Penny Stock Brokers

Good penny stock brokers are ones which have direct access to all market makers. There are several market makers like this which offer point and click execution using level 2 quotes. These brokers are light years ahead of retail stock brokers. Direct access brokers offer downloadable software. This allows traders to place trades much quicker and the executions received are much more favorable. The slippage that happens with retail brokers is absurd. There certainly is no reason why a broker should take 30 seconds to execute a trade in this day and age. The technology is way to advanced for this, and the worst part is they charge $14 to $20 per trade.

Why Brokers Don't Like To Take On High Risk Penny Stocks

Low priced penny stocks are risky for most people because people really don't understand them. Most penny stock brokers don't like to deal with these types of stocks because of the risks involved. The ones that allow penny stocks usually are not very good. Many times these brokers will prevent you from trading certain penny stocks. These volatile penny stocks are typically the only penny stocks which traders like me can actually make thousands of dollars trading. You need a penny stock broker that will not prevent you from taking advantage of these amazing opportunities. Missing out on them is the best way to prevent you from earning money in penny stocks.

Important Tools Your Broker Should Offer:

 

Broker Tax Reporting

Another important consideration is your penny stock broker tax reporting methods. The best penny stock brokers will allow you to export your trades to Excel or directly into Turbo Tax. If you trade actively you can rack up hundreds or thousands of trades each year and it can be extremely time consuming if your broker doesn't take tax reporting seriously. I strongly suggest that you investigate your broker thoroughly or else you may be kicking yourself when you spend many hours having to manually enter your penny stock trades. If you don't do this you will end up wasting your time and you will soon be wondering why you didn't find the best penny stock broker to trade.

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