It's been a long time since I traded a stock under a penny. I decided to transfer some funds into my Zecco account a week ago as I had a few stocks I wanted to buy. When I first attempted to buy a penny stock, it was rejected. I tried purchasing less shares and that was rejected too.
I then tried to purchase a different penny stock and again, rejected. When I called and inquired about it, they explained about all of these new rules that are now in place for low volume penny stocks. I ended up purchasing a triple zero stock (.0001) for only $50 since all other higher purchasing amounts were rejected. I'm so glad that they were rejected b/c when I tried to put in an order to sell at .0002, it was rejected. Today, I tried to put in an order to sell at breakeven (minus commission) and that was rejected too.
The rep I spoke to told me that with these stocks, you can only sell 10% of the 20 day average volume. I asked "will I incur multiple fees from this" and she said "yes, it is a $6.95 fee each time you sell shares of the stock." I told her that sound absurd and she said "we can work with you. If you want to sell the 10% portion today we will charge you the $6.95 and waive the fees for the rest of the shares you sell of this stock."
Unreal. I have transferred the rest of my balance out of Zecco. I can't believe the hassles you have to go through these days with trading penny stocks. Is it like this with all brokers or just Zecco?
