US Equity Fees & Fill Rules — weltiq Paper Trading (v4)
US equity paper trading fees (maker 0% · taker 0% · sell tax 0.00206%), known biases, and connection status.
Current Fee Schedule (Reality Profile us-equity v4)
| venue | maker | taker | sell tax | per contract | currency | profile |
|---|---|---|---|---|---|---|
| US Equity | 0% | 0% | 0.00206% | - | USD | v4 |
| Item | Value |
|---|---|
| Slippage model | spread×0.5 + 1bp |
| Tick / Lot / Min notional | 0.01 / 1 / 1 |
| Session | us_equities |
| Short allowed | Yes |
| Daily settlement | No |
Example — 10,000 USD taker round-trip: 0.21 USD
Known Biases in This Profile (conservative = cost overstated)
- consolidated SIP (all exchanges) quotes/trades via Alpaca Algo Trader Plus — NBBO basis; no L2 depth (L1 spread+bps model)
- quote sizes in shares (Alpaca since 2025-11-03) — displayed size only, hidden/odd-lot liquidity not modeled
- regular session only (09:30-16:00 ET); pre/after-hours orders rejected unless extended_hours
- DAY orders expire at session close (no GTC carry-over) — matches default broker TIF
- FINRA TAF per-share fee not modeled (sell_tax = SEC Section 31 only)
- fractional shares unsupported; T+1 cash settlement not modeled [VS]
- short entry requires 100% of notional as own cash (short_margin_pct=1.0); real Reg T requirement is 50% — short capital use overstated, conservative
- maintenance margin, margin calls and forced liquidation are not modeled — a position is never closed by the broker for collateral
- stock borrow fee / locate / short-sale price tests (SSR) NOT modeled and borrow cost is charged as ZERO — holding a short is cheaper here than in the market, so short P&L is OVERSTATED (the one non-conservative bias in this profile). Per-symbol easy_to_borrow IS read as of 2026-09-28 — universe.borrow_status() refuses hard-to-borrow symbols (7,842 of the tradable us_stock rows in production), so the remaining gap is the borrow RATE, not the borrow PERMISSION
Connection
- Broker: IBKR
- Status: Paper ✅ · Live IBKR Web API(OAuth) closed beta
- Paper trading is available immediately upon sign-up; live trading via your own exchange keys at Settings → Keys (weltiq does not redistribute keys)
Sources
- Exchange disclosure: https://www.sec.gov/newsroom/press-releases
- weltiq paper fills apply the same rules
Slippage, FX conversion, funding, and borrow/lend interest are not in this table. Promotions and VIP discounts are not applied (conservative).