quote:Originally posted by carn: which is best the broker to invest in penny stock? I want to open an account at scottrade your opinion on scottrade please?
Just posted article from several mos. back on Scottrade in "Tales of Woe" room.
posted
I just read post on tales of woe, I don't see anything too serious, I would assume they were letting people sell stocks when the funds had not settled yet. For my understanding you can do it but you must take a check in to the local office. Anyway I see Ameritrade was also fined. That would not deter me from going with scottrade trade. To each his own.
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Etrade can be expensive. Starts out $22.99 then the more you trade per quarter the lower it gets. I am at $9.99. They also have 2 second trades,it is super fast. No problems for over 4 years!
One more thing,you can transfer money from your bank account for free and trade right then!
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quote:Originally posted by slim: I just read post on tales of woe, I don't see anything too serious, I would assume they were letting people sell stocks when the funds had not settled yet. For my understanding you can do it but you must take a check in to the local office. Anyway I see Ameritrade was also fined. That would not deter me from going with scottrade trade. To each his own.
Do they still have that godawful fee's they charge for OTCBB and Pinks?
-------------------- Let the world change you... And you can change the world.
posted
Scottrade trades any stock under a dollar at $7 per trade plus a commission of a half a percent of the prinicipal. They are cheaper than Ameritrade up to about $650 trades (value of trade), then Ameritrade is cheaper.
Honestly, whether it is $5 or $10 per trade I don't care too much. What I think is most important is speed of routing orders and speed and integrity of data sent.
I can't say anything bad about Scottreade other than I suspect they aren't the fastest online broker. Oh, and their stock screener isn't very robust.
I'm shopping for a new broker and considering E*Trade.
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I, too, wish Scottrade had a, well, "robust" screener is a good term, D6. Overall, pretty good value imo. I've seen a $5/per advertised that *looked* reputable, but the account rqmts were way stiffer. Fer now, I'll dance with the one that brung me...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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PS: I may open an account w my bank, even though they are crazystoopidnuts on price--but I could transfer $ from savings or checking into trading eeezy and load up for a $pecial occa$ion.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by d6veteran: Scottrade trades any stock under a dollar at $7 per trade plus a commission of a half a percent of the prinicipal. They are cheaper than Ameritrade up to about $650 trades (value of trade), then Ameritrade is cheaper.
Honestly, whether it is $5 or $10 per trade I don't care too much. What I think is most important is speed of routing orders and speed and integrity of data sent.
I can't say anything bad about Scottreade other than I suspect they aren't the fastest online broker. Oh, and their stock screener isn't very robust.
I'm shopping for a new broker and considering E*Trade.
Yes speed of routing is important but no matter how fast any brokerage is... you will not always get filled at the price you want to contrary to belief.. for some reason people dont take into account that the market is always in motion.. whether up/down/or sideways.. it will not all of a sudden say : " Oh Oh D6Vet just put in a Order... I must stop all trading so he get's filled at his price and it looks like his brokerage has connections with me to get filled so fast and he and the others will think it was all the brokerages hard work " ... Seriously all brokerages pretty much send their orders to the markets at the same speed.. but you always have to consider other factors when getting filled such as is that particular stock tanking fast or rising fast or going sideways?... how many people are ahead of me before i get filled? .. i pretty much suspect that when you get filled very fast and you think it is because of your brokerage.. it really is just that a stock has a decent float, not many others are ahead of you to get filled etc.. etc.. so when you supposedly get filled fast dont always think it is because your brokerage has some super secret hyperspeed route to the market.. because they all have the same technology... as for not caring what the commissions are.. you should care.. because commissions eat into profits over time and your bankroll.. most of your trades will be losing trades.. and dont kid yourself.. because if they weren't you would be in the headlines like Warren Buffett already.. so if you don't care about commissions.. at the end of the fiscal trading year.. do a comparison about how much commission you paid to your broker and how much you could of saved on another broker because that penny saved is a penny earned that you could use to buy additional shares of stock...
-------------------- Let the world change you... And you can change the world.
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In all sincerity though, I have never used choicetrade, but I have yet to hear people complain about their services with respect to execution time or restricting purchases. Most people rave about their services.
I live in Arkansas and choicetrade is not authorized/chooses not to allow people living in Arkansas to open an account with them. That would be my complaint.
I do have a Scottrade account, and I am pleased with their services. They DO restrict the sale/purchase of several pinksheet stocks though the internet and I have had to call my local branch on several occasions. Generally though, it is not a hassle- and I like having a physical branch office to drive to in the event that I have problems. The screener is marginal though- and more appropriate for big board stuff.
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quote:Originally posted by bilgert: They DO restrict the sale/purchase of several pinksheet stocks though the internet and I have had to call my local branch on several occasions.
I'm not kettle because I have said this and other things about Scottrade in the past 2 years... It is not a penny stock or pinksheet friendly broker while Choicetrade is and no extra fee's from CT... By the way if CT is not authorized to do business in Arkansas that is not their fault.. I am sure in time they will... this is Scotty:
Broker Assisted $27
For stocks priced under $1, add ½% of the principal value to the commissions shown. Some foreign and pink sheet stocks must be traded with broker assistance.
-------------------- Let the world change you... And you can change the world.
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As I've mentioned before, I strongly suggest having at least two trading accounts. Scottie has its points, as does Choicetrade. I've heard a good combo is Choicetrade + Lowtrades. A very freewheelin', but successful trader I know of has switched to Think/Swim... Most I've followed who tried Zecco have reported mixed results.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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Total Newbe question, I plan to start small and learn from the bottom up .. I have done some reading and research but my question is about the brokerages I don't care that much about how much the trade is but are more concerned about what you get? I don't want a brokerage that wants money down to open but also I don't want monthly fees to keep accounts open either? is this to much to ask? I don't mind paying more on the initial trade but want some bang for the buck spent ????? wich give the best bang for the buck? sorry for the newbe question .................
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You'll have to fund your account, somehow. You can, in effect, borrow money with a margin account...but that is a strikingly poor idea for a new trader. At any rate, you'll cut a check or wire funds, etc. in order to open the account.
Otherwise, just ask customer service if they charge fees...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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