Seeking Liquidity? Try Select Routes
TradeZero offers Smart Order Routes, Algorithmic Trading, and Exchange Access that have the potential to deliver price improvement, access to liquidity and alternative trading strategies.
See our Fee Schedule.
Smart Order Routes
| Strategy | How it works | Time in Force | Commission | Routing Fee | Add | Remove |
|---|---|---|---|---|---|---|
| FAN | Seeks to maximize the certainty of execution. Interacts with displayed and non-displayed venues up to order limit. Will complete if marketable. FANA: Aggressive, FANN: Neutral, FANP: Passive | 9:30 AM to 4 PM ET | 0.0015 | 0 | -0.001 | 0.0035 |
| POSTX | Orders are pegged to the near side of the NBBO on LIT exchanges. Will not exceed limit price (NMS Protected). | 9:30 AM to 4 PM ET | 0 | 0 | 0 | 0 |
| CODAX | Sweep & Post LIT Exchanges (NMS Protected). | 9:30 AM to 4 PM ET | 0.0015 | 0 | -0.0028 | 0.001 |
| DAGR | Sweep & Post Dark Pools (Not NMS Protected). | 9:30 AM to 4 PM ET | 0.0015 | 0 | -0.0028 | 0.0005 |
| DUSK | Sweeps for midpoint liquidity, followed by a sweep to the limit order price. If not completed, posts the balance at exchange with highest likelihood to fill (NMS Protected). | 9:30 AM to 4 PM ET | 0.0015 | 0 | -0.0028 | 0.0022 |
Listed equities priced $1 USD or greater only.
Negative values represent rebates; positive values represent fees.
Rates may change without notice.
Algorithms
| Strategy | How it works | Time in Force | Commission | Routing Fee | Add | Remove |
|---|---|---|---|---|---|---|
| CATCH | Implementation Shortfall. Seeks to minimize slippage vs. arrival price. Balances the trade-off between impact and timing risk. May not complete. 20% target minimum, 30% target maximum participation rate. | 9:30 AM to 4 PM ET | 0.0015 | 0 | -0.001 | 0.0035 |
| POV | Percentage of Volume. Volume participation target: POV10 10%, POV20 20%, POV30 30% | 9:30 AM to 4 PM ET | 0.0015 | 0 | -0.001 | 0.0035 |
Listed equities priced $1 USD or greater only.
Negative values represent rebates.
Positive values represent fees. Rates may change without notice.
Exchange Access
| Route | Time in Force | Commission | Routing Commission | ECN Rebates | ECN Fees | Add* | Remove* | Route Out* | Non displayed Add* |
|---|---|---|---|---|---|---|---|---|---|
| ARCA | 4 AM to 8 PM ET | 0.0015 | 0.0002 | Pass Thru | Pass Thru | --0.0032 | 0.003 | 0.0035 | 0 |
| ARCA MIDPOINT** | 4 AM to 8 PM ET | 0.0015 | 0.0002 | Pass Thru | Pass Thru | --0.001 | 0.003 | 0.0035 | N/A |
| BATS | 4 AM to 8 PM ET | 0.0015 | 0.0002 | Pass Thru | Pass Thru | --0.0016 | 0.003 | 0.003 | 0 |
| EDGX | 4 AM to 8 PM ET | 0.0015 | 0.0002 | Pass Thru | Pass Thru | --0.0016 | 0.003 | 0.003 | 0 |
| NASDAQ | 4 AM to 8 PM ET | 0.0015 | 0.0002 | Pass Thru | Pass Thru | --0.00325 | 0.003 | 0.0035 | 0 |
| NYSE | 4 AM to 8 PM ET | 0.0015 | 0.0002 | Pass Thru | Pass Thru | --0.0032 | 0.003 | 0.0035 | 0 |
*Standard Rates apply, may change based on liquidity event and price of security.
**Executes at the midpoint of the spread or better.
OTC & PINK Sheets are not eligible.
Negative values represent rebates; positive values represent fees.
Rates may change without notice.