Penny stocks are low-cost stocks that you can buy and sell for typically less than one dollar per share and are often bought and sold in high volumes. While penny stocks may appear as inexpensive, they also come with higher risks. However, along with higher risks comes the possibility of high rewards. If you are an investor looking to invest in penny stocks, here are some of the best trading apps to do so.
Penny Stock Broker #1: Robinhood
Robinhood is known for not charging fees or commissions for stock trades and is the presently the best value for trading. However, keep in mind that Robinhood does not support the over-the-counter (OTC) or Pink Sheets and only ties into major exchanges. This certainly limits the number of penny stock investment opportunities available to you as most penny stocks are found on the OTC or Pink Sheets. Robinhood’s app is mobile-only at this time, meaning there is no web interface available. Click Here to Open a Robinhood Account.
Penny Stock Broker #2: Interactive Brokers
Interactive Brokers offers far more trading options, which makes it turn makes more appealing to penny stock traders. They offer fixed-rate trading plans with a flat rate per share or a tiered plan with fees but charges lower commissions. The tiered plans are better for high volume traders, while fixed-rate plans appeal to everyone else. With the fixed-rate, one would pay .005 cents per share with a minimum $1 per order and 0.5% of the trade value and international shares come with different rates. Click Here to Open an Interactive Brokers Account.
Penny Stock Broker #3: Charles Schwab
Schwab has a commission fee of $4.95 to buy or sell stocks and gives access to OTC as well as some pink sheet stocks. Its mobile app and website dashboards are regularly updated with new and useful features. Schwab has a mobile app, application, and web interface. The top-of-the-line option is StreetSmart Edge, which is program for Windows, while the Cloud edition of the program works for any operating system). Click Here to Open an Interactive Charles Schwab Account.
Penny Stock Broker #4: TD Ameritrade
TD Ameritrade’s well-known “” trading platform comes in a mobile app or desktop program. It brings high-level trading while offering 24-hour trading five days a week for eligible securities. Thinkorswim offers advanced trades including bracket and OCO (one-cancels-the-other) trades. It also offers penny stock trading while offering technicals, live news feeds, and ample market monitoring tools. Trades come with a fee of $6.95 for shares. Click Here to Open a TD Ameritrade Account.
Penny Stock Broker #5: E-Trade
E-Trade offers $6.95 trades, but if you trade more than 30 times per quarter, the fee drops to $4.95. E-Trade has an A+ trading platform with web, desktop, and mobile versions available. E-Trade’s platform has advanced chart features with a wide range of technical indicators as well as trading ladders with streaming prices. Click Here to Open -Trade Account.