Ameritrade imposes no such limitations. Your vexation is well understood.
As for your not buying into their explanation? Bravo! on your part. Fidelity's got a number of programs in place, each designed to generate income for the brokerage. All of a sudden they place concerns for clients before opportunity to strengthen their existential obligations? It comes across as so arrogant to me. You are your own boss as I see it.
I like that you're asking about other brokerages. As for why they maintain the limitation despite client disapproval? I think they are protecting themselves from government crackdowns of various sorts. For many years they had to dodge bullets after being accused of milking company-led portfolio management's swollen commission numbers. I took over management of a dear friend's portfolio many years ago because of this issue.
He was wealthy. but pissed when his statements would read purchases of 30 shares, 22 shares---when he had the funds to support thousands of shares in a single purchase. So many needless executions at his expense.
We rocked and rolled once he dumped Fido. And, mind you, I was not a certified anything, just a very concerned friend watching an aging friend in desperate need of respect, something he was not getting from Fidelity. I had him write a note establishing (to his heirs, should he die while we engaged in resurrecting his presence in the stock market) that I was merely a concerned friend and not receiving compensation.
He ended up doing so well that for the last few of his years we generated enough income to secure his disadvantaged son and pay off a daughter's strangling mortgage.
Fido's rules may end up gifting you in an oddly unexpected way. I hope so.
Life can take such peculiar turns...small wonder that I feel compelled to share experiences and opinions as contained within.
Good luck!
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