Required Minimums

Balance

The following minimums are required to open an account 1 ：

Category Required Deposit
Individual Accounts (unless listed below) USD 10,000 (or non-USD equivalent)
Trading Group Masters USD 10,000 (or non-USD equivalent)
Broker Masters USD 10,000 (or non-USD equivalent)
Indian residents 2 trading with an BMC India account INR deposits only, equivalent to USD 2,000
Indian residents 2 trading with an BMCLLC-US account USD 5,000美元 (or non-USD equivalent)
IRAs 3 USD 5,000 (or non-USD equivalent)
Individuals age 25 or younger USD 3,000 (or non-USD equivalent)
Advisor and Broker Clients USD 5,000 (or non-USD equivalent)

Notes:

  • To trade a margin account you must maintain at least USD 2,000 or non-USD equivalent. For details on margin requirements, see the Margin page.
  • Pattern Day Traders have higher minimum requirements, which are defined in the Day Trading section of margin requirements.
  • Individual (employee) accounts linked to an EmployeeTrack account have no minimum balance requirement.

Monthly Activity

Our accounts are designed for sophisticated traders and investors who regularly meet our required minimums.
If you do not meet those minimums, we charge a monthly activity fee. Generally we waive this fee for any month in which:
  • You have more than 100,000 USD in equity or
  • You generate more than 10 USD in commissions and fees.

The monthly activity fee is based on commissions only and does not include fees related to third-party assessments such as market data subscriptions or order modification/cancellation fees.

We also pass through market data fees from the exchanges for any real-time market data service to which you subscribe.

The following table describes our activity fees and waivers in detail.

Account Structure Monthly Activity Fee 4 Waiver

Single Accounts, Individuals and Small Businesses


Monthly Activity Fee = 0 if monthly commissions are equal to at least USD 10.

If monthly commissions are less than USD 10,
Standard Activity Fee = USD 10 – commissions.

Example:
Monthly commissions = USD 6
Standard Activity Fee = USD 10 – USD 6
Standard Activity Fee = USD 4


The first three full calendar months 10

Or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)
unless any of the following criteria exist:

Average Equity Balance is less than USD 2,000 5

or

A balance is maintained in a closed account

Monthly Activity Fee = 0 if monthly commissions are equal to at least USD 20.

If monthly commissions are less than USD 20,
Activity Fee = USD 20 – commissions.

Example:
Monthly commissions = USD 11
Activity Fee = USD 20 – USD 11
Activity Fee = USD 9

Not applicable.

Individual (employee) accounts linked to an EmployeeTrack account

Monthly Activity Fee =USD 3.

The first three full calendar months 10

Or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)

Client is age 25 or under

Monthly Activity Fee = 0 if monthly commissions are equal to at least USD 3.

If monthly commissions are less than USD 3 ，
Activity Fee = USD 3 – commissions.

Example:
Monthly commissions = USD 1.25
Activity Fee = USD 3 – USD 1.25 Activity Fee = USD 1.75

The first three full calendar months 10

Or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)

Account Structure Monthly Activity Fee 4 Waiver

UGMA/UTMA Accounts


Monthly Activity Fee = 0 if
monthly commissions are equal to at least USD 10. If monthly commissions are less than USD 10,

Standard Activity Fee= USD 3


The first three full calendar months 10

Or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)
Account Structure Monthly Activity Fee 4 Waiver

Advisor, Friends and Family, Family Office, and Hedge Fund Investment Accounts

Advisor Master Account
There is no Activity Fee for the Master Account.


N/A
Advisor Client Accounts 7,9
Monthly Activity Fee = 0 if consolidated monthly commissions are at least equal to (number of accounts 6 x USD 10).

Example:
Advisor has 12 sub accounts, number of Accounts = 12

Monthly consolidated commissions minimum requirement is 12 x USD 10 = USD 120


If the monthly consolidated commissions are less than the required minimum, an activity fee is charged on an account-by-account basis using the Standard Activity Fee calculation described above.


If after performing the consolidated calculation, it is determined that fee must be charged on an account-by-account basis, then the following waivers will be applied to each client account:


The first three full calendar months 10

Or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)
Linked Accounts Monthly Activity Fee = 0 if
consolidated monthly commissions are at least equal to (number of accounts 6 x USD).

Example:
Advisor has 12 sub accounts, number of Accounts = 12

Monthly consolidated commissions minimum requirement is 12 x USD 10 = USD 120


If the monthly consolidated commissions are less than the required minimum, an activity fee is charged on an account-by-account basis using the Standard Activity Fee calculation described above. 7, 9 		If after performing the consolidated calculation, it is determined that fee must be charged on an account-by-account basis, then the following waivers will be applied to each client account:

The first three full calendar months 10

Or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)
Separate Trading Limit Monthly Activity Fee = 0 if
consolidated monthly commissions are at least equal to (number of accounts 6 x 10).

Example:
STL has 12 sub accounts, number of Accounts = 13
Monthly consolidated commissions minimum requirement is 13 x 10 = USD 130


If the monthly consolidated commissions are less than the required minimum, an activity fee is charged on an account-by-account basis using the Standard Activity Fee calculation described above. 7, 9 		If after performing the consolidated calculation, it is determined that fee must be charged on an account-by-account basis, then the following waivers will be applied to each client account:

The first three full calendar months 10

Or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)
Account Structure Monthly Activity Fee 4 Waiver

Brokers

Broker Master Account
Monthly Activity Fee = 0 if
consolidated monthly commissions are equal to at least USD 2,000.*

If monthly commissions are less than USD 2,000
Activity Fee = USD 2,000 – commissions.

*We require an initial deposit of 10,000 USD to be applied against your first eight months' minimum commissions. At the end of the eighth month, your total commissions are subtracted from the 10,000 deposit to reach the required commission minimum.

Example:
Your total commissions over eight months = USD 6,400. Minimum
commissions required for months 1 - 8 are: 10,000 – 6,400 = USD 3,600


N/A
Broker Client Accounts 8

If the monthly consolidated commissions are less than the required minimum (i.e., number of accounts x USD 10), an activity fee is charged on an account-by-account basis using the USD 10 Standard Activity Fee calculation as described above for single accounts.

If the monthly consolidated commissions are equal to or greater than the required minimum, an activity fee is charged on an account-by-account basis using a USD 1 Activity Fee.
If after performing the consolidated calculation, it is determined that fee must be charged on an account-by-account basis, then the following waivers will be applied to each client account:

The first three full calendar months 10

Or

Accounts whose Net Liquidation Value >= USD 100,000 (or non-USD equivalent)

If after performing the consolidated calculation, it is determined that fee must be charged on an account-by-account basis, then the following waivers will be applied to each client account:


The first three full calendar months 10

Or

Accounts whose Net Liquidation Value >= USD 1,000 (or non-USD equivalent)

Special Connections

Clients requiring any of the connections listed below are subject to the following minimum commissions:

VPN
TWS API FIX CTCI
N/A VPN Not Supported via API USD 1,500.00 per month minimum commission for first session; USD 1,000.00 per month minimum commission for any subsequent line(s)

BMC Gateway (internet)
TWS API FIX CTCI
USD 10.00 per month minimum commission (USD 3.00 for age 25 and under) USD 10.00 per month minimum commission (USD 3.00 for age 25 and under) USD 1,500.00 per month minimum commission for first session; USD 1,000.00 per month minimum commission for any subsequent line(s)

Extranet (Radianz, TNS, Savvis)
TWS API FIX CTCI
USD 500.00 per month minimum commission USD 500.00 per month minimum commission USD 1,500.00 per month minimum commission for first session; USD 1,000.00 per month minimum commission for any subsequent line(s)

Dedicated Leased Line (Verizon, AT&T, etc.)
TWS API FIX CTCI
USD 500.00 per month minimum commission USD 500.00 per month minimum commission USD 1,500.00 per month minimum commission for first session; USD 1,000.00 per month minimum commission for any subsequent line(s)

Cross-Connect
TWS API FIX CTCI
USD 500.00 per month minimum commission USD 500.00 per month minimum commission USD 1,500.00 per month minimum commission for first session; USD 1,000.00 per month minimum commission for any subsequent line(s)

Low Latency (intra-NY4) Cross-Connect
TWS API FIX CTCI
USD 500.00 per month minimum commission USD 500.00 per month minimum commission USD 5,000.00 per month minimum commission for first session; USD 3,000.00 per month minimum commission for any subsequent session(s)

Notes: Minimum commissions may also be satisfied in a non-USD equivalent.


See the API Solutions for more details.

Introducing Brokers

A USD 10,000 (or non-USD equivalent) up front deposit will be required that will be applied against commissions during the first 8 months. At the beginning of the 9th month, any positive difference between the deposit and the first 8 months of commissions is taken as a commission minimum. Beginning in the 9th month, a regular commission minimum of USD 2,000 (or non-USD equivalent) per month will be applied against commissions, with any positive difference taken as a commission minimum.

Disclosures
  1. Accounts that show no balance will be closed. To reactivate an account that has been closed for having no balance, a new account deposit of USD 10,000 or non-USD equivalent is required.
  2. Indian resident is an individual who resides in India for more than 182 days per year.
  3. Because of contribution limits, IRA accounts will only be required to deposit USD 5,000 in order to open a new account. In addition, US Regulators require USD 25,000 (or non-USD equivalent) to Day Trade stocks and options.
  4. The non-USD equivalent for all USD values is also acceptable.
  5. This special low balance fee applies to the Hedge Fund Investment Manager Master account, and to all other accounts.
  6. Separate Trading Limit accounts are included in the consolidated calculation. Advisor and Broker Master accounts are not included in the consolidated calculation.
  7. Advisor Account
    Master account commissions = USD 0
    sub account A commissions = USD 10
    sub account B commissions = USD 0, Net Liquidation Value USD 150,000
    sub account C commissions = USD 5, Net Liquidation Value USD 10,000

    Consolidated monthly commissions = USD 15
    Required Minimum Commissions = Number of accounts x 10, or 3 x 10 = USD 30
    USD 15 is less than USD 30 so activity fee is charged per-account basis

    sub account A: USD 10 - USD 10 = USD 0. No fee
    sub account B: USD 10 - USD 0 = USD 10. Account Net Liquidation Value > USD 100,000 so fee is waived.
    sub account C: USD 10 - USD 5 = USD 5. Balance of USD 5 assessed to the account.

  8. Broker Client Account

    Example 1:
    Master account commissions = USD 0
    sub account A commissions = USD 10, Net Liquidation Value USD 5,000
    sub account B commissions = USD 0, Net Liquidation Value USD 150,000
    sub account C commissions = USD 5, Net Liquidation Value USD 10,000

    Consolidated monthly commissions = USD 15
    Required Minimum Commissions = Number of accounts x 10, or 3 x 10 = USD 30
    USD 15 is less than USD 30 so activity fee is charged per-account basis

    sub account A: USD 10 - USD 10 = USD 0. No fee
    sub account B: USD 10 - USD 0 = USD 10. Account Net Liquidation Value > USD 100,000 so fee is waived.
    sub account C: USD 10 - USD 5 = USD 5. Balance of USD 5 assessed to the account.

    Example 2:
    Master account commissions = USD 0
    sub account A commissions = USD 30, Net Liquidation Value USD 5,000
    sub account B commissions = USD 0, Net Liquidation Value USD 900
    sub account C commissions = USD 1, Net Liquidation Value USD 500

    Consolidated monthly commissions = USD 31
    Required Minimum Commissions = Number of accounts x 10, or 3 x 10 = USD 30
    USD 31 is greater than USD 30 so USD 1 activity fee is charged per-account basis.

    sub account A: USD 1 < USD 30. No fee
    sub account B: USD 1 - USD 0 = USD 1. Balance of USD 1 assessed to the account.
    sub account C: USD 1 - USD 1 = USD 0. No fee.



  9. For multiple accounts that include Indian residents, the Required Monthly Minimum is calculated as follows:
    (Number of BMC India accounts x 5) + (number of other accounts x 10)
    If the Required Monthly Minimum is greater than consolidated monthly commissions, an activity fee is charged on an account-by-account basis using the Standard Activity Fee described above.
  10. The waiver will be applicable for the first three full calendar months after initial account funding, regardless of whether such funding amount meets the minimum deposit required to open an account.