Brokerage Recommendations?
by mrosefelt | April 2, 2018 4:27 pm
Hi all.
My online brokerage recently switched to a new clearing broker and I am no longer able to hold ”worthless, de-listed, sub-penny and or non-transferable securities positions”
The net result is I can no longer purchase OTC stocks, and perhaps others, I don’t know how securities get tagged with that label. I get a ”The asset is restricted for trading.” warning.
Any recommendations for a more flexible place to hold my IRA and personal trading accounts?
Thanks.
Source URL: https://www.stockgumshoe.com/2018/04/microblog-brokerage-recommendations/
I use Fidelity for IRA and Fidelity Active Trader for my day trading account. The main restriction is you can only buy on the American exchanges. So I have to buy Canadian stocks on the Pink Sheets thru Fidelity. And you don have access to the futures markets which is a bit of a bummer.
If you’re interested in OTC stocks and stocks that trade on foreign exchanges, I find the most flexibility and access for those areas from Interactive Brokers, though I do also happily use Fidelity for most of my other trades.
Thanks!
I’ve used InterActive Traders, and have a Roth with eOptions where I trade covered calls. Last month on GBT and VKTX (which recently doubled).
Recently I was pointed to Tastyworks. Their trading platform is a little difficult compared to others I’ve used, but service is excellent, execution is as fast as it gets, and commissions are almost zero.!!!! Well, $1 per option contract going in, zero going out, pennies in exchange fees. That can make all the difference between making money and blowing up your account, Don’t know whether they restrict pink sheet trades or not, but they seem to have fewer restrictions than most.
I love Tastyworks. The program is very customizable and their fees are beyond reasonable. The fees I was incurring trading with Schwaab were killing my profit margin. It is geared toward younger investors so there’s a little of a learning curve, but overall it’s been great. Lots of free tutorials if you’re into learning new stuff.