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Penny stocks are known for their extreme volatility – every trade you make can result in a quick profit or a quick loss.
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I don’t want to lose on a trade when you should, just because you’re using the wrong broker. That’s why I’ve compiled this list of my favorite apps for penny stocks.
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Note: Penny stock traders under PDT ($25,000 minimum margin account required by US regulators for day trading) are limited to trading 3 days or less in any 5 day period. You can open accounts with multiple brokers to increase your number of trades or try these brokers without PDT rules.
Penny Stocks So please take a look at my highlights to help you find the best penny stock trading platform for your trading style.
TradeStation is the best broker for OTC stock trading (and our #1 pick for best day trading platform). It is fast, reliable, powerful and affordable.
As I mentioned above, quick trade execution is of utmost importance. TradeStation takes its measurements in 0.038 seconds, meaning you’ll never miss a perfect entry/exit.
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TradeStation’s mission is to give its traders an edge. Its charts, order tickets, training materials and other resources are designed to unlock your full potential.
One of my favorite features is window linking, which lets you list related ticks in one window, then switch between their charts in another. This can really help when penny stocks are in line with sector leaders or market price performance in general.
The TradeStation penny stock trading platform is free if you have an account with their brokerage (you must maintain a minimum account balance or activity level to access their free penny stock trading program).
Commission/Fees: None for limit orders in listed stocks above $0.005 per share for OTC stock trades below $1 (minimum 200 shares), $1 (minimum $0.99 and maximum $7.95)
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TradeZero’s offering is a bit more complicated than other best online brokers for penny stocks. Traders who are used to leaving commissions on listed stocks may be disappointed by the complex fee structure – trading is free only under the following conditions:
This powerful platform is easy to use when you accept a minimum fee of $1 for all other transactions. If TradeZero helps you become profitable, the $1 fee won’t bother you anyway.
TradeZerodoes has a good reputation as the best penny stock trading platform for shorting. Its locator service is the best among online brokers for shorting penny stocks – both in terms of availability and in terms of visualizing stocks that are hard to borrow. It also has a feature that allows you to sell your sales positions to other willing sellers.
Long-term fanatic traders will also enjoy its powerful stock trading platforms ZeroPro and ZeroWeb. Although not free, these penny stock trading programs are
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Powerful – Over 100 technical indicators fit any stock trading strategy. At $59 per month, it’s not the most expensive plan for penny stocks.
TradeZero is an exchange based in the Bahamas that allows US traders to opt out of PDT. Now that it has a branch in the US, both PDT security regulations and merchant-focused security regulations apply.
Its mobile app combines user-friendliness with power, especially for merchants. It’s listed as the best phone app for trading penny stocks for penny stocks, and its desktop platform is no slouch.
The Waybull app has more than 50 technical indicators, highly customizable charts and the ability to order directly from the chart. For traders who want to start trading penny stocks with minimal changes, Webbell checks all the boxes.
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Although I have to give it some attention due to its complex stock requirements. Although OTC stocks are free to trade — making Webb an outlier among OTC brokers — it limits its listings to about 100 of the most valuable companies. While free trading is nice, this 100-company limit prevents traders from participating in out-of-the-box rallies where sometimes unknown OTC stocks continue.
It will not budge from Waybull’s position among the best programs for penny stocks. If you’re a mobile trader, try Webble – you get free shares for signing up!
His parent company created the first automated algorithmic trading system that could send 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.
Professional traders appreciate the superior trading software and low margin rate of the IBKR Pro account. IBKR also has a zero-commission account called IBKR Lite, which continues to rank among the best brokers for OTC stocks and other penny stocks.
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Novice traders can be overwhelmed by downloadable trader workstations – if so, there is an easier web platform. Trader Workstation has all the cool tools, like the Options Strategy Lab that allows traders to compare five strategies at once.
IBKR Pro accounts give traders access to smart order routing, one of the ways IBKR achieves its initial order execution.
An IBKR account is jumping into the deep end of the penny stock platform. If you’re up for a challenge, this is a great choice.
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 the ultimate trading setup.
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You can buy penny stocks listed on TradeStation, TradeZero, Webble and Interactive Brokers. You can buy OTC penny stocks on TradeStation, TradeZero, Webble and Interactive Brokers.
Did you know that stocks rated “buy” by the top analysts in No’s database beat the S&P500 by 98.4% last year?
Ed started his career in financial journalism as the editor of Vietnam Investment Review – he’s still more excited about Vietnam’s dairy industry than you know. After returning to the US in 2018, he became interested in the growing world of retail business, writing for stock-picking services and mainstream media such as The Independent. He may not be able to complete as many outlets as he sells. There are countless crypto exchange desks, but only a handful of world-class exchanges have liquidity and reputation. Below are our picks for the top OTC cryptocurrency desks.
From the largest US cryptocurrency exchange, Coinbase, comes their OTC offering: Coinbase Prime. The platform inherits Coinbase’s stellar reputation for providing trading services to institutions and large traders.
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In their own words, Coinbase Prime is “built for asset managers, hedge funds, VCs, endowments, private equity, private wealth managers and sovereign wealth funds.”
The exchange also offers some features not typically supported by OTC exchanges, including safe custody of NFT assets and participation in the ownership and governance of supported tokens.
Kraken is a large cryptocurrency exchange known for its wide range of features and large markets. Kraken OTC is the company’s institutional trading platform.
The Kraken OTC service supports trading in all coins supported on the traditional Kraken exchange. The platform uses a request-for-quote system that enables traders to enter the price, time and details of their trade, which is then individually matched with a ready-to-trade counterparty.
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Serving as a hybrid between Wall Street and Silicon Valley, FalconX is a professional OTC exchange for institutions and large cryptocurrency holders.
FalconX uses machine learning and data science to offer the best prices to its customers. The platform focuses on providing lending and settlement facilities to large institutions that can place them in marginal positions, allowing them to trade all on one platform.
Binance is the largest digital currency exchange in terms of transaction volume. They have a great reputation in the crypto community for their deep liquidity, wide range of supported assets, and extensive documentation to help new traders get started.
Binance OTC Desk shines in supporting retail day traders. This feature is very rare in the world of OTC platforms, as most require a rigorous vetting process with strict portfolio value minimums.
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Binance’s OTC offering gives regular traders the opportunity to set up their own trades and receive personalized trading prices not available on traditional exchanges.
The Crypto.com juggernaut includes a collection of platform tokens along with its exchange, wallet, NFT marketplace and OTC offering for large traders. The platform’s OTC desk is only available to select institutional and VIP customers.
Crypto.com uses a Request for Quotation (RFQ) system to automatically match buyers and sellers. This allows the platform to process trades instantly, as opposed to the manual liquidity reconciliation that occurs on many other OTC desks.
Genesis was the first OTC cryptocurrency trading platform launched in 2013. Since its inception, it has been the main destination for institutions and high net worth individuals who wanted to make large cryptocurrency transactions.
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According to the announcement of the stock exchange, the volume of transactions is 110 billion dollars, 130 billion dollars in loans and
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