dont do fidelity, for a while, i thought they were the best, but realized, especially if you do penny stocks...
L2 is an issues for sub pennies, and wont show info, if its a no bid, ask .0001 stock, if i recall.
also, often, when you buy a .000 stock, the value wont show, its as if your money is gone, so, you have to do the math to figure out your real value.
also, if you have a margin acct, and you accidentally hit buy vs sell, it wont warn you that you are about to use margin, when normally, you cant use margin for penny stocks. but it happened to me once, and a friend did the same thing.
its hard to read their screen and easy to hit the wrong button.
so, they let the order go through, then tell you that you have to put cash in, from your bank to make up for the overage that never should have gone through.
but one of the worst things is, if you have margin acct (i have this only for the quicker turn around, vs waiting 3 days for cash to clear for my next buy) any other broker knows you can buy, sell, buy, sell, day flip all day long, as long as you do NOT go over your 3 day flips (per 5 day period).
even if you have over 25k, and can do unlimited day flips, they will ding you if you "surpassed" your "overnight settled cash" to do the flips. if that makes sense.
they claimed it was a finra rule that you can NOT surpass the original days "cash" that you use as margin, for day flipping with unsettled money. trust me, i got my local DC finra on the phone, who linked in NY finra, who called a supervisor at fidelity and they read their own law to her, saying i can flip all i want, up to my max of 3 in a 5 buz day. they wont have it.
so, i finally recently left. i went to etrade, who back years ago, i didnt like, but they have greatly improved (heard this from friends) and they are wonderful!
they have a clear and easy screen to use and see. i was able to get in and out, back in another and out, and made 2900 profit earlier this week, that i would never have been able to do with fidelity.
i would often hold, overnight, and by then, the stock was done.
lets say you have 1,000 bucks in stock abcd. even if you had it for weeks, you sell it today for a little profit, and now you have 1500 bucks. yes, you can buy another stock, thx to margin, but you better not flip it. thats where they get you.
i hope all this info helps and my suggestion is do etrade.
scottrade is the worst for penny stocks, they limit many of them, and amtd is getting just as bad. been there, they told me they hoped to phase out penny stocks some day.
