Penny Stock Brokers With No Minimum Deposit or Account Balance

TD Ameritrade: Penny Stock Broker With No Minimum Pricing

Stocks and ETFs $0
Stocks and ETFs broker assisted $25
Options $0 + $0.65 per contract
No-load mutual funds $49.99
Treasuries at auction $25
All other bonds and CMOs, CDs on a net yield basis
Futures $2.25 per contract plus exchange & regulatory fees
Forex Non-commission currency pairs trade in increments of 10,000 units (and do not contain a "#" symbol suffix). There are no additional fees or charges.

Investments stocks, mutual funds, options, ETFs, bonds, CDs, UITs, futures, and forex
TD Ameritrade minimum deposit to open account $0 for cash account, $2,000 for margin account

TD Ameritrade Advantages

  • $0 commission on stocks and ETF's
  • Very few fees and no surcharges on stocks under $1, large orders, or after-hours trading
  • Large and well-known company with 450 local branches
  • Two excellent trading platforms available to all clients: Thinkorswim and Trade Architect
  • Users can practice trading without risking real money using PaperMoney virtual trading
  • Easy access to myTRADE online trader community
  • No account maintenance or inactivity fees
  • Free streaming quotes, including Level II
  • Best selection of independent, third-party research from 13 firms (Standard & Poor's, Morningstar, Jaywalk, TheStreet, etc.)
  • Large number of mutual funds - around 13,000 available; 4,200 NTF (no-transaction fee) funds
  • Free DRIP (dividend reinvestment plan)
  • No-fee IRA accounts

TD Ameritrade

TD Ameritrade offers flat-rate, $0 per trade commission on any trades including Pink Sheets, OTCBB, and stocks priced under $1. The firm does not have penny stock and large order surcharges and fees.

TD Ameritrade offers very powerful and comprehensive trading tools, including two great trading platforms - Thinkorswim and Trade Architect. The company bought the most innovative online brokerage firm - Thinkorswim - and now offers to its clients Thinkorswim's best-in-class trading software, customizable charts, integrated one-click trading, and technical tools.

The Thinkorswim is a completely free desktop application that needs to be downloaded from the TD Ameritrade website. To be eligible one only needs to be a client of TD Ameritrade. Within the Thinkorswim platform users can trade almost every type of investment that they can think of: stocks, options, FOREX, futures and others. In addition, this advanced trading software offers fantastic technical analysis tools for chart readers, which is critical to many traders.

The charting and trading screens are very customizable to user's preferences. Users can move windows around, change colors and add or subtract hundreds of preset technical studies, including some that can only be found in Thinkorswim such as "market forecast", "trade the market" and others. Of course, there are other advanced features such as Fibonacci analysis tools and drawing tools to draw support and resistance lines.

Very advanced mobile smartphone and tablet applications are available for iPhone, iPad, Windows, Android, and Blackberry users as well.

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Firstrade: Penny Stock Broker With No Minimum Pricing

Stocks and ETFs $0
Stocks, ETFs, and mutual funds broker assisted $19.95
Options $0
Mutual funds $0
Treasury Bills, Notes, Municipal and Agency Bonds, Zeros & Strips net yield basis
CDs $30 for primary market CDs, net yield basis for secondary market CDs

Investments stocks, options, mutual funds, bonds, CDs, ETFs
Firstrade minimum deposit to open account $0

Firstrade Advantages

  • No minimum balance
  • $0 trading commissions, including penny stocks
  • No account fees

Firstrade Promotion

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Another popular broker that we recommend cost-sensitive investors take a look at is Firstrade. They join the ranks of other “free brokers”, like Robinhood and Webull, in offering commission-free trading. In addition to the free trades, Firstrade really stands out among its competitors because its robust selection of investments is more typical of what you would get with a full-service broker. In this article, we’ll review the pros and cons of investing with Firstrade.

Commissions and Trading Costs

As we mentioned, Firstrade offers commission-free trading in stocks, ETFs, and mutual funds. This compares favorably to competitors Robinhood and Webull, neither of which even offer mutual funds on their platforms. And we should note that if you want to trade bonds in your account, although these don’t have an explicit commission charge, a small fee is built into Firstrade’s bid/ask spread for these instruments. Buying a CD will cost you a flat $30.

We should also note that there is a $19.95 short-term redemption fee for mutual funds that are sold within 3 months or if the sale amount is for less than $500. And if you prefer to place your trades over the phone through a live rep, this will cost you a flat $19.95 per broker-assisted trade.

Investment Offerings

One of the best aspects of a Firstrade account is the wide selection of investment choices they support. With Firstrade, you can trade stocks (including OTC stocks), ETFs, mutual funds, bonds, options, Treasury Bills and Notes, Municipal and Agency Bonds, and even CDs. This will allow you to build a robust, well-diversified portfolio.

Account Fees or Minimums

Firstrade is on the same level as Webull and Robinhood in that you won’t be charged any account maintenance or setup fees. Additionally, they don’t have any minimum account balance that you’re required to maintain to avoid fees.

Margin Accounts

If you want the ability to trade with borrowed funds or short securities in your Firstrade account, you will need to apply for a margin-enabled account, which has a legally-mandated minimum balance requirement of $2,000 (this will be enforced by all brokers). If and when you choose to actually use any borrowed funds, Firstrade will charge you an interest rate on the balanced amount, ranging from 9.25% to 5% for larger balances.

Trading Platforms and Tools

Considering Firstrade is one of the low-cost brokers, we were quite impressed by the amount of information and tools available on their website. Their research and tools section includes a general market & news section with relevant global headlines as well as interesting short news clips on various market-moving headlines.

When it comes time to do your research, they offer robust screening tools for stocks, ETFs, and mutual funds. You can filter through their offerings by popular categories, such as asset class, fund family, dividend yield, P/E ratio, and many more. Their education center also includes helpful guides to trading each of the different security types, which would be helpful for newer traders.

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