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Best Broker for NON UScitizens, NOT living @USA
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Hi. I'm a non US citizen. I live outside USA. I know that couple of brokers, optionsXpress and Int. Brokers service us (clients like me), but I am always eager to know IF there are good discount brokers servicing us, NON US citizens
Could some kind soul help with directions / ideas
Thanks in adv
best regards
Subu
So can this be given 1 star?
TDAmeri cost me almost 200% profit the last couple of days. Took them 4 days to release my funds then wouldn't let me buy because of a DTC Chill, though I was able to buy elsewhere. Pulling my money out of them also.
Yep, I've had a Sharebuilder account for a few years and rarely used it. Getting more into the OTC market and Sharebuilder is costing me big. I'm slowly pulling my money out and finding another broker.
I am on Sharebuilder which is now owned by Capital One and just tried to execute a trade on a less than $1 stock. Got a flash notice that in addition to the 6.95 trade fee there would be a .007 per share fee charged. On a 30000 share order that added a 210 buck charge SO... at .003 Just2Trade is cheap on under $1 orders.
It is how the market is rigged to keep average Joe from buying an up and comer that might 8x or 10x.
USAA Broker Alert, 5% Commission per trade plus fees on anything under $1. Learned the hard way, my single stock 10K buy and sell cost $1300 commission. They made more than I did.
Wow, I might check that out. I have been with them couple years and was thinking of moving on because I'm more active with pennies.
Scottrade changed me to $9.99 flat fee for penny stocks
Called and asked, first told that there were no exceptions, then the rep called management and in 30 seconds I had 9.99 / trade for OTC stocks
I don't think so I found this on their site Fees
We offer unlimited trades for $2.50 and 50¢ per contract. For stocks priced less than $1.00, add $0.003 per share for the entire order.
Anyone know of broker that accepts transfer in of Pinksheet stocks? I was with zecco until they merged with Tradeking and tradeking is horrible
Is just2trade.com any good for OTC stocks???
i try to buy a penny stock on choicetrade the price was .0027
and this message pop up
Opening transactions in Penny stocks priced $0.05 or below are not permitted.
what's this about?
will they accept DWAC of OTC issues, at all? Or can you recommend a b/d that does? Cheers.
Currently at Interactivebrokers I especially hate 2 things:
1. No commissions-flatrate ...
... esp. when buying pennies very annoying because pretty expensive despite of relatively low trading-sums;
2. Much more annoying: Non-DTC-eligible stocks NOT AVAILABLE ...
... you can´t buy such incredible picks like currently TDEY, a serious company with incredible possibilities, currently leading all "HOT-Rankings" etc. (btw. a 4.4-bagger if you could have buy it last Friday at open - insane, much more to come!).
As I know the same crap at TDA and several others, e.g. even such allegedly uncomplicated ones like Just2Trade etc.
I often get recommended Etrade which seems to be a reasonable solution re. the above issues, however as Austrian no chance to get an account.
So furtheron seeking the "jack of all trades device" which however seems not to exist ...
EDIT: And yes, if my ideal broker would also offer a gratis (at least cheap) Level-2 it would be perfect ... (like at TDA, J2T the case ..)
interactivebrokers.com accept transfer of pennies, although i am not sure, if they accept subpennies.
Anyone know any brokers that accept penny stock transfers? Currently use tradeking, but they charge heavy fees for trading pennies. Tried moving to optionxpress, but they wouldnt accept them.
Thanks in advance.
Let me rephrase my question……..
I am currently looking for an online Broker, preferably two of them.
These will be equity cash accounts. No Margins
I have tried to take my time and look at a lot of Brokers, have read a lot of fine print, have I missed anything you might be aware of? Some have an extra .005 per share or % per trade on stocks under $1, limit to amount of shares you can trade. Account fees etc.
I have narrowed my list down to these Brokers: TD Ameritrade*, E trade, Charles Schwab, ThinkorSwim*, and MB Trading.
*Together but separate if I understand correctly.
However I am open to suggestions.
…………………………………………………………………
I realize even brokers will do a little paid promoting.
So…………………
If you, or someone you know, have or have had an account with one of these Brokers, or another could you share experiences with me.
My questions of interest would be:
Ease of opening an account.
Any problems trading Otcbb and Pinks?
Any problems trading sub penny shares?
Any extra fees for buying or selling more than 10k, 100k or a million shares?
Any custodial fees?
Any “hidden” fees
Any low monthly trading transaction fees, (less than 10, 20, 30, 50 trades per month)?
How are their trading platforms, level 2 etc.?
How is their customer service, services?
Has there been any problems transferring funds into and out of your accounts.
Have there been any problems with your accounts.
Extra actives in the account that might not have been yours.
Transactions not showing up in a timely manner, settlements not showing up?
I ask all these ?s because when you Google etc.,you hear of some complaints, some very mean ones, and of course the Touting.
Then when you start DDing brokers, and really start digging, some brokers can get a little scary.
http://www.finra.org/Investors/ToolsCalculators/BrokerCheck
http://www.finra.org/Investors/SmartInvesting/GettingStarted/OpeningaBrokerageAccount/
So I’m hoping for just real traders letting me know who they would use as a broker or whom they have been pleased with.
Thanks in advance /or/ sorry to have bothered you.
Oh, What the heck……………..
Might as well ask……………………
P.S.
Any Favorite Screening, alerting programs, or sites, not associated with any mentioned Brokerage’s,….. Paid or free?
thanks for that!
FYI: eOption moved to a new clearing firm and they no longer allow OTC/Pink trades, unless you previously had them in your account and need to sell them.
From an email they sent out:
"Effective July 31st, only liquidations are allowed for OTCBB and Pink Sheets stocks. Due to costs associated with trading these securities no new buys will be allowed."
mightymoe
Tuesday, July 09, 2013 9:25:06 AM
Hi Vant... I see you posted a list with some of the online broker firms... I deal with eOption and I do belive they deserve to be on the list... why not keeping the fair guys in the business or the least mentioned them???
Check them out... http://www.eoption.com/
thx so much
keep it up and keep in touch... :)
New to Ihub: Trying to find an Online Brokerage ........that will not kill my trades with heavy fees and surcharges on OTCBB and Pinks and will not have a lot of other hidden charges. Also When I want my money for what ever reason, not hold on to the money. Unless some of it is due to them.
I see others are trying to find Brokerages also, So if I find something I will post. Have been looking at TD Ameritrade and OptionsXpress
Looking for a brokerage that allows you to short pennies and not kill you on fees. SureTrader is not an option as they are in the Bahamas and I am leery about giving my personal info to them.
Besides Sure Trader, are there any other brokers that allow the shorting of penny stocks?
Yes, and I wouldn't recommend. They were good at one time but not anymore.
Anyone have experience with choicetrade for pennystocks?
Hello,
I'm looking for a broker that has it all.
Ive made some questions and answers to make it easier for you.
1. How many trades do you plan on placing a week?
1-5
2. Are you a resident of the United States?
No
3. How much money are you going to put in your account?
$500 - $5,000
4. Do you already use a trading platform (with level 2 quotes)?
No
5. Along with buying stocks, do you intend on shorting as well?
Yes
I've been told that SureTrader is good. Any else?
I have got this email too, but ist much better now than before with Apex.. Vision is much more flexible. I am happy with choicetrade again
choicetrade have new fees now i just receive it in email
inactivity fee and many more
i will just go to a next broker
and for otc trading you must have 500 dollar in your account all time
starting july 1
the inactivity fee is the least of it when I read that letter (which I have yet to receive) - i use Etrade - i am an active trader so I know nothing about inactivity fees
yeah i guess so i will look for a new broker to transfer my stock
that dont have inactivity fee
any suggestion
and this is supposed to be their huge improvement?
do you the new fee from choice trade ? now they have inactivity fee
time for me to find a new broker
F Stocks
We are lowering our fee on “F” stocks from $75 to $25 per trade for electronic orders. These are foreign company stocks that trade in the U.S. with five-letter symbols ending in the letter ‘F’. PLUS, we have unblocked about 3,000 F stocks for trading. The only F stocks we will continue to block are those we believe are not DTC eligible. If a stock you own or want to buy is not DTC eligible but the company wants to gain eligibility with DTC, please have the company contact us directly. We may be able to arrange DTC eligibility for them through Vision. Please note that if you call us and ask us to place an order for you in a foreign market, this fee is $75 per trade (plus broker-assist surcharge of $25).
Illiquid Stocks
The $250 surcharge charged by Apex for illiquid stock trades no longer applies. Illiquid interest rate charges will drop to an annual rate of 8%, and will be charged for the number of days between trade date and settlement date, subject to a $25 minimum. So, for example, if you sell an illiquid stock worth $1,000 and there are three days between trade date and settlement date, your illiquid fee will be $25.
DTC Ineligible Stocks
DTC-ineligible fees will continue to be passed through to your account if applicable, as charged by DTC. If a stock you own becomes DTC ineligible after you purchase it, you may choose to have it written off to worthless (the regular trade commission will be charged for the write-off) or you may ask for it to be delivered to you in certificate form (which can be quite expensive, generally a few hundred dollars) or you may ask for it to be held at Vision in certificate form. This will cost $25 per month.
Stocks Held in Certificate Form
If you deposit certificates that must be held in certificate form or you receive stock dividends of shares that must be held in certificate form, there is a monthly cost of $25 per certificate. You may opt to have the certificate sent to you for a one-time fee (varies depending on each certificate) or you may choose to have it written off to worthless (the regular trade commission will be charged for the write-off).
Stock Certificate Deposit
Apex was reluctant to accept stock certificates to be converted from physical to electronic form. Vision, however, will facilitate this function. If you would like to deposit a certificate for dematerialization (conversion to electronic form at DTC), please contact us by emailing a copy, front and back, of your certificate. The cost of depositing the certificate will be emailed back to you so you can then make a decision as to whether you would like to proceed with the deposit. Please keep in mind that the cost of deposit is high and so it generally will not make economic sense to deposit a certificate when the stock represented therein is worth less than $50,000. If you decide to proceed, you must courier your certificate only to Vision at their address in Connecticut, not to ChoiceTrade’s New Jersey address.
OTC Stock Trading
If you intend to trade or hold a penny stock, we will require you to have a cash balance at all times of $500 in your account. This change will take effect on July 1, 2013.
Inactive Account Fee
This is a new fee, charged by Vision, so please make note of it. It will be charged quarterly, beginning with the third quarter, July to September 2013. If you transact less than five trades in a calendar quarter and have at least one position and/or a cash balance in your account on the last business day of that quarter, your account will be charged a $15 quarterly fee by Vision. If you transact five or more trades in a quarter, you will not be required to pay the inactive account fee.
IRA Fees – The IRA custodian is Millenium Trust Company
IRA Account Establishment Fee - $25. (This is waived if you brought your account in from Apex).
IRA Annual Custodial Fee - $50 (waived until 2014 if you brought your account in from Apex).
IRA Paper Statements from Millenium - $15 (no fee for electronic delivery).
Outgoing Wire out of an IRA - $35.
Roth IRA Conversion or Recharacterization Fee - $250.
IRA Account Closing Fee - $50 ($75 if you brought your account over from Apex and close it in 2013).
Thank you for your understanding and your business. Please let us know if you have any questions.
Which brokers have no sell price limits? On my lotto stocks i'd like to put sells 400% plus so i don't get caught off guard. Scottrade has a message, "sell price to high for stocks under $10" I'd be willing to open a new broker if i'm able to set limits higher.
Thanks
yeah i will email them it tonight and fax also tomorrow
im going to fill out the form for three stock i have
will just take the lost
the stocks are uchc, ttdz and aigi
i will email it back to them tonight
since they say is imperative that you address these positions by no later than Wednesday, April 17, 2013
thanks for your help
u can't trade it - u have to fill out a write off form - read the original letter they sent you- it gives you the instructions on where to find the form and how to send it to them
i check the list for AIGI
i dont see it in the non-dtc chill list
but when i try to sell it says symbol cant be traded
I don't know what your portfolio consists of, but you can't transfer penny stocks to other brokers. Even IB, which is one of the few that accepts some pennies, has restrictions on what it will accept. I highly suggest that if you find any of your stocks on that non dtc list - write them off. If you don't, and they transfer to the new clearing frim you might get hit with a big charge. It is more worthwhile to write it off, take the loss, and use it as a tax write off than to take the chance of getting hit with a fee.
i see i only have choicetrade damm
look like i will just let them try to liquidated themselves
i don't have a new broker - i am transferring a few things to my current broker ETrade
what new broker you're transferring to ?
did yyou have a lot of stock under .003
the taxes you filed were for 2012 - i am talking 2013 taxes - next tax season - you report the gain/loss in the year you sell
i already did my tax
so if i sell it to them for a loss i can used it on my tax
check this list:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=86291675
even if it isn't on that list doesn't guarantee it isn't dtc non eligible - there is ONE good thing in doing it this way - the write off will count as a loss against any gains you made this year - so for tax purposes that is a good thing
that's f up
how do i find out if stock i own is on the non-dtc eligible
TTDZ Triton Distribution Systems Inc. 500000 $0.0002$0.0001-$0.0001-50.00% $100.00 $50.00-$50.00 $0.00 -$50.00
UCHC Uni Core Holdings Corporation 585000 $0.00034$0.0001-$0.00024-70.59% $197.15 $58.50
there my stock
yep that is exactly what happens. you can 5 million shares and if you write it off as worthless you will get a sell confirmations with proceeds of .01
so how much did you lose
?
when they say a penny a lot
does that mean if you have 500000 share at price .0001
they will give you a 1 cent for the whole 500k share
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PUMP your favorite broker(s) and tell us why we should use them!
BASH the crummy ones and tell us why we should not use them!
The brokerages are based on a five thumb rating system. Please note that I bear sole responsibility for the opinions provided of these brokerages represented in the table below. I encourage you to quibble if you feel a rating is unjustified (either positively or negatively).
PLEASE NOTE WELL: The reviews in the table below are as unbiased as humanly possible. The thumb ratings are a sum of feedback from my own personal use, friends and associates comments, and other research I've done online. None of these brokerages are compensating me in any way.
ALSO REMEMBER: These ratings are in the context of the broker's usefulness for OTC trading. Many of the brokers that are unacceptable for OTC trading are great for big board issues. So everything posted about these brokers on this board are run through the filter of how it works for trading OTC stocks!
5 Thumbs = Out of this World Incredibly Awesome WOW
4 Thumbs = Truly Excellent
3 Thumbs = Acceptable but not writing home about it
2 Thumbs = Unacceptable and shoddy
1 Thumb = Truly Poor
Brokerage Name | Trading Cost | Executions | Customer Service | Trading Platforms / Software | Online Buying Restrictions | Other Fees | Market Maker Routes | Other Notes | Actual User Reviews |
Overall Rating for OTC Trading: | $7.95-$14.95 online trading Broker assisted = mor | Provides some of the worst executions for BB and Pink Sheets issues of any major broker.
| Better not to call unless emergency situation! Most of the customer service reps have zero understanding of the OTC investors' needs and desires. | Etrade has one of the best trading platforms around...the Power Etrade Pro platform absolutely rocks. Too bad everything else about Etrade is horrible for OTC folks. | Certainly not as aggressive as Scottrade is in restricting some issues to call in orders only. But still above average in the number of issues it restricts. | There is a crazy $40 per month inactivity fee. There are some other ones but certainly not bad. | Very poor selection of routes, and you can only choose other routes if you have the Power Etrade Pro status (which you have to achieve through # of trades or through monthly fees). | I have personally used E*trade over a period of several years and would never recommend them if you plan to trade OTC issues. | Link #1 |
Overall Rating for OTC Trading: | They charge % commissions on low priced stock. Will average you about $15-20 per trade (one way). | One of Scottrade's best features is the quality of their executions. They use NITE primarily. | Probably the best customer service in the business. Local branches. Native English speaking sharp people. Friendly, fast, and professional. | The Scottrader Elite platform is a very solid trading platform. You have to qualify for it though through balance amount or pay a monthly fee.
| Absolutely ridiculous. Scottrade has lost a ton of good business because of their idiotic and dictatorial rules about restricting online buying of certain issues. This alone is enough to make the real OTC pro have at least one other brokerage account besides Scottrade. | Reasonable. | Terrible selection of routes. | I have personally used Scottrade. I would only recommend them as your primary OTC broker if you do not plan to trade actively (i.e. less than 2 trades per week). | |
Overall Rating for OTC Trading: | $9.99 per trade which is high for trading OTC | Executions are very good! | Pretty hard to beat TDA for customer service | Good platform and decent charting tools | They do restrict some OTC's but are by far better than Scottrade which is horrible | Link #1 | |||
Overall Rating for OTC Trading: | Maximum share size is 999,999. When playing triple zero stocks this could amount to quite a bit more in commission. | ||||||||
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Overall Rating for OTC Trading: | Extremely reasonable trading costs as low as $2.95 per trade for high volume traders. If you have a decent sized balance you can call and negotiate a lower price. Average cost is about $7-8 per trade. | Not the greatest executions, but certainly acceptable. To buy, I've found NITE or UBSS to be the most effective. To sell, I've found NITE, HDSN, or DOMS to be the best. | Informed, capable, and professional customer service is the norm. | They offer the DAS Trader Pro platform. This is an industry standard and you'll find it at several of the more "professional" discount brokerages. | They very rarely restrict issues to online buying. | Since Speedtrader clears through Penson, you can get nickeled and dimed when trading OTC issues. This is standard with Penson though, and any brokerage you use that clears through them will have at least some hidden fees imposed by Penson. | Fantastic selection of free or extremely low priced market maker routes. | Clears through Penson. | |
Overall Rating for OTC Trading | $2.50 per trade is tough to beat! Low commissions are the claim to fame for Just2Trade. | Very good on the executions. They have GTC for OTC's | Always prompt and helpful via email or phone. | They have a basic trading platform and a L2 which services the big boards only at no extra cost. Nothing fancy but the price is right. | NO restricted stocks!!!! | | Everthing routed thru ETMM | Excellent bang for your buck! Clears through Legent. I think right now, to trade both OTC, Nasdaq and options, its one of better ones out there. | |
Overall Rating for OTC Trading: | $4.50 per trade and you get 10 freebies if you have 25 executions within that month. Also if you maintain a $25,000 balance you automatically get 10 freebies per month | ![]() ![]() ![]() ![]() ![]() | Customer service is not the best compared to others. | They use asp.net software. not dynamic. not good for day trading. | No restriction for most of the stocks | No hidden fees | PERT/NITE | Their trading platform is very basic and is not dyanamic. Trading platform jams up during trading hours making you feel helpless. Stay away. Zecco is the worst we have out there. You are paying for your trades in other ways besides money with Zecco! Frustration, time, etc. | |
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Overall Rating for OTC Trading: | $7.95 per trade with a minimum $500 to open a cash account | ||||||||
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Overall Rating for OTC Trading: | commissions are ridiculous. You will loose more than you make.. 10$ comission plus other fees. Just for round trip you are paying close to 30$. | fast | Forget it | DAS | No rest | lots of them. Stay away. not for retail customers.... | few routes... bu they suck | On the whole, i would give them a one star.... | |
Overall Rating for OTC Trading: | Post R/S shares appear and are fully tradeable extremely quickly. | LINK#1 | |||||||
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Overall Rating for OTC Trading: | Initial cost is not too bad but they will really kill you in extra fees that "the MMs charge us." Don't use TradeKing if you plan to trade OTC issues, period. | Selling OTC shares was a real challenge with these guys. | Completely unacceptable. Rude, unprofessional, quick-tempered, fast-talking jerks on the take IMO! | They don't have much to offer in the way of trading platforms for OTC investors. | I found this to be acceptable. | Outrageous hidden fees for buying OTC issues. They accused me of trading "foreign" stocks when I had purchased HMGP. | No choices. You buy and sell their way or no way. | I personally used TradeKing for about 2 years. I signed up because of a sign-up bonus. I found the customer service to be rude, impatient, and unhelpful. They tried to charge me several hundred dollars months after I made a few OTC trades because they said these fees were being imposed on them by the market makers. Bunch of baloney IMO. | LINK#1 |
Overall Rating for OTC Trading: | Self clearing. | ||||||||
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Your Broker Here! | ??? | ??? | ??? | ??? | ??? | ??? | ??? | ??? | ??? |
Please post or PM to me others to add to this growing list!
Full Service Brokers If you are a broker that caters to OTC investors, by all means tell us about your service!!!
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