IBKR Pro
At a Glance Guide — IBKR Pro is Interactive Brokers' professional-tier account designed for active traders who demand the lowest possible costs and the most sophisticated execution tools. It features unbundled commission pricing where trading costs are transparently separated from execution quality, tiered volume discounts that reward higher activity with lower per-share and per-contract rates, and the proprietary IB SmartRouting system that scans multiple exchanges and dark pools for the best available price on every order. IBKR Pro accounts unlock full API access for automated trading, the Stock Yield Enhancement Program for earning income on fully-paid share positions, and industry-leading margin rates benchmarked to reference rates with tiered spreads. This page walks through the pricing structure, professional tools, and account features that distinguish IBKR Pro from simplified retail pricing models.
IBKR Pro Commission Structure
Interactive Brokers uses a tiered volume pricing model for IBKR Pro that progressively lowers per-unit costs as monthly trading volume increases. All rates are in USD unless noted for international exchanges.
| Asset Class | Tier 1 (Lowest Volume) | Tier 2 | Tier 3 | Tier 4 (Highest Volume) |
|---|---|---|---|---|
| US Stocks & ETFs | $0.005/share ($1.00 min) | $0.004/share ($0.80 min) | $0.003/share ($0.60 min) | $0.002/share ($0.50 min) |
| US Options | $0.65/contract | $0.50/contract | $0.35/contract | $0.25/contract |
| US Futures | $1.25–$2.25/contract | $1.05–$2.05/contract | $0.85–$1.85/contract | $0.65–$1.65/contract |
| Micro Futures | $0.70–$1.00/contract | $0.60–$0.90/contract | $0.50–$0.80/contract | $0.40–$0.70/contract |
| Forex | Spread-based (from 0.2 pip) | Spread-based (from 0.2 pip) | Spread-based (from 0.2 pip) | Spread-based (from 0.2 pip) |
| US Bonds (Treasury) | 0.002%/face value ($5 min) | 0.0015%/face value ($5 min) | 0.001%/face value ($5 min) | 0.001%/face value ($5 min) |
| Mutual Funds (US) | $14.95/trade or less | $14.95/trade or less | $14.95/trade or less | $14.95/trade or less |
Tier thresholds are based on monthly trading volume and reset each calendar month. Interactive Brokers publishes current tier definitions and exact rates in the commission schedule available through Client Portal.
IBKR Pro Account Highlights
Professional Tools Exclusive to IBKR Pro
IBKR Pro accounts access the complete Interactive Brokers toolset beyond what is available in simplified pricing accounts. These features serve the needs of active traders, quantitative analysts, and institutional participants.
IB SmartRouting Technology
SmartRouting is the execution quality engine that distinguishes IBKR Pro from simplified accounts. On every order, the system evaluates competing exchanges, alternative trading systems, dark pools, and market makers in real time. The routing decision considers not just the displayed quote but also potential price improvement, execution probability, and the net price after accounting for exchange rebates and fees at each venue. For options orders, SmartRouting evaluates the best exchange for each leg of a multi-leg strategy independently while respecting the all-or-none constraint of spread execution.
Interactive Brokers publishes monthly execution quality statistics with net price improvement data so IBKR Pro clients can verify that SmartRouting delivers measurable savings. For US equity orders, the statistics show the percentage of shares receiving price improvement versus the national best bid and offer. SmartRouting is the product of decades of investment in market microstructure research and low-latency infrastructure connecting Interactive Brokers directly to exchange matching engines worldwide.
Stock Yield Enhancement Program
The Stock Yield Enhancement Program provides IBKR Pro clients an opportunity to earn passive income on fully-paid long stock positions. When you opt into the program, Interactive Brokers may borrow your shares to lend to short sellers. You receive collateral equal to 102% of the share value held by a third-party custodian, and you earn daily interest on the loan at rates determined by market demand for the specific security. Hard-to-borrow stocks typically command higher lending rates, creating more income opportunity.
Participation is entirely optional and can be enabled or disabled per account at any time. Shares on loan can be sold at any time — Interactive Brokers recalls shares automatically when a sell order is placed, and the sale proceeds normally. Income earned through the program is reported transparently in monthly statements with per-security detail showing lending rates and duration. This program turns idle long positions into income-generating assets without changing your investment strategy or requiring any active management.
Advanced Order Types & Algorithms
IBKR Pro accounts have access to over 100 order types and trading algorithms that professional traders rely on for execution precision. Conditional orders trigger based on price, time, or volume conditions. Pegged-to-market orders automatically adjust limit prices to track bid, ask, or mid-market levels. Volatility orders execute based on implied volatility thresholds. The Accumulate/Distribute algorithm breaks large orders into smaller child orders to minimize market impact while seeking the volume-weighted average price over a specified time window.
ScaleTrader executes a series of orders at progressively better prices, useful for building or liquidating positions during trending markets. The BasketTrader tool manages multi-leg portfolios as unified baskets, executing all components simultaneously. These algorithmic tools are available in TWS and through the Interactive Brokers API so automated systems can leverage the same sophisticated execution logic that human traders use.
Margin Lending & Multi-Currency
IBKR Pro margin accounts provide flexible borrowing in 26 currencies with interest calculated daily on settled cash balances. The tiered rate structure means larger debit balances receive progressively lower rates. Unlike brokers that apply a single high margin rate regardless of loan size, Interactive Brokers applies each tier's rate only to the portion of the balance within that tier — so a $150,000 loan pays the tier-1 rate on the first $100,000 and the lower tier-2 rate on the remaining $50,000.
Multi-currency capability allows holding cash balances and trading in 26 currencies within a single account. IBKR Pro clients can borrow in one currency while holding positive balances in another, and competitive currency conversion rates — typically within 0.2 basis points of the interbank rate — make foreign exchange transactions far cheaper than at traditional banks. Portfolio margin methodology, available to qualifying IBKR Pro accounts, calculates margin requirements based on overall portfolio risk rather than fixed regulatory percentages, potentially reducing margin requirements for well-hedged portfolios.
“IBKR Pro gives my quant team the API throughput and low-latency execution we need for our statistical arbitrage models. The tiered commissions mean our higher volume months directly reduce our per-trade costs, and the SmartRouting fills consistently beat the NBBO. For systematic trading at our scale, the cost savings versus traditional prime brokerage are substantial.”
Frequently Asked Questions — IBKR Pro
What is the IBKR Pro pricing structure?
IBKR Pro uses unbundled commission pricing where trading costs are transparently separated from execution quality. US stock commissions start at $0.005 per share with a $1.00 minimum per order — meaning an order for fewer than 200 shares pays the $1.00 minimum. Options trade at $0.65 per contract with no base ticket charge. The tiered pricing structure rewards higher trading volume with progressively lower per-share and per-contract rates across stocks, options, and futures. Unlike bundled pricing models that embed costs into wider spreads and may route orders based on payment for order flow arrangements, IBKR Pro transparently separates commissions so traders see exactly what they pay for execution. Futures commissions vary by contract type with equity index futures and commodities futures at different rate scales, and micro contracts start at lower absolute dollar amounts per contract. Forex trades are priced with tight spreads and no separate commission for most major currency pairs.
How does SmartRouting work in IBKR Pro?
IB SmartRouting is Interactive Brokers' proprietary order routing technology that scans competing exchanges, dark pools, and market makers to find the best available price for each order. The system evaluates not just the displayed quote but also potential price improvement, execution probability, and rebate or fee structures at each venue. When routing an order, SmartRouting considers exchange fees and liquidity rebates alongside quoted prices to compute the net best price — meaning an exchange with a slightly worse quote but a large rebate might produce better net execution. Interactive Brokers publishes monthly execution quality statistics showing the percentage of shares that received price improvement versus the national best bid and offer, and the average amount of improvement per share. This technology is exclusive to IBKR Pro accounts and represents one of the key differentiators from simplified pricing accounts. The system is continuously updated as Interactive Brokers connects to new trading venues and exchanges globally.
What is the Stock Yield Enhancement Program?
The Stock Yield Enhancement Program allows IBKR Pro clients to earn additional income by lending fully-paid shares of stock to other traders who need to borrow them for short selling. When your shares are lent, you receive collateral equal to 102% of the share value held by a third-party custodian bank, and you earn daily interest on the loan at rates determined by market demand for the specific security. Hard-to-borrow stocks with high short interest typically command materially higher lending rates, creating more income opportunity from positions you already hold. Participation is optional and can be enabled or disabled in account settings with no minimum holding period. Shares on loan can be sold at any time — Interactive Brokers recalls shares automatically when a sell order is placed. Lending activity and income earned are reported in monthly statements with transparent per-security detail. The program is available exclusively to IBKR Pro accounts holding fully-paid share positions that are not margin-financed.
What margin rates does IBKR Pro offer?
IBKR Pro margin rates are among the lowest in the brokerage industry, calculated as a benchmark reference rate plus a tiered spread that decreases as loan balances increase. For USD-denominated margin loans, the benchmark is typically the effective federal funds rate or an equivalent short-term reference. The tiered structure means a $25,000 loan might carry a rate approximately 1.5% above benchmark, while a $500,000 loan could be around 1.0% above benchmark, and balances exceeding $1 million approach benchmark plus 0.75% or lower. The tiers are applied progressively — only the portion of the loan balance in each tier carries that tier's rate, so a $300,000 loan pays the Tier 1 rate on the first $100,000 and the lower Tier 2 rate on the remaining $200,000. Interactive Brokers benchmarks rates to recognized reference rates and publishes current margin rates daily on the website. Margin interest is calculated on settled cash debit balances and posted to accounts monthly.
Does IBKR Pro include API access for automated trading?
Yes, IBKR Pro accounts include full Interactive Brokers API access supporting Python, Java, C++, C#, and REST protocols for building automated trading systems. The API enables real-time market data streaming, algorithmic order placement and management, portfolio and account data retrieval, and historical market data downloads for backtesting. IB Gateway provides a lightweight connection application that runs in the background or on headless servers without requiring a full TWS graphical interface, ideal for production deployment of automated strategies. API connections are subject to rate limits that ensure fair resource allocation across all clients, with higher request limits available through the professional API subscription tier for high-frequency data applications. The Interactive Brokers API documentation includes comprehensive reference material covering all supported methods, code examples in each supported language, sample applications demonstrating common use cases, and a developer community forum for peer support and integration guidance from other quantitative traders and developers.