number: +49 (030) 789 59 75 - 0 or make use of our contact form.

Information for trading with shares, ETFs, ETCs, ETNs

• A claim for trading fees exists for each order and on all types of orders.
• The trading fees shown are final prices. They include all the stock exchange and other outside costs, if they are not listed separately. This is the case, for example, when trading with OTC / Pink Sheet assets.
• In conjunction with the use of the smart routing service, orders are routed to a stock exchange, which offers the best price, but which calculates higher fees. All the stock exchange fees, special fees and other expenses are always calculated with regard to the individual value.
• Value-added tax (VAT), in many cases also called the consumer tax or the tax on goods and services, may be calculated separately for the services concerned.
• Any changed orders are treated as the cancellation and replacement of an existing order by the new order. At certain stock exchanges, this can create a situation where the current minimum commission due for changed orders is handled in the same way as for new orders. If, for example, you place an order for 200 shares, of which 100 shares are traded and you then change the order, in response to which the remaining 100 shares are traded, the minimum fee will be due for both trading actions involving 100 shares. Any orders, which remain overnight, are viewed as new orders for the purposes of calculating the minimum order on the following day.
• Those customers, who send a non-marketable limited order involving an unusual number of items directly to the New York Stock Exchange may possibly incur additional costs anfallen. This kinds of orders might be processed separately on the trading floor and a fee could be charged for this. In this kind of vary rare case, the customer concerned will be contacted in advance.
• For orders in Great Britain, Ireland, France, Italy and Switzerland, additional mandatory state charges, may be due – they are also called financial transaction or stamp duty taxes. They are passed on directly to the customer and are therefore charged to the customer’s account. In Great Britain, the maximum figure is 0.5%, in Ireland it is no more than 1% and in Switzerland the figure is no more than 0.075%.
  In France and Italy, when customers purchase shares in French and Italian companies with a defined minimum market capitalisation, a financial transaction tax is automatically deducted in line with the current situation in December 2015; this amounts to no more than 0.2% of the value of the transaction.

Fees for partial trading – an example of calculations:

No partial trading fees if you purchase 2,000 shares in one order on one trading day.

Handling the order:

500 shares on Monday at 9.05 a.m.
500 shares on Monday at 11.30 a.m.
500 shares on Monday at 2 p.m.
500 shares on Monday at 4.30 p.m.
1 order fee

A partial trading fee if you purchase 2,000 shares in one order on two trading days.

Handling the order:

1,000 shares on Tuesday at 4 p.m.
1,000 shares on Wednesday at 9.05 a.m.
2 order fees

Example of euros (Xetra stock exchange:

260 shares at EUR 12.50 = EUR 3.90 in trading fees
15,000 shares at EUR 0.25 = EUR 4.50 in trading fees

Example of US dollars:

250 shares at USD 45.00 = US$ 4.75 in trading fees
10,000 shares at USD 0.02 = US% 2.50 in trading fees

Do you need some information on the transaction fee for a particular product? Then send us an e-mail using our contact form.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number +49 (030) 789 59 75 - 0 or make use of our contact form.

Information for trading with CFDs on indices:

• A claim for trading fees exists with each order and for all types of orders
• The trading fees shown are final prices – they include all the stock exchange and other outside expenses, if they are not listed separately
• The value-added-tax (VAT), in many cases also called the consumer tax or the tax on goods or services, is calculated separately for the services concerned

Example: Assuming that the DJ Eurostoxx 50 (IBEU50) stands at 3,500 points

The minimum order is EUR 1.00 x 3,050 points = EUR 10120.50; a sum amounting to EUR 1,091.00 as security (margin) must be available for this.

Information for trading with CFDs on shares:

• A claim for trading fees exists with each order and for all types of orders
• The trading fees shown are final prices – they include all the stock exchange and other outside expenses, if they are not listed separately
• The value-added-tax (VAT), in many cases also called the consumer tax or the tax on goods or services, is calculated separately for the services concerned
• Any changed orders as the cancellation and replacement of an existing order by the new order. At certain stock exchanges, this may create a situation where the current minimum commission due for changed orders is handled in the same way as for new orders. If, for example, you place an order for 200 shares, of which 100 shares are traded and you then change the order, in response to which the remaining 100 shares are traded, the minimum fee will be due for both trading actions. Any orders, which remain overnight, are viewed as new orders for the purposes of calculating the minimum order on the following day

Warnings on the risks

• Trading with CFDs is not suitable for all investors. As CFDs are leveraged products, customers may suffer considerable losses, which may exceed the original amount invested in certain circumstances
• Your CFD agreement is concluded with Interactive Brokers (U.K.) Limited. Interactive Brokers (U.K.) Limited has been certified by the Financial Services Authority (“FSA”) and is regulated by it. Registration number: 208159

Other important information

• Trading in CFDs is offered to customers with their main place of residence outside the USA and Canada, with the exception of the customers with their place of residence in Australia and Hong Kong
• Customers, who meet the necessary conditions, must apply for trading authorisation for CFDs through the account management department and ensure that they have subscribed to the market data for the stock exchange where the underlying share is listed, which they would like to trade as a CFD
• A market data subscription is required for index CFDs for trading in index CFDs. This subscription is available free of charge

Example of calculations for an index CFD:

Example of calculations in EUR:

You purchase 6 CFDs on the “DJ Eurostoxx 50” at a market price of 3,050 points
= 6 CFDs x 3,050 (price of CFD) = EUR 18,300.00
18,300.00 x 0.02% (commission) =
just EUR 3.66 in fees, including everything

Example of calculation in USD:

You purchase 3 CFDs on the Dow Jones Industrial 30 at a market price of 17,150 points
= 3 CFDs x 17,150 (price of CFD) = USD 51,450.00
= 17,150.00 x 0.01% (commission) =
just USD 5.15 in fees, including everything

Example of calculations for a share CFD:

Example of calculations in EUR:

You purchase 100 CFDs for SAP at a market price of EUR 55.00
= 100 CFDs x EUR 55.00 (price of CFD) = EUR 5,500.00
= 5,500.00 x 0.09% (commission) =
just EUR 4.95 in fees, including everything

Example of calculations in USD:

You purchase 300 CFDs for Boeing at a market price of USD 125.00
= 300 CFDs x 125.00 (price of CFD) = USD 37,500.00
= 300 x USD 0.09 (per CFD) =
just USD 2.55 in fees, including everything

Example of calculations: net financing costs for a share CFD

In the following example, a particular share (underlying) is listed at EUR 10.00 and as the CFD reference price genuinely reflects the market price of this share, the list price of the share CFD also amounts to EUR 10.00.

You purchase 300 CFDs each for EUR 10.00, i.e. EUR 3,000.00 in total. You keep this item for a period of 30 days.

Assumption:
Market price of the underlying share: EUR 10.00
CFD market price: EUR 10.00
Action: purchase
Quantity: 300
Duration: 30 days
Trading value: EUR 3,000.00
Margin (10% of EUR 3,000.00): EUR 300.00

Interest on the debit balance of EUR 3,000.00 for 30 days:
EUR 3,000.00 at 2.58% p.a. = EUR 77.40 divided by 360 days = a daily interest rate of just EUR 0.21

Net financing costs for 30 days: just EUR 6.36

Example of calculations: costs for CFDs on currencies

Example: $50,000 USD.EUR CFD contracts = only $2.00, all inclusive
(50,000, - multiplied by 0,00004 = 2,00)

Do you need some information on the transaction fee for a particular product? Then send us an e-mail using our contact form.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number: +49 (030) 789 59 75 - 0 or make use of our contact form.

A summary of abbreviations

Example of calculating fees in EUR.USD:

EUR 46,000 at an exchange rate of 1.0896 = USD 50,000.00
0.01% of EUR 46,000 = just EUR 4.60 in trading fees (equals about USD 5.00)

Tradable currencies (Forex) – each pair can be traded in both directions.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number: +49 (030) 789 59 75 - 0 or make use of our contact form.

Fees at FINRA, NYSE and BondDesk

1. Add an order to an order book at a stock exchange or an ECN before trading the order
2. Orders, which are immediately traded with respect to an existing sales order (bid order) or offer in an order book at a stock exchange or an ECN

Fees with MuniCenter

Fees for municipal bonds are only charged to the seller.

Fees for corporate and government bonds are charged to both sides.

Information on trading in bonds in the USA:

• Commission/fees apply to all kinds and types of orders
• As part of issuing the order, the full trading fees are always shown as final prices. They include all the stock exchange and other outside expenses.
• Any changed orders are treated as the cancellation and replacement of an existing order by the new order. At certain stock exchanges, this can create a situation where the current minimum commission due for changed orders is handled in the same way as for new orders.
  Example: You issue an order for bonds with a nominal value of USD 10,000.00. You than adapt the current order and receive a statement covering the remaining USD 10,000.00 in nominal value. In this case, the minimum commission will be due for each of the statements involving USD 10,000.00. Any orders, which remain overnight, are viewed as new orders for the purposes of calculating the minimum order on the following day.
• Value-added-tax (VAT), in many cases also called the consumer tax or the tax on goods and services, is calculated separately for the services concerned.

Information on trading in bonds in Europe:

1. Handling expense are currently set at 0.00 – however, changes may be introduced.
2. The stock exchange may also charge a fee of EUR 2.00 per order, which goes beyond the set permissible ratio between order and trade of 5:1. In this ratio, any new and amended orders will be taken into account, but no cancellations.
3. External fees are calculated based on the trading value. The trading value is defined as follows: the nominal value multiplied by the price in percent and divided by 100.

• Commission/fees apply to all kinds and types of orders
• As part of issuing the order, the full trading fees are always shown as final prices. They include all the stock exchange and other outside expenses.
• Any changed orders are treated as the cancellation and replacement of an existing order by the new order. At certain stock exchanges, this can create a situation where the current minimum commission due for changed orders is handled in the same way as for new orders.
  Example: You send an order for 200 ounces, of which 100 ounces are traded. You adapt the order for the remaining 100 ounces and this order is also traded. The minimum fee is charged in this case for both trading procedures each involving 100 ounces. Any orders, which remain overnight, are viewed as new orders for the purposes of calculating the minimum order on the following day.
• Value-added-tax (VAT), in many cases also called the consumer tax or the tax on goods and services, is calculated separately for the services concerned.

Information on trading in bonds in the Hong Kong:

• Commission/fees apply to all kinds and types of orders
• Stock exchange fees, stock exchange tariffs, CCASS handling fees and CCASS custody fees are included in the fees. State stamp tax (0.1%, rounded up to the next whole number (1.00: this only applies to shares) and SFC transaction taxes (0.003% applies to shares and option certificates) are passed on directly to the customer. Please note the details in your account statements.
• Any changed orders are treated as the cancellation and replacement of an existing order by the new order. At certain stock exchanges, this can create a situation where the current minimum commission due for changed orders is handled in the same way as for new orders.
  Example: You issue an order for bonds and receive a statement with a nominal value of USD 20,000.00. You than adapt the current order and receive a statement covering the remaining USD 10,000.00 in nominal value. In this case, the minimum commission will be due for each of the statements involving USD 10,000.00. Any orders, which remain overnight, are viewed as new orders for the purposes of calculating the minimum order on the following day.
• Value-added-tax (VAT), in many cases also called the consumer tax or the tax on goods and services, is calculated separately for the services concerned.

Example of calculations for bonds:

Trading value = nominal x price in percent ÷ 100

Example of calculations:

The nominal value = EUR 1,500,00
The price = 106.62 %
Total value = 1,500.00 x 106.62 ÷ 100 = EUR 1,599.30

Commission of 0.25 % = 1,599.30 x 0.0025 = EUR 3.99 / but minimum fee EUR 6.00

Commission of EUR 6.00

The stock exchange also charges a fee of EUR 2.00 for each order, which goes beyond the set permissible ratio between the order and trade of 5:1. In this ratio, new and amended orders are taken into account, but no cancellations.

Example of calculations:

Four orders are transmitted and each of them is changed once. Trading takes place and a fee of EUR 6.00 is charged. The calculation takes place as follows:

4 order and 4 amendments = 8 orders, with 1 trade.
This provides a ratio of orders for trading of 8:1. The difference between the ratio of 8:1 and the permissible ratio at the stock exchange of 5:1 is 3 (8:1 – 5:1 = 3).

3 x EUR 2.00 = EUR 6.00

stock exchange fee: EUR 6.00

Do you need some information on the transaction fee for a particular product? Then send us an e-mail using our contact form.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number +49 (030) 789 59 75 - 0 or make use of our contact form.

Notes

All the information here is non-binding. The prices and details of the products on offer may change, particularly when the services offered by third parties change. These changes may be passed on to the users. The transaction fees are directly charged to the trading account by the account-managing broker when executing an order (further details available in account opening application). Agora direct and its cooperation partners receive a commission proportion as retrocession. The amount is determined by the type and scope of the stock exchange products traded.

America

1. This is an alternative NBBO, which supplies summarised data on market price listings, statements, volumes and top-of-the-book data from the stock exchange books of all the four US stock exchanges operated by BATS (BATS, BYX, EDGX, EDGA). It also contains the best bidding/selling rates (top of book quotes) and OTC markets, Dow Jones indices, CBOE market data express indices and market price listings for US bonds.
2. Contains the best bidding/selling rates (top of book quotes) for CBOT, CME, COMEX and NYMEX
3. In order to be able to access data on US futures, customers require trading permits for US futures.
4. Free for all customers, who generate commission of at least USD 30.00 per month.
5. Assumes a subscription to the benefit package for US securities and futures. Contains depth of book listings for CBOT, CME, COMEX and NYMEX and market depth data on BATS.
6. Free for all customers, who generate commission of at least USD 30.00 per month.
7. A subscription to “Network B (AMEX/CTA) Top of Book (L1)” enables customers to use smart routing for AMEX and ARCA listed shares.
8. A subscription to “NYSE ArcaBook Depth of Book (L2)” offers customers insight into ARCA book depth listings and only enables customers to gain access to the best bidding/selling rates (top of book bid/ask) if they route their offer directly to ARCA. In order to obtain the last listings, customers require a subscription to network B (AMEX/CTA Top of Book (L1).
9. Trading floor-based data normally contains only the last sales price, as bidding/selling rates are rarely available.
10. Top of book data is included in the subscription to book depth data.
11. Contains options and LIFFE precious metal futures and futures options.
12. Contains US corporate bonds and US treasuries (debt instruments of the US Treasury Department).
13. Subscription to “Network C Top of Book (NASDAQ/UTP) (L1)” data required.
14. USD 10.00 per month for IBIS individual customers.
15. Contains all the options exchanges.
16. Free for customers who generate commission of at least USD 20.00 per month.
17. The relevant CDE trading permits must be available.
18. A subscription to “Toronto Stock Exchange Top of Book” or the “Data Package for Canadian Shares” is required.
19. . A subscription to “Venture Exchange, Top of Book, Non-Professional”, “Data Package for Canadian Shares, Top of Book, Non-Professional” or “Toronto Stock Exchange, Top of Book, Professional” is required.
20. The service is specified in CAD for Canadian accounts.
21. This service may trigger fees for hosted solutions. You can find further information at http://ibkb.interactivebrokers.com/article/1852.

Europe

1. Frankfurt Stock Exchange trading floor data is only available for Level I.
2. Contains Chi-X, NURO.
3. Level I does not show any market depth (only the best bidding/selling rates).
4. Level II simply shows a market depth of 5.
5. Contains options

Asia

1. Contains derivatives and indices.
2. Chi-X Australia must see the actual NBBO for ASX-listed shares.
3. 5-second snapshot of data for the best bidding/selling rates and the last listing.
4. Last listing in real time with a 3-second snapshot of data at the best bidding/selling rates.
5. Last listing in real time with a 3-second snapshot of data at the best bidding/selling rates and market depth.
6. For customers, whose accounts are registered outside the Chinese mainland.
7. For customers, whose accounts are registered on the Chinese mainland.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number +49 (030) 789 59 75 - 0 or make use of our contact form.

Notes

Customers are fully responsible for their own trading.

The trading fees incurred for each order are displayed in the order confirmation window of the trading access system before the order is sent. In sending the order, the customer confirms and accepts these order fees and all the stock exchange and broker regulations associated with it.

Some stock exchanges charge fees on deleted or modified orders. They are mainly those where options or futures are traded, but not normally stock exchanges. If necessary, they are offset with fee credits. We would specifically point out that the fees charged do not just have to consist of costs that are passed on. Fees may also be waived, even if the stock exchange charges fees. Agora asserts the right to demand fees or not to demand them, regardless of third parties’ fee regulations.

If third parties like stock exchanges or clearing houses, change, do away with or add fees, taxes or other levies in addition to the prices published here, they will be passed on to the customer without any additional surcharge. This may be the case, for example, if a stock exchange charges a customer fees for deleting, modifying and/or cancelling incorrect business transactions or the customer personally provides instructions for this kind of cancellation or change in trading. In both cases, they shall bear the full costs. These costs are debited from the customer’s account when they become due.

Orders are primarily accepted as a “smart routing” type of order, because this allows better bidding and asking prices to be made available. The customer may also change orders separately and therefore route them to a stock exchange of their choice. This may create a situation where the trading centre specially selected by the customer also charges its own fees. The customer is responsible for obtaining information about possible additional fees/levies and possibly taxes at the specially selected trading place. Agora direct may also be available to provide information, if requested, without providing any conclusive guarantees for this. If customers are unclear about the costs, they should consult Agora direct before issuing the order. Agora will not recognise any complaints made subsequently.

If the customer foregoes the better “smart routing” option described above, in which the NYSE is naturally also included, and the customer sends an order directly to the NYSE instead of using “smart routing”, the NYSE charges an additional processing fee on any order, which is in the NYSE order books for longer than 5 minutes, the so-called NYSE Directed Order Handling Fee. This typically amounts to a sum of USD 0.01 per share. The customer is charged this additional fee if this order is not placed via “smart routing”. Generally, it is true that if the use of the “NYSE Directed Order” transfer method accounts for five percent of the total trading volume in the account, a “specialist pass through” fee is due for payment.