InvestorsHub Logo
Followers 74
Posts 7117
Boards Moderated 0
Alias Born 03/31/2010

Re: grajekk post# 9670

Thursday, 11/11/2010 4:05:18 AM

Thursday, November 11, 2010 4:05:18 AM

Post# of 91121
Brokers in general don't like penny stocks -they consider them a hassle and openly and rudely speak against pennies,even though they make more money from penny traders tendency to execute trades more frequently.
A major brokerage in late 2009 told me Scottrade was no longer going to handle penny stocks-at that time many blogs were asking why they could no longer trade their penny stocks through Scottrade. Some brokerages require you to call in orders on some pennies,providing banal warnings against what they consider to be the more risky pennies-I've never encountered that w CWRN though.

When I tried to transfer penny stocks from one major broker to another,the receiving broker rejected the receipt,saying they don't accept transfers of penny stocks,even though I held some of the same penny stocks at the receiving broker.
Choice trade has been the most friendly to pennies and allows stop loss orders but as of Nov 30 their clearinghouse is going to levy a surcharge on trades of over 500k shares.