Fee Schedule
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Listed Stocks and ETFs 1,2
$0 online commission
Options 3,4
+ $0.59 per contract commission 5
US Over-the-Counter (OTC) Equities 1
$0.00 Free Limit Orders
Non-Marketable Limit Orders, must not create an immediate match.
Non-Marketable Limit Orders, must not create an immediate match.
This applies to all orders that are 200 shares or greater.
Applies to orders placed during regular market hours.
Paid Orders: $0.004 per share
Market or Marketable-Limit Orders that create an immediate match.
Orders less than 250 shares: $0.99 Flat fee.
All stocks, ETFs and warrants on NYSE, NASDAQ, AMEX.
All equity securities below $1.00: $0.005 per share with a $0.99 minimum and a $7.95 max charge up to 250k shares.
Any order placed before or after regular market hours.
On-Open or On-Close orders.
OCC (Options Clearing Corp) fee
$0.055 per contract
Options Exercise or Assignment
Daily Short Locates
As Quoted
Overnight Borrow
4x of Average cost for 1st night, additional days charged at 1x Average Cost
Overnight Borrow - Odd Lots
Odd lot positions (less than 100 shares) will be rounded up to the nearest hundred shares
Margin Debit Interest
8% annually (only applies to stocks held overnight with values exceeding equity)
Regulatory & Exchange Fees
ORF (Options Regulatory Fee)
$0.02685 per contract
$0.000119 per share, sell side only
$0.0000278 x notional value of trade, sell side only
$0.00003 per share, $0.18 maximum and $0.033 minimum
$0.0000007 per share
$0.000015 per share
Show Other Fees
Make Informed Decisions with Our Leading Market Data Packages
Non-Pro Level 1 Equities $3 per month
Level 1 NYSE ($1)
Level 1 CTB ($1)
Level 1 NASDAQ ($1)
Level 1 Montage (Free)
Non-Pro Options $1.25 per month
OPRA ($1.25)
OPRA Montage (Free)
Non-Pro (?) users will have access to live market data at no cost upon account opening. If your account remains unfunded for 15 calendar days, the account may be switched to delayed data.
Pro Level 1 Equities $94 per month
Level 1 NYSE ($47)
Level 1 CTB ($23)
Level 1 NASDAQ ($24)
Level 1 Montage (Free)
Pro Options $31.50 per month
OPRA ($31.50)
OPRA Montage (Free)
Indices - Exchange Cost
INDICES (exchange cost)
Market Data Subscription Minimum and Maintenance Equity Balance Requirements
The following minimums are required to subscribe and maintain market data and research subscriptions. This does not include the cost of the service.
Individual Accounts - USD $500.00
1. Standard online $0 commission does not apply to over-the-counter (OTC) equities. Options trades will be subject to the standard $0.59 per-contract fee. Exchange process, ADR, and Stock Borrow fees still apply.
2. ETFs at Aquas Financial which are U.S. exchange-listed can be traded without a commission on buy and sell transactions made online in a Aquas account.
3.  Multiple-leg options strategies will involve multiple commissions. Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Aquas. Please read the Options Disclosure Document titled Characteristics and Risks of Standardized Options before considering any options transaction.
4. Exchange Process Fee—This is a fee Aquas charges to offset fees imposed on us directly or indirectly by national securities exchanges, self-regulatory organizations, or U.S. option exchanges. Aquas shall have the right to determine the amount of such fees in its reasonable discretion, and such fees may differ from or exceed the actual third-party fees properly paid by Aquas in connection with any transaction. These differences may be caused by various internal and external factors, including, among other things, the rounding methodology used, the use of allocation accounts, transactions or settlement movements for which a fee may not be assessed, timing differences in changes, third-party rate caps and floors, calculation errors, and various other anomalous reasons. 

The Securities and Exchange Commission (SEC) assesses transaction fees on national securities exchanges and self-regulatory organizations based on the aggregate dollar amount of sales of certain securities. The SEC recalculates the amount of this fee periodically—at least once per year but sometimes more often. National securities exchanges and self-regulatory organizations offset the transaction fees by charging their member broker-dealers such as Aquas, and Aquas, in turn, offsets this fee by charging you an Exchange Process Fee for covered sell transactions. U.S. option exchanges charge Aquas and other broker-dealers per-contract fees for purchases and sales of exchange-listed options. The exchanges may charge these fees even on transactions executed on other exchanges, which can result in multiple fees being imposed on Aquas for a single transaction. Aquas offsets these fees by charging you a single Exchange Process Fee for each covered transaction.

Any Exchange Process Fee that appears on your trade confirmation for a sale of an exchange-listed option combines the offsets for the fees charged by the U.S. option exchanges, national securities exchanges, and self-regulatory organizations. 

Aquas Exchange Process Fee will rise or fall periodically depending upon the rates set by the SEC, self-regulatory organizations, or by the U.S. option exchanges, as applicable. 

Several U.S. option exchanges currently assess a regulatory fee upon Aquas for covered transactions. This fee varies by option exchange, where an option trade executes, and whether the broker responsible for the trade is a member of a particular exchange. As a result, Aquas calculates a blended rate, and this blended rate is included in the Exchange Process Fee. As of January 2, 2024, the option regulatory fee blended rate is $0.02685.
5. Multiple leg online option orders such as spreads, straddles, combos and rollouts are charged US$0.59 per contract commissions for the total number of option contracts. Complex option orders involving both an equity and an option leg, including Buy/Writes or Write/Unwinds are charged per contract fees for the option.
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