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Another question I feel very dumb asking. Can you trade any pink sheets with ameritrade. I was with datek/ameritrade and this weekend the switched everything over to ameitrades new platform and I see this thing about trading pinksheets. I was under the impression you can't. IS it true you really can trade pink sheets on Ameritrade? Also, I know pinks don't have a bid/ask quote, why is that? Again, dumb ? I know.
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Silver, On november 16th I got a reply from Ameritrade which you can read below:
Thank you for your message. At this time, Ameritrade does not currently trade in the pink sheets online. These are generally considered to be the lower tier of OTCBB securities and will not reflect a value in your account. This market is highly unregulated.
The Pink Sheets is a centralized quotation service that collects and publishes market maker quotes for OTC securities in real time. Pink Sheets is a nexus of OTC dealer markets that enhances price transparency in the OTC markets so investors can more efficiently buy and sell OTC securities.
The Pink Sheets and the OTCBB are competing electronic quotation services for the OTC equity securities. Unlike the OTCBB, issuers do not have to be fully reporting companies with the Securities and Exchange Commission (SEC) to be quoted on the Pink Sheets.
You can liquidate shares held in your account by calling 1-800-823-2835. This service is available from 9:30 AM to 3:50 PM EST. If you decide to sell a stock in which the proceeds will not equal the commission cost, please inform the broker to write off the difference so that you will not incur a debit from the trade.
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I finally got thru to Ameritrade, and the lady said they DO now trade pinksheets. The only thing that worries me is she didn't sound like she knew what she was talking about and Anwer box is down. Can someone please shed some light on the subject? Thanks!!
quote:Originally posted by ws_bbl: That's weird, my answer got on top of your question Silverstreak
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A while back you couldn't trade pinksheets on Ameritrade, I just called this Friday and was told now you definitely can.Same with IVOC stock. They wouldn't let you buy any for awhile, now you can, I just bought some. I don't know why the change.
quote:Originally posted by SilverStreak: Another question I feel very dumb asking. Can you trade any pink sheets with ameritrade. I was with datek/ameritrade and this weekend the switched everything over to ameitrades new platform and I see this thing about trading pinksheets. I was under the impression you can't. IS it true you really can trade pink sheets on Ameritrade? Also, I know pinks don't have a bid/ask quote, why is that? Again, dumb ? I know.
Taken from the Migration page at Ameritrade:
Pink Sheets and Over The Counter Bulletin Board Stocks (OTCBB) # Now you will be able to place OTCBB and Pink Sheet trades online. †† # Only buy limit orders may be placed. Sell orders may be placed as market or limit. # Remember: Ameritrade commissions are just $10.99 for an Internet equity order, for unlimited shares.‡
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