Best Penny Stock BrokerOnline Penny Stock BrokerBest penny stock broker. The best discount online penny stock broker is the one that charges the lowest stock trading fees and offers the best customer service.
Giclee Print Sub Penny Stock TradesMost discount stock brokers charge block trading fees when you trade 100,000 shares or more of a single equity. It isn't actually your internet stock broker that is charging this fee. It's their clearing house.The discount stock broker is just passing the fee along to you. Both my picks for best penny stock broker use the same clearing firm: Penson Financial Services. And Penson charges a block trading fee of 1% of the cost or proceeds of the trade. This mainly applies to traders who buy and sell sub penny stock. I do not personally trade the sub pennies anymore and have never paid a block trading fee.
Top Penny Stock Discount BrokersThere are 2 penny stocks brokers that spring immediately to mind when I think of the best penny stock brokers for small investors. I can not just pick one.The 2 penny stock brokers I like best are Zecco and Choicetrade.
Zecco.comTheir $4.50 trading fees represent some of the lowest stock trading commissions in the industry. But it gets better.You can access commission free stock trading with Zecco by maintaining an account balance of $25,000 or by making at least 25 trades each month. Since $25,000 is the minimum day trading margin requirement, many traders who are serious about making money in penny stocks will want to keep more than this amount in their margin accounts just so they don't have to worry about violating the pattern day trading rules whether they are day trading penny stock or not. But I also like Zecco even for investors who plan to trade smaller accounts. The best way to trade penny stocks is actively. In my opinion, the best method of making money with penny stocks is to get in and out of low share price trades quickly and often. If you are trading more than one top penny stock at a time, you shouldn't have any problem meeting the 25 trade minimum and qualifying for the no commission online trading Zecco offers. Even if you don't qualify for the no fee stock trading, Zecco's every day low trading commissions are hard to beat. The only thing I am not 100% certain of regarding this cheap stock broker is their customer service. This is because I do not have a Zecco account. This brings me to
Choicetrade.comI only maintain a single trading account. (My life is complicated enough. I don't need 2 trading accounts.) And that is with Choicetrade.Choicetrade charges $5 for all trades regardless of share price. (Many internet stock brokers charge more for executing low share price trades.) There is no cash account minimum. Now, in all honesty, I did not find out about Zecco until after I had opened my Choicetrade account. If I had known about them before then, I might have made a different choice. That being said, I have never and still don't want to switch. I like Choicetrade. They are one of the best low commission stock brokers in the industry. (They've won more than a few awards for this.) Their stock trading fees compare favorably to those of most other online penny stock brokers. And their fee schedule is simple and easy to understand. But this is not the reason I have stuck with them. Number 1, I'm too lazy to make the change. Number 2, their customer service is second to none. When I first started trading penny stocks, I made a lot of stupid mistakes and had to call Choicetrade and ask a lot of stupid questions. Their customer service and tech support people never laughed at me or looked down their noses at me. (Isn't it funny how you can tell when someone is doing that--even over the phone?) Over the years, I have had occasion to contact them many, many times. For a variety of reasons. They have never been anything less than professional in a friendly sort of way. I've never had a single bad experience with them. How many companies can you say that about? Now do you understand why my pick for best penny stock broker is a tie?
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