What commissions does the broker take? Broker's commission in the stock market. How to count? Is intraday trading profitable? Which method of calculating commissions is more profitable for a broker

The trade fee is more suitable for inactive day traders and swing traders who trade infrequently and do not actively scale positions. The commission per share is more convenient for active day traders who repeatedly enter and exit positions during the day, sometimes in parts. When opening an account, a trader should take into account the type of commission and choose the most profitable for his trading style. Both commission structures have their advantages and disadvantages.

Commission per trade

Such commission is charged in a fixed amount for each transaction, regardless of the number of shares in the application. This approach does not give the trader flexibility, but is beneficial for those who trade in large volumes.

Fixed commission orders are routed through a specific liquidity provider with whom you have agreed on order flow rates. As a rule, a trader does not have the opportunity to choose a specific ECN or send his orders to another liquidity provider. This can lead to a deterioration in the execution price.

While the rate itself may look quite low, the problem arises from insufficient liquidity and poor order execution due to the use of a single liquidity provider. As a result, instead of a quick entry at a good price, a trader may pay for trading position more, or his order will not be filled at all.

The commission per trade makes it unacceptably expensive to scale positions. For example, closing a position in parts can significantly reduce profits, especially when trading small lots. Therefore, commission per trade is beneficial for those traders who trade only large positions.

Commission per share

The per-share commission structure allows the trader to pay only for the number of shares actually traded. Those who trade in larger volumes and more often will pay more.

Brokers that charge commission based on the number of shares traded typically offer the ability to route orders to specific ECNs, dark pools, exchanges, market makers, and liquidity providers. The choice of available routes depends on the particular broker. Many firms build in their platforms the automatic selection of the best route, which allows you to always have maximum liquidity.

Active day traders should choose a per-share commission structure. Day traders whose strategies actively scale positions as prices move can then buy and sell shares in small increments without worrying that this will deprive them of the lion's share of profits. This approach to position control provides the most flexible regulation average price and gives the trader full control over the process of generating profits.

Many brokers additionally provide for a reduction in the commission rate per share as a trader's monthly trading volumes increase.

When opening a brokerage account, a broker's client is faced with the need to pay commissions. Brokerage commission is a source of income for brokerage companies and banks, and it is impossible to completely avoid paying it. But you can always try to reduce the brokerage commission. First, let's look at the types of commissions of Russian brokers.

Brokerage commission

As a rule, the brokerage commission itself includes a turnover commission, an excess commission (“shoulder commission”) and other commissions, such as: the minimum monthly commission, the commission for submitting orders from the voice, commission for trading programs, commissions for receiving various certificates and extracts, commissions for other services. Commission on turnover varies from broker to broker, but is usually a few hundredths of a percent of turnover, however, almost all brokers have rates that involve more than high stakes- from one to several tens of percent of the daily turnover. So, what does this give us in practice? For example, let's take real broker and take a real tariff plan. Consider the broker Alor+ as an example. Tariff plan - "First". The conditions for this tariff can be found in the table:

So, let's say we opened an account in Alor + for 100 thousand rubles and make 3 full transactions daily with a leverage of 1 (i.e. for 200 thousand - 100 thousand of our own and 100 thousand are given to us by a broker). Transactions are not transferable through the night, so we do not pay interest for the excess. We calculate the monthly commission: 3 full trades for 200 thousand = 6 operations (1 full trade = a trade to enter a position and a trade to exit) - the daily turnover is 1.2 million 1,200,000 * 0.035% = 420 rubles - a commission of day There are an average of 22 trading days per month: 420 * 22 = 9240 rubles. Not a bad commission - more than 9% per month from the deposit, but everything is relative. With the right approach to trading and the right trading system you can earn 0.5 percent of the deposit from each closed transaction on average (taking into account profitable and unprofitable ones), which, under our conditions - 66 closed transactions per month, brings 33%. These are the features intraday trading- the costs of the commission are significant, but the result correct work not bad. How to reduce commissions is written below. In addition to the commission on turnover, the broker takes the so-called excess commission on cash and securities. Prior to the introduction of the T+ trading mode, this commission was called the "margin lending commission". The essence of this brokerage commission is that a trader / investor pays for the excess of a position over the size own funds(providing). On average, brokers charge 10 to 25 percent per annum for cash and paper overage. The commission is written off daily based on 1/365th (or 1/366th) rate.

Depository Commission

Depository Commission is usually debited if there is a movement on the client's account once a month, regardless of the number of transactions. As a rule, the commission of the depository is on average 100-200 rubles per month. On a good note, the depositary is debited only if there is movement on the depo account, and not on brokerage account. What does this mean in practice? If we trade only intraday and the balances on securities at the beginning of the day and at the end of the day are the same, then there will be no movement on the depo account. That is, for example, we started trading with only 100 thousand rubles on the account (there are no securities), we made a certain number of transactions per day and at the end of the day we have 105 thousand rubles, there are no positions on securities. Even taking into account the settlements in the new T+ mode, there will be no movement on securities on the depo account. Nevertheless, some brokers take a depositary commission, arguing that there was a movement on the account (I wonder which one?), Which means that the commission must be written off. Another option for writing off the depositary commission is a percentage (usually very small) of the value of the stored valuable papers on a depo account. Such schemes are quite rare.

In order not to calculate the commission manually each time, use our brokerage rate calculator. The calculator will automatically calculate commissions based on the specified parameters and give you results for several dozen tariff plans of different brokers.

How to reduce the commission?

Now let's move on to the most interesting: how to reduce the brokerage commission without reducing the trading volume and, thus, without reducing your opportunities? Very simple - you can return part of the commission through special rebate services. How much commission can be returned? Usually, the service allows you to return from 7 to 50% of the commission from the turnover, depending on the broker. Let's calculate how much it comes out. Let's go back to the example we looked at above. For example, reimbursement by one of the Alor+ services is 15% of the commission from the turnover. A little higher, we calculated the broker's commission at 9240 rubles per month. 15 percent of this amount - 1386 rubles per month or 16632 rubles per year. Those. from an initial deposit of 100 thousand - this is more than 16.5% per annum! Now try to find stocks that consistently pay 16.5%. But you can find a broker with a large percentage of reimbursement, for example, 25% or even 50%! That is, every fourth or even second transaction will be free for you.

Those who want to make money on the exchange will have to prepare for additional expenses:

• broker commissions;
• exchange commissions;
• monthly service fee;
• commissions for using programs for operations on the stock exchange;
• fees for depository services (maintenance of accounts where securities are kept).

During the investment, additional commissions may arise.

The largest, as a rule, is the broker's commission. For one company, this may be 0.5% of the value of shares, for another - 0.055%. This means that when buying securities for 100 thousand rubles. the broker in one case needs to pay 500 rubles, and in the second - 55 rubles.

Where is more profitable?

We studied the tariffs of the largest brokers in Russia. Most favorable tariff turned out to be with IT Invest - 0.035% per transaction. This means that when buying shares for 100 thousand rubles. for the services of a broker you need to pay 35 rubles.

The market leader in brokerage services, the BCS company, at the Start tariff, takes a commission of 0.0354%, but not less than 35.4 rubles. per day or 354 rubles. per month. The purchase of shares through Sberbank will cost 0.125% - from 100 thousand rubles. you have to pay 125 rubles.

How more amount buying shares, the lower the broker's commission.

Most brokers do not limit clients to the minimum amount required to open an account. VTB24 has the most significant limitation - in order to purchase shares, at least 100 thousand rubles must be transferred to the account.

15 brokers with a minimum commission

Where to open an account?

To start buying shares on the exchange, you need to choose a broker and conclude an agreement with him. For this you need a passport. Documents can be issued via the Internet (for example, using account Gosuslug) or at the office of the company. 9 companies out of 15 surveyed offer the possibility of concluding a contract remotely:

• IT Invest
• Finam
• Veles Capital
• Alfa Bank
• Zerich
• Alor Broker
• Opening Broker
• ATON.

The largest network of offices where you can conclude an agreement in Moscow, VTB24 has 104 branches. Here are the addresses of brokers in Moscow. If you are from another city, then you can find the nearest office on the broker's website.

Warning: trading on the stock exchange is risky - you can make or lose the money invested. If you do not know how a stock differs from a bond and believe in a fabulous return in one day, then sign up for investment courses.

How was the ranking made?

It was taken as the basis, leading in terms of trading volume on the Moscow Exchange in January 2017. It includes the first 15 companies that provide services individuals. For each broker, a tariff was determined with a minimum commission for the purchase / sale of securities with a turnover of 100 thousand rubles. in a day. The rating did not take into account special offers and promotions. The lower the broker's commission, the higher its position in the rating. Broker rates are valid as of May 24, 2017.

Hello everyone!

I have been asked more than once about whether active trading in the stock market is profitable and whether the commission will eat up all profits. In this article, this will be discussed. I will not load you with tedious calculations, I will show you on the example of my trading. As an example, I will consider my trading on and show a real statement with personal account broker Aton and the final commission on this account.

First, a few words about which brokers have a better commission. In general, the commission fees of most popular brokers do not differ much. Usually, the commission is slightly higher for banking brokers, such as VTB, Sberbank, etc. More profitable commissions at Otkritie, BCS, Zerich and Aton. The higher the turnover, the lower the commission. Now in more detail about the commission on the example of the Aton broker on the universal tariff. At small amounts about 50 tr and low turnover up to 2 million rubles, the commission will be 0.045%.

Let me give you a small example. If the broker charges us a commission of 0.1%, then by buying a block of shares for 10,000 rubles, we will pay the broker 10 rubles.

Plus a monthly depository commission of 177 rubles. Some brokers have more, so carefully study the tariff plan. By the way, brokers such as tserich or opening are beneficial in that they can conclude a partnership agreement and return up to 50% commission. This is especially easy and convenient to do with the Zerich broker.

How to do this I told in. Now more about what commission I paid for the Champions League on my account.

Commission on the example of my account for LCHI 2016

So, the yield on the brokerage report is + 49% and the amount is + 23,045 rubles. At the time of participation in the competition, the amount on the account was around 45 tr. The commission amounted to only 4,483 rubles. Plus, do not forget that you can very easily return 25% of the commission, that is, the final commission amounted to 3,360 rubles. The total profit on the account, if rounded, is 20,000 rubles. There were not many entry points for this period, since the account was not the main one. Transactions were made only scalper and intraday. Traded both liquid stocks and illiquid stocks. In general, the report shows that the commission turned out to be not so big (the screen with the commission is below, see the video below the article for more details).

It is for these reasons that I do not count the commission fees, since even with a small plus, the profitability will overlap the commission fees at times. If you have more than 100 tr on your account, then you should not think about it at all. But on the condition that you do not make a huge number of transactions and do not make a bunch of unsystematic transactions with constant re-entries. If we calculate as a percentage, then the commission from my trading within the framework of the LCHI contest came out to 10% (this is taking into account the return of 25%). Therefore, even if you show a 3-5% yield, then you can not pay much attention to commission fees. This indicator can be greatly influenced by your trading style. Since if there are a huge number of transactions, from 8 or more per day, then the commission can increase significantly. And even more so if you do not have a clear system and you make a bunch of unsystematic transactions or a large number of“wrong” deals, with quick opening and closing of positions.

In general, what is the conclusion from all of the above. It is very possible to trade intraday and earn money. I have been trading this style in the stock market for a very long time and do not pay attention to commissions. But at the same time, I want to note that despite the fact that I use scalping and intraday, I am extremely selective in my trades and on average I have no more than 3-4 trades per day. In some periods, if the activity in the market decreases, there may be no transactions at all. Therefore, if you are afraid to actively trade in the stock market, then discard these thoughts. Stocks are perfect for active speculation and you can make great money on them. On this I will finish. If you have any questions, leave in the comments. All for now.

Sincerely, Stanislav Stanishevsky.

The costs of an investor when buying and selling securities on the stock exchange consist not only of taxes. The exact number of expense items and their size depend on the terms of service of a particular broker and the tariff plan that you choose

1. Broker's commission for providing access to the exchange. Charged based on the results of the month or each day in which you made at least one deal. No transactions for the period - no commission.

As a rule, the commission is set as a percentage of the client's turnover. On average, the commission is 0.03-0.1%. You can often find tariff plans with a floating rate: the higher the amount for which the client has already concluded transactions through a broker, the lower the percentage that will be valid for him. Depending on the specific tariff plan, the current value of the floating rate may change both within each day and on the basis of the previous day or the previous calendar month.

In some cases, the commission may be determined not as a percentage, but as fixed amount for each completed transaction (from 30 rubles).

Some brokers set a minimum allowable commission, below which it cannot fall. The minimum commission can be provided for each concluded transaction, at the end of each trading day or calendar month;

In the documents of brokers, the amount of the commission is often given without VAT, that is, the actual amount of the commission exceeds the indicated figures by 18%;

Some brokers offer actively trading clients to pay a commission, the amount of which is limited from above - about 25,000 - 35,000 rubles per month. For example, such conditionally unlimited tariffs are offered by Zenit Bank and Unicom Partner;

2. Fee for maintaining a brokerage account. Unlike the monthly minimum commission payable regardless of whether you have traded securities or not. As a rule, it is 118-300 rubles per month and is not withheld if the client's commission for the past period exceeds this amount. Some brokers do not charge a fee for maintaining a brokerage account. In particular, KIT Finance, Alfa-Bank, VTB24 do not hold it.

Additionally, a one-time fee may be charged for opening a brokerage account and registering a new client on the exchange (100-300 rubles);

Sometimes the subscription fee is charged only from those clients whose brokerage account amount or securities portfolio value is below a certain value, for example, 50,000 rubles, as in the Otkritie brokerage house.

3. Fee for depository services of a broker. Undertakes the custody of securities and the processing of transactions with them. It can be charged daily, at the end of the month or once a year. Usually it is 100-300 rubles per month and is not deducted for the months in which you did not conduct any transactions on the stock exchange, but simply kept your papers.

The costs of holding securities may include the following items:

a) subscription fee for maintaining a depo account;

b) an annual or monthly fee for holding securities;

c) daily fee for processing exchange transactions with securities.

Depository fees are usually published separately from the fees for all other brokerage services. Therefore, it is important not to forget to find them and study them separately when comparing the terms of service of different brokers;

Some brokers additionally charge a one-time fee for opening and/or closing a depo account (100-200 rubles);

Additionally, a commission may be charged for crediting dividends on shares and interest on bonds that you own (0.2-1.5% of the credited amount).

4. Usage fee standard program for the conclusion of exchange transactions (Quik, Netinvestor, etc.) is most often not charged. You only pay for additional software if you choose to use it.

In cases where the broker still charges a fee for using the standard trading program, it is 100-300 rubles per month;

This fee may be reduced by the amount paid in brokerage commission.

5. The commission of the exchange when buying or selling shares is 0.01% of the value of the package, but not less than 3 kopecks per transaction.

When buying or selling bonds, the exchange commission is calculated according to the formula: 0.0001% * K, where K is the number of calendar days remaining until the bond is redeemed. At the same time, the commission cannot exceed 0.01% of the transaction amount and be less than 3 kopecks;

Some brokers include exchange fees as part of their own commission, that is, you do not need to pay them additionally.

6. The commission for crediting or withdrawing money from a brokerage account, as a rule, is about 0.2-1.5% of the transaction amount. Most often, brokers withhold it only when withdrawing funds, and some do not charge at all.

7. Margin lending is an additional, but very popular service for stock trading. Therefore, the costs of investors who actively use leverage sometimes exceed all other costs.

Loans in cash(for the purchase of shares with leverage) are provided at an average rate of 14-18% per annum. Equity loans (to open short positions) - at an average rate of 12-18% per annum. The fee is charged only for the rollover of margin positions to the next day. Within one day, lending is free.

Most often, the fee for using a margin loan is debited daily. If you continue to keep the position open longer, then the actual cost of the loan will be slightly higher than the declared one due to the fact that “interest on interest” will accumulate. For example, if you do not close a long margin position at 16% per annum for a whole year, then in reality you will have to pay 17.3%;

If the rates of the broker you are interested in do not clearly indicate the cost of lending with shares, look for the line "broker's commission for concluding special repo transactions" or similar - it contains the information you need.

8. Payment for other services of a broker - useful, but optional. For example, access to an extended news feed, SMS informing about the situation on the market and the state of your account, printing of any paper documents, etc. may be paid.