How To Get Started Trading Penny Stocks

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How To Get Started Trading Penny Stocks – Ed started his career in financial journalism as editor of the Vietnam Investment Review – he’s probably more interested in Vietnam’s dairy industry than anyone you know. After returning to the US in 2018, he became interested in the growing world of retail trading, writing for stock picking services and mainstream media outlets including The Independent. He may never forget the experience of selling PLUG too early.

Lincoln is an investor and content marketer. He has worked for financial advisors, institutional investors and a publicly traded fintech company. Lincoln holds degrees in finance, economics and accounting.

How To Get Started Trading Penny Stocks

How To Get Started Trading Penny Stocks

Our editorial team uses a rigorous editorial review process to compile all reviews, research and assessments of any type. Our Company Limited is supported by a community of users and may receive a small commission when purchasing through partner links. Commissions do not affect the opinions or reviews of our editorial team.

Getting Started Trading Penny Stocks? Top Tips

Penny stocks are known for their extreme volatility – every trade you make can result in quick profits, and even quicker losses.

When I started trading penny stocks I was using a lousy broker. It’s unreliable and sometimes lags without my knowledge.

I don’t want you to lose money on a trade you should have made just because you used the wrong broker. That’s why I’ve made a list of my favorite penny stock apps.

Tip: Penny stock traders under PDT (US regulators require a minimum margin account of $25,000 for day trading) should not trade more than 3 out of 5 days. You can open accounts with multiple brokers to increase the number of trades, or try these brokers without PDT rules.

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Penny stocks, so pay attention to the characteristics I’ve highlighted to help you find the best penny stock trading platform that suits your trading style.

TradeStation is the best broker for OTC stock trading (and our #1 choice for best day trading platform). It’s fast, reliable, powerful, and cheap.

As I mentioned above, fast trade execution is crucial. TradeStation measures a time of 0.038 seconds, which means you’ll never miss a perfect entry/exit.

How To Get Started Trading Penny Stocks

TradeStation’s mission is to give traders an edge. Its charts, orders, educational materials, and other resources are designed to unleash your full potential.

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One of my favorite features is window linking, which allows you to list the relevant ticker symbols in one window, then switch between charts in another window. It really helps when penny stocks are running in line with industry leaders or the price action of the broader market.

TradeStation’s penny stock trading platform is free if you maintain an account with their brokerage (you must maintain a minimum account balance or activity level to maintain free penny stock trading app access).

If you want to try trading options, futures or cryptocurrencies, you already have access through your TradeStation account.

Commissions/Fees: No commissions/fees on limit orders over $1 for listed stocks (minimum 200 shares), $0.005 per share ($0.99 minimum, $7.95 maximum) for over-the-counter stock trades under $1

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Minimum deposit: $2, $500 for US accounts, $500 for international accounts. All accounts must maintain a minimum of $250 on account.

TradeZero’s offerings are a little more sophisticated than other best online penny stock brokers. Traders who are used to skipping commissions on listed stocks may be bothered by the complex fee structure – trading is only free if:

Using this powerful platform is made even easier when you accept a $1 minimum fee on all other transactions. If TradeZero helps you make a profit, you won’t be stuck with a $1 fee.

How To Get Started Trading Penny Stocks

TradeZerodoes has a solid reputation as the best short penny stock trading platform. Its locator service is the best among penny stock short selling online brokerages – both in terms of availability and visualization of hard-to-borrow stocks. It even has a feature that allows you to sell your short positions to other aspiring short sellers.

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Long traders will also enjoy its powerful penny stock trading platforms ZeroPro and ZeroWeb. Although these penny stock trading apps aren’t free

Robust — 100+ technical indicators to fit any penny stock trading strategy. At $59 per month, they’re not the most expensive penny stock app out there.

TradeZero is a Bahamas-based exchange known in the past for allowing U.S. traders to circumvent PDT. Now that it has a branch in the US, both PDT and trader-focused security regulations apply.

Its mobile app combines user-friendliness with great functionality, especially for traders. It is the best mobile app for trading listed penny stocks, and its desktop platform is no slouch either.

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Webull’s app features over 50 technical indicators, highly customizable charts, and the ability to place orders directly from the charts. For traders who want to easily start trading penny stocks, Webull ticks all the boxes.

However, I did need to tweak it a bit due to its complex penny stock requirements. Although it offers free trades in over-the-counter stocks (making Webull an outlier among OTC brokers), its list is limited to about 100 of the most valuable companies. While free trading is great, the 100-company limit prevents Webull traders from taking part in the sudden rises that sometimes occur in unknown over-the-counter stocks.

Another difference between Webull and the best OTC stock brokers is its complex requirements for penny stocks:

How To Get Started Trading Penny Stocks

This does not affect Webull’s place among the best penny stock apps. If you’re a mobile-first trader, try Webull – just sign up and get free stocks!

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Commissions/Fees: No commissions/fees for IBKR Lite, $0.005 per share for IBKR Pro (minimum $1, maximum 1% of transaction costs)

Their parent company created the first automated algorithmic trading system that could submit orders to the market. The company is always innovating, so it’s no surprise that IBKR is now one of the best trading platforms for penny stocks.

That’s why it’s number five on my list: its innovation is powerful for some, but overly complex for others.

Professional traders value the IBKR Pro account for its top-notch trading software and low margin rates. IBKR also has the zero-commission account IBKR Lite, which is still rated as one of the best brokers for OTC stocks and other penny stocks.

How To Trade Penny Stocks?

Novice traders may feel overwhelmed by the downloadable Trader Workstation – if so, there is a simpler web platform. However, Trader Workstation has all the cool tools, like the Options Strategy Lab, which allows traders to compare up to five strategies simultaneously.

An IBKR Pro account gives traders access to Smart Order Routing, one of the ways IBKR achieves top order execution.

IBKR accounts are diving into the depths of the penny stock platform. If you’re up for a challenge, this is a great option.

How To Get Started Trading Penny Stocks

For my trading style, the best trading platform for penny stocks is TradeStation. It has everything an active penny stock trader could want. Plus, you can combine it with a TradingView Pro+ subscription to create best-in-class trading setups.

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You can buy penny stocks listed on TradeStation, TradeZero, Webull and Interactive Brokers. You can buy OTC penny stocks on TradeStation, TradeZero, Webull and Interactive Brokers.

The best trading app for listed penny stocks is Webull. The best app for OTC penny stocks is TradeStation.

Did you know that stocks rated “buy” by top analysts outperformed the S&P 500 by 98.4% in the last year?

Our September report reveals 3 “Strong Buy” stocks that analysts predict will outperform in the next year. In this article, I want to introduce you to four powerful ways to research penny stocks. Learn how to find penny stocks before they explode, and how penny stock trading differs from other forms of trading.

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What type of penny stock investor are you? Do you want to make short-term profits by day trading breakouts and pullbacks on penny stocks that explode on a given day? Are you looking for investment opportunities in companies with high potential for long-term growth? This is an important question to ask before you start researching penny stocks.

Day trading penny stocks requires fast, accurate scanning. Whether you’re trading stocks listed on the major exchanges or the Pink Sheets, you need to spot moves fast, and pennies can make a big difference. My favorite penny stock screening research tools for day trading are Trading Ideas and Black Box Stocks.

Trade Ideas is the most powerful penny stock scanner out there, but it’s also the most expensive. The scanning capabilities of Trade Ideas are nearly endless. Around 500 different filters and transaction alerts can be combined with countless scanning methods. Suppose you only want to look at stocks with a price range of $1 to $5, an average daily volume of 500,000 shares, a premarket gap greater than 10%, a premarket volume of 1 million shares, and you want Receive automatic alerts when new highs are made.

How To Get Started Trading Penny Stocks

You set the variable criteria in the configuration window and after clicking OK, your list will be created. You can add all filters as columns and freely modify, adjust and optimize

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