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Author Topic: OTCBB Online Brokers
jake_the_snake
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I'm new to this, and was wondering, bottom line... What are the best online brokers to use? and Is it wise to open a second account in my girlfriends name, so that I can trade 6 x's without being a patterned day trader? Is this crazy... Thanks.
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Jonathanlb8
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If you open one up under her name make sure to have her authorize you to make trades and what not. Also, you may want to sign an agreement so that she doesn't run off with your funds, in case of a falling out.
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EGrand
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I don't think an agreement can be signed in this case because when you sign up for an online broker it asks you to verify that you are in fact who you say you are and that you provide a proper social security number. If she were to run away with your money, an agreement wouldn't do you any good because it's fraud to begin with.

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Jonathanlb8
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I believe you can sign an agreement in the form of a loan, which would state that the funds she used in her account was a loan from you with a stated interest rate. That way you can get most of the profits.
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bill1352
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ameritrade has the cheapest rates for pennies. $10.99 per trade and no limits on number of shares. if you open an account in your gf's name you can trade it all you want online. if you have the password & user name they have no clue who's at the computer. but it would probably be fraud if she got the idea it was her money unless you were named on the account. then the most she could take is half & if you set the password she would have no way into it.

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Ric
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There are 4 that are good for pennies and each have there good and bad.

Ameritrade 10.99 flat fee unlimited shares no hidden fees. If you make 30 trades a quarter free upgrade to Apex with free level II and great customer support.

E-Trade 9.99 same as Ameritrade except the upgrade is called E-Trade Pro

Choice Trade - $5.00 trades and can only buy 999,999 shares online and there is a smal fee for when sell OTC's (can correct me if I'm wrong here)

Freetrade first 20 trades a month is free and $3 a trade after that. No hidden fees, ran by Ameritrade. If it was a car it would be the base model. No thrills. No customer phone support. All support is done by email. They keep it cheap to keep it cheap. Downfall $5000 to open account.

Ric

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Ric
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Pattern Day trader only appies if you open margin account. But if you don't open margin then you have 3 day rule to clear (settle) account on a sell. But in that Margin account, if you only use cash and don't use margin then the pattern day trader want effect you even though you get a warning as long as you use no margins then there is no problems.

Ric

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kbpkt
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If you have the 5K to open an account and have experience trading, definitly go with Freetrade.com especially if you plan on daytrading. Like it was said above, there are no thrills to it, but it is definitly the cheapest. I switched over to them from Scottrade and have no complaints. By the way, DO NOT go with Scottrade, they are the worst for pennies.
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Nemesis
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Ric,

I use Ameritrade, I have a margin account with them. Are you saying that as long as I do not use my Marginable funds. Only the "Avail. funds for trading" - I am not restricted to 3 round trip trades per 5 days?

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Nemesis
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Ric,

I use Ameritrade, I have a margin account with them. Are you saying that as long as I do not use my Marginable funds. Only the "Avail. funds for trading" - I am not restricted to 3 round trip trades per 5 days?

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Ric
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You may want to call them for sure but I haven't had any problems doing it. I daytrade 5-10 times a week. I was flagged but was told as long as I used cash only there was no problems. Thats for all securities in account too not just the daytaded ones. As long as you don't go over Available cash funds.

Ric

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Angell1
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With Margin (Choice Trade)you get flaged and you must do the 25K, With cash account you still get flaged but thats all. Right now its only next day and not the 3 day rule to settle, but I just called them and they will soon change to 3 days.

By far I think Choice is trhe way to go..

quote:
Originally posted by Ric:
Pattern Day trader only appies if you open margin account. But if you don't open margin then you have 3 day rule to clear (settle) account on a sell. But in that Margin account, if you only use cash and don't use margin then the pattern day trader want effect you even though you get a warning as long as you use no margins then there is no problems.

Ric



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BT
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ETrade. Easy, Great Customer Service/brokers you can speak to, and setup nicely. $9 for pennies. and NO MONTHLY FEE!

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farmpride
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etrade also states :Listed trades over 5,000 shares (for trades 1-26 per quarter) $0.01 per share for the entire order plus the applicable commission what exactly is "listed" ? if that is all stock, how is it that great of a deal especially when trading sub penny stock? al

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niedejb
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Listed refers to NYSE and Nasdaq "listed" stocks.

I use them for pennies and no hidden charges.

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Machiavelli
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quote:
Originally posted by Ric:
There are 4 that are good for pennies and each have there good and bad.

Ameritrade 10.99 flat fee unlimited shares no hidden fees. If you make 30 trades a quarter free upgrade to Apex with free level II and great customer support.

E-Trade 9.99 same as Ameritrade except the upgrade is called E-Trade Pro

Choice Trade - $5.00 trades and can only buy 999,999 shares online and there is a smal fee for when sell OTC's (can correct me if I'm wrong here)

Freetrade first 20 trades a month is free and $3 a trade after that. No hidden fees, ran by Ameritrade. If it was a car it would be the base model. No thrills. No customer phone support. All support is done by email. They keep it cheap to keep it cheap. Downfall $5000 to open account.

Ric

I think your mistaken about Choicetrade... it is $5 commissions for any size trade.. whether buying or selling listed stocks, pennies/otc etc... I think you have them confused with Lowtrades.com ...
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jake_the_snake
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I would like to Thank everybody here for narrowing my decision down to either Ameritrade or ChoiceTrade. Oh, yeah how come nobody here is talking about GTEL. They announced an loi with NASA! Bye and Thanks Again!!

Jake

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WINNER24
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quote:
Originally posted by Ric:
There are 4 that are good for pennies and each have there good and bad.

Choice Trade - $5.00 trades and can only buy 999,999 shares online and there is a smal fee for when sell OTC's (can correct me if I'm wrong here)
Ric

its 9,999,999 and the small fee is the regular sec fee it always come to few cents so its insignificant
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