Tradovate Exchange, Clearing & NFA Fees Explained
Wondering why your Tradovate statement shows a bigger number than your plan's commission? Here's what exchange, clearing, and NFA fees actually are, and how to work out your true cost per trade.
You picked a Tradovate plan, memorized the per-side commission, and then your statement showed a bigger number than you expected. That gap is exchange, clearing, and NFA fees, pass-through charges that ride along with every futures contract you trade. They aren't commission, and no membership tier makes them go away. Here's what each one is and how to work out your true cost per trade.
What Are Exchange, Clearing & NFA Fees?
Commission is what your broker charges to route your order. These three fees are different, they're collected by outside parties and simply passed through to you at cost:
- Exchange fee, charged by the exchange that lists the contract (CME, CBOT, NYMEX, or COMEX) for matching your trade.
- Clearing fee, charged for guaranteeing and settling the trade so both sides get paid.
- NFA fee, a small regulatory assessment the National Futures Association levies on every futures trade in the U.S.
Because Tradovate collects these on behalf of the exchange, the clearing house, and the regulator, they show up on every plan, Free, Monthly, and Lifetime alike. Lowering your commission by moving up a tier does nothing to them.
Working Out Your Real Trade Cost: Step-by-Step
Start With the Exchange Fee
The exchange sets this one, not Tradovate, and it changes by product. Standard index e-minis like ES and NQ carry a meaningfully higher exchange fee than their micro cousins (MES, MNQ). As a rough guide, a standard index e-mini runs a little over a dollar per side in combined exchange-and-clearing cost, while a micro is a small fraction of that. Exchanges revise these schedules periodically, CME adjusted its transaction fees in April 2026, so pull the current number for your contract.
Add the Clearing Fee
Clearing is the plumbing that stands behind your trade and makes sure it settles. The clearing fee is charged per contract and is usually small, often just a few cents, but it's there on every side. Tradovate publishes its All-In Commission Rates schedule that lays the exchange and clearing components out contract by contract, so you can see the exact pass-through cost next to the commission. That schedule is the cleanest place to confirm the real all-in number for whatever you trade.
Add the NFA Regulatory Fee
This is the smallest and most predictable piece. The NFA assessment fee is a flat $0.01 per side on futures contracts through June 30, 2027, so about two cents on a full round turn. It's scheduled to rise to $0.02 per side on July 1, 2027. It applies to every futures trade regardless of contract size, which is why it barely registers on a standard e-mini but is proportionally more noticeable on a cheap micro.
Confirm the Total on Your Statement
Add the three pieces to your per-side commission and you've got your true cost for one side; double it for a round turn. Then check it against reality. Open your Tradovate account statement or the Reports module and look at the itemized fee lines for a filled trade, commission, exchange, clearing, and regulatory fees usually break out separately. If your math matches the statement, you know your real cost per trade going forward.
A Quick Worked Example
Say you trade one standard index e-mini round turn (one contract in, one contract out). Your cost stacks up like this, treat the fee figures as approximate and confirm the live numbers first:
| Cost component | Per side | Round turn (in + out) |
|---|---|---|
| Commission (varies by plan) | your plan's rate | × 2 |
| Exchange + clearing fee | ~$1.10–$1.40 | ~$2.20–$2.80 |
| NFA regulatory fee | $0.01 | $0.02 |
Swap in a micro and the exchange and clearing portion drops to a fraction of the standard figure, while that $0.01 NFA charge stays exactly the same. That's why micros feel cheap per contract but the fixed fees eat a larger share of each trade.
Why This Matters
- No surprises on your statement, you'll know the real number before you click buy, not after.
- Fair plan and broker comparisons, compare all-in cost, since commission alone hides these pass-throughs.
- Smarter scalping math, small-target trading lives or dies on total per-trade cost, fees included.
- Prop and evaluation accounts differ, some firms handle these fees their own way, and it varies by firm and account size, so check your firm's current rules.
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Know Your Costs, Then Automate the Rest
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Start Your Free 5-Day TrialFrequently Asked Questions
No. They're set by the exchange, the clearing house, and the regulator, and passed through at cost. Upgrading your plan lowers commission only, these fees apply on Free, Monthly, and Lifetime the same way.
It's $0.01 per side on futures through June 30, 2027, which works out to about $0.02 on a round turn. It's scheduled to increase to $0.02 per side on July 1, 2027.
The NFA fee is flat per side no matter the contract size, so on a low-cost micro it's a larger slice of the total. The exchange and clearing portion still scales down, but that fixed regulatory piece doesn't.
This guide is for educational and informational purposes only and is not financial, investment, or trading advice. Trading futures and other leveraged products carries a substantial risk of loss and is not suitable for every investor. PickMyTrade is an independent third-party automation platform and is not affiliated with, endorsed by, or sponsored by Tradovate, Inc. "Tradovate" and all related names, logos, and trademarks are the property of their respective owners. Platform features and steps change over time, so always confirm the current process in the official Tradovate platform and documentation before acting.