Hey ETers, I use a zero commission broker(TZ). While I don't pay any commissions, I still have to pay SEC fees like everyone else. According to the SEC website here: https://www.sec.gov/news/press-release/2020-7 "he Securities and Exchange Commission announced that starting on Feb. 18, 2020, the fee rates applicable to most securities transactions will be set at $22.10 per million dollars." Which works out to be $0.0000221 for each dollar of sales. 848,521.47*0.0000221 = $18.75. but I'm being charged $19.11 SEC fees by TZ. Please note $848,521.47 is the "Sold Value" Did I misunderstand how SEC fees are charged? Or something is amiss? Thanks!
That's a difference of 36 cents. What product are you trading? Looks like the CME exchange fee for E-mini equity futures for a clearing member. BMK
Is the broker you talking about “TradeZero”? I wonder if they are legitimate and how good are they comparing to other brokers?
They are legit. But there are times when their platform freezes. Very scary if you are in positions. But I think it happens to most retail platforms.
There are SEC fees and FINRA fees. Are you being charged a separate FINRA fee? SEC USD 0.0000221 * Value of Aggregate Sales FINRA USD 0.000119 * Quantity Sold Restated, the FINRA fee is 11.9 cents per 1000 shares. So selling 3000 shares would cost you 36 cents.
I didn't know there was a FINRA fee! oh sh*t! I am charged SEC fees and NASD TAF fee and borrows(if i used them). So you think wrapped inside of SEC fees are FINRA fees? thanks for clearing that up! I thought this entire time TZ was skimming off the top. lol. That would be bad! ROFL.