Where's the best place to find a broker that deals with penny stocks? Thanks
Posted by memphis on :
I use Scottrade http://www.scottrade.com and its been great so far. Only takes $500 capital to start your account and $12 limit orders. Pink sheet trades must be phoned in to an office and placed by a broker. Not sure how other brokers handle pinks but my first pink trade went off without a hitch and I got QBID at .0016 about 5 minutes after my trade was placed.
I like using medved quotetracker better than the scottrade online software so I just keep it open to place my trades even though Quotetracker supports many accounts including scottrade. Hope this helps.
------------------ Memphis
Posted by tasharruf on :
I would vote for freetrade.com. Scottrade is too expensive for me
Posted by poorman on :
I use Ameritrade 10.99 a trade and have had no problems
Posted by Sandman on :
I USE LOWTRADES SO FAR SO GOOD, ONLY $5 A TRADE AND YOU DON'T HAVE TO CALL PENNIES IN. THERE IS AN INACTIVITY FEE IF DON'T MAKE AT LEAST ONE TRADE EVERY 6 MONTHS, BUT THAT SHOULDN'T BE A PROBLEM. ALSO NO MINIMUM TO OPEN A CASH ACCOUNT.
[This message has been edited by SANDMAN (edited March 14, 2004).]
Posted by . on :
Unfortunetly I use Etrade. They keep $25 per trade! Rip off but I like their streamline and their setup. Easy to navigate. If you do 27 trades per quarter the fee drops to $15. NO MONTHLY FEES!
Posted by NewT on :
quote:Originally posted by SANDMAN: I USE LOWTRADES SO FAR SO GOOD, ONLY $5 A TRADE AND YOU DON'T HAVE TO CALL PENNIES IN. THERE IS AN INACTIVITY FEE IF DON'T MAKE AT LEAST ONE TRADE EVERY 6 MONTHS, BUT THAT SHOULDN'T BE A PROBLEM. ALSO NO MINIMUM TO OPEN A CASH ACCOUNT.
[This message has been edited by SANDMAN (edited March 14, 2004).]
Sandman, I was looking at that site and it says that you need $25,000 minimum balance to day trade... What exactly constitutes day trading? Buying and selling a stock on the same day?
Posted by Purl Gurl on :
Hmmm, I am only paying E*trade $9.99 per stock transaction, with a free live feed, both based on more than twenty-nine trades per quarter, which is easy.
Currently at forty-eight trades for this quarter, which is less than my usual.
E*trade "power trader" account requires a two grand deposit and a minumum of twenty-six trades per quarter, resulting in a commission fee of $9.99 per trade.
E*trade customer service is excellent.
Most online brokers are about the same; none better than the others. Read their fine print carefully and you will find a lot of hidden charges for some.
Purl Gurl
Posted by . on :
TRUE. Very true! The customer service is by far the best out there. You call the 800#, you enter your account #(if you have an aco****) and they get on the phone and help you with anything! No automated phone service, no email us and we'll get back to you, no waiting time. You can actually set up an account with play money, buy stocks with the play money and see how well you do over time.
Posted by Purl Gurl on :
Yes, E*trade customer service is exceptional.
Their customer service people have really good knowledge, never any hesitation in answering even super tough questions.
Once through the "logon" procedure, I have never had to wait more than a minute or two before my call is answered. There have been cases of them posting additonal information to my "alerts" inbox for my technical in-depth reading. A few even emailed long documents to me.
Very professional customer service.
Purl Gurl
Posted by Sandman on :
[QUOTE]Originally posted by NewT: Sandman, I was looking at that site and it says that you need $25,000 minimum balance to day trade... What exactly constitutes day trading? Buying and selling a stock on the same day?[/QUOTE
NewT Lowtrades Cash accounts have no minimum balances,the day trader account your inquiring on does have a minimum balance like you said but it is through success trades which is the parent company to Lowtrades and that type of account offers extras like level II quotes and more,thats the way i interpret it,if I'm wrong please someone correct me
Posted by NewT on :
quote:Originally posted by SANDMAN:
NewT Lowtrades Cash accounts have no minimum balances,the day trader account your inquiring on does have a minimum balance like you said but it is through success trades which is the parent company to Lowtrades and that type of account offers extras like level II quotes and more,thats the way i interpret it,if I'm wrong please someone correct me[/B]
Well, I was really just wondering what was considered day trading... If I wanted to buy a stock of one company and sell it in the same day, is that considered day trading? Or does one have to do that a lot to be considered a day trader.
Posted by Steve020866 on :
I am with scottrade and they say that if you do a day trade more than 4 times in any one week than you are considered a day trader and you will have to change your account accordingly. I am thinking this a SEC law or something if I remember the fine print correctly. You can do some day trading however check the limitations for the week before you go overboard and have to have some ungodly amount in your account to keep it because they class you as a day trader.