Home / Work From Home / The 6 Best Brokers For Penny Stocks (Updated 2017)

The 6 Best Brokers For Penny Stocks (Updated 2017)

Best Site For Trading Penny Stocks

Penny stocks don’t cost a mere penny, but they are definitely cheaper than traditional stocks. Penny stocks, also called low-grade securities sell for less than $5 per share. These are investments in smaller companies, and investing on these pose high risk. But should you hit jackpot, it can yield good money. In this article, we will review the best site for trading penny stocks.

These stocks are not traded in the NASDAQ or NYSE, but are registered and sold in the secondary markets like Pink Slips, OTC-QB and QX. These markets allow stock sale even if the companies are not registered with Securities Exchange Commission (SEC) or file records of their stocks.

Before you start buying penny stocks, or any stocks for that matter, you have to do your homework and look into the company’s background. Read their SEC registrations (if any), financial statements and history. However, as penny stocks are not required to have these, you can Google the company and find any data available. If the company has a website, read the information, but third party sources are more likely to be truthful and accurate than data milled out by their PR team. Also, the SEC periodically issue warnings regarding penny stock companies, and you can check out their website for a listing. OTC Markets give ratings to penny companies on information available: QX is the highest rating, and you might as well avoid those with ‘No Information’, ‘Grey Market’ and ‘Caveat Emptor’.

To start online trading, you need to register with a platform, which may charge commission for your transactions. You can use this comparison to help you decide which platform is best for you and to determine the best site for trading penny stocks.

OptionsHouse

This is one of the best penny stock websites; it is favored by many newbies. They have free demo trading where you can ‘play’ penny stock trading and test out your strategies without losing real money. They also have mobile trading which is important in the mobile world we are living in. Some key points to consider for OptionsHouse.

– Been around since 2005

– Startup of $5,000

– Offers newbie gimmicks like free 100 online trades for 60 days

– Awarded as Barron’s top overall online broker

– Its mobile app has also been given 5 stars by Barron

– Provides real-time market data and research tools

– Speedy executions of trades

– No maintenance costs

– No minimum balance

– Flat rate of $4.95 for flat-rate stocks

– Base rate is 3.25%

Interactive Brokers

If you want to play with very low-priced stocks, this could just be the best stock trading site for penny stocks. However, it does require a bigger amount to open an account.

– 39 years in the industry

– $ 10,000 minimum account

– Pricing structure which benefits trading low-priced stocks

– You can trade for a very low minimum of $ 1

– Opening an account can be customized whether you are a small business, an individual or even a money manager

– World-wide trade in 24 countries, in 100 market centers

– You can fund your account using different currencies

– Six-time awardee of the Barron’s ‘Top Online Broker’ award

eTrade

eTrade is certainly one of the best sites to trade penny stocks. This platform is especially beneficial if you are technologically-challenged. They have step-by-step instructions to guide you and a live chat to walk you through the process.

– Notorious for the commercial featuring the ‘E*Trade Baby’

– Initial funding of just $ 500

– They provide a guided questionnaire so you can determine how much risk you are willing to take and how much portfolio you are willing to allocate

– Costs and fees are higher than others

– Annual advisory fee at .30%

– To maintain free access, you have to make at least 30 trades in a month. Otherwise, the monthly subscription fee is a hefty $ 99.95

– The E*TRADE 360 view enables you to customize what you view – summary of accounts, watch lists and trading transactions. You can delete that which you don’t want, and add others

– E*TRADE Mobile features a barcode reader so you can scan a barcode of an item in the grocery and see if it is manufactured by a public company

– No virtual trading options

– Offers commission-free ETF’s

AmeriTrade

If you are participating in the Rio Olympics, they are the official online brokerage sponsor. They should certainly be on your radar in your pursuit of the best penny stock trading site. They have different offers to entice you to open an account with them, and the best offers for long-term investments. Their strength is on their research services where you can get quotes, analysis and background information on the penny stock company you are interested in.

– Offers 60 days trading free of commission for a minimum deposit of $ 3,000

– If you are putting in a bigger amount, you get the 60 days commission-free trading plus cash (from $ 100 – $ 600 depending on amount deposited)

– Awarded by Barron’s for its research amenities

– They have an independent third-party research team for free quotes and analysis

– 40 years in the industry

– Trading fees are straightforward at $ 9.99 per trade, regardless of how much money you have in your balance or how often you trade

– No requirements on share or market or limit order

– Expensive broker-assisted trades

– Offers commission-free ETF’s

Scottrade

They are more known for their personalized customer service, and are probably the best site for trading penny stocks in terms of customer service. Their strength is their 500 or more local branch offices that follow up on any online applications made.

– Their prices and commissions are simple and straightforward and less expensive than most

– But for stocks less than $ 1 per share, the cost is a bit steep at $ 7 plus .5% of the trade value

– They offer a wide selection of 14,000 mutual funds so you can make your own portfolio mix to suit you

– Their in-house options, however, are more limited than others

– Enticing offer of $ 2,000 cash bonus and 50 free trades

– No commission-free ETF’s

– Complaints are easily handled as they are referred to the nearest local office. Aside from the phone, they also offer chat services to assist clients

– Research services are not as wide and expansive as its competitors

– However, their Scottrade SmartText analysis is available for sectors, industries, earnings and related charts. It points out crucial indicators for the company you are researching

Fidelity

This site was the number 1 broker in 2016. They excel in their investment guidance through top of the line research and customer service.

– Full-service brokerage

– Rates and fees are almost similar with close competitors, being simple and using a flat-fee commission structure

– Won multiple awards through various prestigious bodies, with awards mostly centered on Best Service.

– Their assortment of products, like Four Fidelity funds, are also multi-award winning

– Has the lowest margin rates for bigger-range assets, between $ 500,000 to $ 999,999, and for assets over $ 1 million

– Has limited offers on commission-free ETF’s, not as many as its competitors

– Their research service gives in-depth analysis and from a wide range of sources

– Efficient mobile screener with filter options making it easy to screen for stocks

– Easy-to-use, complete and comprehensive website

– Mobile trading app that is efficient and bug-free

– Very transparent and efficient in order execution, one of the best in the industry

Best Site For Trading Penny Stocks

Before jumping into the trading game, take some time to choose the best site to trade penny stocks. Find the right platform for you, do your research and start small.

The penny stock trading game can be risky. So remember, proper research can and will help you minimize the risk of frequent losses. People often forget that when you buy shares in a stock you are buying a piece of an actual business. Hopefully this article has helped you pick the best penny stock website for your needs.

Editor’s Note

Once you’ve got your trading platform, you can start trading. But how do you know which stocks to buy and when? Jason Bond offers a service that sends you the latest tips on the best stocks to invest in. He’s a master at this and his tips yield verified results. Try it out and see for yourself!

Receive News & Ratings Via Email – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings with MarketBeat.com’s FREE daily email newsletter.

The post The 6 Best Brokers For Penny Stocks (Updated 2017) appeared first on Personal Income.

Click Here For Original Source Of The Article

About Carol St. Amand

Carol St. Amand

Check Also

The One Resume Hack You Need To Get Noticed By Recruiters

A good resume is a must-have for any job seeker. But for remote job seekers, it becomes an invaluable tool that can make or break your chances of getting hired. When recruiters and hiring managers look to fill a remote position, they want to make sure they find someone who is as close of a […]

The post The One Resume Hack You Need To Get Noticed By Recruiters appeared first on Work From Home Happiness.

css.php