Interactive Brokers Fixed vs. Tiered ETF Fees: Costs by Exchange and Trade Size

Choosing between Interactive Brokers’ Fixed and Tiered pricing can change the cost of an ETF trade, but there’s no single winner across markets. For UCITS ETFs, the exchange and trade value drive the comparison. For U.S. ETFs, the number of shares matters more. A plan that costs less for a small monthly purchase may cost more as trade size grows.

The fee tables and examples below use the rates described for IBKR Ireland, checked on 27 October 2026. They cover monthly trade values below €50 million on the European markets listed and below £40 million on the LSE. Fees can change, so check the applicable schedule and the order details in your account before trading.

What the two pricing plans include

Fixed pricing is simpler to estimate: it applies a stated commission, with the schedule setting minimums and, on some markets, a maximum. Tiered pricing combines commission with exchange, clearing and other pass-through fees. Those extra charges depend on the market and order type, so Tiered can be cheaper for one exchange and more expensive for another.

In the European examples below, both plans use a 0.05% commission. Their minimum commissions differ, and Tiered adds market fees while applying a €29 maximum on XETRA and Euronext. On the LSE example, Tiered has no stated cap. The total matters more than the headline commission: a low minimum can help on a small order, while a cap may limit the cost of a large one.

UCITS ETFs: compare exchange and trade value

For UCITS ETFs, the useful comparison is the value traded on the exchange where the order is routed. The most liquid venues cited for euro trading are XETRA in Germany and Euronext in Amsterdam, Paris and Brussels. For trades in U.S. dollars or pounds, the London Stock Exchange is a key venue in the comparison.

Quote-driven markets with a single market maker are excluded from these examples. Their execution can be less favorable, except for very small trades, so their fees may not provide a useful benchmark for choosing a pricing plan.

XETRA: Tiered suits the smallest and largest examples

On XETRA, Tiered applies a €1.25 minimum and a €29 maximum, plus exchange, clearing and regulatory fees. Fixed has a €3 minimum and no maximum in the listed schedule, with no separate exchange, clearing or regulatory fee in the table. Both charge 0.05% commission.

The monthly trade-value examples show the crossover. At €500, Tiered costs €1.30 versus €3 for Fixed. At €5,000, the two are close: €2.75 for Tiered and €3 for Fixed. Fixed is slightly cheaper at €10,000 and €20,000, at €5 and €10 respectively, compared with €5.47 and €10.91 for Tiered. At €50,000, Fixed costs €25 and Tiered €27.23. At €100,000, Tiered’s €29 cap makes it cheaper than Fixed, which costs €50.

There’s a caveat for XETRA orders: the comparison tool uses Lean Orders for Tiered. Standard Orders have a higher ETF exchange fee: 0.0072%, with a €0.90 minimum, compared with 0.0036% for Lean Orders. The source’s later update also reports a 0.0036% XETRA ETF fee with a €36 maximum and says Tiered costs a few cents more in that updated comparison. Order type therefore affects the result, and the figures shown in the monthly table should be read with their stated assumptions.

Euronext: Fixed often wins in the middle

For euro ETF trades on Euronext in Paris, Amsterdam or Brussels, both plans have 0.05% commission, but Fixed adds €0.75 per execution. That makes its listed minimum €3.75. Tiered has a €1.25 minimum and €29 maximum, with exchange, clearing and regulatory fees added.

Tiered is cheaper below about €5,000 in the examples, though the gap is less pronounced than on XETRA because Euronext’s exchange fee is at least €1.20 per order and clearing charges are similar. Fixed is cheaper for many medium-sized trades, roughly €5,000 to €50,000. At €100,000, the Tiered cap again brings it below Fixed.

The Fixed-plan Euronext fee assumes one execution. If an order fills in multiple executions, the €0.75 charge applies per execution, so the total can differ from the table.

LSE: share the trade size before choosing

For ETF trades in pounds on the LSE, the listed commission is 0.05% under both plans. Tiered has a £1 minimum and adds exchange, clearing and regulatory fees. Fixed has a £3 minimum and no separate fees of those types in the schedule shown. Tiered is cheaper for small trades, but the table shows Fixed costing less at medium and large trade values.

U.S. ETFs: count shares, not dollars

For U.S. ETFs, the comparison turns on the number of shares traded. On the NYSE example, Fixed charges $0.005 per share, with a $1 minimum and a maximum equal to 1% of trade value. Tiered charges $0.0035 per share, with a $0.35 minimum and the same 1% maximum, then adds pass-through charges.

Tiered also includes a $0.0002-per-share clearing fee and a $0.003-per-share NYSE exchange fee. The same exchange fee applies on NYSE Arca, where VT trades. Pass-through charges are 0.000175 times commission for NYSE and 0.000563 times commission for FINRA. Both plans include a FINRA CAT fee of $0.000003 per share. Sales also incur the SEC transaction fee of 0.0000206 times sale value and the FINRA Trading Activity Fee; that activity fee is waived from 1 October through 31 December 2026.

The comparison uses Vanguard Total World Stock Index Fund ETF (VT), which traded close to $100 in the first quarter of 2024. At that illustrative price, 100 shares represent about $10,000 and 150 shares about $15,000. The table places the crossover near 150 shares per month: Tiered costs less below that point, while Fixed becomes cheaper above it.

Use a personalized comparison for your trading pattern

A comparison tool can estimate commissions under both plans using the ETF’s trading currency, exchange and estimated trade value. For U.S. ETFs, the share count is also central. The tool described here calculates both plan costs and displays a breakeven chart across trade sizes. Its assumptions matter: the Fixed calculation uses IBKR Smart Routing, while its Tiered XETRA calculation uses Lean Orders.

Smart Routing scans competing market centers and seeks an order route based on factors including quoted price and size, transaction fees or rebates, and possible price improvement. Direct routing can be used to target a particular exchange, but the tool warns that Fixed pricing combined with direct routing doubles IBKR’s commission. The tool also assumes one execution for the €0.75 Euronext Fixed-plan charge.

Fractional-share orders, including recurring investments, are charged at the same rates as whole-share orders under both plans, with a lower minimum of €1.25, US$1.70 or £1. The update dated 27 October 2026 says an earlier 1% warning for fractional shares no longer applies. It also reports that a prior calculation overstated Tiered costs on SIX Swiss Exchange by about $1.40 or £1.10 per trade; in that comparison, Tiered is now cheaper below about $2,500 or £2,400. For Borsa Italiana, the update lists an ETF exchange fee of 0.006%, with a €1.20 minimum. U.S. ETF calculations now include clearing and exchange charges on the smallest trade, along with FINRA pass-through and CAT fees, which amount to a few cents.

You can change the pricing plan in the Client Portal under Settings, then Account Configuration, then IBKR Pricing Plan. Choose Tiered or Fixed in the row for stocks, ETFs and warrants. A plan change takes one day to apply. Opening an additional linked account with the other plan applies the selection immediately.

For a recurring ETF purchase, compare the likely order size and venue rather than choosing based on the plan name. Small purchases often favor Tiered, while Fixed can be cheaper for larger monthly activity on some markets; caps can shift the balance again at very high trade values. Recheck the schedule when prices or order settings change, and use the same exchange, currency, order type and expected share count in each comparison.