Guys I need help choosing one of these brokers. I am currently with TOS, but I cant trade OTC and they have a very small amount of penny stocks to short. BTW, I will be day-trading.
Guys I need help choosing one of these brokers. I am currently with TOS, but I cant trade OTC and they have a very small amount of penny stocks to short. BTW, I will be day-trading.
@ironmiketyson86 @R3negadeTrader Can one of you please explain to me how IB's commissions work? It seems like 0.005 is a lot especially if youre buying like 5000 shares of a 0.50 cent stock.
@markdude100 yes, you're going to see higher commission for transactions for bigger shares but it's totally worth it being able to find shares to short on almost every company. locates are amazing even when they say they don't have shares to short.
they also cap the commission for sub $1.00 stocks at .05% of the total transaction... e.g., if you're shorting 5000sh of a .50 cent stock, your commission will be about $25 i/out... hope this helps
I also recommend IB. The commisions may be a little bit higher on large positions of very low price stocks, but the short availability is great. Etrade can't come close on short availability. Both seemed to have good executions. IB is cheaper on more expensive stocks if you trade them much. Good luck with the choice and good trading.
Join now or log in to leave a comment