How to choose a pricing plan, how much leverage is available, and what to consider when trading US stocks.
Intraday leverage | Up to 100× |
Overnight leverage | Up to 4× |
Minimum trade size | Depends on your plan: from one share |
Default loss limit | 80% of your balance |
What you can trade
More than 10,000 US stocks and exchange-traded funds (ETFs) are available across four markets: NYSE, Nasdaq, AMEX, and BATS.
Leverage
Leverage lets you open positions whose combined value exceeds your balance. On the stock market, intraday leverage is up to 100× and overnight leverage is up to 4×. You cannot adjust the leverage setting. To trade without leverage, keep the combined value of your positions within your balance. How leverage works.
Trading hours
All times are in New York time (ET).
Pre-market | 08:30–09:30 |
Main session | 09:30–15:55 |
Post-market | 15:55–17:00 |
Break | From 17:00 until 08:30 on the next trading day |
During pre-market and post-market, you can only place limit orders to close positions. A limit order fills at your specified price or better.
Opening and closing times in your local time zone may change when the US switches to or from daylight saving time.
The market is closed on Saturdays, Sundays, and holidays observed by US exchanges. Some sessions before holidays may be shorter. The terminal shows the current market status and the time until the next session.
Dividends
If you held a long position on the ex-dividend date, you may receive a dividend payout. If you held a short position on that date, you are charged the full dividend amount. How dividend payouts and charges are calculated.
Trading fees and pricing plans
Plan | Standard | Progressive | Per share |
Minimum trade size | 1 share | 10 shares | 10 shares |
Trading fee | 0.1% per trade | Depends on trading volume; see the table below | $0.02 per share |
Minimum fee per trade | $1 | $1 | $2 |
The Per share plan is suited to higher-priced stocks because the fee is charged per share rather than as a percentage of the trade value.
On the Progressive plan, your trading fee depends on your trading volume in the previous week:
Previous week's trading volume | Fee | Discount |
Up to $50K | 0.04% | 0% |
From $50K | 0.035% | 12.5% |
From $250K | 0.03% | 25.0% |
From $1.5M | 0.025% | 37.5% |
From $3.75M | 0.02% | 50.0% |
How to change your plan
Click your balance.
Open the My Tariff tab.
Select the plan you want.
The change takes effect immediately if you have no open positions and have not traded today. Otherwise, it takes effect on the next trading day, provided you hold no positions overnight. Until the change takes effect, you can cancel it by clicking Cancel transition on the plan's card.
Loss limit
The loss limit is your maximum total daily loss. If your loss exceeds this limit, your positions are closed automatically at the market price and trading is blocked. Positions are also closed automatically if your balance reaches zero or becomes negative.
The default loss limit is 80% of your balance. You can lower it.
Positions are not closed automatically during the first 3 minutes of the main session. This helps avoid an unfavorable execution price caused by a wide spread — a large gap between buy and sell prices. How the loss limit works.
Other trading conditions
Overnight fee
The overnight fee is charged at market close for carrying open positions into the next trading day. It is calculated using the combined value of all open positions:
0.0278% of the amount above your balance;
an additional 0.0833% of the amount above twice your balance.
For example, you have $1,000 in your account and want to carry a position worth $3,900 into the next trading day. The fee is calculated as follows:
0.0278% on $2,900 — the amount above your balance.
An additional 0.0833% on $1,900 — the amount above twice your balance.
Total overnight fee: $2.39.
If the combined value of your open positions does not exceed your balance, no overnight fee is charged on the stock market. Current rates are listed on each instrument's page in the Fees tab.
Penny stock fee
Trades in stocks priced below $8 incur an additional fee of $0.003 per share.
Night Threshold
The Night Threshold is the maximum combined position value you can carry into the next trading day. It is calculated as: (balance + realized profit or loss) × 4.
If the combined value of your open positions exceeds this threshold at market close, the risk management system may reduce your positions at the market price.
For example, you deposit $100, making your Night Threshold $400. During the day, you buy $600 worth of shares. This exceeds the threshold, so the risk management system closes the position in the last five minutes of the trading session. We send you a warning email half an hour before the close.
Another example: you deposit $100 and your Night Threshold is $400. During the day, you buy $300 worth of shares. This is below the threshold, so the position can remain open. If you carry it into the next trading day, an overnight fee is deducted from your account.
To check your Night Threshold, click Details in the balance block.
Minimum trade size
The minimum trade size depends on your plan: one share on Standard, and 10 shares on Progressive and Per share.
How many positions you can open
You can open one position for every $10 in your account.
For example, with a balance of $10 or $19, you can hold one position. With $20 or $29, you can hold two.
How many shares you can hold in one position
The maximum number of shares in a single position is your balance multiplied by 10.
For example, with $20 in your account, the maximum is 20 × 10 = 200 shares in one position.
Order duration
Unfilled orders are canceled automatically when post-market begins. Orders still active at the end of post-market are also canceled. More about orders.