Pricing
The whole schedule, on one page.
Two commission models, five financing currencies, and a short list of account fees — most of which are zero. There is no negotiated rate card and no relationship discount.
Commissions
Tiered or fixed
Tiered is cheaper above roughly 300,000 shares a month; fixed is easier to forecast. Accounts may switch once per calendar month.
Commission falls as monthly volume rises. Exchange, clearing and regulatory fees are passed through at cost.
| Tier | Monthly volume | US equity | EU equity | Options | Futures |
|---|---|---|---|---|---|
| Tier 1 | ≤ 300,000 shares | USD 0.0035 / sh | 0.05% of value | USD 0.65 / contract | USD 0.85 / contract |
| Tier 2 | 300,001 – 3,000,000 | USD 0.0020 / sh | 0.03% of value | USD 0.50 / contract | USD 0.65 / contract |
| Tier 3 | 3,000,001 – 20,000,000 | USD 0.0015 / sh | 0.02% of value | USD 0.35 / contract | USD 0.45 / contract |
| Tier 4 | > 20,000,000 | USD 0.0010 / sh | 0.015% of value | USD 0.20 / contract | USD 0.25 / contract |
Indicative rates for this design concept. Under the tiered model, exchange, clearing and regulatory fees are passed through at cost and shown separately on the trade confirmation. Under the fixed model they are included in the commission. Minimums and maximums apply per order; see the full schedule at onboarding.
Financing
Margin priced off the benchmark, not off a spread you have to discover.
Debit balances accrue daily against the currency's overnight benchmark. Tier 2 applies above the equivalent of USD 1,000,000.
| Currency | Benchmark | Tier 1 — up to 1,000,000 | Tier 2 — above 1,000,000 |
|---|---|---|---|
| USD | SOFR | BM + 1.50% | BM + 0.75% |
| EUR | ESTR | BM + 1.50% | BM + 0.75% |
| GBP | SONIA | BM + 1.50% | BM + 0.75% |
| CHF | SARON | BM + 1.50% | BM + 0.75% |
| JPY | TONA | BM + 1.25% | BM + 0.60% |
Benchmarks float. Rates shown are illustrative placeholders for this design concept and are not an offer of credit. Borrowing against securities carries the risk of forced liquidation.
Account fees
Mostly nothing, and we would rather say so plainly.
Iron does not charge for opening, holding, or closing an account. The charges that do exist are listed here in full.
- Account openingNo application or onboarding charge.None
- Account maintenanceNo inactivity or minimum-activity fee.None
- Market data — delayedIncluded on every account by default.None
- Market data — real timeExchange fees passed through without markup.At cost
- Domestic bank transferUSD 10 equivalent thereafter.1 free / month
- Position transfer in (ACATS)Outbound transfers charged at cost.None
Currency conversion is charged as a disclosed spread on the interbank mid, itemised on the trade confirmation. Third-party charges levied by a correspondent bank are outside Iron's control.
Questions