The follow are IB's fee for unbundled rates <=300,000 Shares $ 0.0035 300,001-3,000,000 Shares $ 0.002 3,000,001-20,000,000 Shares $ 0.0015 >20,000,000 Shares $ 0.001 Hidden Fees: 1) 0.00020 (clearning fee) 2) $0.0000153 (Transaction fees) 3) 0.00094 (NYSE and NASQ pass through fees) you'll notice on the site it says that Transaction Fees are only charged on Sell orders. If you look on the site is "transaction fees considered both "Hidden Fees 2 and 3"or only 2? http://individuals.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc If both 2 and 3 are only charged on the sell then IBs / share fees are... +/- ECNS <=300,000 Shares $ 0.00417 300,001-3,000,000 Shares $ 0.00267 3,000,001-20,000,000 Shares $ 0.00217 >20,000,000 Shares $ 0.00167 if that's the case... then if half the time take liq / half the time provide liq... then you really should consider unbundled rates
It still depends on further variables e.g., whether you let SMART to re-route the order to other venues with different fees structures, whether you want the tool to keep execution priority after several minutes or whether you let the tool to re-submit the order to avoid specific fees, etc.