Best Online Broker for Penny Stocks

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These are the best brokers for penny stock trading as of September 2018. None of these brokers have any account maintenance or inactivity fees, and it’s always free to open an account.

Best Choice

GET STARTEDon Ally Invest’s site

As one of the few brokers to offer 24/7 customer service, Ally Invest is best broker for penny stock traders at just $3.95 per trade.

Ally currently has a great promotion for new accounts: Up to $3,500 cash bonus + commission free trades for new accounts. Learn More.

GET STARTEDon TradeStation’s site

TradeStation is best for mobile penny stock traders who need a reliable mobile trading app to search for new penny stocks to trade and manage positions on the move.

For new clients, TradeStation has a valuable promo: All-New Pricing. Now Only $5/Trade + No Software Fees.

GET STARTEDon Zacks Trade’s site

Zacks Trade is one of the best brokers to short penny stocks, because of the large number of easy-to-borrow stocks in Wedbush’s (Zacks Trade’s clearing firm) inventory.

The current Zacks Trade promo is also insanely valuable for new clients: Trade stocks for as low as $1 until 2019 at Zacks Trade

Best Online Broker for Penny Stocks

Here is a list of other popular online brokers for penny stock trading.

List of the Best Online Brokers for Penny Stock Trading

Penny Stock Broker

Commission

Minimum Deposit

Ally Invest

$3.95-$4.95

$0

TradeStation

$5.00

$0

Zacks Trade

$3.00

$2,500

TD Ameritrade

$6.95

$500

Should I trade Penny Stocks?

Penny stocks are not like normal stocks. Because market capitalizations of penny stocks are so low, one single large buy or sell order can have a dramatic impact on the stock price.

This means penny stocks can either make or break fortunes virtually overnight. Tim Sykes is one of the quintessential examples of someone who made a fortune trading penny stocks during the height of the Internet boom.

If your timing is right, you can make a killing with penny stocks. Penny stocks present opportunities that other stocks simply don’t.

It’s entirely possible for a penny stock to triple in one day; larger stocks like Apple stock will almost certainly never triple in one day because of its sheer size.

There is just as much money to be made shorting penny stocks as there is buying them. And if you’re going to short penny stocks, you need a broker that can keep up. Zacks Trade is excellent for this.

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