Good online brokerage for young investor?
I am looking for a good online broker to start investing. I want to start small in Penny Stocks so I’m looking for a company that allows people to buy pink or otc stocks. I will do a lot of practicing, so often selling/buying. So, a lower trade cost would be great. Any online companies come to mind that fit these needs or any advice for the young investor?
Welcome to the fold! I do a lot of penny stock investing myself, I love it.
I use Ameritrade.com but there are others that are also good—Scottrade, Etrade to name a few. I would not recommend Fidelity or Schwab as they employ house rules governing the purchase of very low priced pennies—often blocking you from spending your own money! I view that as the epitome of arrogance and would never agree to such terms.
Because of your age you’ll need someone eighteen or older to assist you. You’re probably aware of that.
Ameritrade’s standard commission rate is $9.99, same with most online discount brokers. I pay less because I trade so frequently. Ameritrade, by the way, will allow you to purchase or sell millions of shares for the same very low price. As I sometimes work with sub-penny stocks, that’s nice.
Best of luck to you and I hope to hear of your success!