I'm completely new to trading and I don't even know where to begin but I want to try my hand at trading penny stocks because I'm kinda broke?
>What online broker should I use?
>Do I have to pay to open an account?
>How much is commision usually per trade?
>Is it even viable if I'm only willing to spend a max of $500?
>>1228135
I'll bite just to prove that /biz/ isn't complete shit.
>OptionsHouse, literally almost no hidden fees but shitty customer service
>Not with OptionsHouse, but a minimum of a $100 deposit may be required
>Regular blue chip stocks (i.e. Apple) are $4.99 per trade
Any amount of money is viable if you invest it correctly, that's what /biz/ never understood.
>hurrr durrr you need have 1 million plus dollars to make any "REAL" money in stocks
But fair warning friends, penny stocks have a significantly different commission base unlike blue chip stocks, something along the line of about $0.0000005 per share.
This doesn't see alot, but it adds up FAST.
I ended up paying over $60 in commission fees when I was playing with ADR listed penny stocks from Greece.
OptionsHouse also has a play account that you can open so you can practice.
People also spam Robbinhood as a good brokerage account but im not into not being able to issue market orders and being strictly limited to my smartphone with virtually no tools whatsoever.
Im not even sure if they're accounts are as insured as OptionsHouse.
Good luck friend.
You'd have significantly better ROI by spending the $500 on a nice dress and some lipstick
>>1228187
*their
Also, don't be a retard like me and open a "MARGIN" account by accident, make sure its a "CASH" account.
If you do then good luck spending hours (and possibly even days) trying to contact customer service for help.
I use robinhood, I do wish that they had a website I could trade on since my work limits my ability to use my phone. Robin hood is mostly free.
>>1228187
>paying over $60 in commission fees
Shit, you again?
That was dumb, son.
Stop telling everyone about how you fucked up.
I'm glad to see you're claiming $60 now, instead of $100.
>>1228252
>implying penny stocks are free on robbinhood
>has never made a penny stock trade ever
Stop before you hurt yourself
>>1229118
>penny stocks are way cheaper than regular stocks
>commissions are somehow 10x as much
ok then bargain hunter, keep buying those penny stocks
Put all your money in penny stocks. Buy even more on margin. Good luck
>http://www.otcmarkets.com/stock/GRWC/chart
>dat pump
>>1228187
Yeah a like Optionhouse but it is limited I to what stocks I can but though
>Is it even viable if I'm only willing to spend a max of $500?
Buy stocks in the .0001-.0003 range about $100 in 5 different companies and hope it goes up .0001 and sell.
>>1228135
KNPD
>>1228135
Breh just don't. You're literally better off buying a sheet of acid off the deep web and selling it at your local liberal arts college for $20 a hit.
Trading (i.e. day trading, speculating, etc.) in general is hard because for every move you make there will be a professional borderline con-man making a hundred moves designed to separate you from your money. Penny stocks have this problem too, except with the added dimension of pyramid scheme tactics. You're not just making risky investments; you're going up against the scummiest of grifters who have more experience than you, fewer scruples than you, and even better connections to market data than you, and hoping that your timing and street smarts can beat them at their own game. Do you really think this is a realistic option?
There's a reason most legitimate brokerage firms treat penny stock trades like criminal scams.
