We are often asked about the full cost structure of trading futures. Commissions are just one part of the picture. When trading futures, here are the additional fees you should be aware of:
1. Exchange Fees (CME, CBOT, NYMEX, COMEX, etc.)
- Charged per contract, per side (buy and sell).
- Rates vary by product (e.g., Micro E-minis are lower than standard E-minis).
- Set by the exchange, not the broker.
2. NFA Regulatory Fee
- Charged by the National Futures Association.
- Currently $0.02 per side, per contract.
- Applies to all futures trades in U.S. markets.
3. Market Data Fees
- Exchanges charge for real-time price and depth-of-market (Level I & Level II) data.
- Fees differ between professional and non-professional traders.
- For example, the CME Non-Professional Bundle is typically about $15/month for Level I quotes and $30–$40/month for Level II market depth. If you only trade products from a single exchange (such as CME, COMEX, CBOT, or NYMEX), you can subscribe to just that exchange at a lower cost. For instance, if you only need Level I CME data for contracts like MES or MNQ, the fee is usually only $1–$3 per month.
4. Platform Fees (if applicable)
- Some platforms are free (e.g., Optimus Flow for funded accounts).
- Others (like Sierra Chart, ATAS, Bookmap, Tradingview, etc.) may require a monthly subscription or license fee.
5. Clearing & Routing Fees
- Some FCMs include these in the commission, while others list them separately.
- These are fees for routing orders and maintaining clearing infrastructure.
6. Additional Costs to Keep in Mind
- Wire or ACH fees for deposits/withdrawals (varies by FCM).
- Margin interest if you trade products requiring overnight financing (rare in futures, more common in FX/stocks).
- Optional add-ons like advanced analytics packages or premium data feeds.
FAQ
Q: Are exchange and NFA fees negotiable?
No. They are fixed by the exchange and regulator. Only broker commissions are negotiable.
Q: Do I pay fees if I don’t trade?
You may still pay market data fees and possibly platform fees if subscribed, even without placing trades.
Q: Do all brokers charge the same CME fees?
Yes. Exchange and NFA fees are identical across brokers. The only variable is the broker’s commission and platform choice.
Q: How do I calculate the total cost of a trade?
Add: commission + exchange fee + NFA fee (+ any routing/clearing) per side. Multiply by 2 for a round turn (entry + exit).
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.