Consider subscribing to my FREE Full RSS Feed to have PennyStocker's latest posts and daily penny stocks to watch automatically sent to you.
So how’s Good Friday treating everyone? I flew back home last night to Atlanta for the weekend to mess around and whatnot. I don’t know about you but I could handle a little dose of legit penny stock trading right now. Needless to say things have been pretty boorrring down here penny stock land since Tuesday. Speaking of boring, my penny stock watchlist from yesterday slimmed down to just 4 and none of them triggered any trades, from me atleast. Oh and for future reference, trading before an off-day is usually pretty light with not alot of movement so it wasn’t like I was expecting much.
So where was I? Oh yea – here are the Best Penny Stock Brokerages (ranked in no particular order)
Zecco Definitely one of the premier discount brokerages for penny stocks. They offer a standard web-based trading platform which they claim executes market orders in 1.07 seconds. That’s damn fast! Commission wise they’re $4.50 which is pretty legit, but you can find lower, as you’ll see. Cool fact: If you have $25,000 OR make 25 trades a month you get 10 free trades. Actually Un-Cool, cause I dont qualify: #1 I’m poor & #2 I don’t over-trade or force a trade, so atleast for now I’ll never make 25 trades a month. Maybe you apply though? Also there is no account minimum with this brokerage firm. Zecco is a must look into if you’re considering a penny stock brokerage.
TradeKing Yet another good discount brokerage for penny stocks! Why else would it be on my list? Commissions here are $4.95 a trade. Offers some pretty cool trading tools in web-based trading, but in reality you really don’t need any of these cool toys, just a basic charting service is all you need in trading penny stocks. Like Zecco, TradeKing also has no minimum to open an account. Claims they’re #1 in customer service but personally I think Thinkorswim(no pun intended) is the best in that category…which leads me to another best penny stock broker…
Thinkorswim I personally used this brokerage to buy and short penny stocks. You can do commissions on a per share basis or a flat rate of $10. To buy penny stocks it’s great, but to short them, well….I’ll get into that in a separate post coming up titled “Best Brokerages To Short Selling Penny Stocks”. I really can’t say enough about their customer service which was top top notch. Their platform is totally legit/awesome with ringing alerts, charting software, scans, plus many other options. If I had a question I’d pull up the handy-dandy chat box in the platform or email them…..sometimes even the CEO Scott Sheridan answered my questions. How cool is that?
SogoTrade I currently use ‘em and am loving it. They have a basic web-based platform that’s all I need to buy/short penny stocks. I can’t tell you how great they are with shorting…but again, I’ll explain this in an upcoming post. At $3 a trade you can’t beat it, and for the first month you get free trades! Oh and listen to this, it took 4 days to open an account from start to finish. 4 days! Overall I couldn’t be happier with my penny stock broker.
*TIPS
1) Canceled Orders: Make SURE it is free to cancel orders the brokerage you might/are using. This is soo important as you’ll find yourself canceling placed limit orders left and right when the bid/ask fluctuate.
2) You know on some brokerages, typically smaller firms like speedtrader – you can negotiate commissions with them. Many don’t realize you can do this but you can.
3) If any of you trade off your phone consider getting a brokerage with a web-based platform, otherwise you won’t be able to access it from your phone.
{ 2 trackbacks }
{ 10 comments… read them below or add one }
Thanks for adding a link to my blog. I just downloaded your e-book – good stuff for being free.
I sorta didn’t check out your site at first because it looked a little too slick maybe a spammer type thing but it seems like you are just an average joe – I first that you youngesters learn web design in middle school.
One broker to check out is SogoElite. They seem to have good commissions and a nice inventory of shares for shorting. Not sure if they have a good mobile / web based platform for trading by phone. They run by the same software / broker that handles the transactions with the prop firm I’m with.
I haven’t set up an account with them yet but I think they may be a good retail alternative. I like TOS for their platform and customer service, but they just don’t have good access to shorting shares and if some order types can be expensive, like stop orders for $20.
I have been doing a little swing trading with TD Ameitrade. But it’s mostly out of laziness but they have great software for the I-phone and their fees are the same no matter the type of trade. However, if I did more more active trading out of retail account, I would check out the alternatives.
SogoElite has good availability of shares to short because they are under Genesis Securities, the same people that Cy Group (who Charlie and I trade with) are under….sometimes their short availability is better than Interactive Brokers.
Careful with TradeKing for trading pennies. They have an extra fee for trading stocks under $3 and it’s quite substantial, pretty much making TradeKing too expensive for trading the very low priced stocks.
Charlie no problem for the link add
Thanks James for giving me knowledge of tradekings extra fee. Ill update it right now.
Great info. Would like to post this reference on my site, as well as your book. As far as being an average “joe”, I am one as well, and looks like there is a growing collective of people who want to stay away from the spamming and jargon, and get to the nuts and bolts of making money.
KC, feel free to reference this post as well as my eBook. I’d love it if you did.
Your site looks great! Just bookmarked it!
Any idea if http://www.optionshouse.com is any good to short penny stocks? the fee is cheaper than even tradeking or sogo.
Joe – optionshouse’s clearing firm is Penson Financial Services which many of the other popular brokerages use. Therefore it would be really hard to find shares to short of some/many penny stocks. It is best to get a brokerage that has its own clearing firm because then they have shares available since there’s not 20 other brokerages using the same clearing and share availability. The best penny stock brokerages for short selling are http://interactivebrokers.com and https://www.sogotrade.com/Setup/Default.aspx?rf=340190 as they both do their OWN clearing.
Justin, please post your Sogotrade.com referral code so that when people sign up they can give you credit.
Thank for the great info!
Even Timothy Sykes has given you a thumbs up on one of his tweets.
nice. looking forward for your review of sogotrade when you short those pennystock.
I have got a good source that providing the valuable information.