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Understanding option commission costs
From what I see, it is more like .70 per contract, with a $1 minimum (for options that trade over a dime.)   IB does not provide any help, at all, so you have to know what you are doing.  I use tradeking, which charges about $6 for a contract, but you can call them for help if needed. There looks to be other fees for IB, like when you cancel an order, but that can be offset by other trades. It is one of the reason the Motley Fool Stock Adviser service has recommended IB for an investment.