Todd, Etrade is great for penny stocks. I also had Waterhouse and they are terrible for the pennies.
Etrade lets you put in a sell or buy at a price far from the going price, Waterhouse would not accept an order if it were about 10% from the market price. . I find this helpful because I am unable to enter orders during the work day.
The commission is 19.75, higher than Waterhouse (and others) but the freedom to enter orders as I like to makes the fee insignificant. I could not have done as well as I have done if I was not at Etrade.
The above is not an opinion, it is from experience with both of them.
Chris
Chris J/tolateshmart
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