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The 5 Best Penny Stock Brokers Who Will Maximize Your Money
It may be a confusing task trying to find the best penny stock brokers. There are some that will be happy to help you and give your investment individual attention, but they will charge up to $100 per trade – something called a ‘full service broker’. Of course, when you’re dealing with shares less than $5, you want to minimize other fees as well.
Generally, the fees that a penny stock broker will charge are based on a sliding scale. This means that your ‘cost per unit’ will decrease the more stocks you purchase. This will differ from one penny stock broker to another, and large purchases are always negotiable. You should always avoid those brokers that try to charge you some hidden fees (usually listed in small print in their terms and conditions).
Another useful word of advice is to look for penny stock brokers that provide incentives for opening an account. These incentives may include something like free penny stock reports or a limited free brokerage period. Such extra benefits are an excellent aid in starting a lucrative trading account.
Here we present you with a list of the Best Penny Stock Brokers as reported by customers and as compared with the rest:
1) Zecco. This one is reported to be an excellent penny stock broker. It offers one of the highest numbers of free trades per month. When you are out of free trades, every other trade after that is only $4.50. How is the company able to do this? Well, the business model Zecco uses includes revenue from advertising online. Also, they require you to have a minimum balance.
2) OptionsHouse. This one has a great deal for new accounts with 100 free trades. This penny stock broker will let you trade as many as 50,000 stocks at a time, and it will only cost you $2.95, which is more than a reasonable price.
3) TradeKing. This is also one of the best penny stock brokers because at $4.95 per trade, it is excellent value. They also offer beneficial features, such as software that will calculate profit loss and option probability. Another big plus of TradeKing is there is no minimum account size.
4) Low Trades. This one is a discount broker, and they offer the bare minimum, but get low commission as a result. They start at $4.95 per trade, which is competitive; however, watch out for their inactivity fee, which is a hefty $50.
5) Sharebuilder. This broker is relatively new, but quite suitable for trading penny stocks. Their commissions are still fairly low at $9.95 per trade. The big benefit of Sharebuilder is that it has no inactivity fees and no account minimums.
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The information supplied in this article is not to be considered as medical advice and is for educational purposes only.