Routing Information

Understanding Routes

A route is a path an order takes to get to the market. When you hit the “buy” or “sell” button, your order follows a specific path before arriving at the market where it is matched with other buyers and sellers.

The concept of routing is new to many traders since most brokers have limited (if any) routing options. You simply enter your order and wait for it to get filled. You may not even think about what’s going on behind the scenes.

While routing may be an afterthought to some traders, it can actually have a noticeable impact on your execution speeds, fill prices, and trading fees.

Let’s use a real-world analogy to demystify the process.

You plan on visiting a friend across town to watch the big game on Sunday. You want to get there as quickly as possible to minimize travel time, get first access to snacks, and ensure you don’t miss a second of the big game. There are dozens of combinations of side streets and highways you can take to get there, but you only care about the most efficient. You are not looking for just any path, you are looking for the best one.

The same is true in trading. Traders can use different routes to improve efficiency, speed, and cost-savings.

What You Need to Know

A route is a path your order takes to get to the market. This path can have a noticeable impact on order execution speeds, fill prices, and trading fees.

Types of Routes

There are three main types of routes to be aware of.

ECN’s (electronic communication networks) are electronic order books that automatically match buy and sell orders.
Market makers are firms or individuals responsible for providing liquidity and matching orders.
Smart routes are routes that are programmed to achieve the best fills in specific scenarios.

Different routes may be chosen based on your objective (i.e. fastest execution vs. lowest trading fees) or time of day (i.e. pre-market, market hours, and after hours).

Routing Fees

Routes have fees that are charged on a per-share basis.

There are generally two pricing options associated with each route: one for adding liquidity and one for taking liquidity.

Adding liquidity means buying on the bid or selling on the ask.
Taking liquidity means buying on the ask or selling on the bid.

Adding and Taking Liquidity

Generally, taking liquidity is more expensive than adding liquidity. Certain routes will even reward adding liquidity by offering a rebate.

ECN rebates allow you to get credited instead of charged for using a route (when adding liquidity.

Routing Fee Example

Assume a route has a 0.0032/share rebate for adding liquidity and a 0.002/share fee for taking liquidity. Here is a fee comparison for a 1,000 share order.

Adding liquidity: $3.20 rebate
Taking liquidity: $2 Fee

Common Questions About Routes

Below are some of the most common questions related to routing. You can also check out our in-depth routing guide to learn more.

How do I choose my routes?

You can select your preferred route when placing an order from within the trading platform. There is a route dropdown selector within the order entry section of the level 2 window.

Routing Options


What are the benefits of choosing your own routes?

Choosing your routes gives you more control over your trading. Every route has its own unique advantage and every trader has their own unique preferences.

Choosing your own routes can help improve execution speed, fill rates, fill prices, and trading fees.

How should I choose my routes?

Choose your route with your primary objective in mind. Are you looking for the fastest execution, the best liquidity, or the most cost-effective option (i.e. rebates)?

You can find descriptions of each route on the table below (under routing options)

You may also experiment with different routes to see which ones are most suitable for your personal trading style.

Which routes should I use if I don’t have a preference?

Some traders have very specific routing preferences and others don’t.

If you don’t have a preference, you can stick with the default route when you place an order through the platform.

How do I execute orders outside of market hours?

You must select a route that has a start time available for outside of market hours trading (listed below).

How do I know if a route offers a rebate?

A full list of routes and fees/rebates can be found on the routing options list below.

StartCloseCategoryRouteAdding LiquidityTaking LiquidityDescription
7:30 AM5:00 PMMarket MakerLIMIT-0.002-0.002DAS auto programmed route to hit route CPGO as a limit order
7:30 AM5:00 PMMarket MakerMARKET-0.002-0.002DAS auto programmed route to hit route CPGO as a market order
4:00 AM8:00 PMSmart RouterARCS0.002-0.0032Smart router. Posts on ARCA. No rebate for stocks <$1.00
4:00 AM8:00 PMSmart RouterNSDS0.002-0.0032Smart router. Posts on Nasdaq. No rebate for stocks <$1.00
7:00 AM7:00 PMSmart RouterBARC0.001-0.0039Barclays Smart router that posts on ARCA
7:00 AM7:00 PMSmart RouterBNSQ0.001-0.0039Barclays Smart router that posts on NSDQ
7:00 AM7:00 PMSmart RouterBSMT0.001-0.0039Barclays Smart router that sweeps and posts on various venues
9:30 AM4:00 PMSmart RouterEDGA-0.0032-0.0032EDGA Smart router
9:30 AM4:00 PMSmart RouterEDGX0.002-0.0032EDGX Smart router
4:00 AM8:00 PMSmart RouterFAN0.002-0.0032Virtu Smart router. Aggressively seeks execution when taking liquidity
9:30 AM4:00 PMSmart RouterMARKT-0.0032-0.0032Smart router used for market orders
9:30 AM4:00 PMSmart RouterNITEP-0.0025-0.0025Virtu passive algo smart router
4:00 AM8:00 PMSmart RouterXALL-0.0032-0.0032Aggressive Smart router sweeps dark and lit destinations, execution over cost
7:00 AM5:00 PMSmart RouterCFAN-0.002-0.0028Aggressive Smart order router. Aggressively seeks execution when taking liquidity
7:30 AM5:00 PMMarket MakerCPGO-0.002-0.002Market Maker Route. Best for <500 share lots
9:30 AM4:00 PMMarket MakerCPMM-0.0015-0.0015Market maker wheel route
9:30 AM4:00 PMMarket MakerXDRK-0.002-0.002Market maker wheel route
9:30 AM4:00 PMMarket MakerHEAT-0.002-0.002Market maker wheel route
9:30 AM4:00 PMSpecializedPMID-0.0025-0.0025Mid-point route
9:30 AM4:00 PMSpecializedPIOC-0.001-0.001Immediate or cancel route. Best for marketable orders of very liquid stocks
9:30 AM4:00 PMSpecializedPDRK-0.0025-0.0025Dark pool route. Seeks alternative liquidity other than lit venues
9:30 AM4:00 PMSpecializedPSMT-0.0024-0.0024Aggressive route. Good for taking liquidity at lower rate
9:30 AM4:00 PMSpecializedXDAG-0.0025-0.0025Most aggressive dark aggregator route. Sweeps major dark pool destinations
9:30 AM4:00 PMSpecializedXMID-0.0025-0.0025Dark aggregator that sweeps major dark destinations executing at mid-pt. or better
9:30 AM4:00 PMSpecializedALGO-0.0025-0.0025Algo Suite Order Entry
9:30 AM4:00 PMSpecializedTWAP-0.0025-0.0025TWAP route, will work the order from time of entry to 4:00 PM EST
9:30 AM4:00 PMSpecializedDKAP-0.004-0.004Dark pool TWAP route, will work the order from time of entry to 4:00 PM EST
9:30 AM4:00 PMOTCBBARCAE <$1-0.0035-0.0035ARCA Smart router for OTCBB's under $1
9:30 AM4:00 PMOTCBBARCAE-0.004-0.004ARCA Smart router for OTCBB's over $1
9:30 AM4:00 PMOTCBBSPDRM-0.002-0.002Market maker wheel route for OTCBB's
9:30 AM4:00 PMOTCBBDBOT-0.001-0.0045DBOT Smart router
9:30 AM4:00 PMOTCBBCLST-0.002-0.002Market maker route for OTCBB's
9:30 AM4:00 PMOTCBBOTCX**-0.001-0.0045OTCX router
9:30 AM4:00 PMOTCBBPUMA-0.002-0.002Market maker route for OTCBB's

Rates are subject to change at any time. Please call the support desk for most up to date pricing (1-844-811-0118).

Adding liquidity for stocks <$1.00 will incur a charge of 0.0005

Route times are Eastern Standard Time

On DAS, all routes above will end in ‘L’ or ‘M.’ Use ‘L’ for Limit orders and ‘M’ for Market orders

Regulatory Fees:

SEC: 0.0000221 (Multiply this amount by the principal amount sold)

FINRA TAF: 0.000119/share $5.95 max. Covers sales of exchange registered securities. Multiply by # of shares sold.

NSCC, DTC Fees: 0.00004/share  (Maximum 0.5% of trade value)


All routes are directed to other broker dealers for execution. The descriptions listed above are based on information provided to us by these brokers. The smart routers, and logic programmed into the routers that determines order destination, is under full control of the brokers that receive the orders.

**Any stock under $1/share will incur a $0.0045/share routing fee when using the OTCX route.