Posted on 12 July 2012.
A penny stock trading account with an online broker is absolutely necessary if you want to make a living doing this. A broker can facilitate your trades and provide software to help you analyze your stock picks. However, not every penny stock broker is alike. High fees and account restrictions can turn a good day’s trading into a loss if you do not manage things carefully.
Look at this list of penny stock brokers. They are not listed in order of any particular rank. Each one has qualities that may appeal to you specifically. Create a penny stock trading account with the one that suits your needs.
• Firstrade charges just $6.95 for stock trades. However, there is a penny stock surcharge for stocks valued at less than $2. It comes to one-half cent per share. Buying 1,000 penny stocks through this platform will cost you $11.95.
• tradeMONSTER is probably the cheapest broker out there. Their standard rate is $7.50 per stock trade. However, their penny stock surcharge is an unbelievably low $0.0005 per share. That is one-twentieth of a penny. Since this amounts to practically nothing for a typical order, tradeMONSTER is an especially great broker for people who are new to penny stocks.
• Scottrade does not provide a particularly cheap penny stock trading account but they offer great customer service. They are a good service to use if penny stocks are only going to be part of your portfolio.
• OptionsHouse is a very respectable online broker but they have a fantastically low rate of just $3.95 per stock trade. Their halfpenny per share surcharge on penny stocks makes them extremely competitive among the brokers offering penny stock trading accounts.
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