As we all know, penny stocks are low-value stocks – sometimes even less than $1 a share. Without even understanding them, people are massively attracted to buying penny stocks. While penny stocks might seem cheap to purchase in large quantities, the risk attached to them is relatively high. However, if penny stocks are a part of your portfolio and you wish to track them more effectively, you can make use of the following penny stock apps for efficient usage:
Penny Stock Trading App #1: Robinhood
This is one of the best apps with free services. No fees and better margins are a bonus since penny stock dollar gains are not very high if you trade with a smaller account. However, Robinhood only links up to major exchanges and does not support over-the-counter stocks or Pink Sheets. Even if you trade on another app, getting a combination with Robinhood will likely help with the costs.
Penny Stock Trading App #2: Interactive Brokers
This service provides fixed-rate plans, flat rate per share plans, and a tiered plan with fees. The commissions charged are quite low, hence it’s an affordable platform for trading penny stocks. Tiered plans will work out beneficial for higher volumes and rest can do very well with fixed rate plans.
There is a fixed rate of 0.005 cents per share with a $1 minimum trade and a maximum of 0.5% of the trade value. There are different rates for international trades Apart from penny stocks you can also tradeon derivatives and various other kinds of instruments.
Penny Stock Trading App #3: TradeStation
This service offers several trades on a flat $5 per month fee. There can be some additional fees on top of it but you can access OTC data as well. For the additional fees, you can utilize high-endbrowsers, desktop, and mobile features. You can pay a per share price as low as 0.002 cents per trade. However, this app is not available if you are using the Mac Operating System.
Penny Stock Trading App #4: Charles Schwab
While this might seem high with $4.95 commission per trade, you have access to OTC as well as Pink Sheet stocks. It gives you the flexibilityto see features and platforms wherein the features are regularlyupdated. It is quite worth the price for the traders who are indulged in active trading.
Penny Stock Trading App #5: Ameritrade
It’s software “ThinkorSwim” offers 24 hour service and advanced trading features like OCO (one-cancels-the-other) and bracket. Further, it also gives access to technical, live cable news, marketing tools, and analysis.Trades are a bit higher at $6.95 for stock trading in this app.
Penny Stock Trading App #6: E-Trade
While it initially charges $6.95 per trade, the price can drop to $4.95 per trade more in line with previous apps, if you trade more than 30 times per quarter. It offers advanced charting features which are very important for penny stocks.
Penny Stock Trading App #7: Fidelity
This platform offers almost all features of Schwab in $4.95 per trade, along with an additional service of being able to talk to the experts at Fidelity about risky investments such as pennystocks. They offer a number of their own funds in penny stock.