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Author Topic: best broker to go with, with small amount to deposit
toothpick
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hey guys,

i have less than $6,000 to trade with and looking for a trustworthy broker with cheap commission.

had e-trade in mind but open to suggestions.

kind regards,

jason

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toothpick
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this looks cheap http://www.sogotrade.com/

anyone use them?

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toothpick
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can somebody explain why i SHOULD'NT use this site?

http://www.zecco.com/default.aspx

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PCola77
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Choicetrade is the best, in the opinion of many here. $5 commission and no hidden fees.

Never heard of sogo trade.

Have a zecco account but don't really use it. Give it a try and let us know if you find out that it's good or bad for some reason.

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toothpick
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cheers for the advice.

what are other peoples thoughts?

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T e x
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zecco....eh, a few free trades a month... not much else going for it, imo.

A good combo is choicetrade & lowtrade: split your dough into two accounts, and enjoy the "package." With two accounts, you could in effect "day trade" if you wanna, w/o getting tagged as a "patter day trader."

Or, if you're primarily daytrading, go with Prodigy...

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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toothpick
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I definately wont be day trading.

I live in Hong Kong, will this be a issue? I see that most of the sites want you to send the paper work to a U.S Address.

I was think of e-trade since they have a Hong Kong site, but i just looked and balances below $50,000, its bloody $19.99 a trade, WTF?!

My question is, can i open a account with choicetrade for example, since I dont live in the U.S?

And also, by any chance do you guys know any online brokers with Hong Kong offices to save the hassle of mailing of the paperwork and waiting for ages?

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T e x
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could be an issue...I dunno. Just have to ask 'em. If no problem, then the only question I have is time difference: market opens 9:30 PM, your time...

Have you considered Forex?

Anyway, just guessing, I would imagine you could find any sort of broker you could want in Hong Kong...

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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toothpick
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I normally work in London so its not a problem.

However, my money is in HK, the exchange rate is peg'd too so its where i will be transfering my money from.

Anyone know if i can open a account under my curcimstances?

I will email them and find out, hopefully they dont take too long to reply.

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T e x
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London, too, is a huge financial center--should be able to find any manner of broker, there, ready and willing to work with you...old ties to Hong Kong, obviously, as I suppose you're part of that structure.

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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PCola77
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E-mail choicetrade's customer service. From my experience they've been very quick to reply. My guess is you won't be able to use them though.
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Ace of Spades
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quote:
Originally posted by T e x:
could be an issue...I dunno. Just have to ask 'em. If no problem, then the only question I have is time difference: market opens 9:30 PM, your time...

Have you considered Forex?

Anyway, just guessing, I would imagine you could find any sort of broker you could want in Hong Kong...

Or trading futures
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toothpick
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just got emails back, i can open with both. very quick response too.

have to fill in a international form for tax.

i'll probably get one with zecco seeing that its free and made by some successful people.

what are you zecco experiences?

thanks for your help guys, looking forward to free trading!

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toothpick
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I noticed that Zecco has a annual IRA fee of $30.

Could someone please kindly explain this IRA fee and if other brokers dont charge this, what will their eqivalent charge be on annual basis, for example with choice trade?

Does this happen with all brokers?

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PCola77
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I thikn I remember reading about it, and so I'm going from memroy and thus could be totally wrong.

There's some fee to maintain government paperwork associated with IRAs. Typical brokers just pay it themselves and pass the cost on to you in other fees, but zecco says they'd rather you pay for that explicitly, and not pay all the extra fees.

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toothpick
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thanks for that.

another thing.

I'm guessing that Zecco's research is not very good.

Do you think its sufficient if i just read research off my fathers schwab account or are not very good?

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Machiavelli
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i do research on www.bigcharts.com and www.smallcapcenter.com <shrugs>

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cabbage22
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a good list of brokers

http://www.thebeststockbrokers.com

I've used tradeking, their good but not for penny stocks

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Keep your technical systems simple. Complicated systems breed confusion; simplicity breeds elegance.

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Machiavelli
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you only need choicetrade.com for all stocks... they don't discriminate lol

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Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

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T e x
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but one account is not practical, if you daytrade below the 25k account-minimum. Need at least two...which is why I recommend C-trade and Lowtrades for some to consider. However, if you like round-ups, is better to *not* have the same clearing house, Penson in this case. Also, I personally think it's worthwhile to elect for the OBO list.

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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stocktrader22
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Thinkorswim if you want to short stocks that are listed under $5, tons of money to be made there.

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Disclaimer: Not accountable for anything I say

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R1 Man
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quote:
Originally posted by Machiavelli:
you only need choicetrade.com for all stocks... they don't discriminate lol

I have them and have mixed feelings. I like Ameritrade but thought the extended hour trading would come in handy. The only problem is they won't let you buy or sell for anything less then a penny....so no orders like this one. Buy $1.0035.....its either buy at $1.01 or $1.00. I don't like that at all.
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Machiavelli
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quote:
Originally posted by R1 Man:
quote:
Originally posted by Machiavelli:
you only need choicetrade.com for all stocks... they don't discriminate lol

I have them and have mixed feelings. I like Ameritrade but thought the extended hour trading would come in handy. The only problem is they won't let you buy or sell for anything less then a penny....so no orders like this one. Buy $1.0035.....its either buy at $1.01 or $1.00. I don't like that at all.
I've never really had that problem with Choicetrade... CT is more penny stock friendly then other firms... and as Tex suggested its perhaps better to have 2 accounts with two penny stock friendly firms...

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Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

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R1 Man
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I wish I could agree with you Machiavelli but they don't do it in my case. I can only place orders for the nearest penny....nothing less. Now they will fill for less then a penny. I thinks its dumb. But seriously, every time I place an sub-penny order they reject it.
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T e x
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I've never had such a problem, either...

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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toothpick
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Hey guys,

Finally got my Zecco account after a lot of hassle.

They thought my HKID had a expiry date when it was the issue date. :*

One question, I dont think my trading key is working.

I type in 999(because i dont have a social security number) followed by the last 4 digits of my account number, with no space.

It goes in to the "loading" screen and then I return to the same page.

This isnt right yes?

What happens when you guys log in, can someone post me a screen shot so I know i am getting F'd about.

ANNOYING!

thanks in advance

toothy

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R1 Man
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quote:
Originally posted by T e x:
I've never had such a problem, either...

I will have to call them for explaination. This account is a account I made for my son so its a custodial with about $1,400 in it. Could any of this be the reason?
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T e x
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I dunno... you mean, maybe kids can't trade subbers?

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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R1 Man
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I will call them Thursday and find out. I know they won't do margins because of a minor involved. I asked about that because I made it a margin and options account and they won't let me do either.....even if it had more money in it.
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R1 Man
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I got my answer. Choice trade will not allow you to enter limit trades less then 1 penny if its a NYSE, NASDAQ and AMEX stock. The only stock allowed is OTCBB stock. Weird. Ameritrade allows it for any of them.
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Machiavelli
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We'll I never recalled seeing a sub/micro penny in those Stock Exchanges and most would get delisted if they fall far enough and do not meet requirements... then again I dont' look too much at which Exchange they are on but when I do I don't see micro's on those Exchanges... maybe me just tired lately lol

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Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

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yuyo
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penny stocks, i want to go back but i can invest more than $500.00 which broker will allow me to trade stocks under a dollar, i had in the past datek, but they were bought.

thanks

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Bob Frey
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http://www.allstocks.com/html/choicetrade_com.html
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yuyo
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thanks do you know if they charge you for inactivity
if you ran out of cash and let the account there?

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R1 Man
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Choicetrade is HORRIBLE!!! I have an account and refuse to use it. TDAMERITRADE is my favorite!!
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