Hello, How can we help you?

Why did TradeZero withhold funds when I made a withdrawal request?
TradeZero may withhold funds from your account when making a withdrawal for the following reasons:
  • If you have short positions or using margin in your account.
  •  If all your positions are closed and settled but you have used overnight margin in the past 45 days.
  • If you have traded American Depositary Receipts (ADR) in the past 45 days.
  • If you held a security(s) short overnight, and the security declared a dividend while your account was short.
  • If you held a security(s) and there is a corporate action that is not fully settled.
  • If your ACH deposit is less than 30 days settled in your account.
These are some but not all the reasons TradeZero may withhold funds when making a withdrawal from your account.  The banking department will send you an email describing the reason some of your funds are being held back.  The email will detail when and how you may remove the remaining funds. 
What is the SEC’s Limit Up-Limit Down Rule?
The SEC’s Limit Up-Limit Down Rule (LULD) prohibits trading activity in exchange-listed securities at prices outside specified price bands (“upper band”; “lower band”), which are established at a percentage level above and below the average price of a security over the immediately preceding 5-minute period.  When the level is breached, the stock will halt trading and there will be a five-minute trading pause.  The protocols for handling a trading pause are established by the exchanges.  TradeZero will accept orders and route them as during a trading halt.  These orders will be traded on a best effort basis in the re-opening process once the halt is lifted.  Clients should be aware that the security may resume trading at a significantly higher or lower price and this may cause an account using margin to trigger TradeZero’s automatic risk sell out protocol  (see FAQ: What are some reasons TradeZero may close out a position?).
What is an Unqualified Account Fee? 
TradeZero charges up to a $5.00 quarterly Unqualified Account Fee for accounts with a balance under $100 that do not hold securities and did not have any trading activity the previous quarter.  Accounts with a zero ($0) balance will not be charged.  Accounts will not incur a debit balance.  Start date 08/01/2021.

See FAQ:  How much money must I have in my account to maintain access to a trading platform.   
Why do I receive Reg Sho 204 notice?
Regulation SHO Rule 204 is the Close-out Requirement that requires brokers and dealers that are participants of a registered clearing agency to take action to close out “failure to deliver” positions.
 
Under Rule  204(a) of Regulation SHO, all “failure to deliver” purchases must be closed out by borrowing or purchasing securities no later than the start of regular trading hours on the following settlement date.

If you day trade a security and consistently hold a short position, then you are consistently net short the security and are at risk of a “failure to deliver” if TradeZero America or Apex Clearing cannot borrow the securities.
 
TradeZero tries to make this process as transparent as possible.  We request from our clearing house before close of business any client positions  that are at risk of “failure to deliver”.  We then send to those clients a notice via email so they can make a better decision whether to stay in the position or get out of the position.

Reg Sho Rule 204(b) states that if a clearing house does not close out its “failure to deliver” in an equity in  accordance with Reg Sho Rule 204(a) then the clearing house and any broker dealer for which it receives trades for clearance and settlement may not accept short sale orders from its customers in that equity without first borrowing the security or entering into a bona fide arrangement to borrow the stock.  To avoid this, TradeZero takes the extra step to inform its clients of any potential “failure to deliver.”
 
As a rule of thumb, stocks that have a small float or have a large short interest are more at risk of a “failure to deliver” resulting in receiving a Reg Sho Rule 204 notice than stocks that have a large float and small short interest.  It is important to be an educated trader and understand the rules that may affect your decision making.

For more information visit:  
https://www.sec.gov/divisions/marketreg/mrfaqregsho1204.htm
https://www.sec.gov/investor/pubs/regsho.htm 
What is an Initial Public Offering (IPO)
An initial public offering (IPO) is the process of a company first selling its shares to the public.  These shares are listed on a primary market by the lead underwriter.   The lead underwriter sets the offering price usually on the evening of the day the Securities and Exchange Commission (SEC) states the registration statement effective.  
What are the margin requirements for an initial public offering (IPO)?
To hold shares of an IPO overnight, regulations governing IPOs state that new issues are non-marginable for a minimum of 30 days following pricing.  This means that IPO shares must be paid for using cash or cash available to borrow*.  
For day trading purposes, margin requirements are determined by the clearing house the day of the IPO.

*TradeZero America risk department may reduce IPO positions after regular market hours (4:00pm – 8:00pm est) that violate IPO margin rules. 
Can I place market orders when trading an  initial public offering (IPO)?
Only limit orders are accepted on the first day an IPO trades.   After the first day of trading market orders are accepted during regular trading hours (9:30am – 4:00pm est).  
 How do I place an equity order after hours between 4:00 pm EST and 8:00 pm EST
To place an equity order after-hours:
  •  You must make sure “Time In Force” on your order ticket window is set to “GTX”.  Pre-market and during the day “Time In Force” will be set to “Day”. 
  • If using Hot Keys you will need to set your after hour Hot Keys to “GTX” Time in Force.
  • You can only use “Limit Orders” when trading equities pre-market (4:00 am EST to 9:30 am EST) and after-hours (4:00 pm EST to 8:00 pm EST). 
  • Stop Orders will not work Pre- and Post- market hours.   
You will also need to make sure your orders placed during regular market hours are cancelled.  If you try and liquidate a position during after-hours trading and you are getting a reject notice, check to see if you have an order that was placed during market hours.  You will need to cancel this order and then you will be able to liquidate your position.   
Can I participate in an initial public offering (IPO new issue)?
Currently, TradeZero America clients cannot participate in new issues.
What is the Maximum Share Limit for placing an order when I trade? 
Maximum Share Limit is set at 10,000 shares per order for all new accounts (a/o 1/15/2022; previous pre-set was 5,000 shares).  If you would like to raise the pre-set limit, send an email to support@tradezero.us.
  • In the email, state your account number and the share limit you would like to have.
  • Requests for 25,000 shares or more requires Compliance approval.
  • You will receive an email indicating your new Maximum Share Limit.  

If I hold a short position over the weekend or holiday, will I be charged?
All short positions, whether located, preborrowed or on the easy to borrow list, if held after 8:00 pm ET, the cut off period to close your position, will pay an Overnight Borrow charge starting that night and every night after you hold your position short. This will include Weekends and Holidays.

For example, if you short 100 shares of XYZ on Friday, and you close out your position on the following Monday, you will pay an Overnight Borrow charge Friday, Saturday, and Sunday. If Monday were a holiday, and you closed your position on Tuesday, you would be charged an Overnight Borrow charge on Monday also.

See FAQ: How are overnight borrow rates calculated?
What are some reasons TradeZero may close out a position? 
Risk Sell Out Policy
 
TradeZero may take the following actions if any of your positions pose a threat to the Firm’s internal risk thresholds.  Here are some reasons, but not all, a sell out may occur.
 
TradeZero America can force the sale or cover of equities and or option positions in a customer’s account(s) without prior notice. If during the trading day, the equity in a customer’s account:
  • Falls between 15-20%*, TradeZero America may, at its discretion, buy-in or liquidate the customer’s position in order to raise account equity up to 25% or more;
  • Falls to 15%* or below, TradeZero America may, at its discretion, buy-in or liquidate the customer’s entire account.
Likewise, TradeZero America can force the sale or cover of equities position(s) if an account is concentrated in one security during afterhours trading and the account is using 3X* or more margin.

*These percentages can be raised without notice due to increase in market volatility or increase in individual stock and option volatility.

A buy-in can occur during pre-market trading, regular market hours and post market trading.
 
After a buy-in or liquidation, it is the customer’s responsibility to maintain or increase account equity to meet the requirements stated in the Apex Clearing (“APEX”) Margin Form.

Short Position Closing Policy

If APEX cannot continue to borrow the securities in which a customer has a short position, TradeZero America or APEX may close a customer’s short position. Two examples, but not conclusive, where this may occur are:
  • SEC Rule 204 of Regulation SHO
  • Broker Recall  
In these examples, TradeZero America will try to notify customers that their short position(s) may be covered and if the customer covers their position prior to a Reg Sho Rule 204 or Broker Recall buy-in, the customer may end up long the position.  A Reg Sho Rule 204 cover normally happens on the opening of trading on T+3 but if the customers position is greater than the opening volume, the covering transaction may be spread out during the day.  A Broker Recall can occur any time during the trading day.

Margin Call Liquidation
 
If the customer receives a margin call and fails to fund his/her account or fails to cover the call by liquidation, TradeZero or APEX may liquidate any position(s) in the account to satisfy the margin call.

Furthermore, the margin requirement for day trading is calculated differently than the margin requirement for holding position(s) overnight. As a result, if a customer is holding a position(s) in the afterhours trading session that will incur a large margin call or the portfolio is deemed too consolidated in one position by TradeZero America risk department, TradeZero America may reduce the position(s) to prevent an excessive margin call or undue risk.  This may bring the equity % for the portfolio to 50% or even 100% depending on the marginability of the position(s) and the volatility of the securities held in the account.
Can I open a Corporate Account at TradeZero?
Yes, TradeZero accepts Corporate accounts.  Corporate accounts do not fall under TradeZero's retail offering.  Please be aware of a few differences in the offering:
- Minimum account funding to open a Corporate account is $50,000.
- Corporate accounts are considered professional accounts when determining platform fees.  Please call to discuss.
- Onboarding is a two-part process.  Sign up for a Corporate account through our website.  When completed, one of our representatives will contact you to finalize your application.  
Does TradeZero charge an inactivity fee?
TradeZero does not charge an inactivity fee.

See FAQ:  Unqualified Account fee. 
Can I Trade "F" Shares on TradeZero platform?
“F” Shares are not permitted to be traded on TradeZero platform.  Any client with existing “F” shares may liquidate only.  A $50 per execution fee will be charged for any "F" share trades. 
Definition of F shares:  https://www.otcmarkets.com/files/FAQ-F-Shares.pdf




Who is TradeZero?
TradeZero America, Inc. is a broker dealer located in New York. We are members FINRA and SIPC. Check Broker Check registration here:, please click here.
TradeZero America Inc.'s mission is to provide stock and options trading services through its full suite of trading platforms.
What is the cut-off time for requesting an ACH or Wire withdrawal?

Wire and ACH transfers requested by 2:30 pm est will be processed on the same day under normal business circumstances.  Wire and ACH transfers requested after the cut-off time will be handled on a best effort’s basis.  
Large withdrawal requests are subject to additional Compliance verification, which may include contacting the customer.

How long does and ACH transfer take?
Typically, if you initiate an ACH deposit prior to 2:30 pm eastern time it can be available for trading the next day. However, it is possible for an ACH deposit to take up to five business days after you initiate the ACH transfer to deposit into your TradeZero account. Please make sure you have the necessary funds in your bank account for five business days after you initiate the ACH transfer to prevent a transfer reversal. A transfer reversal may occur when a scheduled bank transfer is cancelled for insufficient funds. Be aware, for every transfer reversal, TradeZero will charge your account a $50.00 fee. Your bank may also charge a transfer reversal fee.

TradeZero will revoke ACH transfer privileges for your account if it incurs more than 2 ACH REVERSALS.

After any ACH deposit there will only be $30,000 of additional ACH deposits allowed in the following 7 days.

An ACH withdrawal will be processed on the same day under normal business circumstances if the request is submitted by 2:30 pm est and the following conditions are met:
  • The account has settled funds to cover the withdrawal
  • The withdrawal will not create a margin call
  • The withdrawal does not require compliance review
  • The withdrawal is not a third-party transfer

Please note: there is a $50,000 withdrawal limit for ACH’s
What is the margin requirement for stocks under $3.00?
Equity securities with a market value of less the $3.00 per share may not be purchased on margin or deposited as margin collateral.  If the market value of a security drops below $3.00 per share, the security will not be assigned any value as collateral to secure your margin obligation.
When are platform fees charged?
Platform fees are charged the 1st of every month and prorated starting the 15th of every month.  Cancelling a platform or updating a platform, to avoid being charged, must be made by the last day of the month.   
Do you offer Pre and Post market trading?
Yes, Pre-market trading begins at 4 am eastern and ends at 9:30 am eastern.  Post-market trading begins at 4 pm eastern and ends at 8 pm eastern time.
Why was I able to locate more shares than I can short sell?
TradeZero’s short list locator calculates the marginability of a stock based on the current price of the stock at the time you request the locate. If the stock drops below $3.00, the stock is no longer marginable. This may occur between the time you locate shares and the time you place a short order. When a stock becomes nonmarginable, this may reduce the number of shares you may trade regardless of how many shares you have located. Conversely, if the stock price rallies above $3.00, it will again become marginable and this too may increase the number of shares you can trade.  
However, please keep in mind that TradeZero does not permit shorting any stock below $1.00. If the price of a stock falls below $1.00 between the time you locate shares and the time you place a short order, you will not be able to short the stock. Furthermore, you will not be able to use any located shares while the stock remains below $1.00. TradeZero cannot refund the cost of any shares you locate because of the change in marginability of the stock or if the stock drops below $1.00.
TradeZero does give you the ability to put up for credit any unused shares and if these shares are located by another TradeZero client, you can recoup up to 50% of the locate price.  You are able to take advantage of this feature until 8pm est.  

When does my buying power update for the new trading day?
3AM eastern standard time.
How does TradeZero profit from Zero Commission orders?
The TradeZero smart router routes the orders to market centers that provide payment for order flow or rebates. These market centers include ARCA, EDGX, BATS, NSDQ and others.
If TradeZero is directing my trade, will I still get the best possible execution price?
TradeZero is subject to Reg NMS. This states that firms are obligated to provide investors with executions at the best possible price. Read more about Reg NMS here: click here.
What firms are used to locate stock?
We use a custom blended list from several different clearing firms.
How are overnight borrow rates calculated?
Effective 10/3/2022, all short positions held overnight are charged at the daily market rate which changes based on market conditions. In your client portal under Tools > Overnight Borrow Calculator, you will find an overnight borrow fee calculator which will provide an estimate for borrow costs related to any shares you would hold short overnight.

*If an account receives a Reg Sho Notice, the shares receiving the notice, no matter whether a fee was paid, will need to be liquidated as per Reg Sho Notice. (see FAQ Why do I receive Reg Sho 204 notice)
Who is the clearing firm?
Apex Clearing is a US based clearing firm located in Dallas, Texas. Apex Clearing is a SIPC/FINRA member.
https://www.apexclearing.com/
How much is needed to open a new account?
Initial funding of new accounts must be $2500 or more.
If a mandatory corporate action is declared on a stock I have a position in, what are TradeZero's procedures?

If you hold a position in a security that is scheduled for a corporate action which will result in a stock split (forward or reverse), merger, or name change, the position will be removed from the trading platform between 4:00 pm est and 5:00 pm est, the day before the corporate action is to occur.  After the corporate action, TradeZero will confirm with its clearing house the correct symbol and number of shares of the resulting security to be placed in your account.  This process may take a few days depending on the complexity of the corporate action and the delivery of shares.  Once the corrected shares and or symbol are confirmed by the clearing house, the updated position will be returned to the trading platform.

It is your responsibility to be aware of pending corporate actions and how such events will affect their outstanding portfolio.  TradeZero charges $35.00 for processing corporate actions and $100.00 for reorganization activity.

Are there any other fees associated with Zero Commission Stock Trading?

Daily Short LocatesAs Quoted
Overnight BorrowEffective 10/3/2022, all short positions held overnight are charged the daily market rate
which changes based on market conditions
Overnight Borrow - Odd LotsOdd lot positions (less than 100 shares) will be rounded up to the nearest hundred shares
Margin Debt Interest9%   a/o 11/2/2022
TAF Fee$0.000130 per share, sell side only
SEC Fee0.0000229 x dollar amount, sell side only
NSCC Fee0.00003 per share, $0.18 maximum and $0.033 minimum
ADR FeePass-Through
 FOCUS Fee

0.0000007 per share

 SIPC Fee
0.000015 per share
Assisted Trade$30                                                                                                                                  

What are the client support options?
Live support via chat on our web site, telephone (1-877-4-TRADE-0) or email support@tradezero.us
Does the demo provide real time data?
The free demo provides streaming 15 minute delayed data. Demo executions DO NOT in any way reflect live trading executions. They should not be used as a metric for how live trading works or executes in any way.

Are there any day trading restrictions?

Yes. Pattern Day Trader(PDT) restrictions apply to stock and options trading. A Pattern Day Trader is a FINRA designation for a margin account that executes four or more day trades in five business days, provided the number of day trades are more than 6% of an accounts total trading activity for that same five-day period. These accounts need to maintain a daily equity balance of $25k or more and receive 4:1 Day Trading Buying Power from the clearing house. When the Starting Day Equity Balance is below $25k, the Day Trading Buying Power is reduces to zero (0).

Margin accounts receive 2:1 margin and must adhere to the PDT restrictions when the Starting Day Equity Balance is below $25k.

Cash Accounts are not intended to be day trading accounts. A cash account must have settled funds before a purchase can be made and before a security can be sold. If a cash account trades daily and liquidates long term positions, it is possible for the account to receive a "Good Faith Violation". Cash accounts are not allowed to short stock.


Does the Pattern Day Trading (PDT) Rule apply to options trading?
Yes, the PDT rule applies to options trading.

What is the Pattern Day Trader Rule?

TradeZero America, Inc., like all other registered Broker Dealers in the US, enforces the Pattern Day Trading (PDT) rule as defined by FINRA Rule 4210 (Margin Requirements).

The PDT rule generally states that a customer is limited to three (3) round trip trades in any consecutive five trading day period unless maintaining a daily equity balance of $25,000.

If a customer creates a fourth (4) roundtrip trade, the account is classified as a pattern day trading account for ninety days. During this time, the account is restricted from day trading unless the equity balance is $25,000 or more.

The PDT rule applies to margin accounts that trade stock and options.

Click here to read FINRA Rule 4210 on Pattern Day Trading (PDT Rule).

Day Trade Counting
Examples
This is one day trade because account bought and sold 100 shares XYZ in the same day.Account starts with 0 shares XYZ.
Buy 100 XYZ today
Sell 100 XYZ today
This is one day trade because account shorted and covered 100 shares XYZ in the same dayAccount starts with 0 shares XYZ
Short 100 YXY today
Cover 100 XYZ today
This is one day trade. The trade that opened before today does not count.Account start day with 100 shares XYZ
Sell 100 XYZ today
Buy 100 XYZ today
Sell 100 XYZ today
This is one day trade. The Buy of 50 and Sell of XYZ occurred today.Account starts day with 100 XYZ
Buy 50 XYZ today
Sell 100 XYZ today
This is one day trade because there is only one change of direction in the account, going from long to flat on the same day.Account starts day with 0 shares of XYZ
Buy 100 XYZ today
Buy 100 XYZ today
Sell 50 XYZ today
Sell 50 XYZ today
Sell 100 XYZ today
This is two day trades because a change of direction happened when a Cover of 50 XYZ occurred. The counter started on the second trade on the next short of 100 XYZ.Account starts day with 0 shares of XYZ
Short 100 XYZ today
Short 50 XYZ today
Cover 50 XYZ today
Short 100 XYZ today
Cover 100 XYZ today
Cover 100 XYZ today
Is TradeZero a member of SIPC?
Yes, TradeZero America, Inc. is an SIPC Member. Please click here
Are accounts accepted from the US?
We are able to accept accounts in every state and territory in the US.
Can you use the platform in a mac?
ZeroWeb and ZeroFree can be used on a Mac via Google Chrome and or Mozilla FireFox. Please do not use it with Safari. ZeroPro platform may be used with Windows emulation, such as Parallels Desktop. However, TradeZero does not provide technical support for ZeroPro run on any emulation.

What is the short list?

The short list is a proprietary tool on the trading platform that queries all TZA locate required securities for availability and price per share to locate.

How are clients able to see what is easy to borrow? (no locate required)

 The easy to borrow list (short list) is imported daily into the trading platform.  If the stock is easy to borrow the trading platform will show a green "S" next to the symbol box. This means a locate is not required.

What are the short locate fees?

Locate fees are quoted per share.  The rate is determined by the supply and demand to locate the shares on that day.  The fees can vary during the day depending on market conditions.  Locate fees are charged only after the price for the locate is accepted. If the locate shares are declined, then no fee is charged.

I do not have experience trading, but I am curious and I want to learn, can you help?
TradeZero has education partner relationships that can help with trading education. TradeZero can provide you a real-time demo that will allow you to trade the stock market and not lose a single penny! These Live Paper Trading accounts are offered to active clients for $59 a month. TradeZero is not an education company.
How can I fund my account?
You can fund your account by sending a Bank Wire or Automated Clearing House (ACH) Transfer. We do not accept Third Party Wires. Your name and legal address from your bank must match the information you provided on your account paperwork.
How can I become an associate of TradeZero?
Send your resume and cover letter to jobs@tradezero.us
Can you set a daily loss limit on my account?
Yes, we have risk tools and can enable a daily loss limit to your trading account.  These work from 7:30 am est to 5:00 pm est.

Will TradeZero ever cover your equity positions?

TradeZero America can force the sale or cover of equities positions in a customer’s account(s) without prior notice. If during the trading day, the equity in a customer’s account:

  • Falls between 15-20%, TradeZero America may, at its discretion, buy-in or liquidate the customer’s position in order to raise account equity up to 25% or more;
  • Falls to 15% or below, TradeZero America may, at its discretion, buy-in or liquidate the customer’s entire account.

After buy-in or liquidation, it is the customer’s responsibility to maintain or increase account equity to meet the requirements stated in the Apex Clearing (“APEX”) Margin Form.

Likewise, If APEX cannot continue to borrow the securities in which a customer has a short position, TradeZero America may notify customers to cover their short positions during trading hours.

Furthermore, if the customer receives a margin call and fails to fund his/her account, TradeZero may liquidate any positions in the account to satisfy the maintenance margin call.

What are the minimum specs for running ZeroPro?
  • Win7 SP1+ (no Mac)
  • .Net Framework 4.6.2+

What is the margin requirement when shorting a stock under $2.50? Are these stocks marginable?

Margin requirement will be 100% of $2.50.  ex:  if you  short 1000 shares of stock at $1.00, the cost to carry the position will be $2500.

How can I check my account balance?
You can check your account balance by logging into your TradeZero client portal.  Go to www.tradezero.us  Sign in using your User ID and Password.  

Is there an ACH fee?
ACH Deposits are free of charge and Withdrawals will incur a $5 fee.  A returned ACH will be charged $50 fee.
How long does it take for an ACH deposit/withdrawal?
ACH transfers may take up to 5 business days
When will I receive access to the platform?
You will receive access to the platform once the account is funded with a minimum of $2500
Do you offer a live paper trading account?
TradeZero offers Live Paper Trading accounts to active clients for $59 a month
How much money must I have in my account to maintain access to a trading Platform?
To maintain access to a trading platform, the equity balance of your account must be at least $250.  To regain access to a platform, the equity balance in your account must be at least $2,500.  
Who is responsible for managing the exercise/assignment risk associated with options?
TradeZero clients are ultimately responsible for managing the exercise/assignment risks associated with the positions in their accounts.
Does TradeZero charge commission to trade options?
TradeZero does not charge commission when trading options.  However, there is a $0.25 Option Contract fee per contract when trading options.
Are there any fees associated with Zero Commission Options Trading?

Options Commission$0.00 per contract
Options Routing pass through fee$0.00 per contract
Options Contract fee$0.25 per contract (a/o 4/1/2022)
Options Clearing Corp (OCC) fee*$0.02 per contract; $55 cap
Options Regulatory Fee (ORF)*$0.01815 per contract
Option Auto Exercise or Auto Assignment$0.00 per line
Option Manual Exercise fee$35 per line
*May change without notice

Can TradeZero close out an option position before expiration?
Yes.  Accounts which do not have enough equity prior to expiration/assignment and/or introduce undo risk should the price change dramatically upon delivery may be closed prior to the close of the options market on expiration day.  If uncollateralized risk far exceeds any in-the money value, determined by risk management specifically at expiration, the position will be closed out prior to the close of the options trading on expiration day. 
What are some reasons TradeZero (TZA) may close out an option position?
  • TZA will liquidate positions based upon certain expiration or corporate action related events which, after giving effect to, would create undo risk and/or operation concerns.  
  • If TZA deems the exposure of exercise/assignment will create undo risk then TZA has the right to either liquidate options prior to expiration, allow the options to lapse or allow delivery and liquidate the underlying at any time.  Also, the account may be restricted from opening new positions to prevent an increase in exposure.  
  • If TZA determines the exposure is excessive, TZA may liquidate positions in the account to resolve the projected margin deficiency.
  • If the exercise or assignment of an option would result in a short position in a cash account, the option position may be closed by TZA on the expiration date.  
Does TradeZero offer options trading?
TradeZero currently offers trading in U.S. listed Equity, ETF and ETN options.
When is the last day I can open an Option Trade?
2:00 pm EST on the option expiration date is the cut-off to open a new option position. 

When will the clearing house exercise my option position?
Apex Clearing will automatically exercise options at in-the money levels as low as $0.01 on options expiration.  There are cases when Exercise by Exception is removed, and all exercises must be done by instruction.  It is the responsibility of the account holder to know when this is the case.  
Can I exercise an option prior to expiration?
American style options can be exercised or assigned at any time between the trade date and the expiration date.  
Can I be assigned on my short option position prior to expiration?

Option writers are subject to the risk each day their options are exercisable that some or all of them may be assigned.
What happens to my short options on expiration?
Assignment of options are allocated by Apex Clearing Corp.
What is the Option Disclosure Document (ODD)?

ODD is a publication issued by the Options Clearing Corporation that serves as a guide for options traders.  The document is essential for novice options traders.  Options involve risk and are not suitable for all investors.  The risks inherent to options trading may expose investors to potentially significant losses.  The ODD formerly titled Characteristics & Risks of Standardized Options can be found here: https://www.theocc.com/about/publications/character-risks.jsp.

How does TradeZero's clearing house (Apex Clearing Corp.) allocate option exercise assignment notices?
When the clearing house  receives an exercise notice from the Options Clearing Corporation, they assign the notice to a customer who is a writer of an identical option contract. Exercise assignment notices for option contracts are allocated among customer short positions pursuant to a manual procedure, which randomly selects from among all customer short option positions, including positions established on the day of assignment, those contracts which are subject to exercise. All short American option positions are liable for assignment at any time.  If, for example, an exercise notice is assigned to your account, you must deliver the underlying security to us in the case of a call, and you must deposit cash with us in the case of a put sufficient to properly margin the security within a stated period of time.
What is the cut-off to submit Do Not Exercise and Exercise submissions?
Do Not Exercise and Exercise submissions must be submitted to TradeZero by 4:15 pm EST.  An email should be sent to options@tradezero.us
Can retail clients utilize CMTA Clearing?

TradeZero does not utilize CMTA clearing for retail clients.