Is IBKR Lite actually free?

Commission on US stocks and ETFs is zero on Lite, but the plan carries trade-offs that Pro does not: less favourable order routing, lower interest paid on cash, and higher margin rates. Lite is also restricted to US residents. Everyone else is on Pro.

What does IBKR charge per share on Pro?

On the Pro Fixed plan the published rate is 0.005 dollars per share with a 1 dollar minimum per order. The Tiered plan goes as low as 0.0035 dollars per share and adds exchange, regulatory and clearing fees separately, so it favours higher volume.

How much does IBKR charge to convert currency?

Two methods with different pricing. Automatic conversion applies a 0.03 percent adjustment to the exchange rate with no separate commission. A manual spot FX order is priced at 0.20 basis points of trade value with a 2 dollar minimum, and the underlying quote is interbank with no markup.

When is manual FX cheaper than automatic conversion at IBKR?

Around 6,667 dollars. Below that the 2 dollar minimum on a manual order costs more than the 0.03 percent adjustment on automatic conversion. Above it the percentage charge overtakes the fixed minimum. On a 10,000 dollar conversion the estimated cost is about 2 dollars manual against 3 dollars automatic.

Does Interactive Brokers charge an inactivity fee?

No. IBKR publishes no inactivity fee, no account maintenance fee and no deposit fee, which is unusual among brokers offering direct market access.

What options commission does IBKR charge?

On the fixed plan the rate is 0.65 dollars per contract, and tiered pricing ranges from 0.15 to 0.65 depending on volume. IBKR states that Lite accounts are charged a fixed rate on the first 1,000 US option contracts each month, and that volume above that moves onto the Pro tiered model.

Is Interactive Brokers cheaper than a zero commission broker?

For a US investor trading only US stocks, the commission difference is small and other factors matter more. For anyone converting currency, IBKR is usually far cheaper, because a 0.03 percent conversion charge against a typical retail rate of half a percent or more is the largest single saving available.

Home · Brokers · Interactive Brokers fees

Interactive Brokers is cheap. Two settings decide how cheap

Written by Jacob Shasha, private investor · Updated 3 August 2026 · How we test

Some links here are partner links, and we may earn a commission if you open an account through one. It never changes the ranking or the numbers, which come from published schedules. How we make money.

Short answer

On commission, IBKR is among the cheapest available: 0.005 dollars per share on the Pro Fixed plan with a one dollar minimum, or zero on Lite if you are a US resident. But the number that decides your real cost is currency conversion. IBKR charges 0.03 percent to convert automatically, against half a percent or more at a typical retail broker. On ten thousand dollars that is roughly 3 dollars against 50.

Lite or Pro, and why it is not a free choice

Lite advertises zero commission on US stocks and ETFs. That is true, and it is not the whole picture. Lite carries less favourable order routing, pays lower interest on cash, and charges higher margin rates than Pro. It is also restricted to US residents, so everyone outside the US is on Pro whether they like it or not.

On options, IBKR states that Lite accounts are charged a fixed rate commission on the first 1,000 US option contracts traded per month, and that volume above that moves onto the Pro tiered model. Worth knowing before you assume the plan scales with you.

	IBKR Lite	IBKR Pro Fixed	IBKR Pro Tiered
US stocks and ETFs	$0	$0.005 per share, $1 min	From $0.0035 per share
Options per contract	$0.65 fixed to 1,000/mo	$0.65	$0.15 to $0.65
Exchange and regulatory fees	Included	Included	Charged separately
Order routing	Less favourable	Smart routing	Smart routing
Interest on cash	Lower	Higher	Higher
Margin rate	Higher	Lower	Lower
Who can use it	US residents only	Anyone	Anyone
Inactivity fee	None	None	None

Commission and plan figures from Interactive Brokers' published schedules and broker review sources, checked 3 August 2026. Pricing varies by IBKR entity and by country and changes over time. Confirm in your own Client Portal.

Currency conversion, where the real money is

If you live outside the US and buy US shares, or hold anything listed in another currency, this section matters more than every commission figure above combined.

IBKR offers two ways to convert, and they are priced completely differently.

Automatic conversion

Triggered when you buy an asset in a currency you do not hold. The cost is a 0.03 percent adjustment applied to the exchange rate, with no separate commission. It happens in the background and you will not see a line item for it.

Manual spot FX

You place a currency order yourself. Priced at 0.20 basis points of trade value with a 2 dollar minimum, against an interbank quote with no markup. IBKR is explicit about the philosophy: it passes through the prices it receives and charges a separate low commission, rather than marking up quotes and charging nothing in commission as many currency brokers do.

The breakeven is around 6,667 dollars

Below that, the 2 dollar minimum on a manual order costs more than the 0.03 percent adjustment. Above it, the percentage overtakes the fixed minimum and manual wins.

$10,000 manual

~$2

$10,000 automatic

~$3

Typical retail broker

~$50

The third column is the point. Arguing over one dollar between IBKR's two methods is a rounding error next to the fifty you would hand over elsewhere on the same conversion. If you invest across currencies, this is the largest single cost decision available to you, and it is usually made by default without anyone mentioning it.

What IBKR does not charge

No inactivity fee, no account maintenance fee and no deposit fee. That is genuinely unusual for a broker offering direct market access, and it removes the slow leak that catches people who trade rarely.

The cost that does catch new users is market data. The free basic tier is limited, and real-time data for specific exchanges is a monthly subscription. Budget for it if you need it, and skip it if you are a long term holder who does not.

Who it suits

Anyone converting currency, without much argument. Anyone borrowing on margin, because the rates are consistently among the lowest published. Anyone buying outside their home market, because the exchange coverage is unmatched.

It suits you less if you are a US resident trading only US stocks and want a simple app. The commission difference against a zero commission broker is small at that point, and the platform is built for people who want control rather than simplicity. Our broker cost comparison covers what separates the mainstream options in that case.

Work out your own number

Our free Google Sheets tracker holds your positions with live prices and totals your commissions, platform charges and currency conversion into one annual figure, so you can see what a switch would actually save.

Get the spreadsheet

Frequently asked questions

Is IBKR Lite actually free?: Commission on US stocks and ETFs is zero on Lite, but the plan carries trade-offs that Pro does not: less favourable order routing, lower interest paid on cash, and higher margin rates. Lite is also restricted to US residents. Everyone else is on Pro.
What does IBKR charge per share on Pro?: On the Pro Fixed plan the published rate is 0.005 dollars per share with a 1 dollar minimum per order. The Tiered plan goes as low as 0.0035 dollars per share and adds exchange, regulatory and clearing fees separately, so it favours higher volume.
How much does IBKR charge to convert currency?: Two methods with different pricing. Automatic conversion applies a 0.03 percent adjustment to the exchange rate with no separate commission. A manual spot FX order is priced at 0.20 basis points of trade value with a 2 dollar minimum, and the underlying quote is interbank with no markup.
When is manual FX cheaper than automatic conversion at IBKR?: Around 6,667 dollars. Below that the 2 dollar minimum on a manual order costs more than the 0.03 percent adjustment on automatic conversion. Above it the percentage charge overtakes the fixed minimum. On a 10,000 dollar conversion the estimated cost is about 2 dollars manual against 3 dollars automatic.
Does Interactive Brokers charge an inactivity fee?: No. IBKR publishes no inactivity fee, no account maintenance fee and no deposit fee, which is unusual among brokers offering direct market access.
What options commission does IBKR charge?: On the fixed plan the rate is 0.65 dollars per contract, and tiered pricing ranges from 0.15 to 0.65 depending on volume. IBKR states that Lite accounts are charged a fixed rate on the first 1,000 US option contracts each month, and that volume above that moves onto the Pro tiered model.
Is Interactive Brokers cheaper than a zero commission broker?: For a US investor trading only US stocks, the commission difference is small and other factors matter more. For anyone converting currency, IBKR is usually far cheaper, because a 0.03 percent conversion charge against a typical retail rate of half a percent or more is the largest single saving available.