IBKR - 1% brokerage fee on any dollar amount orders
Lots of people here recommend using IBKR to invest with. One thing I just noticed was their footnote on their pricing page that states all fractional share orders will be charged the greater of 1% of the trade value *or* the regular commission.
This means if you set up auto invest or just submit orders using dollar amounts you're basically paying a 1% transaction fee.
I just logged into our account to verify this and sure enough if you submit any order using dollar amounts instead of shares the commission is definitely 1% of the trade value.
When a lot of people compare IBKR to Hatch or Sharsies I believe this is getting overlooked? This basically reduces the advantage of IBKR down to FX rates and access to non-US share markets?
Or am I totally cooked and missing what the fine print and trade portal is showing me?
