hillfronter83 Posted January 11, 2017 Share Posted January 11, 2017 Has anybody ever been charged some illiquidity fee for trading OTC stocks by a broker? I was administered a $300 fee for a trade worth about $6500 by Options House. They claim it's a fee charged by clearing house. Although it's "disclosed" on their website, most people would probably not notice it. I was not notified before the trade since the trade preview only shows commission. You can imagine that I'm really pissed! I checked SEC website and found this https://www.sec.gov/oiea/investor-alerts-bulletins/ib_brokersmiscfees.html: While many brokers do not charge customers miscellaneous fees associated with a transaction, those that do may charge widely differing amounts. Some firms have charged different fees based on the branch office where the account is held and some firms have charged different fees to different customers. The Financial Industry Regulatory Authority (FINRA) fined five brokers in 2011 for routinely charging excessive handling fees of between $65 and $99 a trade. Because these fees were far in excess of the brokers’ actual costs, FINRA found that the fees were actually disguised commissions that were not adequately disclosed. I'll definitely fight this. Just want to check if any board member had similar experience. Link to comment Share on other sites More sharing options...
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