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