Transfer Fees
ACAT Transfer Incoming FREE
ACAT Transfer Outgoing $75
Full / Partial Account Transfer to Apex Correspondent $75
Check Request Standard Delivery (Domestic) $5
Check Request Overnight Delivery (Domestic) $50
Check Request Standard Delivery (International) $10
Check Request Overnight Delivery (International) $100
DTC Transfer Incoming FREE
DTC Transfer Outgoing $25
Rejected ACAT / DRS / DTC Transfer fee (Per Security) $125
Internal Journal Transfer FREE
Wire Transfer Outgoing (Domestic) $25
Wire Transfer Outgoing (International) $50
ACH Recalls/Returns/Reversals $30
ACH Correction $5
Non-Sufficient Funds (NSF) - ACH and Check Deposits $30
Stop Payment $30
Wire Investigation $50
Wire Recalls/Returns $30
Wire Repairs/Amendments $30
Check Copies $15 each
Transfer On Death $200

Trade Related Fees
Change Orders FREE
F-Stock Trade Clearance
$50.00 per symbol/day + commission + exchange fees

Effective October 15, 2012, Apex will begin assessing a fee of $50.00 per symbol, per account, per day on all trades of five-letter symbols ending in “F” (F-stocks), regardless of listing or settlement location. For example, if the customer buys and sells the same security in the same account on the same day, there will be one fee. If the customer buys the same security multiple times in the same account on the same day, there will be one fee. The fees will be posted T+1 and will be assessed regardless of equity in the account. Fees for trades that take place in DVP accounts will be assessed to MB Trading.

$50.00 per symbol/day + commission + exchange fees
Option Regulatory Fee (ORF)
$0.0427 per option contract

The ORF is a pass-through exchange fee collected by MB Trading on behalf of the U.S. option exchanges. The purpose of the fee is to assist in offsetting exchange costs relating to the supervision and regulation of the options market. The fee was initiated by the CBOE in mid-2009, by each of the BOX, ISE and PHLX in January 2010, by AMEX and ARCA in May 2011, by Nasdaq in January 2012 and by C2 in August 2012. The ORF is assessed on all trades, both buys and sells, in addition the MB Trading commission charge as well as any existing exchange fees.

$0.0427 per option contract
French Financial Transaction Tax (FTT) - French ADRs

0.2% tax rate

Beginning December 1, 2012, the purchase of ADR’s related to French companies, having a market capitalization in excess of 1 billion euros, on the first of January of the tax year 2012, will be subject to this tax. According to the currently available guidance, the FTT will ostensibly be applicable to purchases involving the transfer of ownership of a defined list of equity securities admitted to trading on any regulated market. The tax rate is 0.2% which will be calculated using only the principal purchase amount of the security. The relevant legislation seeks to apply and collect FTT on the transfer of ownership of shares.

0.2% tax rate
Foreign Exchange Trade
$50surcharge + commission + exchange fees

Transactions conducted outside of US exchanges

$50 surcharge + commission + exchange fees
Euroclear Securities Tranactions $35 per symbol/day + commission + exchange fees
Canadian Securities Transactions $35 per symbol/day + commission + exchange fees
Hard-to-Borrow (HTB) Fee

Please be aware that any equity that you “short” can be subject to added fees. Equity symbols that are on the "Easy to Borrow" list do not automatically qualify them to not be charged added fees. While this is subject to change the current fee to short any of the Equity symbols that are not on the “Easy to Borrow” list will range from 0% to 5% per year. All fees are calculated daily and the interest rate could increase and vary from day to day.

Intra-day locates for stocks that are not on the Easy to Borrow list are subject to the same fees with the initial percentage being 0% or greater.

Fees can change daily and are in addition to the Margin fees that are applied separately to all short positions held overnight.

SEC revised its short sale regulation regarding the prohibition of short sales of financial company stocks which, among other things, amended the list of securities which are to be covered. Pursuant to the short sale rules, Apex is required to borrow shares to make delivery and in doing so, incurs charges, which is passed through to your account. Each security’s availability vary day to day, in addition rates may vary as well. For more information related to the SEC Short Sale Rule, please visit SEC’s website at http://www.sec.gov/.

Low priced stocks (less than $1.00)
$4.95 per trade + $0.01 per share, Maximum charge of 5% of principal value.

regardless if OTC BB / Pink Sheet, or exchange listed stock. Existing stocks under $0.10 are permitted closing orders only.

$4.95 per trade + $0.01 per share, Maximum charge of 5% of principal value.
MBTX Advanced Orders FREE
NSCC Illiquid Charge
$250.00 for each trade

Apex charges a fee of $250.00 for each trade that creates an illiquid charge as determined by the National Securities Clearing Corporation (NSCC). Transactions that could potentially create illiquid charges should be used as a general guideline based on the following criteria:

Eligible Transaction Types: Cash, Margin, Shorts

Eligible Listings: OTC Marketplace (also referred to as Bulletin Board or Pink Sheets)

Eligible Price Range: All securities regardless of their price are eligible for illiquid charges.

Buy Side:

  • Open net buy quantity represents the total unsettled share amount per stock at any given time during a 3-day settlement cycle.
  • Open net buy quantity must be less than 5,000,000 shares per stock for your entire firm.

Sell Side:

For a long customer position that has settled and is being held with Apex Clearing Corporation as custodian, there are no restrictions on the amount of shares or the dollar amount of an order for sale.

Eligible Transaction Type: DVP

Eligible Listings: OTC Marketplace (also referred to as Bulletin Board or Pink Sheets)

Eligible Price Range: All securities regardless of their price are eligible for illiquid charges.

Buy Side:

  • Open net buy quantity represents the total unsettled share amount per stock at any given time during a 3-day settlement cycle.
  • Open net buy quantity must be less than 5,000,000 shares per stock for your entire firm.

Sell Side:

  • Open net sell quantity represents the total unsettled share amount per stock at any given time during a 3-day settlement cycle.
  • Open net sell quantity must be less than 40% percent of the 20-day average volume for your entire firm.

“F” Shares

All OTC equity symbols are issued by FINRA and follow the standard four character symbol convention used by NASDAQ. A fifth character is used to indicate a particular security type or status. An “F” indicates that the stock is a Foreign Issue. The manner in which transactions are processed by National Securities Clearing Corporation (NSCC) in “F” shares is different from other OTC stocks therefore a different formula is applied.

“F” Share Buy Side

  • There are no restrictions on the amount of shares or the dollar amount of an order for a purchase.

“F” Share - Sell Side

  • Open net sell quantity represents the total unsettled share amount per stock at any given time during a 3-day settlement cycle.
  • Open net sell quantity must be less than 5,000,000 shares per stock for your entire firm.


  • Should you exceed these parameters, one or more trades may be subject to immediate buy-in.
  • On a daily basis Apex quantifies and records all customer and/or proprietary accounts whose trading activity has created an illiquid charge as per the calculations by the National Securities Clearing Corporation.
  • Apex reserves the right to close any customer account whose trading activity has created illiquid charges.As a general guideline, Apex will allow a customer to create an illiquid charge on three occurrences from the date of the account opening until the present time. After the third occurrence, Apex will restrict all trading activity in the account. The account closure may include related accounts if they are holding similar securities.
  • The above is a guideline. If an unusually large illiquid charge is created by a customer on their first occurrence Apex may immediately restrict trading.

Interest charges / Fees:

  • For trading activity that triggers an NSCC illiquidity charge, Apex will charge interest at a minimum overnight rate of 15% on the illiquid requirement generated by the customer account. In the case of DVP accounts, Apex will charge a correspondent’s proprietary account.
  • A fee of $250.00 for each trade that creates an illiquid charge as determined by the NSCC will also be billed directly to the customer account. This fee is in addition to the interest charge that is applied to the customer account whose trade had created an illiquid charge.
Order Cancellations FREE
Broker Assisted Activity (Call in Trades, Option Exercise, Short Buy-in)

(Call in Trades, Option Exercise, Short Buy-i)

$35 per trade + Commission

Broker Assisted Activity fee waived for technology issues originating with MB Trading.

$35 per trade + Commission
SEC Transaction Fee (Sell/Short orders only)
$18.40 /million

This fee is paid to the SEC (Securities Exchange Commission) and is based on the total dollar amount of securities sold. To calculate the fee, multiply the aggregate dollar amount of sales by the current fee rate (0.0000184). The resulting figure should then be truncated at the fifth place after the decimal point and then rounded up to the next cent. For more information please visit the FINRA website.

FINRA Trading Activity Fee (Sell/Short orders only)
$0.000119 /share

The FINRA charges a Trading Activity Fee (TAF) to ensure adequate funding levels for its member regulatory program. All equity transactions (including Bulletin Boards and Pink Sheets) incur an additional $0.000119 per share charge (maximum of $5.95 on a 50000 share order), while option transactions will incur an additional $0.002 per contract charge and bonds incur a $0.00075 per bond for each sale, regardless of commission plan. For more information please visit the FINRA website.

Non-DTCC Eligible Security Fee
$150 + $35 broker assisted fee

Please be advised the enclosed list includes all Non-DTCC Eligible Securities deemed by Apex, however this list may be subject to change as the qualification of certain securities may change. DTCC deems a security non-transferrable when a security does not have a transfer agent or company contact for a period of six years or more. DTCC imposes monthly charges to all participants holding non-transferrable securities.

Effective March 18, 2013 , Apex will be instituting three new policies for processing physical securities:

1. Apex will eliminate processing receipt and deposit of equity securities trading on the Pink Sheets or Bulletin Board. Presently, free shares are received into customer accounts through three methods: Direct Registration (DRS), Deposit, Withdrawal at Custodian (DWAC) and physical receipt. Apex will no longer accept free receipt of Bulletin Board or Pink Sheet securities through any of these methods.

2. As trade settlement costs for securities not eligible for processing at DTCC have increased significantly, Apex will pass through costs for this process by charging for trade activity that results in a physical settlement in any non-DTCC eligible securities, which currently includes the securities on the enclosed list but is subject to change. The accounts subject to this charge will be those with a daily change in trade date position for securities that are non-DTCC eligible. Apex will evaluate trading activity in each account and identify activity that results in a settlement. Trading activity that nets to zero on a daily basis will not result in a physical settlement. Apex will process a fee of $150.00 in each identified account on trade plus one.

3. Apex will review incoming ACATs for these securities on enclosed list and may take additional action based on the review, including rejection of the incoming account.

Restricted securities or securities registered in client name and held on Apex's books and records can no longer be removed from the client account via a Non-Transferable or Penny for Lot request, clients can request to have the certificates returned to the account address of record, subject to the fee for the return of the certificates.

For further information concerning non-DTCC eligible securities, please contact MB Trading.

$150 + $35 broker assisted fee
Direct Routes $0.0075 per share
Escheatment Notification $2.00
Voluntary Corporate Action
  (Rights, Warrants, Tender Offers, etc)
$50 per request/sym/account + Commissions
Mandatory Corporate Actions FREE
Margin Sell Out Fee $25
Short Forced Buy-in $25
Options Professional Order Fee
Order Cancellation/Change Order/Executed Option Contract
$2.00 per item

The term “Professional Customer” is defined as

  1. A person or entity that is NOT a broker or dealer in securities; and
  2. Places more than 390 orders in listed options per day, whether executed or not, on any listed options exchange on average during a calendar month for its own beneficial account(s).
  3. A fee occurs for any Order Cancellation, Change Order, and Executed Option Contract.
$2.00 per item
Options Exercise
$9.95 and $0.01 per share fee

On regular exercise day, equity options and index options with a value of $.01 or more will be subject to automatic exercise and/or assignment. You can exercise any options by calling us on during regular business hours up to 4:15 pm ET. The resulting position will be reflected in your account on the following business day.

$9.95 and $0.01 per share fee
Options Assignment $4.95
OTCBB / Pink Sheet $4.95 per trade + $0.01 per share, Maximum charge of 5% of principal value.
Reg T Call Extension $25
Reorganization Activity - Dividend Check $5 per item
Reorg Physicaly Processing Fee $125 plus Transfer Agent Fee
Reorg Wire Fee (Domestic) $25 each
Reorg Wire Fee (International) $50 each
Worthless Security liquidations $35

Securities Processing Fees
Accommodation Transfers (T&S) $235 per security
ADR Holding $.03 per share per year
DRS Processing (Incoming/Outgoing) $115 / per security
DWAC Processing (Incoming/Outgoing) $75 per event
DWAC / DRS Reject $125 per security
Statement Withdrawal $30
Electronic to Physical Certificate Conversion $900 per security
ESOP Trades $125
Foreign Security Transfer fee $50
Lost Certificate Replacement 3% of certificate value ($250 minimum)
Non-transferable stocks $10 per month each
Physical Stock Certificate Deposit
$300 per security

We reserve the right to refuse acceptance of any submitted stock certificates. Processing of stock certificates usually takes a minimum of 15 business days.

$300 per security
Physical Stock Certificate Safekeeping $15 per account per cusip per month
Physical Stock Certificate Deposit into Safekeeping $7.50 per deposit
Physical Stock Certificate Withdrawal from Safekeeping $100 per withdrawal
Physical Stock Certificate Withdrawal (Non-DRS Eligible)
Standard Delivery
Physical Stock Certificate Withdrawal (Regardless of DRS Eligible) Rush Delivery
$575 fee

Any securities that can clear through DTC's Direct Registration System (DRS) should be withdrawn via DRS transfer rather than a physical stock certificate. DRS eligible securities withdrawn by a physical certificate can only be sent via Rush delivery.

Restricted Stock Processing $125 per cusip/deposit
Restricted Transfers $465 per security
Rush Transfer and ship $350 per security
Standard Legal Transfers $150 per security
Worthless / Non-Transferrable Securities
$7.50 /month

If DTCC deems a security worthless and non-transferable when a security has no transfer agent or company contact for a period of six years or more. DTCC will charge all participants for holding this position monthly. To have this removed from account, please send an email to [email protected]. Restricted securities or securities certificates registered in client name and held on Apex's books and records can be requested to be returned to the account address of record but will be subject to associated fees for the return of the certificates.

$7.50 / month
Warrant Exercise $125
Worthless Security Reinstatement $15 / per cusip
Physical Stock Certificate using Pacific Stock Transfer Agent $600

Check Writing (Cash Management Services) Fees
Spectrum Checks Only $30
Spectrum Checks w/ Gold $60
Gold Card Only $30
Spectrum Checks w/ Platinum $75
Platinunm Card Only $45
Spectrum Reorder Fee/150 non-duplicate $15
Access Reorder Fee/15 non-duplicate $5
Stop Payment $35
Returned ACH $35
Returned Check $35
Check Copy $15
Salesdraft Copy $15
Domestic Overnight for Checks $45
Domestic Overnight for Cards $45
Visa Currency conversion fee for debit
  transactions with foreign merchants
International Overnight (all international items are sent to BPO for mailing
  the customer is charged the fee that Apex is charged by UPS.
 The average rate is $85.00.
Standard UPS fee charged to customer

Miscellaneous Fees
Additional Username

Fees may apply if original username has subscribed to additional software data feeds.

Historical statements/confirms Dated October 2012 and after $.005 per page, $30 minimum
Historical statements/confirms Dated prior to October 2012 $.005 per page, $30 minimum
Escheatment Processing $75 per account
Entity Accounts - Account Opening Fee
$100 opening fee

Corporation, Partnership, LLC

$100 opening fee
Entity Accounts - Annual Fee
$100 annual fee

Corporation, Partnership, LLC

$100 annual fee
Inactive Account Fee per household account
$12per quarter

Accounts that do not place at least 1 trade per quarter will be charged a $12 inactivity fee for their combined household accounts. Household accounts are defined as accounts that share the same tax ID. We look at your household relationship to determine if the Inactivity Charge is applicable by taking the combined trading activity across all the accounts in your household. For example, if the combined household has made 0 commission-charged tradesin the last 3 months, you will be charged an inactivity fee. If you have made 1 commission-charged trade in the last 3 months, you will not be charged an inactivity fee. If you have multiple accounts, the accounts will be charged in this order. Again, only one of these accounts would be charged once every 3 months:

1. Margin Account
2. Cash Account (non-retirement)
3. IRA Account

$12 per quarter
IRA Transfer Out or Termination $50
Legal Items (Garnishment, Levy processing, etc). $25
Mail Delivery of Prospectus $2.50 per security
Paper Trade Confirms $2.00 per confirmation
Paper Monthly/Quarterly statements/Tax statements $5 per statement
Research Fee   $25
Returned Mail
$2 per price

Effective May 1, 2014, Apex will be assessing a $2 fee for each return mail item on a monthly basis and will appear on your monthly statement. Accounts that have two or more returned statements will be restricted to buying power of $0 and will prevent trades from posting to the account.

$2 per price
New trading restrictions Stocks < = $0.10: closing orders only



MB Trading, IB member FINRA, SIPC; MB Trading Futures, Inc. RFED/IB and member NFA. Trading in futures, options and Forex is speculative in nature and not appropriate for all investors. Investors should only use risk capital when trading futures, options and Forex because there is always the risk of substantial loss. MBTFS and MBTFX are sometimes referred to collectively herein as "MB Trading."

1MB Trading FX offers two Forex pricing models. Both models employ our RFED to client facing execution system with slightly different pricing and markup models.  For purpose of clarity the two pricing models (Plan 1 and Plan 2) both operate on the same technology.  The underlying technology is named The MB Trading Electronic Xrossing Network, abbreviated as EXN for the remainder of this disclaimer.  The main differentiator between the models is twofold.

A.    Difference in amount of markup or markdown of liquidity partner (banks) quotes when displayed to clients.
B.    Commission Structure charged to client

Plan 1 or “Pay for Limit” plan employs the EXN technology in a commission model. This model charges a client 2.50 in their base currency per 100k of executed currency for market orders and pays a client .50 of base currency for posted, executed limit orders. In the Pay for Limits model, the term "Payment for Limit Order" refers to a non-market order which is not immediately executable and rests on the internal limit order book for some period of time, thus adding liquidity when another order of equal or greater value fills with the resting order.

Free Commission Plan employs the EXN technology in a markup only plan, which means that MB Trading receives a markup embedded in the spread as compensation. This plan does not add an additional commission, does not pay the client a rebate for posted liquidity as Plan 1 does yet does still offer the benefit of allowing the client to post quotes which is displayed to all other clients on Plan 2.

Additional information to note is that “Actual Total Paid to Clients” counter is kept on the company website which displays The Actual Total Paid to Clients currency number which is updated every five minutes and stops counting during the weekend when the market is closed. The number calculates from the launch of Pay for Limits, which was January 31, 2011.

Due to higher cost of business in China, “Get paid for limit orders” is not available for Chinese residents. All Chinese residents have a fee of 2.50 for all order types. Accounts with special commission rates are excluded from Payment for Limit Orders. There is a minimum fee of $0.01 for all Forex and spot trading orders that take liquidity.

MB Trading earned a 4.5 out of 5 star rating in Barron’s 2011 Review of Online Brokers, tying for the top spot overall. The company earned a total of 33.8 points, one tenth of a point under the top score. MB Trading also scored in the top three for separate categories of Range of Offerings, Trade Experience, Trading Technology, Usability, and Customer Service and Education. MB Trading earned a 4.5 out of 5 star rating in Barron's 2010 Review of Online Brokers. The company ranked second overall and tied for first place in the categories of Trade Experience and Portfolio Analysis & Reporting. The company also won the category of Usability. The company also tied for first place in the separate categories of "Best for Frequent Traders" and "Best for Options Traders." This survey evaluated 27 Online Firms and does not include all Online Brokers.

*Real-time Forex Quotes are provided via the MBT Quote API. Quotes are available during platform hours from Sunday at 5 pm EST to Friday at 5 pm EST, except during the scheduled maintenance period from 4:58 pm to 5:06 pm EST. Extended maintenance periods are possible, and messages regarding maintenance are sent via the MBT Desktop, MBT Desktop Pro, and MBT Web 2.0 trading platforms. In addition, MBT begins MetaTrader 4 maintenance at 4:57 pm EST, one minute earlier.

MB Trading provides FREE real-time streaming Forex quotes in all software platforms. Demo accounts receive FREE streaming Stocks, Futures, and Options quotes which are delayed up to 20 minutes (per individual exchange requirement). FREE real-time streaming quotes for Stocks, Futures, and Options is available to nonprofessional users with funded, live accounts.

MB Trading provides Google Translation of our website for educational or informational purposes for its international customers. The graphics, applications and some portions of the website are not translated. Customers must bear the sole responsibility of evaluating their regional translation before making any decisions based on such information outside of what the English version of the site represents.