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Anybody know of any penny stock brokerages that charge low commission fee with no ".005 a share for stocks under $1" stuff. I like choicetrade but its not in my error. Also no minimum to open account.
Posts: 14 | Registered: Nov 2005
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I also looked into Choicetrade but alas, it's not in my area either. Sticking with E-Trade until I find something better. I wouldn't really recommend it for pennies. Then again, I haven't found anything better yet.
-------------------- ~-------------~ Don't sweat me. Posts: 52 | From: Delaware, USA | Registered: Dec 2005
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Lowtrades is only $5 a trade (there is a minute charge per share once an order is for 100,000 shares of more). If you make 25 trades a month, L2 is free. If you have $500 equity streaming real time desktop is free. The one drawback is that they won't allow stops on OTC and Pinks. The FAQ says they won't allow stops on stocks under $1, but I can set them below $1 on Nasdaq, NYSE, and AMEX anytime.
If you should try Lowtrades, check with them and see if they still honer a deal to use Quote Tracker.....if so, then for a period of time (was about 3 months for me) trades are only $2.50 each.
I have both Lowtrades and Choicetrade. Neither is better, both have weak and strong points. Having both is an excellent system. Lowtrades is far better for quotes and charts and real time data (and cheaper). Choicetrade lets me set stops on pinks and OTC that Lowtrades doesn't.
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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I talked to a broker the other day for lowtrades. He told and pointed me to http://lowtrades.com/CommissionsAndFees/Commissions.html" Block Trading Fees will be charged for each transaction executing 100,000 shares or more. This fee is charged at a rate of 1% of the principal dollar amount or $.0005 per share, whichever is less." You are only allowed to trade 500000 per trade too. Is it possibe to, Let say buy QBID at .0001 for 500000 one day and sale it at .0002 for 500000 next day and not be considered day trader with this service?
Posts: 14 | Registered: Nov 2005
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Yep, but I wouldn't be buying or selling QBID. I often buy and sell a stock the same day and have been known to buy - sell - buy - sell the same stock in the same day and have not run into any problem. The trick is to never try to buy with unsettled funds, i.e., check the mumbers. If you don't have a margin account, Lowtrades won't let you get into trouble. The online system will kick out any trade you try to make that is over (but it will allow me to make more than three buy/trades of a single stock in the same day in a 5 day period).
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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Tex, both choicetrade and lowtrade are fast. If there is a difference, it might be just a shade faster with lowtrades one day, then choicetrade the next....but I can't see it. I do notice that when I bid on a low low volume stock with choicetrade, frequently I can't find any bid in line on L2s that looks like mine while i wait......it may come through with no bid or ask for the amount I sent ever having showed on the L2 list, but the sale comes through.
It is easier to "alter" an order with choicetrade. With Lowtrades, I have to cancel the order and start over....with choicetrade, i click the "change" button and then alter the "ingredients"....when I accept it, it cancels the original order and sends the new one.
Like I say, they each have preferred "talents"
Posts: 11304 | From: Fort Worth, Texas | Registered: Mar 2005
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