Last updated: Mar 14, 2023

Fees, Payment, Revenue

Baraka will have the right to levy such fees and charges ("Fees") (in the manner determined by Baraka) in relation to any service offered from time to time. 

Subscription Fee: Gets you access to detailed stock analysis and reports from Refintiv with analyst estimates on share price movements for USD 9.99 per month

Baraka charges a premium for access to extended hours trading. Extended Hours Trading refers to placing orders that can get executed up to 5.5 hours before and up to 4 hours after regular market hours. The premium that applies for these type of orders are as follows:

  1. For Non-Premium Users:
    The higher of:

    • 0.049% based on the total order volume or
    • the Minimum Premium of $1.99
  2. For Premium Users:
    • Premium of 0.049% based on the total order volume

You will find the exact premium charge in the order confirmation screen within the app, before placing an order. This does not apply to regular orders placed as usual market hours trades.

You note that Baraka may incur the costs, fees, charges and/or expenses of third parties in the delivery of the services to you. Such costs, fees, charges and/or expenses will be governed by the terms and conditions of such third parties. For instance: When depositing money into your account please note that Baraka does not charge transfer fees, but your bank fees will apply. Fees typically range between $15-$30. This amount will be reflected as a deduction in your total cash. You may check your bank’s fees policy before transferring
For example: if you wanted to transfer $500 to your Baraka account, and your local bank account charges $25 as international transfer fees, you will be receiving $475 in your Baraka account.

Baraka does not charge or receive any withdrawal fees. A flat fee of $25 will however be charged by our broker’s bank for all withdrawals. Please ensure that you have at least $25 in available funds before making a withdrawal. Example: if you have $1000 in your account available for withdrawal, and you attempted to withdraw the full amount, you will receive back $975 in your personal bank account.

You agree to pay, repay and/or reimburse such costs, fees, charges and/or expenses of Baraka in connection with services provided by Baraka. You shall also reimburse Baraka for any part of such cost, fee, charge or expense (or proportion of it) which represents VAT, save to the extent that Baraka notifies you that it is satisfied that it will be entitled to credit or repayment in respect of such VAT from the relevant tax authority.

From time to time, your trading account may accumulate interest. You agree to forfeit any accumulated interest on your cash balance and, as such, you acknowledge that your account is consequently non-interest bearing. You acknowledge that any such forfeited interest may, in part, be retained by us as revenue.

Any payments due to us will be payable in same day funds in such currency as we may from time to time specify and to the bank account designated by us for such purposes.

Any payments due to us are:

(i) exclusive of VAT or any other similar taxes, and you will in addition pay an amount equal to any VAT chargeable on those sums; and

(ii) will be paid in full without any set-off, counterclaim, deduction or withholding (other than any deduction or withholding of Tax as required by law). If you are required by law to deduct or withhold Tax you will pay to us additional amounts as may be necessary to ensure that we receive a net amount equal to the full amount we would have received had such payment not been subject to a deduction or withholding of Tax.

Baraka may, in its sole discretion, amend the Subscription Fee and/ or any other Fees payable by you upon thirty (30) days prior notice.

Remuneration and Sharing of Charges: We may receive remuneration from, or share charges with, a third party in connection with your Transactions. Details of any such remuneration or sharing arrangements (“Third Party Arrangements”), unless specifically disclosed in this clause 3.10 will be disclosed in separate financial terms communicated to you by us. The following Third Party Arrangements shall be deemed duly disclosed to you: 

Treatment of interest on cash balances: Interest may accrue on your cash balance in your Baraka account that will not be credited to your account balance; the interest accrued will be shared between Baraka and DriveWealth, as Regulated Third Party Provider. This interest will be shared evenly between Baraka and the Regulated Third Party Provider, DriveWealth LLC. Your acceptance of the Terms and Conditions will be treated as your informed acknowledgment of this Third Party Arrangement and that you expressly waive your entitlement to any interest which may accrue on the cash balance in your Baraka account; and

Payment for Order Flow: We may receive payment for order flow from DriveWealth LLC, for exclusively routing your Execution-Only instructions to it as Regulated Third Party Provider. While we do not consider this Third Party Arrangement to give rise to any “material conflicts of interest”, your acceptance of the Terms and Conditions will be treated as your informed acknowledgment and acceptance of this Third Party Arrangement and waiver of any conflict of interest which may be deemed to arise as a consequence of this Third Party Arrangement. 

Third Party Payments: In respect of Transactions which we enter with you, unless expressly affirmatively agreed between us in writing:

(i) We reserve the right not to comply with any request by you to make a payment or a delivery to a third party; and

(ii) Where we become aware that funds have been paid to us and/or the Regulated Third Party Provider or a delivery made to us other than by you, we reserve the right to refuse such payment or delivery.

The amount of fees, as well as the nature of fees, may change from time to time. Baraka reserves the right to adjust its existing fees and add new fees at its sole discretion. You acknowledge that the prevailing fees may change. We will always notify you of the changes in fees which will apply to your account at least 30 days before these changes become effective.