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Not all brokerages, online and/or offline, are penny stock friendly. Some brokerages don't allow you to buy or sell penny stocks. Some allow you to trade penny stocks but their fees make it unfriendly. The brokerages below ARE penny stock friendly. You can trade penny and low priced stocks at these brokerages. They have low minimums to set up your account and most importantly, flat or very low trading fees.
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SCOTTRADE
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www.scottrade.com
Minimum to open an account = $500
Cost to buy 1,000 shares at $1.00 = $7.00 on all trades $1.00 and above, Broker assisted $27.00
Cost to buy 10,000 shares at .25 = $19.50 ($7.00 per trade plus 1/2% of total amount)
Notes and Observations: Very helpful. To open an account you can do it online. Very well known and respected, a great deal even with the slighly higher fees.
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SPEED TRADER
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www.speedtrader.com
Minimum to open an account = $2,000
Cost to buy 1,000 shares at $1.00 = $9.95 flat fee or lower depending
Cost to buy 10,000 shares at .25 = $9.95 flat fee or lower
Notes and Observations: Call when setting up your account to let them know you're investing in penny stocks and they will set-up your account. Possibly will offer some discount rates for penny stock trading at the time you call. Can only invest in a maximum of 200,000 shares before having to do another trade. Very friendly about penny stock trading.
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MYTRADZ.COM
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www.mytradz.com
Minimum to open an account = $200 cash account ($2,000 for margin)
Cost to buy 1,000 shares at $1.00 = $17.95 per trade
Cost to buy 10,000 shares at .25 = $17.95 per trade
Notes and Observations: Very helpful. Gave additional information. Easy online sign-up process.
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| TRADING DIRECT |
www.tradingdirect.com
Minimum to open an account = No minimum
Cost to buy 1,000 shares at $1.00 = $9.95 per trade.
Cost to buy 10,000 shares at .25 = $9.95 per trade.
Notes and Observations: 1 Trade per year is required to avoid the $60 inactive fee. |
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LIGHTSPEED TRADING
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www.lightspeedbrokers.com
Minimum to open an account = no minimum
Cost to buy 1,000 shares at $1.00 = $9.95 flat fee
Cost to buy 10,000 shares at .25 = $9.95 flat fee
Notes and Observations: Not as well known but you can't beat the flast low fee for all trades.
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REALFASTTRADER.COM
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www.realfasttrader.com
Minimum to open an account = $2,000
Cost to buy 1,000 shares at $1.00 = $9.95 per trade or lower with more shares
Cost to buy 10,000 shares at .25 = $9.95 per trade or lower with more shares
Notes and Observations: Not as well known but you can't beat the flast low fee for all trades.
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SUCCESS TRADE SECURITY INC
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www.lowtrades.com
Minimum to open an account = Cash no minimum / $2,000 margin
Cost to buy 1,000 shares at $1.00 = $4.95 per trade
Cost to buy 10,000 shares at .25 = $4.95 per trade, no stop or stop limit orders
Notes and Observations: A great deal at $5 per trade. Insurance up to $500,000 and the clearing firm has additional insurance for account holders.
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AMERITRADE |
www.ameritrade.com
Minimum to open an account = no minimum, no balance required. Maintain total $2,000 in account or trade 4 times in prior 6-month period to avoid $15 maintenance fee per quarter.
Cost to buy 1,000 shares at $1.00 = $10.99 flat fee; phone system $14.99, broker assisted $24.99
Cost to buy 10,000 shares at .25 = $10.99 flat fee; phone system $14.99, broker assisted $24.99
Notes and Observations: Very well known with lots of features. Low flat fee for all online trades.
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NOBLE TRADING
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www.nobletrading.com
Minimum to open an account = cash $500 / margin $2,000 or more / day trading over $25,000
Cost to buy 1,000 shares at $1.00 = Two options either flat fee per trade, or a percentage per share. It's up to the investor. Either $4.95 per trade or $.006 per share with a minimum of $2.00.
Cost to buy 10,000 shares at .25 = (same as above)
Notes and Observations: They don't negotiate trades. Investor's offers go directly to the floor. Noble Trading offers software that you can do this through, as well. One software package is free and it offers charts, money etc... for execution. Various costs for other software.
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Top Penny Stock Investing Books:
The Little Black Book of Microcap Investing: Beat the Market with NASDAQ/AMEX Microcap Stocks, OTCBB Penny Stocks, and Pink Sheet Stocks
by Dan Holtzclaw
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The Stock Detective Investor:
Beat Online Hype and Unearth the Real Stock Market Winners
by Kevin Lichtman and Lynn N.
Beat Online Hype... |
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