Which online broker is best for Investing Online? Your choice and feedback - Page 4

Why is everyone saying that Scottrade is not good for penny stocks? Whats the reason for this?

Also, anyone hear anything about the new one that investopedia is pimping, Trade King?

Scottrade charges $7 for limit and market orders. For penny stocks they charge an additional 1/2% on the premium, thats why its not good for pennies.

Its also not as good for options, as they charge $7 plus $1.25 per option contract.

Ameritrade charges $10.99 and $0.75 per option contract, which makes them much cheaper. If you buy 8 option contracts or more, which is not very many, Ameritrade is a MUCH better deal.

I'm with sean_juan. I have Scottrade & I'm ready to switch. I changed from a cash to a margin acct (but don't margin anything) so I have instant access to my fund. However, when trading anything below .01, my acct. drops to $0.00 until the next day. I was told the same thing: their system has a glitch & can't read .00xx trades until it's settled overnight. It also generates margin calls. For example, this morning, I had about $30 in cash in my acct & about $12k in stock. I sold one stock & I had a $770 margin call on my acct.

If you trade pennies, I would recommend other than Scottrade.

<<<< Low Trades here to...

I'm still kind of confused on trades under 1 dollar for scottrade. If I was to buy 5000 of a .01 stock what would my final fee be?

penny stocks on scottrade

I'm still kind of confused about the fee for stocks under 1 dollar on scottrade. If I was to buy 5000 of a .01 stock what would my final fee be?

Trade King seems interesting, rather cheap... but I dunno. I'm still debating if I should trust them with my money, lol.

5000 (# of shares) X .01 (stock price) X .005 (1/2%) + $7 (trade charge) = $7.25

DO NOT USE SCOTTRADE FOR SUBPENNIES IF YOU HAVE A MARGIN ACCOUNT. YOU HAVE TO HAVE SOMETHING LIKE 50 - 100% OF THE $ VALUE OF THE PENNY STOCKS THAT YOU SOLD IF YOU WANT TO MAKE ANYMORE TRADES THAT DAY. I HAVE MISSED MANY TRADING DAYS BECAUSE OF THIS PROBLEM WHICH THEY HAVE TOLD ME THEY ARE NOT GOING TO FIX. GO TO AMERITRADE OR SOMEWHERE ELSE.

I have both an Ameritrade and a Scottrade account. The Ameritrade account allows faster order entry.

I use optionsxpress. I was going to switch to Scottrade because optionsxpress charges 9.95 per trade OR 5% of the principle when you are trading high volume of pennystocks (over 1000 shares). For example, 100,000 shares @ $500 principle amount would cost you $25 to get in and hopefully more to get out (you want a gain, right?) BUT, optionsxpress's customer service is great and fast. Their service is so good, I asked if they could work with me on the commission and right away, they did! They put me on unlimited shares for 9.95 which is cheaper than Scottrade.

The scenario of 100,000 shares @ $500 principle amount on Scottrade would cost about $12.

I'm not saying you can start an optionsxpress account and immediately ask for 9.95 for unlimited shares but they might.

Optionsxpress allows trailling stops also but I haven't used them yet.

After you sell out of a postion, you have to let the funds settle for a day. For example, if you sell out of a position on Thursday, you have to wait til Friday to enter a new one. I think that is standard unless you have a day trading account over 25k.

Go check them out.

i've been useing scottrade for about 2 months because of there min amount needed to open an account and they are fairly cheap commision wise. i'm up to about 2500 now and thinking about moving to etrade or ameritrade. the main reason i want to do this is so i can open a margin account(scouttrade, from what i have read, does not deal with margins when buying pennies) and so i can money between my bank account and brokerage account with as much ease as possible. so, i am hoping one of you veterens that have used ameritrade or etrade or both can tell me what they think of them, both for over all useage and the specific reasons i said above. oh yea, and how do you guys feel about the tradeing tools availile for each one. i know that ameritrade has L2 access for only 5 trades a month an etrade 30 a quarter, about 10 a month.
anyway, any and all info/impressions are welcome and thanks in advance

EM

I also use Firstrade. All in all a very good service, but it sucks that I can't trade more than 5000 shares at a time without dealing with huge extra fees. The 6.95/trade price is good and I like the automatic bank transfer.

IZONE.com - they are a subdivision of ameritrade. 5$ per trade. No phone #, all comunication has to be through email, thats how they cut expenses to keep the prices low. Not sure if its izones fault or what, but it seems to take forever to fill orders on bb stocks, all too many times i can have a bid higher then the ask and it'll sit there for 5 minutes and i watch the price go right past my bid without filling. Frustrating, but im assuming it'll be like this with any broker.

I use ameritrade, seems to work good with pennys and options.
apex account means free L2's and streaming news. fills orders fast,
but Ive only used 2 other brokers.

I signed up for BMO InvestorLine.

James

I use Etrade and since I am an active trader with pro status I can buy any amount of shares without paying any extra commission no matter if I get them all in one block or in several.The fees are $9 across the board.My request execute fairly quick and if there are any issues dealing with them on the phone has always been extremely helpful with great service and guidance even though I have had to rarely use them.The only problem I do have with Etrade is in some cases depending on the news outlet it seems Etrade is slow to post any PR's pertaining to some stocks,but them again there are far too many free PR alerts out there to worry about getting them from my broker.

I use Ameritrade for my long positions + free L2's and then i have margin Izone account for short term so far i been happy with there service

i use trading direct, it does good, no minimum deposit, i just set up ach deposit, you request by email and your money is in your account by 2 days, also 20 free real time quates a day

DITTO

I'm gonna try out Trade King... only problem is $.01/share commission on stocks under $2. However, $4.99 flat-fee on equity trades and they also do all sorts of options.