How Fennel Works

Account Security

For Fennel’s privacy policy, click here: Privacy Policy.

How does Fennel make money?

Fennel charges its users a $4.99-per-month subscription fee. Fennel does not accept payment for order flow (PFOF), nor does Fennel engage in securities lending. While Fennel charges only $4.99 for this data and unlimited trading, there maybe other fees associated with activity in your account, please see here and immediately below.

Are there any fees associated with trading, unrelated to the subscription fee?

There are two additional fees associated with trading within Fennel which are required by regulatory bodies and which never go to Fennel. These are the standard fees that are charged on trades by the SEC and FINRA to recover the costs of supervising and regulating firms. This includes costs associated with performing examinations, financial monitoring, and FINRA’s policy, rule-making, interpretive, and enforcement activities.

  • Financial Industry Regulatory Authority (FINRA) transaction fee (TAF): This fee is charged on all covered stock and ETF sales at a rate of $0.000119 per share.
  • Fennel Securities and Exchange Commission (SEC) fee: This fee is levied on all security sales. The current rate is $5.10 for every $1,000,000 in sale proceeds. For a rough calculation of this fee, multiply $0.0000051 times your sale proceeds. Sale Proceeds = $10,000. Current SEC fee rate = $0.0000051 ($5.10 per $1 million in sale proceeds). Total SEC fee = $0.051 ($10,000 x $0. 0000051 = $0.051).

Do I own the shares I buy through Fennel?

Yes, you own the shares that you purchase. All shares are held in custody through our clearing firm, and are held in street name.

Who is Fennel’s clearing broker?

Fennel’s clearing broker is Apex Clearing Corporation. For more information, click here: Customer Information Brochure.

What securities does Fennel offer?

Fennel currently offers up to 5000 securities, comprised of common stocks, ADRs, and ETFs. These securities are calculated daily based on the following criteria:

Common stocks & ADRs

  1. They trade on one of the major US exchanges, including NYSE, NYSE ARCA, NYSE American, NASDAQ, and BATS, or are included in the Russell 3000 Index.
  2. They are listed as a tradable security by Apex Clearing, Fennel’s clearing firm who is responsible for providing custody and execution services.


  1. They trade on one of the major US exchanges, including NYSE, NYSE ARCA, NYSE American, NASDAQ, and BATS.
  2. Leveraged and/or inverse ETFs are excluded from the universe.

We are working to expand the number of securities that we offer, to cover stocks traded at lower volumes and ETFs with lower assets under management (AUM). Fennel does not currently offer securities based outside of the US, but this is on our product roadmap as well.

Fennel does not currently offer over-the-counter (OTC) securities.

Is there a minimum investment required to open an account?

Fennel has no minimum investment required to open an account.

What types of brokerage accounts does Fennel offer?

Fennel currently only offers self-directed brokerage cash accounts.

What are market trading hours?

Regular trading hours for the U.S. stock market is 9:30am to 4:00pm Eastern Time, Monday through Friday, with the exception of stock market holidays or early closure days. You can find the stock market’s holiday schedule here: NYSE Holidays & Trading Hours.

Why can’t I place market orders outside of market hours?

Fennel currently only accepts orders placed during regular market hours.

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