Is splitting the sell of my stock in portions and charging twice the commission normal?
I don’t have a lot of money and am just messing around with Penny Stocks right now. when I sell a stock it usually isn’t for much profit if any at all. I account for scottrade to charge a commission to process my buy and sell, but every time they have been splitting my sell between two buyers and are charging me double the commission. Is this normal or are they just trying to make more money?
Yes it is normal, welcome to the penny stock market.
Penny stocks trade in a market that is totally unregulated, those bidding or offering stock for trade are not obligate to take a large bid and/or offering, they are only obligated to buy/sell 100 shares.
So if you sell/buy in multiple lots, clearing is done in multiples which incur additional cost so the broker is obligated to charge a higher commission.
Enter an order AON (all or none) does NOT always solve a problem, especially trading penny stocks since many smaller bids/offers never get executed.
Penny Stock Brokers