diff --git a/dask_ec2/cli/main.py b/dask_ec2/cli/main.py
index e796863..f0c528f 100644
--- a/dask_ec2/cli/main.py
+++ b/dask_ec2/cli/main.py
@@ -74,7 +74,9 @@ def cli(ctx):
               show_default=True,
               required=False,
               help="EC2 Instance Type")
-@click.option("--count", default=4, show_default=True, required=False, help="Number of nodes")
+@click.option("--count", default=4, show_default=True, required=False, help="Number of nodes (at least one recommended for scheduler)")
+@click.option("--spot-count", default=0, show_default=True, required=False, help="Number of spot instance nodes")
+@click.option("--spot-price", default="0.10", show_default=True, required=False, help="Maximum spot price for the spot instances")
 @click.option("--security-group",
               "security_group_name",
               default="dask-ec2-default",
@@ -138,7 +140,7 @@ def cli(ctx):
               show_default=True,
               help="Install Dask/Distributed from git master")
 def up(ctx, name, keyname, keypair, region_name, vpc_id, subnet_id,
-       iaminstance_name, ami, username, instance_type, count,
+       iaminstance_name, ami, username, instance_type, count, spot_count, spot_price,
        security_group_name, security_group_id, volume_type, volume_size, filepath, _provision, anaconda_,
        dask, notebook, nprocs, source):
     import os
@@ -158,6 +160,8 @@ def up(ctx, name, keyname, keypair, region_name, vpc_id, subnet_id,
                               image_id=ami,
                               instance_type=instance_type,
                               count=count,
+                              spot_count = spot_count,
+                              spot_price = spot_price,
                               keyname=keyname,
                               security_group_name=security_group_name,
                               security_group_id=security_group_id,
diff --git a/dask_ec2/ec2.py b/dask_ec2/ec2.py
index 397a285..e4c074b 100644
--- a/dask_ec2/ec2.py
+++ b/dask_ec2/ec2.py
@@ -2,6 +2,7 @@
 
 import time
 import logging
+import copy
 
 import boto3
 from botocore.exceptions import ClientError, WaiterError
@@ -207,8 +208,35 @@ def check_image_is_ebs(self, image_id):
         if root_type != "ebs":
             raise DaskEc2Exception("The AMI {} Root Device Type is not EBS. Only EBS Root Device AMI are supported.".format(
                 image_id))
+           
+    def wait_for_fulfillment(self, request_ids, pending_request_ids):
+        """Loop through all pending request ids waiting for them to be fulfilled.
+        If a request is fulfilled, remove it from pending_request_ids.
+        If there are still pending requests, sleep and check again in 10 seconds.
+        Only return when all spot requests have been fulfilled."""
+        results = self.client.describe_spot_instance_requests(SpotInstanceRequestIds=pending_request_ids)
+        for result in results['SpotInstanceRequests']:
+            rid = result['SpotInstanceRequestId']
+            if result['Status']['Code'] == 'fulfilled':
+                pending_request_ids.pop(pending_request_ids.index(rid))
+                logger.debug("spot request `{}` fulfilled!".format(rid))
+            else:
+                logger.debug("waiting on `{}`".format(rid))
+
+        if len(pending_request_ids) == 0:
+            logger.debug("all spots fulfilled!")
+            #return the instance ids
+            response = self.client.describe_spot_instance_requests(SpotInstanceRequestIds=request_ids)['SpotInstanceRequests']
+            instances = [i['InstanceId'] for i in response]
+            return instances
+        else:
+            time.sleep(10)
+            return self.wait_for_fulfillment(request_ids, pending_request_ids)
+
 
     def launch(self, name, image_id, instance_type, count, keyname,
+               spot_count = 0,
+               spot_price = "0.10",
                security_group_name=DEFAULT_SG_GROUP_NAME,
                security_group_id=None,
                volume_type="gp2",
@@ -238,20 +266,32 @@ def launch(self, name, image_id, instance_type, count, keyname,
         else:
             security_groups_ids = self.get_security_groups_ids(security_group_name)
 
-        logger.debug("Creating %i instances on EC2", count)
         kwargs = dict(ImageId=image_id,
                       KeyName=keyname,
-                      MinCount=count,
-                      MaxCount=count,
                       InstanceType=instance_type,
                       SecurityGroupIds=self.get_security_groups_ids(security_group_name),
                       BlockDeviceMappings=device_map)
+        if self.subnet_id is not None and self.subnet_id != "":
+            kwargs['SubnetId'] = self.subnet_id
+        if self.iaminstance_name is not None and self.iaminstance_name != "":
+            kwargs['IamInstanceProfile'] = {'Name': self.iaminstance_name}
+        if spot_count:
+            logger.debug("Creating %i spot instances on EC2", spot_count)
+            response = self.client.request_spot_instances(SpotPrice=spot_price,
+                                                    InstanceCount = spot_count,
+                                                    Type='one-time',
+                                                    LaunchSpecification=kwargs)
+            request_ids = [r['SpotInstanceRequestId'] for r in response['SpotInstanceRequests']]
+        else:
+            request_ids = None
+        logger.debug("Creating %i instances on EC2", count)
+        kwargs ['MinCount']=count
+        kwargs['MaxCount']=count
         if self.subnet_id is not None and self.subnet_id != "":
             kwargs['SubnetId'] = self.subnet_id
         if self.iaminstance_name is not None and self.iaminstance_name != "":
             kwargs['IamInstanceProfile'] = {'Name': self.iaminstance_name}
         instances = self.ec2.create_instances(**kwargs)
-
         time.sleep(5)
 
         ids = [i.id for i in instances]
@@ -261,8 +301,11 @@ def launch(self, name, image_id, instance_type, count, keyname,
         except WaiterError:
             raise DaskEc2Exception(
                 "An unexpected error occurred when launching the requested instances. Refer to the AWS Management Console for more information.")
-
-        collection = self.ec2.instances.filter(InstanceIds=ids)
+        if request_ids:
+            spot_instances_ids = self.wait_for_fulfillment(request_ids, copy.deepcopy(request_ids))
+        else:
+            spot_instances_ids = []
+        collection = self.ec2.instances.filter(InstanceIds=ids + spot_instances_ids)
         instances = []
         for i, instance in enumerate(collection):
             instances.append(instance)